SILVER SPRING, MD—Seavest Healthcare Properties LLC, Trammell Crow Co. and Adventist HealthCare have formed a partnership to develop a major new medical pavilion and cancer center to the campus of the new Adventist HealthCare White Oak Medical Center in Silver Spring, MD.
The 169,000-square foot Medical Pavilion at White Oak is under construction and on schedule to open early next year. The pavilion will be connected to the new 180-room hospital, which is scheduled to open this summer and will replace the Washington Adventist Hospital. “We didn't have room to expand at our aging Takoma Park, Md. hospital, but the new hospital allows us to grow and to extend our service area into eastern Montgomery County, Prince George's County, and also north into Howard County,” says Erik Wangsness, president of Washington Adventist Hospital, which is soon to be renamed White Oak Medical Center, in prepared remarks.
The hospital and outpatient medical pavilion is expected to give the emerging White Oak Science Gateway a boost. In addition to the new Adventist hospital and medical pavilion, the White Oak Science Gateway includes the neighboring headquarters of the US Food & Drug Administration and the 300-acre Viva White Oak mixed-use development featuring restaurants, hotels, major service providers and retail and entertainment venues.
An Atypical Ownership Structure
The medical pavilion will be co-owned by Adventist HealthCare and development partners Seavest Healthcare Properties, a White Plains-based real estate investment firm, and Dallas-based Trammell Crow Co.
“It's an atypical ownership structure, but one that we believe aligns all parties with the hospital's objectives and the healthcare needs of the community,” Seavest Senior Managing Director and Chief Investment Officer John Winer, says in prepared remarks.
The seven-story pavilion, located at 12090 Plum Orchard Dr., will be anchored by Adventist HealthCare and hospital affiliated oncology practices. The building will also be home to a wide range of other medical specialists.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
