Webster Five to move HQ to Auburn following $3M purchase
Courtesy | JLL
35 Millbury St. in Auburn
The financial institution Webster Five is leaving its headquarters in Webster and planning an extensive redesign of a former Reliant Medical Group facility after purchasing the Auburn property for $2.75 million.
The bank closed on the acquisition of 35 Millbury St. last week. The 41,065-square-foot facility was home to a Reliant Medical Group location before the organization opened a 69,000-square-foot space in the Auburn Mall earlier this year.
Along with the Auburn sale, Reliant has sold 13 Central Massachusetts properties for a total of $18 million as it expands into larger or new buildings.
“While Auburn is an ideal central location for its employees, Webster Five will remain deeply committed to its roots in Webster,” said President and CEO Donald Doyle. “We also believe that this property will transform into an ideal workspace for our employees and play a significant role in meeting our vision of being a more innovative bank and continuing to be a leading community bank in Worcester County.”
Webster Five will spend at least a year on design and construction work with an anticipated move-in date in early 2021.
The new headquarters will allow the bank to consolidate three non-branch office locations in Webster, Auburn and Worcester as it approaches $1 billion in assets and requires a more centralized location to support the planned growth.
The bank’s retail footprint will not change, and existing branches in Webster, Auburn and Worcester will continue to be crucial to the bank’s future success.
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