WESTBROOK – It’s been 18 months since the former Warren Memorial Library went on the market as a newly refurbished office building, but in this economy, the lack of a buyer so far isn’t unusual, according to the building’s broker.

“In today’s markets, it’s probably progressing at the same level as a lot of our other properties are,” said Dan Greenstein, vice president at Boulos Property Management in Portland, the company representing the building to buyers.

However, Greenstein said, the price for the property has dropped $200,000 since it first appeared for sale, from $1.195 million to $995,000. The price, he said, translates roughly to $20 per square foot.

Greenstein said the price is a steal, considering the Warren Memorial Foundation has sunk $2.5 million into renovating the structure, making it ready for modern office space.

“For all intents and purposes, they rebuilt the interior of the building,” he said.

The building functioned as essentially a private library, supplementing the public Walker Memorial Library on Main Street until the Warren library closed in 2009.

Greenstein said his firm is marketing the building to small to medium-sized companies looking for office space, as well as nonprofit organizations. Greenstein said even companies who don’t want to use the whole building could buy it anyway, and rent out part of it as office space.