Stamford Health, the nonprofit health system that owns Stamford Hospital, has signed a new long-term lease in its home city.
The health network, which also owns urgent care and physician group practices, signed a lease for 65,667 square feet of office and medical space at 260 Long Ridge Road, a 197,000-square-foot building owned by Stamford-based developer and landlord Building and Land Technology. Stamford Health also currently occupies 46,392 square feet at 292 Long Ridge Road, a nearby 54,000-square-foot building that is part of the larger Long Ridge Corridor, which is positioning itself as a healthcare hub.
The building at 260 Long Ridge Road is also home to Greenwich Hospital and Yale New Haven Medical Group. Dermatology Physicians of Connecticut signed a 5,625-square-foot lease at the building this past September, according to the landlord.
Stamford Health Chief Operating Officer Liz Longmore said the health system will open space at 260 Long Ridge Road in phases, starting with 30,000 square feet debuting in late 2025. The first phase will include relocating some existing outpatient and medical specialty services from other locations “so that we can provide more appointment availability and hire additional physicians and advanced practice providers to care for our patients.”
In addition to the opening of multiple retail and dining establishments — including Starbucks, Shake Shack, and Frank Pepe Pizzeria Napoletana — the Long Ridge Road Corridor will also soon see the debut of a new Whole Foods, and the development of the Mozaic Senior Living complex, Building and Land Technology.
Stamford Health, which only owns one hospital, in fiscal 2022 reported $832 million in operating revenue and a $37.9 million operating deficit, according to its most recent financial data published by the Office of Health Strategy. The operating deficit primarily reflected unrealized losses from Stamford Health’s endowment investments, a hospital spokeswoman said.
