BANGOR, Maine — The Bangor Publishing Co., owner of the Bangor Daily News, has signed an agreement to sell the company’s headquarters on Main Street to an affiliate of Ocean Properties.
The purchase and sale agreement was made with BanRes LLC, a Portsmouth, N.H.-based subsidiary of Ocean Properties Ltd., according to Richard Warren, the BDN’s publisher.
Ocean Properties, based in Delray Beach, Fla., owns more than 140 hotels and resorts in North America. In Maine, the company owns several properties in Bar Harbor, including the Harborside Hotel and Marina, the Regency Hotel, West Street Hotel, Days Inn, Ledgelawn Inn and Park Entrance Motel. The firm also owns the Samoset Resort in Rockport.
The sale is still subject to the customary inspection and other due diligence. Once the sale is final, the BDN will have up to a year to move into a new headquarters.
The sale price is not being disclosed.
The BDN constructed the building in stages beginning in the early 1950s. The 64,000-square-foot building housed the newspaper’s presses until the early 1990s, when the BDN opened its current production plant in Hampden, Warren said. As a result, the Bangor building is underutilized, he said.
“[The building] has a long history,” Warren said. “I’ve spent my whole working career in it … It’s going to be bittersweet, but we’re only using somewhere between 50 and 60 percent of it at the present time.”
The BDN, which employs nearly 200 people around the state, will be looking for new office space within the Bangor area. The company also has offices in Portland, Augusta, Belfast, Ellsworth and Machias.