Lillibridge and AtlantiCare sign major property management contract

CONTRACT FOR 400,000 SQUARE FEET REPRESENTS ENTIRE PORTFOLIO

CHICAGO, April 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.

ABOUT LILLIBRIDGE
Lillibridge offers a full complement of real estate services and capital, exclusively to hospitals and healthcare systems. The company's services include buying and developing medical office and outpatient / ambulatory care facilities, program management for building or renovating inpatient and acute care hospitals, asset and property management services, and advisory services for strategic, financial and operational real estate issues. Lillibridge's national scope encompasses more than 250 hospitals and healthcare systems across more than 40 states, including 6,000 physicians and hospital tenants, and approximately 10 million square feet of medical property. Headquartered in Chicago, Lillibridge has multiple regional offices and more than 200 dedicated employees. For more information, please visit us online at www.lillibridge.com or call (312) 408-1370.