Paolino Makes Providence Triple-Play

PROVIDENCE, RI-Paolino Properties, led by Joseph R. Paolino Jr., has acquired all interests in a trio of downtown properties here. The $60-million purchase from O'Connor Capital Partners includes 100 Westminster St., 30 Kennedy Plaza and the surface parking lot and facade at 110 Westminster St. The fourth-generation investment, development and mangement company nowbecomes the only local owner of a highrise in downtown Providence.

"This purchase is a proud moment for my family,” says Paolino, at one time the mayor of Providence and formerly the director of the  Rhode Island Department of Economic Development as well as US Ambassador to Malta. “Providence is my home, and I am so pleased to continue our family's history of public service and private investment by acquiring 100% interest in these landmark properties. I have long considered 100 Westminster to be the best office building in Providence and look forward to ensuring that it remains so."

A 350,000-square-foot office tower in the heart of Providence's Financial District, the 30-year-old 100 Westminster is home to Providence Equity Partners, Hinckley Allen & Snyder LLP, Nortek, Bank of America, the US Attorney, Wells Fargo and other teants. Paolino Properties plans to fill the renovated lobby at 100 Westminster with a statement of art, installing a gallery as well as opening a restaurant.

For 30 Kennedy Plaza, the 35,000-square-foot historic building next door, Paolino Properties is exploring boutique hotel options. The company intends to retain the historic Providence National Bank Building facade on the 110 Westminster parcel, and is studying a variety of development options for the site.

Cushman & Wakefield brokered the deal, and local counsel to Paolino Properties was Thomas V. Moses of Moses Afonso Ryan Ltd. In addition, New York City-based Andrew Lance of Gibson Dunn & Crutcher also represented the buyer.