PORTFOLIO


ONE CITIZENS PLAZA


  OWNER: Gramercy Capital
  DEVELOPER: Marsella Development Corporation
  INVESTMENT: $42,000,000
  RECENT SALE: $60,200,000 (2006)
  SCOPE: 240,000 square foot Class A commercial office building
  STATUS: Fully occupied and highest rental rate in the Providence office market

In the late 1980’s Marsella Development approached Citizens Financial Group about building its world headquarters on a prominent site in downtown Providence already controlled by the developer.  During the adjacent river relocation project, One Citizens Plaza raised thirteen stories to become the signature office building in the city, a recognition the property still holds today.