Vacant Hospital Inks $80M Lease Deal

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.