What to know about Providence: Big Blue Bug, State House dome, Benefit Street
Fun fact: There are more donut and coffee shops per capita in Providence than anywhere else in the U.S.
Commercial insurer FM is buying the downtown Providence office building that’s home to Brightstar, the lottery company formerly known as IGT.
The 10-story office building at the intersection of Memorial Boulevard and Francis Street “will serve as a strategic addition to its growing business and global office footprint,” FM said in a Feb. 19 news release announcing the purchase.
FM paid $68.5 million for the 202,000 square-foot building and a long-term ground lease, the company said. The property, at 10 Memorial Boulevard, was part of the Capital Center redevelopment of Providence’s former rail yards and the land is owned by Capital Properties Inc.
The building and ground lease were previously owned by an affiliate of Boston-based Tritower Financial Group, which acquired them for $71 milion in 2018, according to documents filed with the Providence Recorder of Deeds.
Commercial real estate values have declined since the COVID pandemic and rise or remote work. Adjusted for inflation, the $71 million paid for the IGT building in 2018 would be worth more than $91 million in today’s dollars.
Previously the property sold for $51.5 million in 2012, according to Providence assessor’s records.
Will FM move employees into the building?
FM said it “intends to occupy a portion” of the building. It did not mention how many FM employees will work there and when.
Brightstar, which changed its name from International Game Technology in 2025, is not leaving the building.
“We are pleased to welcome FM to downtown Providence as the new owner of 10 Memorial Boulevard, which is the home of our global lottery headquarters,” Brightstar spokesman Mike DeAngelis wrote in an email.
Local leaders celebrate sale of building to FM
Rhode Island awarded IGT a 20-year contract to run the state’s lottery business and provide slot machines to its casinos in 2021.
The deal requires the company to employ 1,100 workers in Rhode Island, a target that it has not always hit.
“More than 300 of our approximately 1,000 Rhode Island employees work in our Providence offices,” DeAngelis told The Journal.
FM, formerly known as FM Global, is based in Johnston and is one of the state’s largest employers.
“This investment reflects FM’s confidence in Rhode Island and our commitment to creating spaces that attract world-class talent and strengthen client relationships,” Randy Hodge, chief operating officer of FM, said in the release. “FM has been proud to call Rhode Island home for nearly 200 years, and this expansion in the state’s capital is a natural choice for our next chapter of growth.”
Rhode Island Gov. Dan McKee, Providence Mayor Brett Smiley, Senate President Valarie Lawson and House Speaker K. Joseph Shekarchi celebrated the sale in the news release.
“FM’s decision to invest in downtown Providence speaks to the strength of Rhode Island as a place to do business and thrive,” McKee said in the release.
This story has been updated with new information.
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