Rhode Island
FM buys former IGT building in downtown Providence. What we know.
What to know about Providence: Big Blue Bug, State House dome, Benefit Street
Fun fact: There are more donut and coffee shops per capita in Providence than anywhere else in the U.S.
Commercial insurer FM is buying the downtown Providence office building that’s home to Brightstar, the lottery company formerly known as IGT.
The 10-story office building at the intersection of Memorial Boulevard and Francis Street “will serve as a strategic addition to its growing business and global office footprint,” FM said in a news release announcing the purchase Thursday, Feb. 19.
FM paid $68.5 million for the 202,000 square-foot building, the company said.
The previous owner was an affiliate of Boston-based Tritower Financial Group, which bought the building for $51.5 million in 2012, according to Providence Assessors Records.
Will FM move employees into the building?
FM said it “intends to occupy a portion” of the building. It did not mention how many FM employees will work there and when.
Brightstar, which changed its name from International Game Technology last year, is not leaving the building.
“We are pleased to welcome FM to downtown Providence as the new owner of 10 Memorial Boulevard, which is the home of our global lottery headquarters,” Brightstar spokesman Mike DeAngelis wrote in an email.
Local leaders celebrate sale of building to FM
Rhode Island awarded IGT a 20-year contract to run the state’s lottery business and provide slot machines to its casinos in 2021.
The deal included strict local employment requirements.
Rhode Island Gov. Dan McKee, Providence Mayor Brett Smiley, Senate President Valarie Lawson and House Speaker K. Joseph Shekarchi celebrated the sale in the news release.
FM, formerly known as FM Global, is based in Johnston and is one of the state’s largest employers.
“This investment reflects FM’s confidence in Rhode Island and our commitment to creating spaces that attract world-class talent and strengthen client relationships,” Randy Hodge, chief operating officer of FM, said in the release. “FM has been proud to call Rhode Island home for nearly 200 years, and this expansion in the state’s capital is a natural choice for our next chapter of growth.”
This story has been updated with new information.