On May 25, 2007, an affiliate of Meritage 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 State House, Providence River and Narragansett Bay.
Since acquiring the property occupancy has improved from 87% to 96% and One Financial is currently positioned as arguably the best building the City has to offer. The tenancy at One Financial Plaza will remain extremely stable for years to come with an overwhelming majority of high credit, well known law and financial services firms making long term commitments to the building in recent years. Meritage was drawn to the attractive asset pricing dynamics in Providence compared to its first tier neighbor, Boston, Massachusetts.
Meritage has executed a selective program of building improvements, including lobby and common area upgrades adding a new tenant-only fitness facility plus quality enhancements to what is already Providence’s best office value. To learn more about the property please go to: www.onefinancialplaza.com