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Historic Time and Temperature Building located in the Heart of Monument Square in Portland, Maine

PRIME CONVERSION OPPORTUNITY

  • Multifamily, office, and hotel are allowed under current zoning
  • Unprecedented surge in demand for housing, both rental and for sale product
  • An excellent opportunity for office headquarters in the heart of downtown Portland


UNPARALLELED LOCATION

  • Prominent site at the intersection of Congress and Preble Streets, on Monument Square
  • Within walking distance to Old Port, Casco Bay Ferry Terminal, Portland Art Museum, and all of the restaurants that have made Portland the nation’s best restaurant scene.


BRICKS & MORTAR

  • Over 160,000 gross square feet on 1.86 acres
  • Fourteen Story Office Tower with panoramic views of Casco Bay and the city skyline
  • Attractive retail opportunities in existing retail space
  • Built in 1920s
  • 340 Space Parking Garage with significant upside
  • Significant capacity for additional floors by zoning code

 

In conjunction with RealINSIGHT Marketplace, Colliers International is pleased to offer the opportunity to purchase the fee simple interest in the Time and Temperature Building and Monument Square Parking Garage (the “Property”) located at 477-481 Congress Street; 22 Preble Street and 45 Brown Street in Portland, Maine.  The Property’s unparalleled location in the heart of Monument Square, steps away from the vibrant Old Port, coupled with a surge in Portland commercial real estate and favorable in place zoning, creates an exceptional opportunity.  The Time and Temperature Building is just a few blocks from many of Portland’s top amenities, including the Old Port, the Cross Insurance Arena and hundreds of restaurants.  Further value can be unlocked by expanding the building given existing structural capacity and zoning allowance. Significant value can be attained through the upgrade and management of the Property’s 340 space parking garage.   The Time and Temperature Building is ideal for developers in search of the location, visibility and physical specifications needed to create a first-class development in the best location in the city.   

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Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Time & Temperature Building

477 Congress Street, Portland, ME 04101

Sold

Asset Snapshot

  • Asset Type
  • Real Estate
  •  
  • Office Type
  • CBD Office
  • Property Size
  • 157,492 Sq Ft
  • Land Area
  • 1.86 Acres
  • Year Built
  • 1924, 1950
  • Number of Floors
  • 14
  • Number of Buildings
  • 4
  • Parking Count
  • 340
  • Occupancy
  • 38.20%
  • Occupancy as of
  • Jul 31, 2018
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Auctioneer

    1. Thomas W.Saturley

      c/o Fisher Auction Company Inc.

      License: #AUC757