Real Estate

GTECH building sold for $51.5M

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MASSACHUSETTS real estate firm R.J. Kelly purchased the GTECH center in Providence for $51.5 million, the company announced late Wednesday.
Posted 4/12/12

PROVIDENCE – Massachusetts real estate firm R.J. Kelly has purchased the GTECH center for $51.5 million, the company announced late Wednesday.

U.S. Real Estate Limited Partnership sold GTECH’s Memorial Boulevard headquarters to the Burlington, Mass.-based R.J. Kelly Co.

The headquarters broke ground in 2004 and cost Texas-based U.S. Real Estate and GTECH approximately $80 million.

The $51.5 million price tag averaged out to roughly $255 a foot, according to R.J. Kelly representative Christopher J. Knisley.

All contracts and commitments will be honored by the new company and remain as is, according to a release.

Knisley said the real estate firm was open to other purchases in Rhode Island on a case by case basis.

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