Iconic State Theater Building in Portland, Maine, is For Sale

There are a handful of landmark buildings around Portland, Maine, that everyone truly seems to know.

Some of them are because of their signature design while others are well known thanks to the memories that have been made there over the years.

That describes the State Theater building, which features the signature concert hall where thousands upon thousands of people have visited to experience shows and make unforgettable memories.

The question now is...for how much longer?

State Theater Building in Portland, Maine, Officially Put Up For Sale

While the majority of the attention gets paid to the State Theater concert hall, the rest of the building that surrounds it is massive and valuable. At nearly 100,000 square feet total, the building is home to multiple tenants beyond the State Theater.

In the brochure released by Porta and Co., it projects that any investor willing to buy the property could see a quick return on their investment. While the building is 97% leased, many of those leases feature below-market rents. Bringing them up to market could be a quick and easy return if the tenants remain in place.

The Future of the State Theater is Likely Safe For Now

According to WMTW, while the State Theater building is on sale, the future of the concert hall seems safe. At least for the next few years.

The State Theater has several years remaining on their lease and while a new owner could look to renegotiate the terms, that outcome seems unlikely. Future leases and whether a concert hall is the best use for 21,000 square feet of space is another discussion all together.

The building at 142 High Street in Portland, Maine, is being listed at $10.9 million.