One Burlington Square to be Redeveloped

FOR IMMEDIATE RELEASE

August 12, 2016
Contact:  Katie Vane
                   802.734.0617

One Burlington Square to be Redeveloped
Renovations Will Result in 50,000 Square Feet of Class A Office Space
Completed by December 2017

 

Burlington, VT – Mayor Miro Weinberger, private developer and President of Investors Corporation of Vermont Paul Sprayregen, and University of Vermont (UVM) Health Network President and CEO Dr. John R. Brumsted today announced that the office space at One Burlington Square will be redeveloped by Investors Corporation of Vermont beginning March 1, 2017.  The redevelopment will provide for an “A” grade office building in downtown Burlington with added on-site parking.  The newly renovated offices are expected to be completed in early December 2017.

One Burlington Square was constructed in 1969 and, consistent with buildings of that vintage, among other concerns, it lacks energy efficiency. The upcoming redevelopment of the building will improve the building shell, allowing for greater energy efficiency. Investors Corporation of Vermont is planning on obtaining LEED certification for the building, and will provide for the utilization of solar panels that will dramatically improve electrical costs. The One Burlington Square redevelopment will also upgrade the building, adding an additional level on the existing roof and converting a portion of the existing ground floor to covered parking.

“The renovation of One Burlington Square is a welcome investment in our downtown that will bring the building in line with our City’s larger goals of energy efficiency and environmental responsibility to keep Burlington strong and vibrant,” said Mayor Weinberger.

Long-time tenant UVM Medical Center is moving out of One Burlington Square to allow the redevelopment to occur. UVM Medical Center will be relocating workers currently in One Burlington Square to the GE building in South Burlington.

“While we have to leave One Burlington Square in order to allow Investors Corporation of Vermont to redevelop the site, and were unable to find available space within Burlington for an operation of our size, we look forward to bringing 350 to 400 employees, many of whom currently work outside of Burlington, back into the downtown when Burlington Town Center is redeveloped,” said John R. Brumsted, President and CEO of UVM Health Network. UVM Medical Center has signed a Letter of Intent to lease approximately 100,000 square feet in Burlington on 2019.

“We have enjoyed a long-standing relationship with University of Vermont Medical Center, but as their needs have changed over the years, so have ours,” said Paul Sprayregen, President of Investors Corporation of Vermont. “This is an opportunity for us to make significant improvements for this building that will create a comfortable, energy efficient, and safe working environment, and meet the demands of a vibrant downtown rental market.”

The project has obtained the necessary permits, and will begin construction once UVM Medical Center has decommissioned the building, expected in February of 2017.

 

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*Please see rendering of the redeveloped building

Press Release Date: 
08/12/2016
City Department: 
Mayor's Office