Representing the first new building at CitySquare, Unum (Paul Revere Life Insurance) opened a $70 million, 214,000 square foot office building and renovated 860-car parking garage. Unum currently employs 550.
After more than two decades of planning and delays, construction is complete on CitySquare's first building in Worcester, Mass.
The 214,000-square-foot office tower was built on a portion of the 20-acre parcel in the downtown that once housed the Worcester Center Galleria. Starting Monday, the $72 million facility will be the new home for 700 Unum employees, the Tennessee-based insurance company. Unum (NYSE: UNM) signed a 17-year lease and plans to move its Chestnut Street operations to the new building on Martin Luther King Day.
Officials say the $563 million CitySquare project promises to revitalize downtown Worcester with more than 2.2 million square feet of mixed-use space. But St. Vincent Hospital, which is building a cancer center in CitySquare, and Unum are the only companies to commit to the project so far.
Unum’s office building was developed by Leggat McCall Properties and Hanover Insurance. It was purchased in December by Benderson Development Co. of Sarasota, Fla. for $76 million.
CitySquare, which has been called the largest Massachusetts public-private development project outside of Boston, reconnects the newly extended Front Street to Union Station, Washington Square and Shrewsbury Street for the first time since the 1960s. The new building’s address, One Mercantile Place, reflects the new road adjacent to the building, which opened on New Year’s Eve. Plans for the mixed-use development include apartments, retail, more offices, a hotel and parking.
Arrowstreet of Somerville is the architect and master planner for CitySquare and Consigli Construction Co. of Milford built the office building.