Commerce Bank Buys Its Headquarters
Commerce Bank has purchased the historic downtown Slater Building where its headquarters have been located for 39 years, the Worcester-based financial institution announced today.
Commerce bought the 10-story, 104-year-old building from Slater Associates Nominee Trust. Commerce says the building, located at 390 Main St., is one of the city's oldest high rises. The building is on the National Register of Historic Places. No purchase price was disclosed.
Bank Chairman David G. Massad said he was "thrilled" at the acquisition. "It has always been one of the gemstones of the city and I am proud that the bank will be in this location for years to come," he said.
City Manager Michael V. O'Brien called the deal a "game-changer" in the city's efforts to revitalize downtown.
"We are pleased to secure our future in this great location, which we consider to be a cornerstone building in the city of Worcester," said Commerce President and CEO Brian W. Thompson. "We are confident in the city's future; Worcester is our home, and we are thrilled to be part of the revitalization of the downtown." Thompson said the bank is working with a design firm on plans to renovate the 167,000-square-foot building and hopes to increase its occupancy rate, now at 70 percent. The bank may also take additional space in the building to accommodate its growth, he added.
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