Worcester's Guaranty Building sold for $9.9M
Photo | Courtesy of Kelleher & Sadowsky
The Guaranty Building at 370 Main St. in downtown Worcester
A Leominster attorney has purchased downtown Worcester’s Guaranty Building for $9.93 million.
Deed records indicate that 370 Main Street GBB LLC, affiliated with Vincent Campobasso, bought the building at 370 Main St. on July 9 from 370 Main Street Associates Limited Partnership, which is affiliated with lawyers Phillips Davis and Sumner Tilton of Worcester-based Fletcher Tilton.
The 12-story, 194,700-square-foot building is currently 94 percent occupied, with tenants such as TD Bank, Fletcher Tilton and UMass Memorial HealthCare, according to Kelleher & Sadowsky of Worcester, which represented both the buyers and sellers.
Donald Mancini of Kelleher & Sadowsky said the buyer plans to upgrade the building’s lobbies, improve video surveillance and renovate the 12,000 square feet of vacant space to make it more attractive to prospective tenants.
“It is one of the nicest Class A buildings in the city,” Mancini said.
Campobasso did not return a call for comment.
Davis said he and Tilton owned the Guaranty Building for the past 23 years and recently upgraded the elevators and other key equipment. They were looking to sell due to their advancing ages.
“It was just about time,” he said.
Fletcher Tilton will remain in the building under Campobasso’s ownership, Davis said.
Only 8-percent — or about 100,000 square feet — of downtown Worcester’s Class A space is currently vacant, making the Guaranty Building valuable investment property, according to Kelleher & Sadowsky. Vacancy rates at 370 Main St. have been less than 10 percent for the last decade.
The building was constructed between 1969 and 1971 and offers 24-hour on-site security and full time, on-site management. The Guaranty building’s assessed value is $14.01 million, according to city property records.
Kelleher & Sadowsky said it began marketing the site in January and received bids from several prospective buyers.
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