Medical Landlord Representation
Originally Gittleson Zuppas was focused solely on Tenant representation. Nine years ago we were approached by our client INOVA Health Systems, whom we had represented in over 150,000 square feet of leasing transactions, to lease The Kenmore Building (112,000sf), located in Alexandria, Virginia. The building was 50% vacant, many tenants were on month to month leases and the rental rates were between $18.00-20.00 per square foot. With our help, INOVA was able to increase rents to $26.00-28.00 per square foot, eliminate the vacancy completely and secure all the leases to ten year terms.
Since that time we have represented Suburban Hospital’s medical building, The Suburban Outpatient Building (125,000sf) located in Bethesda, Maryland. At about the same time we were hired by the ownership of Rock Spring Park (The Camalier (130,000sf) The Champlain (140,000sf) and the Westmoreland (130,000sf) Buildings) located in Bethesda, Maryland. These buildings had been represented by a prominent leasing agency but the landlord recognized the need to have a firm who specialized in medical leasing.
In 2004 our firm was hired to represent the Ballston Medical Center (42,000sf) in Ballston, Virginia. The Rock Creek Property Group hired our firm in 2005 to represent a three building medical park (60,000sf) located at Seven Corners in Falls Church, Virginia.
In addition, our firm was hired in late 2005 to represent Perseus Realty’s newly acquired medical building located at 2440 M Street. This building was purchased from JBG Companies and was formally the medical office building for Columbia Hospital.
Most recently, we have added three medical buildings to our leasing portfolio, 2311 M Street, NW, Washington, DC, the Sterling Medical Building located in Sterling, Virginia and a new 86,000 rsf project being developed by WRIT at Lansdowne across from Loudoun Hospital.
- Since we represent so many medical practices throughout the area the landlords get instant exposure to doctors from all parts of the Washington Metropolitan Area.
- Knowing the medical market from a landlord and tenant perspective is essential in understanding what the physicians are doing, where they are looking and what is changing or driving their office space requirements.
- Medical leasing is our specialty and because we have extensive knowledge representing medical tenants and landlords we are able to bridge the gap that sometimes exists between them.