Government Offices

Value-add through acquisition cost and tenant improvements

Gaspee acquired the asset at a 50% discount to replacement cost and is managing the construction of 23,000 sf of tenant improvements for the federal government.

Building name:
West Bay Office Park
building location:
40 Quaker Lane, Warwick, Rhode Island
Construction type:
55,000 sf
Market sector:
building type:
total project cost:
$11 million
project completion date:
Est. January 2024
After two years of continuous negotiations prior to and throughout the Covid-19 pandemic, Gaspee executed an acquisition of the West Bay Office Park in Warwick, Rhode Island.

This Class B office building is strategically located in the center of the state, and is anchored by multiple government agencies, including the Social Security Administration, Internal Revenue Service, and the United States Department of Agriculture.

With new leases in place at the time of acquisition, Gaspee was required to facilitate the bidding process, temporary relocation, and construction of 23,000 sf in tenant improvements for two of these federal agencies. The project is set to be completed in the first quarter of 2024.

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