A significant off-market commercial real estate transaction has been completed with the $4.7 million sale of Two City Center, one of downtown Portland’s most recognized and prominent office buildings.
The 26,357-square-foot property traded for approximately $178 per square foot. It was acquired by Kliner Industries LLC, Nakatomi Plaza, LLC, Aerotyne International LLC from Two City Center LLC. Gregory W. Boulos of The Boulos Company brokered the transaction, and Josh Soley of CORE facilitated the acquisition on behalf of the buyer. CORE’s property management division will oversee management of the property.
Two City Center is one of only 27 Class A office buildings in the State of Maine, according to The Boulos Company’s office outlook. The acquisition was driven by the buyer’s view of Two City Center as a strategically located, high-quality downtown asset. In a market where comparable downtown properties seldom become available, the opportunity to acquire this landmark building through an off-market transaction reflects both its long-term value and the strength of direct relationships involved in bringing the deal to completion.
“This was a highly strategic off-market sale,” said Gregory W. Boulos. “Well-located, institutional-quality assets in Portland’s downtown core continue to generate strong interest, particularly when relationships and timing align to create opportunity for both parties.”
“Two City Center is a landmark asset,” said Josh Soley of CORE. “Our acquisition division is proud to have helped secure a long-term position for the buyer, and our management team will ensure a smooth transition for the property and its tenants.”
The $4.7 million transaction marks another notable chapter for one of Portland’s most recognizable office buildings and reinforces the continued strength of the local commercial real estate market.