Lillibridge and AtlantiCare sign major property management contract

CONTRACT FOR 400,000 SQUARE FEET REPRESENTS ENTIRE PORTFOLIO

CHICAGO IL, Apr-16, 2008 – Further strengthening its position in the healthcare real estate market, Chicago-based Lillibridge, one of the nation's largest private healthcare real estate firms, has signed a three-year contract extension to manage the entire 400,000 square foot AtlantiCare Health System portfolio, located in Egg Harbor Township, N.J. 

"The Lillibridge team has always been very responsive," says Donald Caccia, Director of Real Estate and Construction, AtlantiCare. "That is why we not only signed a three-year extension with them, but also added all the rest of our outside properties to this contract. Our tenants truly appreciate that our properties are well managed, and we look forward to all the synergies and cost savings that this new expanded contract will represent."

AtlantiCare liked the appearance of the properties Lillibridge managed previously and wanted that same look across their whole portfolio, which is one of the reasons that Lillibridge will now manage all of the AtlantiCare Health System properties. 

By managing all of the properties, the services for housekeeping, maintenance and repair will be bid out, resulting in substantial cost savings.

"We're very excited to have signed this expanded three-year property management contract," says Todd W. Lillibridge, Chairman and CEO of the healthcare real estate firm Lillibridge. "Because we are now managing 400,000 square feet of property, AtlantiCare will see a significant reduction in its property management cost per square foot. It's a win-win situation for everyone."

Lillibridge has managed properties for AtlantiCare since 2004. Previously AtlantiCare self-managed 138,000 square feet of space until adding it to this new contract.