News Release: Avison Young negotiates sale of Forest Glen Medical Office Building in Silver Spring, MD

For Immediate Release                              
Thursday, July 6, 2017

Forest Glen is a 62,379-square-foot (sf) class A medical office building located on the campus of Holy Cross Hospital in Silver Spring, Md. (Photo courtesy of Avison Young)

Washington, DC Avison Young, the world’s fastest-growing commercial real estate services firm, announced today the sale of Forest Glen, a 62,379-square-foot (sf) class A medical office building located on the campus of Holy Cross Hospital at 1400 Forest Glen Road in Silver Spring, Maryland.

Avison Young Principals Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Executive Vice-President of healthcare services Mark Johnson executed the off-market sale. The team represented the purchaser, Healthcare Realty. This was the second acquisition in the past year by Healthcare Realty from a joint-venture between Washington, DC developer Foulger-Pratt and a global real estate investment management firm.

“Jim Kornick and his team delivered a seamless execution of a complex transaction with a highly motivated and professional purchaser,” said Foulger-Pratt Senior Vice-President Michael Abrams.

“This acquisition is a significant addition to our growing portfolio and exemplifies our strategy of acquiring core medical facilities on the campuses of market-leading health systems,” said Healthcare Realty Vice-President Sushil Puria.

“This asset is particularly interesting,” Kornick said. ”Sitting atop Holy Cross Hospital’s emergency department, this medical office is highly visible from the Capital Beltway.”

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 80 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.

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For further information/comment/photos:

Jim Kornick, Principal, Avison Young: 202.644.8681

Mike Wilson, Principal, Avison Young: 312.273.9487

John Kevill, Principal and Managing Director, US Capital Markets,
Avison Young: 202.602.1737

www.avisonyoung.com

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