Portland wealth management firm R.M. Davis leased space at One Portland Square in downtown Portland in preparation for its move from 24 City Center, a block away.
A year ago, Davis leased 24,185 square feet of office space at One Portland Square from North River IV LLC.
The tenant was represented by Jennifer Small of Malone Commercial Brokers. The landlord was represented by Drew Sigfridson and Brice O’Connor of the Boulos Co.
While renovating the space, the firm decided to expand its leased space by 5,999 square feet, for a total of 30,184 square feet.
Small again represented R.M. Davis and Sigfridson and O’Connor represented the landlord.
Downtown market
Small’s long-standing relationship with R.M. Davis and understanding of its operational priorities helped guide the site selection and negotiation process, according to a news release.
“R.M. Davis approached this process with a clear understanding of where they want to be long term,” said Small. “Our role was to evaluate the downtown market carefully, compare efficiencies across availabilities and negotiate terms that made sense both financially and operationally. “
The plan is to move in the fall. The relocation reflects a reassessment of R.M. Davis’s office needs as the firm plans for growth. One Portland Square offers the scale, functionality and central location required to support the company’s operations and long-term objectives.
The office space is being redesigned to better align with how the team works.
“We gave careful thought to moving after being in the same building since 1980, and did not make the decision lightly,” said Scot Draeger, principal and president of R.M. Davis.
R.M. Davis’s relocation reflects demand for quality downtown offices designed to support modern workplace needs, according to the release.
Built in 1987, the total building size is 186,230 square feet on 10 stories, according to the Boulos Co. The property includes professionally managed on-site and adjacent surface lots and on-site management and maintenance staff.
