East Brown Cow adds four Old Port properties to portfolio

Portland, ME East Brown Cow has acquired a four-building portfolio in the Old Port, adding 1 Dana St., 1 Exchange St., 7 Exchange St., and 377 Fore St. to its collection of downtown properties. The acquisition, which closed over a period of six months for an undisclosed sum, expands the firm’s presence in the area, reinforcing its commitment to the stewardship and revitalization of the city’s architecture and its vision for the evolution of the Old Port neighborhood.

The transaction marks East Brown Cow’s latest acquisition in the Old Port, following the firm’s $13.45 million purchase of four buildings on Exchange St. in 2022 and its $11.7 million acquisition of three buildings on Middle St. in 2021.

The properties were acquired from the estate of Joseph Leader Soley in an inter-family transaction completed without brokerage representation on the buyer’s side.

“My grandfather Joe had a long and storied history with these buildings and the Old Port at large,” said Jacob Soley, director of development at East Brown Cow. “At East Brown Cow, we are constantly driven by reshaping urban environments through neighborhood investment. As we take on the stewardship of these buildings and integrate them into our larger Old Port portfolio, we’re excited to bring our own established approach to their redevelopment and management — focusing on proactive investment, thoughtful rehabilitation and preservation, sustainable energy usage, and their contribution to the surrounding urban fabric through the people and businesses that inhabit them.”

The acquisition comes as East Brown Cow continues to advance its broader vision for the area through Old Port Square, a comprehensive design initiative unveiled in 2025 in collaboration with Safdie Architects. The project reimagines a four-acre site as a new urban district for all of Portland, and features retail, restaurants, hotels, residences, offices, parking, publicly accessible open space, and a calendar of community events and programming. Three out of the four buildings – 1 Exchange St., 7 Exchange St., and 377 Fore St. – are immediately contiguous to the site and therefore have been contemplated and integrated into its expanded boundaries.

Since Tim Soley’s first acquisition on Commercial St. in 1989, East Brown Cow has expanded its presence in the city’s historic Old Port neighborhood. With the addition of these four buildings, the firm now owns 31 properties in the Old Port, totaling more than 1.24 million s/f of existing assets and development across 6.1 acres.

Across the greater Portland area, East Brown Cow has grown into one of the largest private owners of urban real estate, with the portfolio now including 37 properties encompassing more than 1.34 million s/f across 29.65 acres of varied mixed-use assets.

The newly acquired portfolio is comprised of historic structures that notably contribute to the character of the Old Port. At the corner of Dana and Commercial St. is 1 Dana St., also known as the John C. Brooks Block, which was completed in 1853 in the Italianate style. The five-story building contains 13,058 gross s/f and features ground-level retail space occupied by the local boutique Blanche + Mimi, with class B office space on the upper levels.

Nearby, and now within Old Port Square, 1 Exchange St. — known historically as the Preble Heirs–International Telegraph Company Block — was completed in 1867 in the Second Empire style and occupies a prominent corner at the intersection of Exchange and Fore Sts. The building contains 6,180 gross s/f of retail space at ground level – anchored by the soon-to-open Aroma Joe’s – and Class B office space above.

Steps away, 7 Exchange St., also built in 1867 and known as Preble Heirs Block I, encompasses 7,248 gross s/f and offers ground-floor retail with JAR Cannabis Co. and class B office space on its upper levels.

Lastly, 377 Fore St. — known as the Mary L. Deering Block I — was built in 1866 in the Italianate style. It offers6,875 total gross s/f with ground level retail occupied by Siempre Mas and Class B office space above.

East Brown Cow plans to manage the properties as part of its generational portfolio while continuing to work with existing tenants.