FM Global Pays $69M for Providence Office Building

Property insurer company FM Global has purchased the 250,000-square-foot office building at 10 Memorial Blvd. in Providence, R.I. The firm paid $68.5 million for the asset, Providence Business News reported.

Tritower Financial Group previously owned the property since 2018, when the company bought it from R.J. Kelly Co. for $71 million, according to Yardi Matrix information. Rockland Trust Co. issued a $46.2 million loan for that acquisition.

FM has had its headquarters in the state of Rhode Island since its founding in 1835. The acquisition is part of a recent expansion on FM’s part along Amtrak’s East Coast corridor. This expansion also includes newly leased space at Hines’ 51-story South Station Tower in Boston.

A downtown Providence asset

Completed in 2006, the 10-story office building features 28,500-square-foot floorplates, 10,500 square feet of ground-floor retail space and seven passenger elevators. The tenant roster includes Fidelity, The Koffler Group and The Virtus Group, Yardi Matrix data shows. The new ownership also plans to occupy a portion of the office space at the property.

The asset was previously dubbed the IGT Center, after the International Game Technology firm—which rebranded to Brightstar Lottery in 2025. Though the building opted for an address-name, Brightstar Lottery remains one of the tenants in the property’s roster, The Providence Journal wrote.

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The office property on Memorial Boulevard is close to U.S. Route 1 and Interstate 95, within 1 mile of downtown. Additionally, the mid-rise is across the road from Providence Place Mall, a 1.2 million-square-foot shopping center spanning a 16-acre site. The Providence train station is 0.3 miles north.

Tritower Financial’s recent activity

Last year, Tritower Financial Group entered several joint ventures in order to complete a number of office building acquisitions. Namely, in February 2025, Shorenstein Investment Advisers and Tritower paid $96 million for The Xchange, a 480,000-square-foot office and R&D complex in Bedford, Mass. A few months later, in July, together with Live Oak Real Estate Investments, the company purchased One Bowdoin Square, a 141,831-square-foot office building in Boston.

Over the course of 2025, office building sales across the U.S. amounted to $53 billion, with assets trading at an average price of $192 per square foot, according to a recent Yardi Matrix report. Except for Manhattan—which ranked highest in the U.S. with the largest investment sales figure throughout last year, at $7.8 billion—the other major metros in the northeastern region seemed scattered across Yardi Matrix’s Top 30 list. Boston recorded $1.6 billion in sales volume, while Philadelphia ranked closer to the end of the list, with a total figure of $678 million.