Wednesday, January 23, 2013

Trammell Crow Buys First Hill Medical Facility for $42.6M

After announcing late last year that they were re-entering the Seattle market, Trammell Crow made its first moves in the market with the acquisition of a medical facility at 1124 Columbia St. in First Hill for $42.6 million, along with two remote surface parking lot land parcels. In a joint venture with equity partner Washington Capital Management of Seattle, Trammell Crow bought the property from Alexandria Real Estate, according to a Puget Sound Business Journal article. Terms of the deal were not disclosed.

"We have the opportunity to deliver a completely renovated Class A medical office building in the heart of the premier hospital/medical services hub of the Puget Sound region, an area with significant barriers to entry and land scarcity," said Mike Nelson, a Principal with Trammell Crow Company's (TCC) Seattle Business Unit. "1124 Columbia is located adjacent to Swedish Medical Center, the region's premier hospital, and is well positioned to serve a population of over 1.2 million people. We believe this is a great project to kick off TCC's re-emergence in the Seattle commercial real estate market."

Plans for 1124 Columbia Street include a full redevelopment of the existing biotech research and development including the addition of an eighth floor and construction of a new parking structure to serve its medical office building tenants. The project, when complete in 2014, will be comprised of approximately 190,000 square feet of state of the art MOB space, with a complete rehabilitation of the building's common spaces, mechanical and electrical systems, common spaces and tenant suites. Trammell Crow also has plans to convert the two nearby parking lots into multiple residential buildings with 255 units, and may start construction on that by 2015.

For more news and information visit Blumberg Capital Partners.

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