After a decade-long search for a modern facility, Maine Public Broadcasting bought the former Portland Public Market, giving it a new space for studios, production facilities and public engagement.
The $20 million acquisition earned it a 2025 CoStar Impact Award for acquisition of the year for the Portland/South Portland market, as judged by real estate professionals familiar with the market.
Finding its previous location at 323 Marginal Way too cramped, Maine Public Broadcasting’s team considered multiple options, focusing on a new-build project. Rising construction costs shifted its strategy to finding an existing property that could meet its needs. The acquisition was funded in part through Maine Public Broadcasting’s “Building for the Future” capital campaign, raising more than $28 million of its $31 million goal.
The Libra Foundation built the 59,261-square-foot building in 1997, designing it as a unique timber-framed building using sustainable materials. It used Maine lumber in its construction, and its rubber roofing is white instead of black to make it more energy efficient during the summer.
As the Portland Public Market, it was a space for locals to gather, but a difficult economy led to its closure. It reopened as office space but was underused.
Main Public Broadcasting is planning a $15 million renovation of the property that will include adding soundproof studios, collaborative workspace and a venue for public activities. It also wants to host live performances similar to NPR’s “Tiny Desk” concert series.
The investment in the building is a forward-thinking move that ensures Maine Public Broadcasting has the space needed to accommodate both its current needs and future growth, said Joe Malone, president of Malone Commercial Brokers, which assisted the network in its search.
“This is a property that offers incredible value for Maine Public’s mission and its vision for the future,” he said.
About the project: Maine Public Broadcasting bought the former Portland Public Market at 320 Cumberland Ave. for $20 million to use as its new headquarters and recording studio. It’s planning a $15 million renovation of the space. Joe Malone and Luke Malone of Malone Commercial Brokers represented Maine Public Broadcasting, and Joseph Porta of Porta & Co. represented the seller, East End Corp.
What the judges said: The deal “should be transformative for the neighborhood,” said Joe Malone, founder and president of Malone Commercial Brokers.
The sale represents a “local organization cementing its future,” said Justin Lamontagne, partner and designated broker at Dunham Group.
They made it happen: Joseph Malone, president of Malone Commercial Brokers; Luke Malone, associate broker at Malone Commercial Brokers; and Joseph Porta, broker/manager at Porta & Co.
