Florida Development Company Makes Big Purchase In Worcester

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Wednesday, December 26, 2012

GoLocalWorcester Business Team

CitySquare II Development Co. LLC has sold the newly constructed, seven-story office building at CitySquare to Benderson Development Co. The building, located at the intersection of Foster and Mercantile streets, was sold for an undisclosed price and will serve as corporate offices for Unum. 

Benderson Development, a Sarasota, Florida based company, is one of the largest privately held real estate companies in the U.S. and owns and manages more than 700 properties encompassing 40 million square feet in 38 states. The company has purchased the 214,000 square-foot building and the adjacent, 860-car, five-level parking structure at the northeast end of the 12-acre, mixed development site across from the DCU Center in downtown Worcester.

Local business owners are hopeful the purchase will inject life into Worcester’s economy.

“We are pleased to welcome Benderson Development to CitySquare and to Worcester,” said Frederick Eppinger, chief executive officer at The Hanover. “Benderson is a well-established real estate owner/developer with a stellar reputation. Benderson’s investment infuses even more life into CitySquare and will further help advance the city’s downtown revitalization and economic development efforts.”

City Square II Development Co. LLC is a subsidiary of Opus Investment Management Inc., the investment arm of The Hanover Insurance Group. The largest single public/private development project in Massachusetts history outside of Boston, CitySquare aims to transform the heart of Worcester and become the hub that connects many of the city’s most prominent destinations.
 

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