Low occupancy rate leads to changes at Portland landmark
The iconic 14-story Time and Temperature Building that has towered over Monument Square and downtown Portland since its opening in 1924 found itself in foreclosure after the building’s previous owner was unable to sustain operations.
According to the Portland Press Herald, despite a 90% average occupancy rate at office buildings in downtown Portland, the Time and Temperature building’s occupancy rate had tumbled to 60%.
According to the Bangor Daily News, the new owner of the Time and Temperature building is 477-481 Congress Street Holdings LLC, which was founded in Maryland in January.
“There’s a lot of stuff that could be done if someone has a vision for it,” Chris Roberts, the owner of High & Tight barber shop inside the Time and Temperature Building, told the BDN. “And, the money, of course.”
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