SYRACUSE, NY — Pyramid Management Group, in partnership with Paolino Properties and DW Partners, is pleased to announce that they have been named the successful party granted exclusive rights to negotiate the purchase and sale of Providence Place, one of New England’s most renowned urban shopping and entertainment destinations.
The transaction, which includes both the real estate and management, valued at approximately $133 million, represents the beginning of a comprehensive repositioning and revitalization process for one of New England’s most prominent retail assets.
“The acquisition of Providence Place is a meaningful full‑circle moment for our family and for Pyramid,” said Stephen J. Congel, Chief Executive Officer of Pyramid Management Group. “This property was originally developed by my father, Robert Congel, and returning it to our ownership and management underscores our long‑term commitment to investing in communities, revitalizing iconic assets, and positioning them for continued success.”
Providence Place, a defining element of downtown Providence’s growth, has seen substantial stabilization during receivership, including essential improvements to security, maintenance, and core infrastructure. With court approval now in place, Pyramid, Paolino Properties, and DW Partners will proceed with finalizing a purchase and sale agreement in coordination with the receiver.
The partnership consists of a combination of experienced mall operators and deeply rooted local ownership, supported by institutional capital markets expertise. Together, the group shares a long-term vision centered on responsible ownership, strong operations, and the continued transformation of downtown Providence.
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About Pyramid Management Group, LLC
Pyramid Management Group is one of the largest, most innovative, privately held real estate developers in the Northeast. Headquartered in Syracuse, New York, Pyramid’s portfolio of dynamic shopping, dining and entertainment destinations and expanding hospitality presence dominate the northeast with 9 properties located throughout New York and Massachusetts including Destiny USA (Syracuse, NY), Crossgates (Albany, NY) and Walden Galleria (Buffalo, NY). For over 50 years, Pyramid has built its reputation on being first, fast, and ahead of the curve, leading the industry in combining the best elements of traditional retail with world-class dining and entertainment, all under one roof. For more information, visit www.pyramidmg.com.
About Paolino Properties
Paolino Properties is a fourth-generation, family-owned and operated real estate investment, development, and management company. Led by Managing Partner Joseph R. Paolino Jr., Paolino Properties is one of the largest family-owned commercial real estate companies in New England, managing over 40 properties totaling nearly 3 million square feet. With a diverse portfolio of retail, commercial, residential, and hospitality properties, the company has experience partnering with a wide-ranging client base in Providence and beyond. In addition to 100 Westminster Street, a Class A office building where the company is headquartered and which is a part of the iconic Providence skyline, Paolino Properties owns The Beatrice hotel and a variety of Class A and Class B commercial properties, retail shopping centers, high-end residential developments, a world-class marina in Newport, and more than 1,000 parking spaces within the city of Providence. https://paolinoproperties.com/
About DW Partners
DW Partners, founded in 2009 by David Warren, is a $4+bn alternative credit/real estate firm with a strong track record investing in structured finance and real estate investments. The commercial real estate platform is vertically integrated across debt and equity and various property types. The firm has a long history of successfully investing in downtown Providence alongside Paolino Properties. https://dwpartners.com/
