$133 Million Providence Place Sale Opens New Chapter for Landmark Property
One of Rhode Island’s most recognizable commercial properties is under new ownership.
A partnership involving Paolino Properties, Pyramid Management Group and DW Partners completed its acquisition of Providence Place in August, beginning what the owners describe as a new chapter for the downtown Providence shopping and entertainment complex.
The real-estate and management transaction was valued at approximately $133 million.
The deal has strong Rhode Island connections. Paolino Properties is headed by former Providence Mayor Joseph R. Paolino Jr., while Pyramid has a historic connection to the property: company founder Robert Congel was the original developer of Providence Place.
The new owners inherit a property that remains a major piece of downtown Providence real estate but has faced vacancies and reduced foot traffic. At the time the transaction closed, Providence Place was approximately 80 percent occupied.
The ownership group has indicated that it intends to reposition and revitalize the property. Specific new tenants have not been announced, although the owners have said there has been interest from prospective tenants.
Opened in 1999, Providence Place helped reshape the northern end of downtown Providence. Twenty-seven years later, its new ownership gives one of Rhode Island’s largest commercial properties another opportunity for reinvention.
