LOS ANGELES-Select Medical, UCLA Health System and Cedars-Sinai Medical Center are among a conglomerate of medical groups to sign leases with Realtech, a commercial real estate owner, for the now vacant Century City Hospital. In total, the lease transaction is valued at $80 million with a lease term through 2030.

“With an improving economy, healthcare reform underway as the result the Affordable Care Act, and new delivery models in healthcare, the timing was perfect for this facility to be leased and re-purposed to an acute-rehab facility,” says John Wadsworth, Colliers VP and national director of the health care properties division, who represented Realtech in the transaction.

Located at 2070 Century Park East in the Century City Medical Plaza, the nine-story, 170,000-square-foot property was built in 1971 and went vacant as a result of the 2008 downturn. Realtech plans to make significant upgrades to the property in order to accommodate UCLA and Cedars. “Were it not for these generous allowances and concessions made by all involved in this deal, the transaction would not have happened,” says David Wilstein, founder and owner of Realtech. These upgrades will begin immediately with plans for completion in 2015.