Worcester’s first skyscraper trades for $14M
JLL Capital Markets led the sale efforts for the historic 340 Main Street building
BOSTON, December 10, 2020 – JLL Capital Markets announced today that it 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.
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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.