COSTA MESA, CA—MemorialCare Health System has announced that it will move its headquarters to the former HQ of Valeant Pharmaceuticals International Inc., a 15-acre corporate campus here along Highway 405.
The health system is currently based in Fountain Valley, Calif. The pharmaceutical firm moved its operations to Canada. MemorialCare will move into the 180,000-sq.-ft. building at 1588 South Coast Drive. The purchase price is reported to be about $34 million.
The campus, expected to be occupied in late 2013, will bring together teams from the non-profit group’s corporate office, physician support locations and medical groups, including MemorialCare Medical Group, Greater Newport Physicians and Nautilus Healthcare Management Group.
"With a 108-year history providing health care services to Southern California communities, we continue to expand our health care system with additional hospitals, physician groups, outpatient and ambulatory facilities and an evolving health plan," said Barry Arbuckle, president and CEO, in a statement. "Health care reform is challenging providers to provide better health, better care and better management of costs. MemorialCare has spearheaded that transformation by creating a fully integrated health system."
Tim Helgeson with Newmark Grubb Knight Frank was an advisor on the transaction."MemorialCare was able to take advantage of current market conditions and acquire this strategically located property below replacement cost,” he said in the statement.