Occupancy at Providence’s two most recognizable office towers is heading in opposite directions.
While vacancy awaits the distinctive, superhero-inspiring 111 Westminster St., corporate tenants are committing to its boxier, newer and more conventional neighbor at One Financial Plaza.
Management at One Financial Plaza this month announced the renewal of four long-term leases at the 28-story tower that will see a net absorption of three floors and 37,000 square feet of space in the building.
With those new leases, the occupancy rate at One Financial Plaza, the city’s second-tallest and second-largest office building by area, jumped from 84 percent to 94 percent, according to Alden Anderson, senior vice president at CB Richard Ellis New England, the leasing agent for the property.
“This is a premier Class A office building in a landmark location with spectacular panoramic views,” Anderson said of One Financial and the new leases. “The Class A market for functional buildings in downtown Providence is going to do well while buildings that have functional limitations are going to struggle.”
The largest of those new leases, of course, is with Bank of America, the sole current tenant at 111 Westminster St., which has decided to move all of its workers there to space in One Financial and next-door neighbor 100 Westminster St.
Bank of America signed a 10-year extension of its One Financial Plaza lease that boosts its space in the building from 63,000 square feet to 84,000 square feet.
“When the 111 Westminster St. decision was made, we promised to keep our employees in downtown Providence and have delivered on that promise,” said Bank of America spokesman T.J. Crawford. “We already have a strong presence in One Financial and the additional space available met our needs.”
The other three 10-year lease extensions are with law firms Edwards
Wildman & Palmer LLP and Robinson & Cole LLP, and financial-services provider Morgan Stanley.
Financial terms of the four new leases were not released.