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JV Buys 169,329-SF Medical Office Portfolio

HINSDALE, IL-A partnership between Trammell Crow's Partners Health Trust and a retirement system acquires two medical office buildings.

By Marita Thomas | Updated on October 01, 2006

HINSDALE, IL-PHT Investment Holdings LLC has acquired two medical office buildings with an aggregate of 169,329 sf. The buyer is a joint venture between Partners Health Trust, which is a subsidiary of Dallas-based Trammell Crow Co., and what is identified only as a prominent state retirement system that is advised by Morgan Stanley. The seller is a Chicago-based private owner.

Bill Dagar, TCC’s SVP of acquisitions, declined to disclose either the acquisition price or rental rates. According to a second-quarter report from the Chicago office of CB Richard Ellis, the average asking rental rate for office space in this East-West suburban submarket ranges between $13.50 per sf and $18 per sf.

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