Newly Renovated Medical Office Building is Now 100% Leased
Trammell Crow Company (TCC) and joint venture partner Washington Capital Management (WCM), on behalf of their clients, are pleased to announce that Swedish Health Services has signed a long-term lease for 120,000 square feet at First Hill Medical Pavilion, the newly renovated 7-floor Class A, 225,000-square-foot medical office building. The lease brings the building to 100 percent occupancy.
Specifics on which clinics or other Swedish-related services will be moving into the building are still to be announced. Late last month, Swedish moved its Organ Transplant and Liver Center to the sixth floor of the building, opening the first organ transplant and liver center in the in the nation to provide all related services but surgery in one location and on one floor. Seattle Medical Associates also moved its offices to the First Hill Medical Pavilion earlier this week.
The building features a two-story main lobby, new building MEP infrastructure, landscaping and plaza improvements, a six-story 60,000-square-foot building expansion as well as a new 415-stall subterranean parking garage. Swedish Health Services will join other existing tenants CellNetix and Theraclone when they occupy the building.
“The addition of these medical groups to the building represents some of the most forward-thinking healthcare companies in our region,” said Mike Nelson, a Principal with TCC’s Seattle Business Unit. “It was this caliber of groups that we had in mind when we set out to renovate this property. Visitors and patients will now have a variety of medical options under one roof, in a state-of-the-art office building.”
First Hill Medical Pavilion is situated in the Seattle First Hill submarket, the heart of the premier hospital and medical services hub in the Puget Sound region. 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.
First Vice President Paul Carr, First Vice President Steve Perovich and Senior Associate Marcus Yamamoto with CBRE’s Seattle office represented TCC and WCM.
About Trammell Crow Company
Trammell Crow Company (TCC), 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 June 30, 2015, TCC had $6.0 billion of projects in process and $3.7 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.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2014 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. WCM manages assets in real estate equity, real estate debt, fixed income and equity strategies. Visit www.wcmadvisors.com.