Special Report: Adaptive reuse on a roll

PROVIDERS HAVE REPURPOSED MILLIONS OF SQ. FT.

By Murray W. Wolf

Kaiser Permanente acquired this 200,000 square foot traditional office building in Gaithersburg, Md., in 2009 for a reported $42.8 million, converted it into medical offices and reopened it last month as a “specialty hub.”
Photo courtesy of Kaiser Permanente

There has been a lot of talk in recent years about repurposing other types of real estate for medical use. With millions of square feet of office and retail space sitting vacant across the nation, much of it in high-traffic locations, the idea of adapting those facilities as part of a healthcare market expansion seems obvious.

Yet, while there has been much discussion regarding repurposing, there has been relatively little action – at least from third-party developers.

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