Offers Requested by Thursday, May 7th, 2015 – 5:00 PM PDT
- Offering Price: Best Offer
- Square Feet: 42,846 SF Per Lease / 52,813 SF Per BOMA
- Year Built: 2008
- Percentage Leased: 100%
- Tenancy: Single Tenant – Proliance Surgeons
- Lease Expiration: August 2023
- Extension Options: Two, 5-Year Options (no less than previous term’s rent)
- In-Place NOI: $1,546,965
- Annual Rent Increase: 3%
The Offering
CBRE’s U.S. Healthcare Capital Markets Group and Seattle Investment Properties team are pleased to exclusively offer the medical condominium interest in the top two floors of the award winning Swedish Health orthopedic hospital, known as the Swedish Orthopedic Institute (the “Property”) and located on the flagship Swedish First Hill campus in Downtown Seattle. The building was constructed in 2008 and is the most fully integrated orthopedic facility in the Pacific Northwest, featuring seven above-grade floors, the first five of which are primarily inpatient pre-op, post-op, surgery and recovery units owned and operated by Swedish Medical Center. The top two floors total 42,846 square feet and are 100% leased to Proliance Surgeons through August 2023. Proliance Surgeons is one of the largest outpatient surgical practices in the United States with 200 physicians specializing in orthopedics, ear, nose & throat, ophthalmology, plastic & reconstructive surgery and general surgery.
Investment Highlights
- Only “Award of Excellence” Winner in Modern Healthcare Design Awards for 2010
- 100% Leased to Proliance Surgeons Through 2023, with Swedish Medical Center Credit Backstop
- High Likelihood of Tenant Renewal in 2023
- Prestigious First Hill Medical District Location
- Mutually Beneficial Tenant / Hospital Relationship
- Significant Patient Amenities
- Highly Efficient Design Facilitating Better Patient Outcomes
U.S. Healthcare Capital Markets Group
Chris Bodnar
+1 303 628 1711
chris.bodnar@cbre.com
Lee Asher
+1 404 504 5965
lee.asher@cbre.com
CBRE Seattle Investment Properties
Tom Pehl
+1 206 442 2722
tom.pehl@cbre.com
Lou Senini
+1 206 292 6050
lou.senini@cbre.com
CBRE Seattle Medical Office Leasing
Paul Carr
+1 206 292 6005
paul.carr@cbre.com
Steven Perovich
+1 206 292 6059
steven.perovich@cbre.com
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