Portland, ME

Investment Partners
Connecticut River Capital (CTR)

Project Type
Office

Acquisition Date
2019

Project Overview

465 Congress Street is a 10-story, 77,093-square-foot office building located in the heart of Portland’s CBD. The property is near downtown restaurants and retail and just minutes from I-295 and Portland waterfront. One of the most recognized landmarks in the city and the second tallest in Portland, it offers tenants spectacular unobstructed views of the bay and the mountains. 465 Congress Street is in an Opportunity Zone.

This investment offered the opportunity to acquire a prominent landmark building in an irreplaceable location at an attractive cost basis. The strategy is to reposition and restore the undermanaged property, which will include significant capital improvements and improved management and leasing. As Class A office rents in this market have hit a new high, we believe we can lease up the existing vacancy while still offering tenants meaningful discounts to new construction.