The four-property purchase gives the museum control of nearly an entire city block in Portland’s Arts District, strengthening its long-term plans for growth and improved visitor access.
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The Portland Museum of Art recently finalized the acquisition of 110 Free St. and three adjacent properties from MaineHealth for $14 million as the museum embarks on a $100 million expansion.
The deal includes an 85,972-square-foot office building at 110 Free St., plus a 4,300-square-foot retail building at 128 Free St. and two parking lots at 120 and 130 Free St.
Joe Malone, Mark Malone, Luke Malone and Nick Malone of Malone Commercial Brokers brokered the transaction.
The portfolio had been listed at $16 million.
Leaseback
The four-story building at 110 Free St. dates back to 1946. A $15 million renovation was completed in 2010 for MaineHealth’s corporate headquarters, according to the listing.
The deal gives the museum control of nearly an entire city block in Portland’s Arts District, strengthening its long-term plans for growth and improved visitor access, according to a Malone Commercial Brokers news release.
The purchase was funded by the museum’s board of trustees, according to a separate news release.
The transaction includes 140 parking spaces, which will support museum programming and increase convenience for visitors.
Rapid expansion
The acquisition comes at a time of rapid expansion for the museum, Marcie Parker Griswold, head of communications and audience engagement, told Mainebiz.
“Combined with our upcoming new wing and the open-air temporary pavilion we plan to unveil this summer during its construction, we are proud to offer more services and space for the downtown Portland community," she said.
The museum is evaluating the Free Street buildings for administration and collection care, she said.
“We intend to use every square inch of our campus to accommodate PMA’s growing collection, our staff and our visitors,” Griswold said. “The uses for each building will vary and have yet to be finalized, but we’re confident that most administrative offices will be located at 110 Free St.”
The museum “is also looking forward to seeing how we can add more collection viewing areas throughout the new wing and the existing buildings,” she added.
For any building housing its art, the museum “uses robust modifications," such as art-specific climate control and storage systems.
MaineHealth will continue to occupy 110 Free St. for at least two years as part of a leaseback clause in the purchase and sale agreement.
The portfolio is adjacent to 142 Free St., which the museum also owns.
The museum bought 142 Free St. in 2019 and demolished the building there last fall to build a 60,000-square-foot addition as part of a $100 million campus integration and modernization project.
The seller
MaineHealth said it decided to sell its home at 110 Free St along with the neighboring parking lot, to optimize use of its administrative offices across the region. The lease-back arrangement gives the health system time to evaluate options and plan next steps.
“We have seen a real shift in how people work in the post-pandemic era, and we need to organize our administrative teams around that new reality,” Andy Mueller, MaineHealth’s CEO, said in November.
