The office towers at 100 and 120 Front Street have been sold for $32.5 million to Franklin Realty Partners of Wellesley in a move city officials are calling a “major economic development announcement for downtown Worcester.”
The sale includes the nearby parking garage, storefronts and a walkway cutting between the garage and 100 Front Street, according to the Telegram & Gazette. The properties were sold by Berkley Investments of Boston, which purchased 100 Front Street and associated property for $30.4 million in 2004. That purchase covered the properties sold in this transaction as well as additional land that comprised much of what has become Worcester’s CitySquare, according to the Worcester County Registry of Deeds.
The sale covers two of Worcester’s largest office buildings, with the 20-story Telegram & Gazette branded tower at 100 Front Street housing the Worcester offices of EnerNoc, law firm Mirick O’Connell, Reliant Medical Group, and the Telegram. The nine-story 120 Front Street tower is branded as the People’s United Bank building and includes federal agencies in addition to the bank as tenants. The two buildings have a combined 331,302 square feet of leasable space, according to Worcester Property Records.
The sale comes on the back of ongoing developments in downtown Worcester. The CitySquare project has included the demolition of the former Worcester Center Galleria. The recently announced $33.1 million AC Hotel by Marriott will be located directly behind the 120 Front Street tower at the corner of Front and Trumble streets. It will add 168 high-end rooms to the area.
Franklin Realty Advisors declined to comment on plans for the property. A press conference has been scheduled for 10:30 a.m. on Monday, Oct. 26, to discuss plans for the properties, according to city officials.
