Photo courtesy of JLL

A New York City developer has completed its acquisition of a landmark downtown Worcester office building with plans for a conversion to apartments.

The Silverbrick Group of New York acquired 340 Main St., a 9-story office building totaling 33,302 square feet, for $14.5 million from Worcester-based Commerce Associates on Nov. 17.

The new owners are seeking approval from the Worcester City Council for a tax increment exemption agreement which would cut the property’s real estate taxes in half before rising to 70 and 90 percent over a 15-year period. The firm plans to spend approximately $54 million on the conversion to multifamily housing, to be named SilverBrick SkyHouse.

The property, completed in 1906 and known as the city’s first skyscraper, is located in a federal Opportunity Zone. Current office tenants include legal and financial services firms and government agencies.

Adam Dunn, Mike Restivo and Chris Phaneuf of JLL’s capital markets team represented the seller and procured the buyer.

Developer Buys Worcester Landmark for Housing Conversion

by Banker & Tradesman time to read: 1 min