SYRACUSE, NY — Pyramid Management Group, in partnership with Paolino Properties and DW Partners, is pleased to announce the closing on the purchase of Providence Place, the largest and most visited shopping center in Rhode Island. Pyramid is excited to partner with Paolino Properties and DW Partners – each bringing impactful talents and resources to this venture.
The transaction represents the beginning of a comprehensive repositioning and revitalization process for one of New England’s most prominent retail assets.
“We are thrilled to welcome Providence Place back to the Pyramid portfolio,” said Stephen J. Congel, Chief Executive Officer of Pyramid Management Group. “The center is optimally positioned in the market, and we couldn’t be more excited to elevate this iconic property to new heights. Pyramid is hitting the ground running, and our team is already hard at work bringing new brands, state-of-the-art security technology, and center-wide improvements to the shopping center. We have already engaged with numerous tenants that have expressed a serious interest in opening locations at Providence Place.”
“We could not be more proud to partner with Pyramid and DW Partners on the acquisition of Providence Place,” said Joseph R. Paolino, Jr., Managing Partner of Paolino Properties. “There is something especially meaningful about Pyramid returning to a property they originally developed and managed, and we have tremendous confidence in the experience and expertise they bring to its operation. Providence Place has been an important part of our city for nearly three decades, and we are excited to work together to invest in the property, bring new energy to the center and build on its role as a major destination in downtown Providence.”
Pyramid is ready to make an immediate impact at Providence Place including aesthetic enhancements to the common areas, the announcement of new, in-demand shopping, dining and entertainment tenants, and the implementation of Pyramid’s gold standard security program – bringing new energy to the thriving Rhode Island and Southern New England markets.
The acquisition of Providence Place builds on a year of strong momentum for Pyramid, marked by more than $500 million in long-term refinancings at multiple properties and continued investment in several significant projects across the company’s portfolio – further diversifying its locations with the addition of hospitality, residential, and medical uses to their mixed-use complexes.
Through strategic investments, visionary development, and a relentless focus on innovation, Pyramid continues to redefine what destination properties can be, cementing its leadership as the Northeast’s dominant hub for shopping, dining, entertainment, and community experiences.
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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 10 properties located throughout New York, Massachusetts, and Rhode Island including Destiny USA (Syracuse, NY), Crossgates (Albany, NY), Walden Galleria (Buffalo, NY) and Providence Place (Providence, RI). For over five decades, 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/
