Projo Biz Blog

Journal photo/ Steve Szydlowski
The building at 380 Westminster Street in Providence, which sold recently, houses the IRS, bankruptcy court along with the Navy and Army recruiters office.

A building that houses federal offices in downtown Providence has sold for $22 million, according to city property records, one of the few sales of large office buildings in the city to be completed in recent months.

Ownership of 380 Westminster Street changed hands when an Australian business sold off a group of properties in this country to a New York City firm that specializes in urban real estate.

Rubicon American Trust of Australia sold the Providence property, along with 12 other office buildings and a distribution center spread around the United States, for $485 million to UrbanAmerica LP, of New York.

The properties are almost entirely leased to U.S. government agencies and are located in cities including Washington, Philadelphia, Boston, Houston, Denver, San Diego and Huntsville, Alabama. The buildings have 3.1 million square feet of total space.

The purchase is the biggest single acquisition for closely held UrbanAmerica, which was founded in 1998.

 Tags  380 Westminister St. Rubicon American Trust of Australia UrbanAmerica

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