A spokesperson for the clinic tells GlobeSt.com that the deal came as something of a surprise. The hospital was not able to afford to acquire the building, which is located right next door to the Lahey Clinic, but financial assistance was provided from the Bernard Gordon Charitable Remainder Unitrust which enabled the hospital to negotiate a purchase price. The charitable trust was established by Bernard M. Gordon, a chair of the Lahey Clinic board of trustees.
"We feel strongly that the acquisition of this building is an important step in advancing the future of medicine at Lahey Clinic," says Gordon. "As board chairman, I felt compelled not to pass up the opportunity for Lahey Clinic to acquire this contiguous property."
Lahey Clinic has not yet released plans for how the two-story building will be utilized. However, the parking spaces on the property, which number approximately 450, are expected to help support parking strategies during Lahey's upcoming planned expansion project.
The clinic is in the process of implementing a $135-million expansion proposal which would add 80 beds, operating rooms, a new cancer center and a four-level parking garage with 1200 spaces. Construction is expected to begin next summer and it is anticipated that the entire project should be completed in the fall of 2007.
"We are viewing the acquisition of the Hewlett Packard building as part of our overall plans for expansion," says Dr. David M. Barrett, CEO of Lahey Clinic. "We expect that this purchase will come under discussion as we continue to cooperate with the Town of Burlington in creating a new agreement for Lahey Clinic's payments in lieu-of-taxes."
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