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Vacant AmEx Building to change hands

Cotuit

By Cotuit
in Providence

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MikeR Hamlet

MikeR

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Gov. Carcieri was on Ch 12's newsmakers a few weeks ago. The late Jack White asked him a question regarding the controversy over the General Assembly wanting to buy the building, etc. Carcieri basically responded with the new GTech HQ, the new Marriott hotel, and other downdown developments, the building would be worth more to sell in a few years than unloading it now. He seemed a bit vauge and evasive when responding to Jack White's question, and it made me wonder if there was something in the works already. It looks like this lease was cooking in the works when Carcieri was on the show. But anyway, its' good news. The pension fund gets a new tenant for 3 years, and with all the new construction going around the building, it will become more attractive to potential leasers/buyers when this lease expires in 3 years.

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Frankie811 City

Frankie811

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Gov. Carcieri was on Ch 12's newsmakers a few weeks ago. The late Jack White asked him a question regarding the controversy over the General Assembly wanting to buy the building, etc. Carcieri basically responded with the new GTech HQ, the new Marriott hotel, and other downdown developments, the building would be worth more to sell in a few years than unloading it now. He seemed a bit vauge and evasive when responding to Jack White's question, and it made me wonder if there was something in the works already. It looks like this lease was cooking in the works when Carcieri was on the show. But anyway, its' good news. The pension fund gets a new tenant for 3 years, and with all the new construction going around the building, it will become more attractive to potential leasers/buyers when this lease expires in 3 years.

http://www.ri.gov/GOVERNOR/view.php?rss=1&id=705

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Recchia Town

Recchia

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Fidelity to rent Amex building for $18/square foot

Fidelity has agreed to directly pay the utility costs and taxes on the building, according to the lease.

"There are no discounts, no tax incentives," said Paul J. Tavares, the state's general treasurer and chairman of the pension fund. "I think it's a good deal for both parties."

^Wow! Is this RI? Oh yeah, it's temporary....400 employees will move in starting in June, til the Smithfield CAMPUS is complete...

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Cotuit Megalopolis

Cotuit

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I dont understand why Fidelity didn't just buy the Amex building, instead of moving your employees and then having them to relocate?? someone please explain..

Well, they won't be buying the AmEx Building because they have a campus in Smithfield. The workers coming to Providence are staying there until expansions at the Smithfield campus are complete. I don't quite understand why they are moving workers out of Boston before the Smithfield expansion is done, why didn't they just stay in Boston until the Smithfield campus was ready for them? But I won't complain about the move either.

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brick Burg

brick

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why didn't they just stay in Boston until the Smithfield campus was ready for them? But I won't complain about the move either.

I believe in order to maintain the tax breaks they were given as part of the deal, they have to have a certain number of employees in the state by certain deadlines.

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