A downtown Providence, Rhode Island, building is shifting from hands that make toys to those that help heal — and preserving hundreds of jobs in the process.
Hasbro's former location will house the administrative offices of Brown University Health effective June 1 in a move Mayor Brett P. Smiley said will "bring new vibrancy to LaSalle Square and preserve over 600 jobs in the city, further underscoring Providence as a dynamic economic hub.”
A panel of local industry professionals selected Brown University Health as the winner of the 2025 CoStar Impact Award for lease of the year for Providence.
The move came at an opportune time. Hasbro, based in Pawtucket, filed a notice in 2023 with the U.S. Securities and Exchange Commission that it would be eliminating 1,100 jobs globally in addition to the roughly 800 positions already terminated, as well as carrying out other cost-cutting measures, including the consolidation of office space.
In a further potential blow to the state, the maker of Play-Doh and Nerf, among other popular toys, confirmed in September that it was weighing whether to move its headquarters to the Boston area.
Brown Health is the state's largest employer and serves tens of thousands of residents in the Ocean State and southeastern Massachusetts.
“By consolidating our existing scattered administrative functions into one central space, Brown Health will achieve savings while instilling a more integrated workforce for our health system," John Fernandez, Brown Health's president and CEO, said in a press release.
About the project: The six-story, Class A headquarters building at 15 LaSalle Square totals 135,908 square feet and includes roughly 60 underground parking spaces, ideal for withstanding a New England coastal winter, with additional parking available in public and private garages and lots in the area. The single-tenancy location on 1.13 acres offers immediate access to Interstate 95 and is proximate to Rhode Island Convention Center, Dunkin’ Donuts Center, Providence Place Mall and numerous hotels and restaurants.
What the judges said: CoStar Impact Award judge Thomas Sweeney of Sweeney Real Estate & Appraisal called it the "largest lease transaction in downtown in many years." Fellow judge Leeds Mitchell of MG Commercial added that "the occupancy of Brown Health in 15 LaSalle Square will have a tremendous impact on this area of Providence."
They made it happen: Matt Fair, partner, and Steve Flachbart, senior vice president, of Hayes & Sherry facilitated the deal.