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BOSTON-FleetBoston Financial has sold its 26-story office building in Providence, RI to Oak Brook, IL-based Inland Real Estate Acquisitions Inc. for $21.3 million, but is staying put for at least one more decade. The deal, involving the 348,815-sf building at 111 Westminster in Providence’s Financial District, was sale-leaseback with FleetBoston Financial signing an 11-year lease on the entire asset.

FleetBoston Financial, a $200-billion financial holding company, has used the 75-year-old as its Rhode Island bank headquarters. The building is referred to as “the Superman building” locally for its resemblance to the fictional Daily Planet newspaper office in the television show.

“This building is truly a landmark in the Providence skyline and is centrally located near Providence City Hall, the Federal Courthouse, the Federal Building, the Downtown retail shopping area and Downtown hotels,” says Inland Real Estate chairman Joe Cosenza, who handled negotiations on behalf of his company. “Combine the quality of the building, the unbeatable location and the tenant, and this is an outstanding property to have in our portfolio.”

Although privately-held Inland Real Estate has previously acquired retail properties in New England and Northeast US, buying “the Superman building” is its debut in the regional office market. The company bought three office buildings in Florida last year.

Meredith & Grew Inc. represented FleetBoston Financial. Lease terms were not disclosed. Asking rental rates in the financial district range from $10.50 per sf to $25.50 per sf.

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