60k SF Medical Office Building Planned in Downtown
A JV of Wembley Realty Advisors, Oregon-based Matar Pacific, and Robhana Group has gotten the green light to build a new 60k SF medical office building in Downtown LA.
The spec project is expected to break ground next year on a site at the intersection of Hoover Street and Washington Boulevard, just off the I-10 freeway, with completion in 2018. The state considers Downtown LA a “medically underserved area."
Currently two hospitals, Dignity Health California Medical Center and Keck Medicine of USC, serve the Downtown market. Over the last 15 years, however, the population has grown from a few thousand to nearly 53,000. Additionally, the Affordable Care Act is increasing demand for primary care services.
Wembley Realty principal Peter Becronis says several large medical providers are planning to enter this market to fill the primary care void. He notes that several prospective tenants have already expressed interest in taking space in the building, which judging by the high demand, he expects to 100% completely pre-lease by year end. [GS]
