Michael Scanio, managing partner of Cambridge Capital Advisors, has completed the $2.7 million sale of the National Grid Building located at 100 Weybosset St., to Providence Capital, LLC. The seller, National Grid, was represented by Jones Lang LaSalle and Hayes & Sherry.
The property, comprised of two office/retail buildings and one attached three story parking garage, totals 84,696 s/f across the three buildings. The property spans almost an entire city block in the city's Financial District and is located directly across from Johnson & Wales campus.
As a result of its redevelopment, the property will soon be available for lease for the first time in over 20 years. Providence Capital, LLC, a New York City based company, plans to invest more than $5 million in renovating the property. Anticipated improvements include an expanded lobby, which will incorporate an espresso bar and lounge, a partially enclosed glass roof deck lounge, bathrooms and common areas, and a parking garage facility.
In addition to providing its tenants with exceptional amenities, ownership intends to offer its tenants all of the other benefits of class A space at highly preferential class B rental rates.