News: Front Section
Posted: January 15, 2021
The Silverbrick Group purchases Worcester’s first skyscraper for $14.5 million from Commerce Associates, LLC
Worcester, MA JLL Capital Markets has completed the $14.5 million sale of 340 Main St., a historic, nine-story office building totaling 333,302 s/f.
JLL represented the seller, Commerce Associates, LLC and procured the buyer, The Silverbrick Group.
340 Main St. is positioned in an Opportunity Zone in downtown. In recent years, the city 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, the city offers regional access via the Mass. Pike (I-90).
Originally built in 1897, 340 Main St. is the city’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.
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