PORTLAND, Maine - A New York City investment group is buying the Portland Square office and retail complex in a sale one of its brokers says is the largest commercial real estate deal in Portland's history.
North River Co. is buying One and Two Portland Square and their parking lots for $66 million. The two towers are prominent features of the city's downtown. The Portland Press Herald reports that the director of the Portland-based firm that represented North River says the property received multiple bids. The director, Drew Sigfridson, says his firm "can't recall a larger deal'' in the city.
Portland Square was built in the late 1980s and is leased to 97 percent capacity. RREEF America had owned the buildings. North River's managing partners own other properties in Maine.