FOR IMMEDIATE RELEASE
The two firms and Adventist will own the 169,000 square foot Medical Pavilion at White Oak in the emerging health and life sciences hub of Silver Spring, Md.
SILVER SPRING, Md., and WHITE PLAINS, N.Y., July 16, 2019 – A unique partnership of Seavest Healthcare Properties LLC, Trammell Crow Company and Adventist HealthCare will soon bring a major new medical pavilion and cancer center to an emerging healthcare and life sciences hub near Washington, D.C.
The new 169,000 square foot Medical Pavilion at White Oak is under construction and on schedule to open early next year on the campus of the new Adventist HealthCare White Oak Medical Center in Silver Spring. The new pavilion will offer multiple, convenient connections to the new 180-room hospital, which is scheduled to open late this summer on August 25th, replacing the Washington Adventist Hospital in Takoma Park, Md.
The hospital and outpatient medical pavilion will bring a new interconnected and collaborative world class medical complex to the emerging White Oak Science Gateway and thriving Viva White Oak mixed-use development in Silver Spring.
The ownership of the medical pavilion will be distinctive: It will be co-owned by Adventist HealthCare and development partners Seavest Healthcare Properties, a White Plains-based real estate investment firm, and Dallas-based Trammell Crow Company.
“A significant reason for Seavest’s involvement in the project is our flexibility in accommodating the needs of multiple owners,” explains Seavest Senior Managing Director and Chief Investment Officer John Winer. “It’s an atypical ownership structure, but one that we believe aligns all parties with the hospital’s objectives and the healthcare needs of the community.”
The seven-story medical pavilion at 12090 Plum Orchard Drive in Silver Spring, Md. will be anchored by Adventist HealthCare and hospital affiliated oncology practices. The facility will house both medical and radiological oncology services in a highly advanced cancer treatment setting. The building will also be home to a wide range of other medical specialists.
Trammell Crow Company is the developer of the building and has been on a multi-year journey with the hospital as the project has taken shape. “We are proud to partner with Adventist HealthCare and Seavest to bring this project to life,” says Trammell Crow Company Managing Director Eric Fischer. “The facility incorporates industry-leading best practices in locating medical services in a cost-effective manner and delivering care in a pleasing environment for consumers and employees alike. We were thrilled to partner with Adventist and create such an innovative structure and partnership.”
Erik Wangsness, President of Washington Adventist Hospital, which is soon to be renamed White Oak Medical Center, said the new hospital enables the organization to relocate in an area where there is a lack of medical services.
“We didn’t have room to expand at our aging Takoma Park, Md. hospital, but the new hospital allows us to grow and to extend our service area into eastern Montgomery County, Prince George’s County, and also north into Howard County,” says Mr. Wangsness. “We’re pleased to bring our mission, high-quality care and compassion to a state-of-the-art healthcare campus designed for our community and caregivers.”
In addition to the new Adventist hospital and medical pavilion, the White Oak Science Gateway includes the neighboring headquarters of the U.S. Food & Drug Administration, which is involved in a 10-year collaborative research project with Adventist to improve public health. The gateway is surrounded by the 300-acre Viva White Oak mixed-use development featuring restaurants, hotels, major service providers and retail and entertainment venues. The area has easy access to major transportation routes, including U.S. Route 29, Interstate Highway 495, Interstate Highway 95 and the Intercounty Connector.
The Class A Medical Pavilion at White Oak will feature a convenient parking garage adjacent to the Pavilion, an outpatient pharmacy, café, fitness center for tenants, dedicated patient drop off/pick up locations, and landscaped gardens, woods, walking trails and a lake.
A limited amount of space is still available at the Medical Pavilion at White Oak. For leasing information, please contact Matt Sullivan of Cushman & Wakefield at (202) 266-1187 or firstname.lastname@example.org or Lindsey Groom of Cushman & Wakefield at (202) 266-1303 or email@example.com.
About Seavest Healthcare Properties LLC
Seavest Healthcare Properties LLC is a real estate investment management firm focused on the medical office and outpatient facility sector. The firm acquires existing properties, joint ventures with established developers to build new properties, and asset manages medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office buildings and outpatient facilities located throughout the United States. For more information, please visit SeavestHCP.com or call 914.683.8474.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired 2,700 buildings valued at nearly $65 billion and over 590 million square feet. As of March 31, 2019, TCC had $9.7 billion of projects in process and $2.8 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 17 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential, and mixed-use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet the needs of its clients. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development and providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2018 revenue). For more information visit www.TrammellCrow.com.
About Adventist HealthCare
Adventist HealthCare, based in Montgomery County, is a faith-based, not-for-profit organization of dedicated professionals who work together each day to provide excellent wellness, disease management and healthcare services to the community. AHC’s integrated healthcare delivery network includes three nationally accredited, acute-care and specialty hospitals, outpatient centers, home health agencies and physician practices serving the greater Washington, D.C., metropolitan area. AHC’s hospitals are accredited by The Joint Commission for their commitment to providing high-quality care to patients and achieving performance standards. For more information visit AdvenistHealthCare.com.
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Media Contact: Erin Molloy, Seavest Healthcare Properties, EMolloy@Seavestinc.com, (914) 269-0921
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