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Tue, Jan 26
A Compendium of Property & Capital News
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Jan 26
A Compendium of Property & Capital News

Circa 1890 Building, Worcester’s First Skyscraper Trades for $14.5M

December 09, 2020
340 Main Street, Worcester MA

WORCESTER–JLL Capital Markets has completed the $14.5 million sale of 340 Main Street, a historic, nine-story office building totaling 333,302 square feet in Worcester, Massachusetts.

JLL represented the seller, Commerce Associates, LLC and procured the buyer, The Silverbrick Group (“Silverbrick”).

340 Main Street is positioned in an Opportunity Zone in the heart of downtown Worcester, the second-largest city in Massachusetts. In recent years, Worcester has undergone an urban revival benefitting from both public and private investment in its urban core and is a premier academic and medical innovation hub. The property is surrounded by numerous colleges and universities, including Holy Cross, WPI, Clark University, and healthcare institutes such as The University of Massachusetts Medical School and Massachusetts Biotechnology Research Park. Additionally, Worcester offers exceptional regional access via the Massachusetts Turnpike (I-90).

Originally built in 1897, 340 Main Street is Worcester’s first skyscraper and is currently leased to a roster of legal, financial services, and government tenants. Silverbrick plans to convert the asset into a mixed-use development, featuring apartments, office, retail, and self-storage.

The JLL Capital Markets team representing the seller was led by Adam Dunn, Mike Restivo, and Chris Phaneuf.