Citizens Plaza in Providence Is on the Market Again
GoLocalProv Business Team
Citizens Plaza in Providence Is on the Market Again
The asking price is unknown, but according to Providence tax records, it is assessed for tax purposes at more than $33 million.
In 2018, GoLocal reported that the Citizens Plaza was being auctioned off.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe minimum bid in 2018 was $11 million.
Presently, the owners of the property are Blue Bell Citizens Plaza, LLC — the limited liability corporation's address is listed at a single-family home in Oklahoma City, Oklahoma.
The value of office space, in general, has been wildly impacted by the pandemic. It is unknown what the short and long-term impact of the virus is on the Providence commercial real estate market.
A report from CBRE recently found that the Boston market has been the fastest in the country to rebound.
“Boston is the U.S. leader in pandemic-era office market performance, ranking first in the recovery of office demand, according to CBRE’s monthly “Pulse of U.S Office Demand” report. The Boston region fared best overall in three metrics charted by CBRE: tenants-in-the market (TIMs) activity; leasing activity in the form of finalized lease agreements; and sublease availability,” according to Connect.
“Boston’s TIMs index of 124 was 24% above the baseline level in August. The region ranked 13 points above the U.S. average for leasing activity, and 33 points below the U.S. average of 191 for sublease availability,” found CBRE, a global real estate firm.