L&M Hospital Buys Former Pfizer Building

has purchased a three-story Howard Street building for $2.5 million and intends to free up space at its main campus by moving some medical offices there.

Michael O’Farrell, spokesman for the hospital, said the acquisition of will allow for operational efficiencies, retention of existing services, and improved access to patient services. He said the hospital will also be able to use the site as a recruiting tool.

“Our goal is to retrofit it to accommodate current and future position needs,” said O’Farrell. “Essentially we’re creating a medical office building for New London-based physicians and creating a multi-specialty practice with on-site ancillary services.”

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O’Farrell said the hospital has not decided which services will move to the building, but that they could include some physician practices and medical offices currently located at the hospital, on Montauk Ave., or in Shaw’s Cove. He said the relocation of these services will free up over 16,000 square feet of space the hospital’s main campus, and that the hospital’s master plan will determine the use for this space.

O’Farrell said the space needs to be renovated to accommodate medical offices, and that the hospital is working with the Renaissance City Development Association to come up with long-term parking solutions as the services expand at the Howard Street site. He said the anticipated occupancy date for the building is early 2014.

The building was formerly leased by Pfizer and had been recently been offered by . According to city records, it was built in 1985, with the latest records showing it was appraised at $4.9 million and assessed at $3.3 million. Stephanie Pious, senior associate at Colliers International of Hartford, served as the broker in the transaction.

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