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Institutional Quality Office Tower in Downtown Providence - Rare Value Add Opportunity on a Trophy CBD Asset

 

CBRE Capital Markets and RealINSIGHT Marketplace are pleased to present the sale of One Citizens Plaza, a 218,850 square foot, Class A, multi-tenant office building located in the heart of Downtown Providence, Rhode Island (the “Property” or “Plaza”). Constructed in 1990, the 13-story tower sits at the intersection of the Moshassuck and Woonasquatucket Rivers and is strategically positioned just a half mile from Interstate 95. This unique location offers tenants unparalleled views of the downtown area as well as convenient access to one of the region’s main thoroughfares in Interstate 95. The Plaza is located less than a mile from Brown University, and is surrounded by a myriad of shops and restaurants. The Providence Amtrak station is just 0.2 miles north, further bolstering transportation options in the immediate area. Additional amenities in the vicinity include Rhode Island State House, the Renaissance Providence Downtown Hotel, Memorial Park and several other attractions.

 

The offering presents a unique opportunity for investors to purchase an institutional quality asset with significant in-place cash flow and very limited rollover in the next 24 months. Additionally, the Property is anchored by Citizens Bank, founded in 1828 and occupying 66,488 SF (30% of NRSF, LXD 12/2025). Based in Providence, the Property serves as the bank’s corporate headquarters. Citizens Bank is the 24th largest bank in the U.S. and is listed on the NYSE (Symbol: CFG).

 

One Citizens Plaza is currently 81.5% leased to 10 tenants. In addition to Citizens Bank, tenants at the property include credit rated financial firms such as Merrill Lynch and Ameriprise, as well as several regionally and nationally recognized corporate law firms, with staggered lease expirations through February 2029. Prospective investors will have an opportunity to acquire a stabilized premier office property in downtown Providence with the potential to create additional value through the lease up the remaining 40,401 SF of vacant space.

 

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Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

One Citizens Plaza

One Citizens Plaza, Providence, RI 02903

Sold

Asset Snapshot

  • Asset Type
  • Real Estate
  •  
  • Office Type
  • CBD Office
  • Property Size
  • 218,850 Sq Ft
  • Land Area
  • 0.00 Acres
  • Year Built
  • 1990
  • Number of Floors
  • 12
  • Number of Buildings
  • 1
  • Parking Count
  • 28
  • Occupancy
  • 81.54%
  • Occupancy as of
  • Aug 01, 2018
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Auctioneer

    1. Samantha S. Kelley REB.

      c/o Fisher Auction Company Inc.

      License: #0018314