Silverbrick Buys Historic Office Building in Massachusetts
- Dec 11, 2020
The Silverbrick Group has acquired 340 Main St., a nine-story office building in central Worcester, Mass. The Commerce Associates sold the 333,302-square-foot asset in a $14.5 million deal brokered by JLL Capital Markets.
The seller let go of the historic building following an ownership that stretched over more than half a century, CommercialEdge data shows. Silverbrick is planning to reposition the asset as a mixed-use property that will encompass residential units, office, retail and self-storage space.
The 1.2-acre site is part of a designated Opportunity Zone and is situated amidst an array of colleges, universities and healthcare institutes, including Clark University, The University of Massachusetts Medical School and Massachusetts Biotechnology Research Park.
Dating back to 1897, the structure is considered the first high-rise in the city. The asset offers ground floor retail space and on-site parking at a ratio of 1.3 spaces per 1,000 square feet. The building is currently leased to financial services companies and government tenants.
Adam Dunn, Mike Restivo and Chris Phaneuf made up the JLL team working on behalf of the seller. Earlier this year, JLL secured acquisition financing for another office trade in Massachusetts. A partnership of Greatland Realty Partners and Breed’s Hill Capital acquired the more than 500,000-square-foot office campus in Marlborough, Mass., for $66 million.