Today's Before & After shot is of the Thomas Brackett Reed residence (1888), a National Historic Landmark, on the corner of Deering Street and State Street. Mr. Reed was a prominent political figure in his day and served two nonconsecutive terms as the Speaker of the U.S. House of Representatives.
Here is the house circa the early 1900's, image from the Library of Congress :
And here it is circa July 2012:
Bonus fact - President Theodore Roosevelt visited this location when he was visiting Portland in 1902.