Wex Inc. is relocating down the street to a South Portland office building formerly occupied by insurance provider Unum, the company said Friday.

The provider of corporate payment-processing services said it plans to complete the relocation from 225 Gorham Road to nearby 123 Darling Ave. by mid-2016.

Both buildings are roughly the same size at about 60,000 square feet, but Wex said the former Unum facility is a higher-quality workspace that will allow for better collaboration among employees. It also has more ample parking, a company spokesman said.

Wex said it has signed a lease on the building and plans to begin renovations in the fall.

– From staff reports