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February 15, 2019

Bangor Savings doubles down on its waterfront expansion

Courtesy / NAI The Dunham Group The purchase of 36 Pleasant St. is intended for future development at Bangor Saving's Bank new waterfront campus in Bangor.

As Bangor Savings Bank prepares to complete its move next week into its new 117,000-square-foot operations center at 11 Hamlin Way, the bank also made a strategic acquisition of a neighboring vacant building at 36 Pleasant St.

On Feb. 11, Bangor Savings purchased 36 Pleasant St. in Bangor, a 28,780-square-foot waterfront office building, from Gopher Hill Communications LLC.

TC Haffenreffer from NAI The Dunham Group represented the seller. David Hughes from Epstein Commercial Real Estate and David Latulippe of CJ Developers Inc. represented the buyer.

The purchase is expected to add capacity to the bank’s newly built flagship campus on the Bangor waterfront.

“It makes perfect sense,” Carol Colson, a senior vice president and director of community and media relations, told Mainebiz. “It almost touches our first building at 24 Hamlin, which opened last July.”

36 Pleasant St. is intended for future development, she said.

“We plan to continue to grow in New England,” she said. “As we grow, we’re adding more jobs in Bangor, so this will be part of our waterfront campus.”

There are no immediate plans for renovations or for occupation, she said.

“It’s just part of our long-term plan to add employment,” she said.

The former home of Berry Dunn, 36 Pleasant St. is a turnkey owner/user office property. It’s located along the Penobscot River and within walking distance to downtown, Waterfront Concerts, restaurants and other amenities.

The acquisition of 36 Pleasant St. is a positive indication for the further development and revitalization of Bangor’s downtown, the bank’s president/CEO Bob Montgomery-Rice, said in the release.

“When we think about Bangor and what can benefit the region from an employment standpoint, we know that further development of our waterfront campus is necessary,” said Montgomery-Rice. “The purchase of 36 Pleasant St. works well with our long-term vision. As the bank grows across Northern New England, our need for Bangor-based employees to support that growth will continue. No matter where we go, however, our commitment to the Bangor region is steadfast and this investment reiterates our intention to remain a Bangor-based company.”

The Bangor Savings Bank campus has been Bangor’s largest development project in recent years.

A smaller 31,500-square-foot building, which houses the bank's administrative and wealth management divisions, is at 24 Hamlin Way and opened last July.The larger portion of the campus is 11 Hamlin Way. Some departments have already moved into that building, said Colson.

“The rest are moving in this weekend and on Tuesday,” she said, adding that the bank will eventually have a ribbon-cutting.

“It’s the most amazing building,” she said, citing features like 1,400 solar panels and 80 geothermal wells for energy efficiency, a design that harvests as much daylight as possible, views onto the waterfront and the waterfront concert stage, and a large rooftop, where employees can work, have lunch or entertain clients if they wish.

The campus, not counting 36 Pleasant St., has capacity for 500 people, she said; 370 are currently in Bangor. The bank employs 950 overall, she said.

With 36 Pleasant St., the campus has 180,000 square feet of space, she said.

The bank has 59 branches in Maine and New Hampshire, with 200,000 customers and a total asset size of just over $4.3 billion, she said.

The bank’s prior headquarters was at 99 Franklin St., about a mile away in the downtown business district

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