Photo courtesy Jefferson County PVA

Photo courtesy Jefferson County PVA

KentuckyOne Health will sell its office buildings on Fourth Street and move more than 500 employees, the company announced in a communication to its workers last week.

The company said it expects “annual cost savings” through the sale of the buildings, which sit at 535 and 539 S. Fourth St., between Chestnut and Guthrie streets. The Jefferson County Property Valuation Administrator assesses the buildings at a combined $6.9 million. Together, they include 131,000 square feet of office space.

The news was first reported by WDRB.

KentuckyOne will move 560 IT, finance and administrative employees currently located on Fourth Street to other locations, including their downtown medical campus. The buildings, located in a corridor city officials and developers have long hoped would gain traction amid other downtown development wins, are expected to hit the market on Monday.

The statewide hospital system, which is owned by Colorado health care giant Catholic Health Initiatives, has been working for the past two years to reduce costs, including laying off 500 workers and allowing 200 vacant positions to go unfilled last year. The company is positioning the sale as “part of our ongoing efforts to strengthen our finances and operational efficiencies,” the posting to employees said.