116,500 SF Building will be First New Medical Office on Campus in 17 Years
(June 22, 2020 – Houston) – Healthpeak Properties, Inc. announces the development of a new 116,500-square-foot medical office development at 7500 Fannin St. in Houston. The building is on the campus of The Woman’s Hospital of Texas, less than a mile south of the Texas Medical Center. Construction began in late May, and the building is slated for delivery in December 2021. 7500 Fannin is currently 36% preleased with the largest commitment from Houston Women’s Care Associates, a 14-provider practice that is expanding its current on-campus footprint.
“This project has been on deck at The Woman’s Hospital of Texas campus for many years, and it’s exciting to be a part of this HCA Houston Healthcare campus expansion,” said Tom Hulme, Vice President of Development and Leasing for Healthpeak. “This will give the campus’ larger practice groups some much needed room for expansion, as well as allow new providers to join alongside the region’s leading hospital serving Houston’s women and pediatric population.”
The development consists of a five-story, Class A medical office building and is being constructed alongside a new parking garage. 7500 Fannin will be front and center on the campus and is a part of a larger master-planned expansion that includes a new, redesigned hospital entrance that will provide access points from Old Spanish Trail and Fannin Street. The expanded clinic space, the addition of a new parking garage, and the modified campus infrastructure will give patients and visitors better circulation and ease of access at the campus.
Transwestern, which has been engaged to provide leasing services for 7500 Fannin, is a long-time healthcare real estate services provider for Healthpeak and currently leases 34 of its assets in Texas and Colorado. This includes 7400 Fannin, which is adjacent to the new development and is currently 94% occupied.
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Senior Housing and Medical Office, designed to provide stability through the inevitable industry cycles. At Healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
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