"We were brought the building by CB Richard Ellis/the Boulos Co. We'd been working with them on some other projects and they thought it was natural for us.," says Josh Dolgin, vice president of Kalmon Dolgin. "It's a fantastic location, very stable asset and probably the most prominent building in the Portland skyline."
Beyond the 195,000-sf building, Kalmon Dolgin also acquired a 436-space parking garage in the transaction. Dolgin says the garage brings in a lot of income. "We saw this as an excellent play and a great long-term hold."
The seller was 477 Congress Street LLC which is headed by Jeffery Cohen, according to Dolgin. CBRE's Daniel Greenstein represented the seller. The building sold at a cap rate just about 8%, according to Dolgin.
Built in 1924, the well-known office building's tenant roster includes Lambert, Coffin, Rudman & Hochman, WMTW/Channel 8-ABC and TD Banknorth, Nassau Broadcasting. The building has an occupancy rate in the low 90%.
Kalmon Dolgin plans to own the asset 6 months before deciding what, if any capital improvements should be put into the building. "Certainly we want to enhance the building or keep it as prominent as it is," Dolgin says.
The New York firm will continue to look for opportunities in Main and specifically in Portalnd, where Dolgin says the market is strong and vacancy is extremely low.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
