The 16,637-square-foot Class A office building was built in 1975.
October 1, 2018
As Clark Insurance expands in new HQ, its former HQ is sold
Courtesy / The Bean Group
The founders of Clark Insurance sold their Portland building for $2.832 million. The 16,637-square-foot Class A office building was built in 1975.
The sale of the Clark Insurance building, at 2385 Congress St. in Portland, went quickly once the sellers decided the market was right to sell the building.
The building sold for $2.832 million in a deal that closed July 25.
Charles Day of CBRE | The Boulos Co. represented the buyer, 2385 Congress Street LLC, and Ken Clark of the Bean Group represented the seller, 2385 Congress Street Associates LLC.
The 16,637-square-foot Class A office building is on 1.95 acres and was built in 1975. It has 105 parking spaces and was originally listed for $3.1 million.
Day said the buyer is a Maine company that owns several other buildings in the outer Congress Street area and acquired this property simply to expand its holdings.
Ken Clark said that his father, Richard Clark, president and founder of Clark Insurance, began the transition to an employee-owned company in 1992. By 2017, the company was 100% employee owned. Clark Insurance provides business insurance, bonds, employee benefits and personal insurance.
Clark outgrew its space
Clark Insurance outgrew the building and earlier this year moved to new space in Portland's Stroudwater neighborhood.
The company leased a newly constructed, 25,000-square-foot building from Northland Enterprises LLC, at 1945 Congress St., opposite the Portland International Jetport and not far from 2385 Congress St. Clark is the anchor tenant there.
Clark Insurance is one of Maine's largest insurance agencies. In addition to its Portland office, it has offices in Windham, Saco and Gorham, as well as Manchester, N.H., and Lowell, Mass. The company was founded on Monument Square in Portland in 1931.
2385 Congress Street Associates LLC — whose partners include father and son Richard and Ken Clark as well as Leon Libby, Ken Ross and Rocky Clark — attempted to lease the building on their own for about a year.
After that, they asked Ken Clark to be the listing agent as he continued to market the building for lease. But while doing so, he received calls from various prospects looking to purchase the property.
After discussing purchase options with the other partners, it was decided the time was right to sell.
“A lot of it is timing,” said Ken Clark. “Leasing is a great way to go, but when your partners are at different stages of life — my dad is 83 and the other partners are older, too — this works out great, too.”
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