PROVIDENCE, R.I. [Brown University] — In support of a plan to grow its overall research activity, Brown University has purchased a portfolio of properties in Providence’s Jewelry District neighborhood from the Care New England health system.
The portfolio includes 10 distinct parcels in close proximity to Brown’s Warren Alpert Medical School, adjacent Brown research buildings, and facilities operated by the University’s affiliated hospital partners. The parcels are home to four buildings, located at 200 Chestnut St., 70 Elm St., 261 Richmond St. and 300 Richmond St.
After agreeing to contract terms in March 2022 and conducting due diligence, the University closed on the purchase on Wednesday, June 29. The closing culminated a yearlong engagement process between Brown and Care New England; the parties started conversations in July 2021 and discussed initial offers last fall.
Russell C. Carey, executive vice president for planning and policy at Brown, said the acquisition comes as the University is developing its new Operational Plan for Growing the Research Enterprise. The plan, which will be finalized in early fall as an addendum to the University’s strategic plan, will position Brown to build further on substantial forward momentum in research activity in recent years.
Creating a new integrated life sciences building is one instrumental priority as Brown considers investments in space, staffing and infrastructure to support its research aspirations. Equally important is creating additional and upgraded laboratory and other space for research in health, medicine and a wide range of other disciplines; the new acquisition is intended to further develop the research capacity of Brown and its partners.
“In recent decades, Brown has made a series of substantial investments in the Jewelry District in support of collaborative work space for employees, housing for graduate students and — most extensively — biomedical research and education,” Carey said. “As the University seeks to expand its research enterprise, these new properties will offer additional opportunities for growth in research space in a neighborhood where thousands of Brown scholars, staff and students already work and study every day.”