Tightening Medical Office Market Drives Historic Demand for New Product
February 10, 2020
Atlanta – Transwestern Commercial Services (TCS) today announces its Atlanta Healthcare Advisory Services team has been selected as the exclusive leasing agent for Peachtree Medical Center, a five-story, 75,000-square-foot, Class A medical office development at 2021 Peachtree Road in Atlanta. Transwestern Senior Managing Director Steve Hall, Senior Vice President John V. Lopez, and Associate Bo Stuart will provide leasing services on behalf of the owner, VCP Medical Partners LLC.
Scheduled for delivery by first quarter 2021, the Peachtree Medical Center site sits adjacent to Piedmont Atlanta Hospital and the Shepherd Center, a renowned spinal cord and brain injury rehabilitation facility. The project is being developed by VCP Medical Partners LLC, a joint venture between The Gipson Co. and Varden Capital Properties LLC. The developer on the project, The Gipson Co., is the same group that co-developed Brookhaven Medical Center I and II in Brookhaven, Georgia. Transwestern’s Healthcare Advisory Services team brought Brookhaven Medical Center II to 100% leased prior to the project’s completion.
“With Atlanta’s medical office vacancy at 8% and demand for new Class A product at a historic high, Peachtree Medical Center will provide much-needed space to Buckhead’s healthcare submarket, as many practices have previously been forced to look outside of this area,” said Hall. “This is the first new development of its kind in the Piedmont Atlanta micro-market in seven years, and as such, we are already seeing competitive interest from medical office users.”
The medical real estate market around Piedmont Atlanta is extremely tight due to the continued uptick of the area’s population and diverse demographics. In line with the growth is Piedmont Hospital’s expansion in the form of its near-complete Marcus Heart and Vascular Center, a 16-story facility that will have 408 beds and 13 operating rooms, representing a 22% increase in hospital capacity. The first Marcus Center patient is scheduled for Aug. 1, 2020.
“Higher demand for outpatient services will be an inevitable result of Piedmont Hospital’s expansion and increase of hospital services,” said Lopez. “Peachtree Medical Center is perfectly positioned to meet the space requirements of medical office users seeking to meet that demand.”
In addition to its premier location in a high barrier-to-entry market, Peachtree Medical Center’s state-of-the-art building will feature signage on Peachtree Road and attract tenants with its modern design and flexible floorplans.
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Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
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