Unum Finalizes CitySquare Lease
Unum, the Tennessee-based benefits provider with hundreds of employees in downtown Worcester, signed a 17-year lease agreement for the CitySquare development yesterday, finalizing the company's commitment to the project.
Unum's plans call for a 216,000-square-foot office building at the site, according to Worcester assistant city manager Julie Jacobson.
The lease signing makes available tens of millions of dollars in public funding that city officials hope will be invested in the 2 million-square-foot development project, according to Jacobson.
Overall, the development is a planned $565 million investment. The public portion of the funding will come from a first-in-the-state district improvement financing program, which uses the revenue from the project to pay off the bonds for the public financing, Jacobson said.
Receiving public funds will allow demolition and road construction work near the downtown site to begin as early as this summer, Jacobson said.
The project was originally conceived by Berkeley Investments of Boston but then stalled. In March Worcester-based Hanover Insurance Group took over development of the project.
Unum signed the lease with CitySquare II Development Co. LLC, which is managed by Leggat McCall Properties LLC. Hanover's Opus Investment Management Inc. is backing McCall Properties, Jacobson said.
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