By Kevin Shalvey
PBN Staff Writer
PROVIDENCE – Citing the “iBuilding” updates installed at the former Union Trust building’s by its new owners, a forensic investigation and litigation support firm this week announced it has selected the downtown landmark as its new U.S. headquarters.
Forensic Risk Alliance – formerly based in Warren, with offices in New York and London – will lease the second floor of 170 Westminster St., broker Hayes & Sherry Real Estate Services announced this week.
“We looked at every available property in the Greater Providence market,” Matt Fair, a broker with Hayes & Sherry, said in a statement. “And after running several financial models and considering the cost-benefits scenarios, we came to the conclusion that being in the heart of downtown was the most important factor for FRA.”
The 12-story, 62,000-square-foot building had been acquired in July by FB Capital Partners LLC, a Philadelphia-based investment firm that paid $6.5 million to Granoff Realty LP. (The firm since has purchased another downtown landmark, the Turk’s Head building, at 76 Westminster St. READ MORE)
The firm then began installing installing cutting-edge technology in the historic building – part of FB Capital’s iBuilding strategy, according to Gary Brandeis, managing director at the investment firm.
“We’ve been fortunate enough to find a good opportunity here in Providence to acquire a building that really fits well into this strategy, of taking a beautiful, historic building that’s kind of a landmark in the city, and leaving the integrity of the building alone but making the components in the building smart, intelligent and forward-thinking,” Brandeis told Providence Business News last summer. (READ MORE) The goal, he said, was to create “a unique office experience” that would help attract businesses and technology companies to fill the building’s four open floors of Class-B office space.
In fact, those technology updates – including Wi-Fi throughout and an internal Web portals – are what drew FRA to the building, said Greg Mason, the forensic analysis firm’s co-founder and global IT chief.
The former Union Trust – trumpeted as the tallest building in New England when it was built in 1901 – today is better known as the Federal Reserve building, after the restaurant that occupies its first floor. FRA plans to move into the 102-year-old structure in mid-summer.
Forensic Risk Alliance, established in 1999, seeks to deliver “leading edge” forensic analysis “underpinned by innovative IT solutions.” It recently has been involved with the international investigation of the United Nation’s Oil-for-Food program; with Holocaust litigation resulting in more than $6 billion in compensation; and with other investigations. To learn more, visit www.ForensicRisk.com.
FB Capital Partners LLC is a private partnership, based in Philadelphia, that has invested more than $475 million in real estate, manufacturing, finance and business-service concerns since 2003. To learn more, visit www.fbcp.com.
