Rebranded Worcester towers aim for top-shelf tenants
The Front Street office towers in Worcester have been rebranded Mercantile Center as their owners pursue an aggressive timeline for renovations and seek an upscale character for the downtown office buildings.
What is it?
Mercantile Center, the property formerly known as 100 and 120 Front Street, is a joint venture of Franklin Realty Advisors LLC and Great Point Investors LLC. The property includes 636,100 square feet of office and retail space and a 1,647 space structured parking garage. The developers purchased the office towers for $32.5 million in October. While that price was a large number to throw around in Worcester, the renovations carry an even greater $36-million price.
The plan is to turn the property into the premier mixed-use space in downtown Worcester, with the developers soon to be seeking rents to match. The company has been hard at work at the property that includes a portion of the former Worcester Center Galleria mall. Distancing that portion of the property from its former roots seems to be a key goal for developers.
What is the goal of these renovations?
Simply put: boosting the bottom line of the properties. To talk with Norton is to be told that once everything is completed, this property will be able to pull in lease deals rivaling the best in the city that reach up in the $40 per square foot range. The renovations include not only improvements to the common spaces, but the addition of ground-level retail and even the revival of the Foothills Theatre. All of this is designed to not only boost the property itself, but contribute to the overall rebuilding of downtown Worcester.
“The innovative redesign of Mercantile Center, featuring new colors, banners, special signage and activation of our main lobby and large courtyard will create a vibrant and welcoming atmosphere for existing and future tenants, shoppers and visitors,” said Gary Schwandt, principal of Great Point Investors LLC.
Will it pay off?
We can't see the future here at the Worcester Business Journal, but all indications are if Norton and his partners can follow through on their vision, they will be able to pull in some prime businesses. It has already been announced that UMass Memorial Health Care will bring 500 information-technology employees downtown in a 74,000-square-foot lease agreement. This is in addition to the approximately 1,250 people currently working within the towers.
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