PROVIDENCE — Commercial property insurer FM announced Thursday it acquired the prominent IGT office tower building at 10 Memorial Boulevard in downtown Providence.
FM paid $68.5 million for the building, said FM spokesman Brian Amaral.
FM will occupy a portion of the 10-story office building, according to a press release, while maintaining the current multi-tenant profile of the building. The tower is a key piece to the city’s skyline that has long held Fidelity Investments, gaming company IGT, and The Capital Grille. It’s next to the Providence Place mall, and near the Providence train station and Rhode Island State House.
IGT, which rebranded to Brightstar last year, has been an anchor tenant of the building since it first opened in 2006, but never owned it. The building will continue to house the company’s global lottery headquarters, according to Brightstar spokesman Mike DeAngelis.
The property will “now be the home of two great Rhode Island companies,” DeAngelis said in an email.
“The investment reflects FM’s confidence in Rhode Island and our commitment to creating spaces that attract world-class talent and strengthen client relationships,” said Randy Hodge, chief operating officer of FM.
FM, a mutual insurance company based in Johnston, Rhode Island, was founded in 1835, and specializes in loss prevention services.
“Providence is proud to welcome FM to 10 Memorial Boulevard,” said Mayor Brett P. Smiley in a statement. “As a global leader and one of the state’s largest employers, FM’s decision to establish a presence downtown reflects Providence’s strength as a thriving hub for leading institutions and increased economic opportunity.”
The investment comes amid FM’s broader strategy to expand. FM recently leased space in Boston’s South Station Tower, and plans to open the FM Science and Technology Center, Americas, in Norwood, Massachusetts, in 2026.
Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her @alexagagosz and on Instagram @AlexaGagosz.