According to reports in Maine, Abbott (NYSE:ABT) has signed a long-term lease for a research and development site in South Portland.
Maine Business News reported that the company signed a long-term lease for an 11.4-acre site in Portland, as confirmed by real estate firm J.B. Brown & Sons. The property includes a 34,800-square-foot office building that is expected to have 18,000 square feet of lab space added by Abbott.
The report said that a site plan application filed with the South Portland Planning Board says the addition is expected to cost $3 million. The board must sign off on the build-out with a meeting set to assess the proposal on Wednesday. MaineBiz reported that J.B. Brown & Sons bought the property five years ago for $3.6 million and the city tax rolls now value the property at $5.7 million.
Construction could begin in the next month, J.B. Brown & Sons’ Ken Mitsui told MaineBiz.
Abbott’s Maine facilities include Scarborough and Westbrook, which contributed to the increased production of COVID-19 diagnostics. However, the Portland facility won’t manufacture tests, according to the report, and will serve as an R&D site employing about 90 people with almost half of the total square footage set to be used for laboratory analysis of raw materials used in pre-market studies for new medical products.
Terms of the lease were not disclosed. Abbott did not immediately respond to request for comment. This story may be updated.