News: Northern New England

The Duprey Companies purchases 250,000 s/f Two Granite Place

Concord, NH The Duprey Companies completed the purchase of the remaining portions of the former Lincoln Financial Group campus located at Granite Place. The company purchased the south building, Two Granite Place, from Shane Brady and Arthur Sullivan, after having previously purchased the original north building from Lincoln Financial Group in 2017.

The two first-class office buildings total 250,000 s/f of office space on a campus setting with over 800 parking spaces and a four-story atrium lobby. The property was originally built in 1976 and 1986 as the home of Chubb Insurance.

Steve Duprey, owner of the Duprey companies said, “This is the third property I’ve had the opportunity to purchase from my friends Shane Brady and Arthur Sullivan. They are opportunistic buyers who can move quickly and that in turn gives me the time to create redevelopment options and to purchase from them. We have exciting plans for this building and the property.”

The property comprises the largest privately owned office building complex in the capital region and has long been recognized as one of the premier office properties in New Hampshire.

Duprey also said, “This took a great team from Foxfire Property Management, Bank of New Hampshire and Orr and Reno, working closely with the Brady Sullivan team to make this closing happen in a quick time period to prevent future interest rate rise risk. I am grateful to have such a good team and for the professional and responsive team at Brady Sullivan.”

The Duprey Companies is one of the largest office property developers in the Capital region, holding 800,000 s/f of office space in their portfolio, and a related company, Foxfire Property Management Inc. is one of the largest property management companies in New Hampshire, operating statewide.

MORE FROM Northern New England
Northern New England

November 2024 NH CIBOR president’s message: 10 tips for commercial real estate investors - by Ethan Ash

While many Realtors will tell you what you need to do in order to sell your residential property at the highest price (clean out the junk, update bathrooms and kitchens, paint, etc.) most people don’t get easy to follow guidance on what to do to help your commercial real estate sale. Other than that advice that I
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units. 

Interest rates and inflation - by Matthew Bacon

Interest rates and inflation - by Matthew Bacon

As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.

The Greater Portland industrial mid-year market update - by Nate Roop

The Greater Portland industrial mid-year market update - by Nate Roop

The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Residential is here to untie the office space doom loop - by Thomas House

Residential is here to untie the office space doom loop - by Thomas House

The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion