MOB is Currently Under Significant Transformation to Provide 225,000 SF of Premier Medical Office Space
SEATTLE, WA – Trammell Crow Company and joint venture partner Washington Capital Management (WCM), are pleased to announce that Swedish Health Services, the largest non-profit health provider in the Greater Seattle area, has signed a long-term lease for 24,000 square feet at First Hill Medical Pavilion. Swedish Health Services will relocate its transplant group to the sixth floor of the building in 2Q 2015, as the building completes a significant renovation campaign. The building is currently 44% leased.
“We couldn’t be more pleased with the new and improved First Hill Medical Pavilion, the renovation and the building’s central location,” said David Elkins – Chief Asset Officer for Real Estate and Construction with Swedish Health Services. “The building’s connectivity to Swedish First Hill hospital will allow us to continue providing our transplant patients with the highest quality of medical care.”
First Hill Medical Plaza is currently undergoing a significant building renovation, including a complete rehabilitation of common spaces, mechanical, fire and electrical systems and tenant suites. The building will feature a two-story main lobby, new and enlarged window openings to allow for more natural light, new elevators with direct access from the parking garage to tenant floors, new electrical/HVAC systems and equipment, state of the art building automation and control systems, new landscaping and plaza improvements and a six story 60,000 square foot building expansion. Additionally, a 415 stall subterranean parking garage is being constructed underneath the building expansion. Lease Crutcher Lewis serves as the general contractor and Collins Woerman is the architect.
“We are completely transforming this building into a state-of-the art facility that will accommodate the most forward-thinking healthcare companies,” said Mike Nelson, a Principal with Trammell Crow Company’s Seattle Business Unit. “We are thrilled to welcome Swedish Health Services to the building and we are pleased with the leasing activity we are seeing on the remaining space in the building. This diverse neighborhood is home to some the region’s most respected healthcare institutions and we are confident First Hill Medical Plaza will continue to attract this caliber of tenants.”
Situated in the Seattle First Hill submarket, the heart of the premier hospital and medical services hub in the Puget Sound region, TCC and WCM purchased the building, which was commonly known as the Seattle Life Sciences Building, in January 2013.The building features a subterranean pedestrian tunnel linking the building with Swedish Medical Center. The project is situated on a full city block bounded by Boren Avenue, Minor Avenue, Columbia Street and Marion Street.
Bob Mooney and Hans Kemp with Flinn Ferguson represented Swedish Health Services in the transaction and First Vice President Paul Carr, Vice President Steve Perovich and Associate Marcus Yamamoto with CBRE’s Seattle office represented TCC and WC.
About Swedish Health Services
Founded in 1910, Swedish is the largest non-profit health provider in the Greater Seattle area. It is comprised of five hospital campuses (First Hill, Cherry Hill, Ballard, Edmonds and Issaquah); ambulatory care centers in Redmond and Mill Creek; and Swedish Medical Group, a network of more than 100 primary-care and specialty clinics located throughout the Greater Puget Sound area. In addition to general medical and surgical care including robotic-assisted surgery, Swedish is known as a regional referral center, providing specialized treatment in areas such as cardiovascular care, cancer care, neuroscience, orthopedics, high-risk obstetrics, pediatric specialties, organ transplantation and clinical research. In 2013, Swedish provided nearly $143 million in community benefit in Western Washington. For more information, visit www.swedish.org, www.facebook.com/swedishmedicalcenter.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of September 30, 2014, Trammell Crow Company had $5.1 billion of projects in process and 2.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.
About Washington Capital Management
Washington Capital Management, Inc. (WCM) is an employee owned investment advisory firm founded in 1977. WCM headquarters are located in Seattle, Washington, with branch offices in Portland, Spokane, Anchorage, Southern California and Northern California. Currently, WCM invests approximately $2.6 billion in assets in pooled or separate accounts for over 110 primarily institutional clients. WCM provides a diverse menu of investment products, including equity real estate investments, commercial mortgages, and construction loans. Visit www.wcmadvisors.com