Thursday, March 5, 2020

Atlantic FCU Pays $18.1 Million for New HQ

Atlantic Regional Federal Credit Union (Brunswick, ME) paid $18.1 million for an office building in South Portland that will become its new headquarters, according to MaineBiz.

The three-story 97,376-square-foot building was built in 1992.

About 81,000 square feet of the building is currently leased to four insurance companies. The credit union will initially occupy 16,000 square feet; but as tenants' leases expire, the credit union will occupy that space.

The rental income from tenants will not be subject to federal income tax, as federal credit unions are exempt from unrelated business income taxes.

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