A Portland-based commercial property management and development company has purchased one of Bangor’s most prominent downtown office buildings.
J.B. Brown & Sons, based in Portland’s Old Port, finalized its purchase of 80 Exchange St. earlier this summer, but for financial reasons was not able to disclose it until this week, said real estate broker Charles Day, of The Boulos Company. The sale marks J.B. Brown’s first real estate acquisition in Bangor.
The listed price for the eight-story building was $5 million, but Day declined to give the specific purchase price. The building and land were valued this year at $5.3 million, according to city assessing records. The 88,500-square-foot building was built in 1976, and remodeled in 1993 and 2007.
Formerly owned by the Dead River Company, which still occupies one floor of offices, the building has about 25,000 square feet of unoccupied space spread across three floors, Day said. Prominent tenants include Camden National Bank and law firm Eaton Peabody, which represents the Bangor Daily News.
J.B. Brown & Sons President Vin Veroneau said part of the appeal was the building’s central location.
“[It] is a proven and well-located office building, which provides us a meaningful foothold in the growing downtown Bangor market,” he said.
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