Partners will develop, own $100M, 140,000 s.f. Maimonides Medical Arts Building
By Connie M. McCaffrey
A series of medical office buildings (MOBs) in Brooklyn, N.Y., that were once brownstone residences have been demolished to make way for a new, $100 million comprehensive outpatient center to be operated by the adjacent 711-bed Maimonides Medical Center.
Partnering on the 140,000 square foot project are Minneapolis-based development firm Frauenshuh Healthcare Real Estate Solutions and one of the country’s largest healthcare real estate investment trusts (REITs), Toledo, Ohio-based Health Care REIT (NYSE: HCN). Under the partnership, Health Care REIT will own the seven-story Medical Arts Building and Frauenshuh will develop it.
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