News
BALTIMORE'S HEARTBEAT
November 10, 2011
| Medical systems have been the local CRE market's pulse throughout the downturn, and a new $24M project signals that MOBswill continue to be its lifeblood. |
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| This afternoon, Denver-based NexCore Group's Jarrod Daddis told us Ascension Health's Saint Agnes Hospital originally issued an RFP for a 35k SF MOB in '06. The project was tabled but came back to life in '08 and has continued to evolve in shape as healthcare reform has led to more hospital-employeed physicians. The 80k SFMOB that broke ground Nov. 1 (it'll deliver in Q4 '12) will now house oncology, cardiology, thoracic, pulmonology, hepatology, andindependent physician offices. It also links directly to the main hospital building on the first and second floors (which makes for more dynamic games of hide-and-seek). |
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| Jarrod says NexCore will own the building (designed by RTKL and being built by Whiting-Turner) and has a long-term ground lease for the land, which used to be a surface parking lot. Some surface parking will remain, and NexCore is working with the hospital system on employee and patient parking as part of the 150-year-old campus' long-term revitalization plan. NexCore entered Maryland with its acquisition of a Doctors Community Hospital building in Lanhamin June, and its three-year-old Bethesda office is looking for more Mid-Atlantic investment and development opps. |
