Bank of America tower sells for $33M

PROVIDENCE – The state’s tallest skyscraper, the Art Deco-style Bank of America Building at 111 Westminster St., has been sold.
The $33 million transaction closed Friday, according to Jonathan Aron, vice president of NAI Hunneman, the Boston-based firm that brokered the deal. The buyer was High Rock Westminster Street LLC, an affiliate of the Burlington, Mass.-based Compass Realty Associates, he said.
The office tower – known locally as the Superman building, for its Gotham-esque appearance – had been owned by Inland Real Estate Exchange Corp., which is affiliated with a 1031 tenant-in-common ownership of about 30 individuals, Aron said.
“It’s a very prominent building,” he said. “It’s really a huge upside opportunity for this buyer and this building down the road.”
The 428-foot building – a Providence landmark completed in 1928 as the Industrial Trust Tower, and later known as the Fleet Bank Tower – contains about 350,000 square feet, spread across 26 floors. It sits on a little more than a half-acre of land, with frontage on Kennedy Plaza.

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