Time & Temp lease piquing interest
Photo/Robert M. Cook
A new business could features its name on top of the Time and Temperature building
A Brooklyn, N.Y., management company that is spearheading the negotiations for a new tenant to lease the rights to put its name on the Time and Temperature Building downtown continues to field numerous inquiries and offers from prospective businesses.
Josh Dolgin, vice president of KND Management Co., says the firm has no timetable for when it hopes to land a new company that wants to put its name on the sign on top of the Congress Street building that television station WMTW occupied for several years.
David Abel, president and general manager of the news station, previously told Mainebiz the station did not renew its lease on Dec. 31 as a cost cutting measure in response to the recession. Abel said the television station did renew its other lease to remain in the building.
KND Management Co. and Boulos Property Management Co. in Portland both oversee the Time and Temperature Building and have a keen interest in finding a new company for the sign, said Dolgin, who now handles the firm's new acquisitions, asset management and financing.
"We're currently fielding offers," Dolgin says. "We want to try and find the right company and make the right deal."
Dolgin says the building's sign and its prominent perch high above downtown Portland make it a unique and attractive advertising opportunity for any company that pursues it. Although his firm is just a stone's throw from Manhattan, Dolgin says the Portland building is the only he knows about within his company's portfolio that features such a sign on top of it.
The building is featured in the company's portfolio of available listings on its website, www.kalmondolgin.com.
The description reads: "Located in the heart of Portland's downtown business district in what is known as Monument Square, this historical 14-story, 195,000 square foot high-rise serves as a landmark for Maine residents and visitors alike. Visible from I-295, 477 Congress overlooks Portland's financial, legal and banking community with views of Portland Harbor and Back Cove."
Dolgin would not comment on the value of the lease or whether the management firm would prefer to have a company enter into a one-year lease or a multiple-year lease. He also says the firm is open to either a Maine or Portland region company that has strong name recognition or a national company. In other words, the competition among prospective companies to be the top dog on the Time and Temperature Building is wide open.
"I wouldn't want to rule anything out," Dolgin says.
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