One Financial Plaza
Providence, RI

On May 25, 2007, Meritage/Oppenheimer Real Estate Value Partners II in joint venture with Avenue Real Estate Fund LP acquired One Financial Plaza, a 322,284 SF, 28-story office tower located in Providence, Rhode Island. The Property, one of the most prominent office buildings in Providence, is located at the epicenter of the Central Business District, offering unobstructed views of the Providence River and Narragansett Bay from its upper floors. Upon our acquisition, the property boasted a 91% occupancy with an impressive roster of high-quality national and regional credit tenants.

Meritage acquired One Financial Plaza to take advantage of attractive asset pricing dynamics in Providence compared to its first tier neighbor, Boston, Massachusetts. With Boston rental rates escalating to new highs, Providence should directly benefit as companies begin to look outside of the traditional core market to find comparable quality space at more economical rates.  In addition, with over $3 billion in new retail, residential, and transportation developments over the past few years, Providence has the infrastructure in place to become one of the premier small cities in the Northeast.

The Property was purchased concurrent with the completion of several capital improvement projects at the property, including a cosmetic upgrade of the main lobby by the previous Owner.  Meritage intends to continue a selective program of building upgrades, and is well into the design and planning of additional on-site amenities including expanded food services and a fitness facility. In addition, Meritage has implemented an aggressive leasing campaign that capitalizes on the most flexible multi-tenant floor plate in the city.  One Financial Plaza is perfectly suited to accommodate both an existing tenant base with expansion needs as well as almost any prospective tenant looking for office space in Providence.  Although the building has already established a positive reputation in Providence, the Meritage style of hands-on, active asset management, should continue to improve the quality and increase the tenant retention of one of the premier assets in the city.

For Further Information Contact:

Meritage Properties
(Owner) (914) 723-3533

CB Richard Ellis – New England
Eileen Brierley
(Property Manager) (401) 831-5840

CB Richard Ellis – New England
Alden Anderson
(Leasing Agent) (401) 621-4338
Alden.Anderson@cbre-ne.com

To visit the property please go to: http://www.onefinancialplaza.com/