Cayman Business Park will be the new home of the Cayman Islands Olympic Committee.

The Cayman Islands Olympic Committee has a new place to call home.

The committee has purchased a new building in Cayman Business Park thanks to grants from the International Olympic Committee and the Pan American Sports Organization.

Donald McLean, president of the Cayman Islands Olympic Committee, said that the building cost $345,000 to purchase and another $25,000 in renovations to make it ready for operations. The Cayman Islands Olympic Committee plans to move in at the end of February, giving the organization its first permanent home.

“It just gives us more capacity and more flexibility,” said Mr. McLean of the new “Olympic House.” “We don’t have to go around begging offices for a conference room when we need to have annual meetings or when we need to have training sessions. It will just make us a better national Olympic committee.”

Mr. McLean, who recently was elected to his fourth term at the head of the committee, said government had agreed to waive the stamp duty related to the purchase of the premises.

When he first began at the committee, said Mr. McLean, business was taken care of in meetings held around the kitchen table of the former president. Mr. McLean went on to donate his own office space to the committee, and he said moving into a new home is just a sign of the organization’s maturation.

The Olympic committee currently has two full-time employees, and Mr. McLean hopes to add a third at some point in the near future. The committee’s new home will allow for a library and a resource center on site, which could in turn increase the efficiency of the organization and its workers.

“We’ll have a permanent home,” he said. “We’ll have a place where the national federations can have meetings. We can also do training programs and anti-doping courses there.”

Mr. McLean, who has been president of the Cayman Islands Olympic Committee since 2005, said that the initiative to purchase Olympic House was approved by the general assembly of sports organizations in Cayman, and he also said it was approved by Pan American Sports Organization and by the International Olympic Committee as an appropriate use of funding from various grants.