NNN Lease Market News
This is the first installment in an occasional series on commercial real estate in downtown Washington.
At some point in the near future, possibly later this year, a downtown Washington landmark will change hands.
The Washington Trust building, which has anchored downtown Washington for the past 109 years, was put up for sale in April. While it's received some interest, no deals have been tendered.
But the family who owns it believes a sale will happen as the economy - and the weather - continue to improve.
In 1954, Ben Richman purchased the office building from Pittsburgh-based Peoples First National Bank and Trust. Today, it is owned by Washington Trust Building Corp., which is composed of Richman's sons, Stephen I. Richman and John W. Richman, and Stephen's wife, Audrey Richman.
The Richmans said recently that several interested parties looked at the building over the past year, and at one point, it appeared that an offer was forthcoming, but ultimately, it didn't materialize.
"We're waiting for a change in the weather and a change in economic conditions," Stephen Richman said.
By Michael Bradwell Business editor mbradwell@observer-reporter.com
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