Sun Life Financial is officially joining the roster of companies opening offices on the Eastern Waterfront in Portland. The company will be relocating its Maine headquarters from their South Portland location, to kick-off construction for a new 100,000 SF building at the 58 Fore Street development. Sun Life will be occupying 76,785 SF on three floors with capacity for approximately 500-600 full time employees. The building will include a 700-car garage, one floor of retail and the top three floors of office space. Jim Harnden of Harnden Commercial and Alina Spizr of Cushman & Wakefield represented Sun Life Financial and Charles Day of Porta & Co. represented the landlord in the transaction.
Construction is expected to kick-off in 2020 with an estimated occupancy of Q2 2022. Sun Life’s new space will be an “Agile” designed floor plan. This is an open design concept that incorporates spaces for any need whether it be collaboration, quiet time or an open work bench. Their office building will be part of the Portland Foreside development. A 10-acre site including a marina, public plaza, boutique hotel, office/retail and residential buildings.
“At full build-out, the plan calls for 638 units of rental and resident-owned housing, 132 hotel rooms, nearly 60,000 square feet of retail space, a new marina and nearly 124,000 square feet of office space. A total of 736 parking spaces are proposed for the site, mostly on the ground floors of the buildings.”
Eastern Waterfront Expansion
The Eastern Waterfront office space expansion began with WEX opening their new headquarters on Hancock Street in February and Covetrus is expected to move into their 160,000 SF headquarters at 12 Mountfort Street next year. This up and coming area has also become a hot bed for new residential buildings, hotels and retail. The AC Marriott, a 178-room hotel opened in 2018 and several more residential buildings have been constructed, most recently 62 India Street – a 54,000 SF residential building with 27 units and three commercial units. Choice Hotels International signed an agreement in March to develop a new high-end hotel/brewery tasting concept at the Shipyard Brewing Co building. The building is located at 86 Newbury Street and is proposed as a 102-room Cambria Hotel, which will be the first of this brand in the state.