BrickStreet Mutual Insurance Co. has finalized the purchase of office space at Charleston Town Center that will allow the private workers’ compensation insurance provider to consolidate its operations under one roof.
BrickStreet’s Board of Directors approved the purchase in early December.
BrickStreet will purchase more than 110,000 square feet of office space from Charleston Town Center for $9 million. The two companies had reached a preliminary agreement on the purchase Dec. 6. BrickStreet will now renovate the property and hopes to move in by Oct. 1, 2007.
BrickStreet said it will spend about $10 million to renovate the space. The firm will occupy about 86,000 square feet and lease the remaining 16,500 square feet to one or more tenants for office space, providing an ongoing revenue stream to help offset costs.
Source: www.brickstreet.com
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