The former Worcester Center Galleria will be known as the Mercantile Center as a $70 million redevelopment project advances.

The rebranding of the property, including the 100 and 120 Front St. office towers, will include facade improvements, renovations of common areas, and new signs and banners. Wellesley-based Franklin Realty Investors and Great Point Investors of Boston are leading the project including partial demolition of the shopping mall and conversion of former retail space into offices.

University of Massachusetts Memorial Health Care has leased 74,600 square feet, representing more than half of the available space within the former mall that closed in 2006. It will relocate 500 employees in its IT division from its Shrewsbury Street campus by the end of 2017.

The current development team acquired the property in October for $32.5 million, in a transaction that also includes the 100 and 120 Front St. towers, which contain 636,100 square feet of office space including the Worcester Telegram & Gazette and Reliant Medical Group. The property has 183,000 square feet available.