FM, the Johnston-based mutual property insurer, has bought the 10-story IGT office tower at 10 Memorial Boulevard in downtown Providence, tightening its grip on the New England market while keeping one foot firmly in the city’s core. The company says it will move into part of the building but keep the property operating as a multi-tenant hub, and IGT is set to maintain its offices on site. The acquisition was announced on Thursday as FM continues to grow its regional footprint.
FM disclosed the deal in a press release and stressed that it plans to preserve the current tenant mix. The move, Chief Operating Officer Randy Hodge said, “reflects FM’s confidence in Rhode Island and our commitment to creating spaces that attract world-class talent and strengthen client relationships,” according to The Boston Globe. The Globe also noted that IGT will remain in the tower, which stands next to Providence Place mall and sits a short walk from the downtown train station and the State House.
The 10-story property, often referred to as the IGT Center, totals about 202,096 square feet and includes a mix of offices along with ground-floor retail and restaurants, according to property details from Tritower Financial Group. That marketing material and earlier coverage describe the building as a long-standing downtown anchor, complete with a sizable parking garage that serves both tenants and visitors.
FM's Regional Push
The Providence buy lines up with a broader strategy to spread FM’s presence across Greater Boston and New England. FM has leased space in Boston’s South Station Tower to give Boston-based employees a modern office option, as reported by the Boston Real Estate Times, and the insurer is building a new science and technology campus in Norwood that trade coverage has identified as the FM Science and Technology Center, Americas. Industry observers say FM appears to be mixing suburban R&D and campus-style projects with downtown office locations to widen talent recruitment and improve client access across the region, a play that can appeal to specialized workers while keeping a visible presence in city business districts.
Local Leaders Welcome Move
City leaders are treating the deal as a confidence boost for the downtown office market. “Providence is proud to welcome FM to 10 Memorial Boulevard,” Mayor Brett P. Smiley said in a statement praising the insurer’s decision to put down roots in the city center, according to The Boston Globe. Local brokers say having an institutional owner at the helm could help steady leasing momentum in a market that is still adjusting to post-pandemic office demand.
The tower last changed hands in 2019, when Tritower Financial Group acquired the asset for about $71 million, according to earlier reporting. FM’s arrival brings a large, risk-management-focused corporate landlord to a highly visible corner of downtown that benefits from nearby shopping, transit access and proximity to the State House, and brokers will be watching to see whether that ownership shift nudges new leases and renewals into motion.
-2.webp?w=160&h=400&fit=crop&crop=edges)
