MaineHealth Buys Portland Office Building to
September 1, 2009
(Portland, ME) September 1, 2009 - MaineHealth, the state's largest integrated healthcare delivery network, announced today the purchase of an 80,000 square-foot office building in Portland for $3.5 million. The four-story building, located at 110 Free Street, will allow the system to consolidate some of its operations into a single location and increase efficiency.
"The purchase of this building will allow us to bring a number of different operations within the health system under one roof," said Bill Caron, president of MaineHealth. "As an added benefit, it lowers our occupancy costs and allows us to build equity in the property," he stated.
Since ending plans earlier this year to build an eight-story office building in the city's Bayside District, MaineHealth has been working closely with listing broker CB Ellis/The Boulos Company and the City of Portland to find the right location for its operations.
"I can't say enough about the assistance and support provided by the City of Portland, and in particular, City Manager Joe Gray, Economic Development Director Greg Mitchell, Planning and Urban Development Director Penny Littell and their staffs," Caron said. "They have done a tremendous job in helping us find the right space to meet our needs. And we're pleased to be a part of the continued development of this section of the city," Caron added.
"Congratulations to MaineHealth on continuing its presence in downtown," stated Mayor Jill Duson. "As mayor, I am pleased that MaineHealth chose Portland for its headquarters. Its presence on Free Street will bring increased activity and life to the district, helping local businesses and improving the neighborhood," she said.
The purchase of the building involved a unique property swap with the new owners of the Holiday Inn by the Bay. As part of the purchase agreement, the Holiday Inn by the Bay acquires the parking garage adjacent to the hotel's property (accessed by Spring Street) in exchange for MaineHealth's acquisition of a surface parking lot adjacent to the Free Street building. By working together, both organizations were able to benefit from the transaction.
Renovations to the building will begin this winter, with an expected occupancy in late 2010 or early 2011.
MaineHealth is a nationally-recognized, not-for-profit group of leading hospitals, physicians and healthcare organizations working together to help make the people of Maine the healthiest in America. Ranked among the nation's top 100 integrated healthcare delivery networks, MaineHealth's member organizations include Maine Medical Center, Miles Memorial Hospital, Southern Maine Medical Center, St. Andrews Hospital, Stephens Memorial Hospital, Spring Harbor Hospital, Waldo County General Hospital, HomeHealth Visiting Nurses, NorDx, Synernet, and Maine Physician Hospital Organization. Affiliates of MaineHealth include MaineGeneral Medical Center, Mid Coast Hospital, St. Mary's Regional Medical Center, and Penobscot Bay Medical Center. More information is available at http://www.mainehealth.org/.
Mark A. Harris