Main Line Health signs lease, consolidates some operations

Main Line Health has signed a lease at Ellis Preserve as part of an effort to consolidate several offices into one location.

The health system took 87,000 square feet of office space at the property at Route 3 and Route 252 in Newtown Square, Pa. It will house several corporate functions, particularly its financial operations, in the space.

“This move will create efficiencies in operations,” said Bridget Therriault, a spokeswoman for the health system. “The space will be an open floor plan, similar to the corporate space we opened in Radnor several years ago.”

Main Line Health made a similar move in 2008 when it signed a long-term lease on a 100,462-square-foot office building at 240 Radnor-Chester Road to consolidate some of its corporate offices and Home Care Network.

With the new space at Ellis Preserve, Main Line Health will be splitting its corporate offices between Radnor, Pa., and Newtown Square.

The health system is expected to move in to its new space at Ellis Preserve late next spring. It was represented by Mark Gola of Gola Corporate Real Estate.

Main Line Health already maintains a presence at Ellis Preserve where in 2007, it signed a long-term lease on a 130,000-square-foot medical office building.

The deal means that Ellis Preserve, which has roughly a million square feet of office space, is basically fully leased but for a small pocket or two of space.

The property is owned by Equus Capital Partners. Over the last seven years, Equus has leased space to more than 30 companies at Ellis Preserve and roughly 3,000 jobs.

Editor's Note: Main Line Health leased 87,000 square feet. An earlier version said 85,000 square feet.

Source: Philadelphia Business Journal