PORTLAND — Two out of state companies has purchased an iconic building in the heart of downtown Portland.

Alta Properties LLC in Newton, Massachusetts and Connecticut River Capital, of Lebanon, New Hampshire, announced last week that they have acquired 465 Congress St., a 10-story, 77,093-square-foot office building next to the Portland Public Library in Monument Square.

The purchase price was not available. The building was last sold to Joseph Soley in August 2013 for $5.5 million.

“This investment offered the opportunity to acquire a prominent landmark building in an irreplaceable location at an attractive cost basis,” said Kathleen Joyce Kusiak, owner and managing partner at Alta Properties. “Our strategy is to reposition and restore the undermanaged property, including significant capital improvements, and add value through improved management and leasing.”

The building, built in the early 1900s, is the second tallest in the city. It currently houses Peoples United Bank as well as a collection of professional and legal offices.


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