BDN finds buyer for downtown headquarters
The Bangor Publishing Co., owner of the Bangor Daily News, has reached a sale agreement on its downtown headquarters with a subsidiary of hotelier Ocean Properties Ltd.
The Bangor Daily News reported that BanRes LLC, an Ocean Properties subsidiary, will buy the property, pending an inspection and other due diligence steps. Ocean Properties owns over 140 hotels and resorts in North America, including locations in Bar Harbor and Rockport.
The sale price of the deal was not disclosed.
The move to sell comes after the paper has increased its investment in its online news operation in recent years. Development around the downtown office has also surged, with the construction and expansion of Hollywood Casino Bangor and the ongoing work on the Cross Insurance Center, which is slated for completion this fall.
At the time of the sale, publisher Richard Warren said the company was only using between 50% and 60% of the available space in the downtown building, where the newspaper has been located since the early 1950s.
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