Victory Memorial seeks court OK for lease agreement providing $291,000 in monthly rent

By Jennifer Lanning Drey

Portland, Ore., July 3 - Victory Memorial Hospital requested court approval to lease its primary facility to the State University New York - Downstate Medical Center in Brooklyn, N.Y., according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of New York.

Under the lease agreement, base rent for the 140,100-square-foot facility is $25 per square foot, which Victory Memorial said would provide $291,000 in monthly rent.

The lease would expire after five years or 30 days after the closing of an asset purchase agreement on the main facility.

However, Victory Memorial believes Dervaal, the company purchasing its primary assets, may be interested in continuing the SUNY Downstate lease.

Victory Memorial, a Brooklyn, N.Y.-based hospital, filed for bankruptcy on Nov. 15, 2006. Its Chapter 11 case number is 06-44387.

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