Project Completion: July 2015
Trammell Crow Company (TCC) and joint venture partner Washington Capital Management redeveloped a 1970’s medical research building into a modern medical office facility complete with on-site parking and a six story addition. The redevelopment reset the effective age of the building to 2015 with complete upgrade to the structural system and a replacement of the mechanical, electrical and window systems. The existing elevator systems were modernized and a new elevator core was added to blend the new structure into the existing updated research building. A below grade vivarium was demolished and replaced with a 5 level below grade parking structure providing direct elevator access for patients from the garage to the health care floors.
Opportunity, Solutions & Outcomes
Located in the heart of Seattle’s medical community, the First Hill neighborhood, the building is situated on the urban campus of the region’s premier medical provider Swedish Health Care. The site is linked with Swedish Hospital via a subterranean, pedestrian tunnel and represents the only medical office building on the Swedish Hospital Campus without use restrictions.
The key challenge was enlarging and replacing existing windows, upgrading and replacing HVAC and electrical throughout, constructing and tying in a new 6-story above grade wing connected to and extending the existing floors to create the largest contiguous floor plates available in the medical office market. Finally, the planning and construction included a new 5-level subterranean garage within existing foundation walls and adjacent to the existing 7-story concrete building. All of the above was completed while maintaining 30 percent occupancy of existing long term tenants that included a bio-tech research firm and the region’s largest pathology lab.
The demand for the new medical office space was robust as the property was fully leased above pro forma rents upon completion of the shell and core improvements. The property was sold within 6 months of shell completion establishing a record price for medical office buildings in the market.