MOB In Denver Market Among Top 20 Largest US Deliveries of 2024

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Despite difficult capital conditions, the medical office sector remains a strong player in the commercial real estate industry, demonstrating resilience.

With that in mind, CommercialSearch just published a new report overviewing the medical office building market. The report looked at the 20 largest medical office deliveries of 2024, highlighting the markets with the most active medical office pipelines as well as the evolution of the largest U.S. medical building markets over the last 10 years.

The Madison market is home to the largest medical office building to be completed this year. Standing at 469,000 square feet, the Eastpark Medical Center is slated for completion in Q3 2024.

Denver Findings:

  • A rendering of the Intermountain Health Lutheran MOB. (CREDIT: Davis Partnership Architects)

    The Intermountain Health Lutheran Medical Office Building in the Denver market will be the 11th-largest medical office delivery to be completed this year, standing at 137,000 square feet.

  • Owned by Intermountain Healthcare, the building broke ground in December of 2022 and will open to the public in Q3 of 2024.
  • Davis Partnership Architects is the architect and Saunders Construction is the general contractor for the project.

NexCore Group was selected by Intermountain Health to develop the 5-story, 130,000-square-foot medical office building on the new 28-acre Lutheran campus, located at 12905 W. 40th Ave. in Wheat Ridge. The campus, including the hospital, is being relocated about 3.5 miles from its current location. The independent medical office facility will connect to the new Lutheran Hospital via a pedestrian bridge. Planned building services include cardiovascular, maternal & fetal medicine, a weight loss center, a breast cancer center, a neurology and neurosurgery center, a laboratory, and a joint-venture ambulatory surgery center.

Click here to read the full CommercialSearch report.

 

Source: Mile High CRE

Medical City McKinney Embarking On A $50 Million Expansion Project

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Medical City McKinney is embarking on a $50 million expansion project, adding a five-story, 124,500-square-foot medical office building adjacent to the hospital.

This expansion will accommodate more high-level medical specialists and critical services like cardiology and orthopedics, which are set to open in the summer of 2025. Complementing the recently opened $17 million women’s hospital in November 2023 and a $64 million patient tower with an ER expansion in December 2021, this project helps meet the needs of a vibrant and growing community by being done in three phases.

The first phase includes a new parking lot on the west side of the campus, providing over 550 additional spots for the convenience of patients, visitors, and staff.

 

Source: D CEO Magazine

HKS, Perkins & Will To Design Massive $5B Children’s Health Campus In Dallas

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The Dallas offices of HKS and Perkins & Will have been tapped to design one of the country’s largest pediatric hospitals.

The new Children’s Health campus will include 552 beds and cover 4.5M SF. It will replace the existing hospital on Harry Hines Boulevard in the Medical District and take about six to seven years to build.

“Many of us are parents. This is more than a project for us – our kids are in this community,” Rachel Knox, studio leader of the health practice and partner at HKS, said in a statement. “While both of our firms have designed children’s hospitals around the world, it’s incredible to work on one in your own backyard.”

Children’s Health is among a growing number of health systems that have either expanded or built new campuses to accommodate explosive population growth in North Texas. More than 500,000 children have been added to the Metroplex’s population since 2010, and another 158,000 are expected to become residents by 2028, according to Children’s.

The new pediatric campus is a joint investment between Children’s and UT Southwestern Medical Center. It will increase in-patient, emergency department and operating room capacity while also housing a Level I trauma center, a new outpatient building and fetal care center.

“For more than 110 years, Children’s Health has served the children of North Texas,” President and CEO Christopher Durovich said in a statement. “This new pediatric campus will enable us to continue pioneering academic research, lifesaving treatments and industry-leading technology for pediatric patients for generations to come.”

McCarthy Building Cos. and J.T. Vaughn Construction are teaming up to build the $5B project, which is expected to break ground later this year.

 

Source: Bisnow