SEATTLE—Heitman LLC, a multi-national real estate investment management firm, and NexCore Group LLC, a top-ranked national healthcare real estate firm, have acquired the First Hill Medical Pavilion, a class A, 227,628 square foot medical office/life science building. Located in the First Hill Medical District, immediately adjacent to Swedish Medical Center, the facility is the first medical office building of its class to be delivered to the Seattle market in over 20 years.

"First Hill is a valuable medical office/life science acquisition for the Heitman-NexCore team," says Ed Christen, NexCore's EVP of Finance & Acquisitions. "The building is strategically located in the First Hill Medical District of Seattle, which is one of the most desirable medical office markets in the United States. The building is 100% leased and comes with a very strong rent roll, including a long-term lease commitment from Swedish on 65% of the building."

NexCore provided due diligence and advisory services during the transaction, which was required to close in 35 days from the time the purchase was awarded to Heitman and brokered by CBRE. With the purchase of the First Hill Medical Pavilion, the Heitman-NexCore team has now completed a combined transaction volume of over $630 million.