Pyramid Management Group completes acquisition of 1.4m s/f Providence Place

Providence, RI Pyramid Management Group, in partnership with Paolino Properties and DW Partners, closed on the purchase of 1.4 million s/f Providence Place, one of the largest and most visited shopping centers in Rhode Island. Pyramid will partner with Paolino Properties and DW Partners - each bringing talents and resources to this venture.

The transaction (reported to be $133 million) represents the beginning of a comprehensive repositioning and revitalization process for one of New England’s most prominent retail assets.

“We are thrilled to welcome Providence Place back to the Pyramid portfolio,” said Stephen Congel, chief executive officer of Pyramid Management Group. “The center is optimally positioned in the market, and we couldn’t be more excited to elevate this iconic property to new heights. Pyramid is hitting the ground running, and our team is already hard at work bringing new brands, state-of-the-art security technology, and center-wide improvements to the shopping center. We have already engaged with numerous tenants that have expressed a serious interest in opening locations at Providence Place.”

“We could not be more proud to partner with Pyramid and DW Partners on the acquisition of Providence Place,” said Joseph Paolino, Jr., managing partner of Paolino Properties. “There is something especially meaningful about Pyramid returning to a property they originally developed and managed, and we have tremendous confidence in the experience and expertise they bring to its operation. Providence Place has been an important part of our city for nearly three decades, and we are excited to work together to invest in the property, bring new energy to the center and build on its role as a major destination in downtown Providence.”

Pyramid is ready to make an immediate impact at Providence Place including aesthetic enhancements to the common areas, the announcement of new, in-demand shopping, dining and entertainment tenants, and the implementation of Pyramid’s gold standard security program - bringing new energy to the thriving Rhode Island and Southern New England markets.

The acquisition of Providence Place builds on a year of momentum for Pyramid, marked by more than $500 million in long-term refinancings at multiple properties and continued investment in several significant projects across the company’s portfolio - further diversifying its locations with the addition of hospitality, residential, and medical uses to their mixed-use complexes.

Through strategic investments, visionary development, and a relentless focus on innovation, Pyramid continues to redefine what destination properties can be, cementing its leadership as the Northeast’s dominant hub for shopping, dining, entertainment, and community experiences.