Future Unum Site Sold To Fla. Firm
PHOTO/JACQUELYN GUTC
The future Unum Group building at the intersection of Foster and Mercantile streets in Worcester.
The downtown building that will soon serve as offices for Unum Group has been sold by The Hanover Insurance Group to a Florida real estate management and investment firm.
CitySquare II Development Co. LLC, a subsidiary of Opus Investment Management Inc., the investment arm of The Hanover, said late last week it has sold the seven-story office building – one of the anchors of the CitySquare development project - at the intersection of Foster and Mercantile streets to Benderson Development Co. of Sarasota, Fla.
According to the Worcester County Registry of Deeds, the property was sold on Dec. 21 for $75.9 million.
Benderson is one of the largest privately held real estate companies in the U.S. It owns and manages more than 700 properties encompassing more than 40 million square feet in 38 states. Its portfolio includes retail, office, industrial, hotel, residential, and land holdings, including Highfield Commons in Berlin and a CVS store in Wayland.
Benderson Development purchased the 214,000-square-foot building and the adjacent, 860-car, five-level, covered parking garage at the northeast end of the 12-acre, mixed development CitySquare site. Unum is expected to relocate its operations to the building next month from its current offices on Chestnut Street.
Unum, which is based in Tennessee, signed a 17-year lease agreement for the site in 2010
"We are very pleased to welcome Benderson Development to CitySquare and to Worcester," said Frederick Eppinger, CEO of The Hanover. "Benderson's investment infuses even more life into CitySquare and will further help advance the city's downtown revitalization and economic development efforts.
Eppinger said The Hanover took on development of the building to launch work at CitySquare "and to pave the way for the necessary infrastructure and street work to be accomplished." Eppinger said his company had always intended to sell the building upon its completion and remains "committed to advancing the thoughtful and economically sound development of CitySquare."
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