Boston— Newmark Knight Frank (NKF) has completed the $71 million sale of 10 Memorial Boulevard in Downtown Providence, Rhode Island to Tritower Financial Group.
On behalf of RJ Kelly Company, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Managing Director James Tribble and Director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the 10-story trophy office/retail asset and associated 249-space parking garage in conjunction with Hayes & Sherry Partner Pete Hayes.
“We proud to have owned this trophy asset for the past six years and we congratulate Tritower on such a fine acquisition,” said RJ Kelly Company President and Chief Executive Officer Brandon Kelly. “Both NKF and Tritower performed flawlessly in this transaction.”
Totaling 202,096 square feet, 10 Memorial Boulevard is presently 97 percent leased to a diverse tenant roster anchored by leading end-to-end gaming company IGT, global asset manager Columbia Threadneedle Investments, fine dining restaurant The Capital Grille, investment management company Fidelity and community bank Rockland Trust.
“10 Memorial Boulevard represents the highest-quality multi-tenant office asset in the Providence CBD,” said Tod Brainard, partner and director of acquisitions at Tritower. “It stands out among its competitive set for its superior quality of construction, institutional tenancy and bullseye location in Providence’s CBD.”
Set along the RiverWalk, a heavily trafficked pedestrian pathway connecting some of Providence’s most popular shops, restaurants and historic landmarks, and overlooking Waterplace Park, the city’s primary gathering place, 10 Memorial Boulevard boasts a commanding presence in the heart of Downtown Providence. The asset is conveniently situated adjacent to Interstate 95, within a five-minute walk of a RIPTA bus station and an Amtrak/MBTA train station and just 10 minutes from Green Airport (PVD).