Northeast Credit Union's Portsmouth home on market. Here's what could come next.
PORTSMOUTH — Northeast Credit Union has put its Portsmouth headquarters on the market for $9.5 million as the company transitions to a new home in Dover in the near future.
Cushman & Wakefield commercial real estate listed the 100 Borthwick Ave. building, marking the first time the property has been for sale. The two-story, 47,745-square-foot building was constructed in 1974 and renovated as recently as 2020.
“Northeast Credit Union outgrew this building and is expanding and relocating to Education Way in Dover,” Cushman & Wakefield says of the property in a listing. “This is a rare opportunity to acquire property along Borthwick Avenue and join tenants such as Portsmouth Hospital, Liberty Mutual, Highliner Foods and numerous medical users.”
How could buyer use Northeast Credit Union building in Portsmouth?
The office building listing is being marketed as a “redevelopment opportunity” on the Cushman & Wakefield listing. Acceptable uses for the building allowed by the city of Portsmouth in the zoning district include a post-secondary school, a hospital, a hotel or motel with upwards of 125 rooms, a museum, a municipally operated park, professional office space, a publishing facility or similar electronic production operation and wireless telecommunication facilities, among others.
Founded at the Portsmouth Naval Shipyard in 1936, Northeast Credit Union purchased the 100 Education Way building in Dover in September for $7.5 million. The following month, company leaders, Dover officials and stakeholders celebrated Northeast Credit Union’s eventual move to Dover with a groundbreaking ceremony.
The 100,000-square-foot building in Dover was formerly occupied by Cognia, which was a new name after a merger involving Measured Progress, an education company specializing in testing and accreditation. Northeast Credit Union leaders estimated the Dover headquarters will open in early 2025 to house the majority of the company’s 400-plus employees.
Details on 100 Borthwick Ave. property for sale in Portsmouth
The New Hampshire and Maine credit union’s longtime Portsmouth headquarters are adjacent to Portsmouth Regional Hospital, numerous medical offices and Liberty Mutual.
Cushman & Wakefield’s advertisement of the property notes the building is on almost 13 acres of land with 530 parking spaces. The building is connected to municipal utilities and has a CSX rail line running through the site.
More Seacoast real estate news: Newington home sells for record $5.25M while still under construction
“The balance of the building consists of a mix of private offices, open space, board room, several conference rooms, kitchenette/break rooms, fitness center and seven sets of restrooms, one set with lockers and showers. The office space features two electrical feeds, two elevators, is fully air-conditioned and wet sprinklered throughout,” the listing adds.
The lower level of the building spans 14,904 square feet, while the first level is 20,344 square feet in size and the second floor is 12,497 square feet.
Northeast Credit Union’s Portsmouth headquarters are located less than 10 minutes from downtown. The company has 17 branches throughout Maine and New Hampshire and reports having 166,000-plus members and over $2 billion in assets.
This article originally appeared on Portsmouth Herald: Northeast Credit Union Portsmouth home for sale before move to Dover
