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TIMONIUM, MD-The Baltimore suburb of Timonium is to be the new home to Ann Arbor, Michigan’s Omega Healthcare Investors Inc. The long-term care industry REIT expects to complete all aspects of the move to its new 8,300-sf offices by January 31, 2002

Omega’s new locale places it off Interstate 83, halfway between downtown Baltimore and the Baltimore-Washington International Airport. Located at 9690 Deereco Rd., the 13-year-old building is also home to Grotech Capital Group, an underwriting office of the Fireman’s Fund, and Dun & Bradstreet. The entire structure–which is owned by Corporate Office Properties Trust–offers 132,319 sf of space and is on the Building Owners and Managers Association Best in Industry list. COPT’s management arm, Corporate Realty Management, oversees the Class A office property.

“The decision to move was really a decision that the board of directors made,” explains Omega CEO C. Taylor Pickett. The 8-story, stand-alone Timonium building will be headquarters for the company’s twenty staffers, several of whom will be moving from Michigan. “The company’s small,” says Pickett, a Baltimore-area native. “The staff here [in Ann Arbor] is 29, but we actually think we can run the business with 20.” Omega is publicly owned.

The company reports a loss for the third quarter, partially due to a $4.3 million charge for related moving expenses. And this week, the company reports the November 1 sale of 17 properties to Hickory Creek Healthcare Foundation Inc. Hickory is to pay Omega the $10.5 million mortgage on the properties. Third quarter reports note the company has 246 skilled nursing and assisted living facilities spread throughout 29 states.

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