New Medical Office Development Prescribed for Pill Hill
- Nov 18, 2015
By Alex Girda, Associate Editor
Healthcare Realty Trust is cashing in on the rise of Seattle’s healthcare sector, one that has been growing at breakneck pace in an already throttling market. The Nashville, TN-based company is making good on what it promised two years ago when it acquired a First Hill medical office property along with an adjacent development site for a total $35 million.
According to the Puget Sound Business Journal, the development that’s set to take shape near the company’s First Hill Medical Building will be a six-story, 133,000-square-foot property. The new facility will be connected to the existing building by a central plaza. With interest in the area’s medical office properties continuing to escalate, the company will most likely fast-track the development process of its new asset.
Absorption is strong in the area, and new space is being snapped up in large amounts. The 225,000-square-foot First Hill Medical Pavilion reached 100 percent occupancy just this summer when the owning venture between Trammel Crow and Washington Capital announced a new lease with Swedish Health Services for 120,000 square feet of space.