The Portland Museum of Art has finalized its purchase of an office building and two adjacent parking lots in downtown Portland from MaineHealth.

The $14 million sale closed on March 20, PMA officials confirmed Wednesday. The parties announced the deal in November, and it took about four months to close. Officials from the museum and MaineHealth said the move will pave the way for changes to the museum’s footprint and save building costs for the health system.

MaineHealth plans to move about 300 workers in early 2027 from its administrative offices in the building at 110 Free St. to an existing location in Westbrook, according to a news release from the health system. The PMA plans to move administrative offices to the Free Street building, which is next door to the museum, freeing up space for more galleries, museum officials have said.

The purchase is a “vital investment in our city’s future,” Marcie Parker Griswold, head of communications and audience engagement for the PMA, said in a statement Wednesday.

“This acquisition is a milestone for PMA, allowing the next generation of our institution to grow in place in the Arts District,” Parker Griswold said. “Securing these neighboring properties enables us to turn a long-term vision into reality: creating a more accessible and cohesive home for the arts in the center of Portland.”

The move from the Free Street location will save MaineHealth — which operates Maine Medical Center in Portland and seven other hospitals in the state — $1.5 million annually in operating costs, according to the news release from the health system.

“The pandemic really changed the way people in administrative roles work,” Kelly Elkins, chief operating officer of MaineHealth, said in a statement. “People are working from home more when it makes sense to do so. This has led to an under-utilization of our Free Street offices.”

The health system’s Westbrook offices, located at 1 Riverfront Plaza, currently house MaineHealth’s information technology department and some behavioral health workers.

The PMA is also planning to build a new museum wing at the site of the former Children’s Museum and Theatre of Maine building at 142 Free St. The museum demolished that building in September.