BUILDINGS ARE ON THE CAMPUS OF PROVIDENCE HOSPITAL IN WASHINGTON, D.C.
By John Mugford
Healthcare real estate firm Lillibridge recently acquired two medical office buildings (MOBs) with a total of 101,000 square feet of space on the campus of Providence Hospital in Washington, D.C. The transaction is Lillibridge’s eighth in the past decade or so with the parent firm of the hospital, St. Louis-based Ascension Health System.
The buildings in the transaction are:
- DePaul Professional Building, which has 69,000 square feet and doubles as the hospital entrance; and
- Providence Medical Building, which has 32,000 square feet and is also attached to the hospital.
The transaction price was not revealed.
Under the agreement, Lillibridge will own and manage the buildings. The company is planning to improve the MOBs through what it calls a major renovation, the bulk of which is slated for completion in the next 12 to 18 months. Lillibridge also plans to offer ownership options to physician/tenants.
According to a news release from Lillibridge, Providence Hospital sold the MOBs to garner funds for its operations.
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