The RMR Group Inc. (Nasdaq: RMR) announces the execution of seven new and renewal leases totaling 16,531 square feet of medical office and retail space during 2019 at 1145 19th Street NW in Washington, D.C.
The property, which is undergoing a substantial redevelopment, is a multi-tenant, eight-story office building with 133,000 square feet of leasable space, home to several primary and specialty medical practices. Renovations, which launched in 2018 and are expected to be completed in 2020, include a sleek all-glass facade and major HVAC upgrades, making this building highly energy-efficient while reducing operational costs. New amenities will include a technologically advanced conference and training center, a serene lobby lounge and a state-of-the-art fitness facility overlooking 19th Street. The building offers onsite radiology, surgery center, laboratory testing, and pharmacy, allowing for full-coverage patient care.
Conveniently located between M and L Streets on 19th Street in Northwest Washington, DC, 1145 19th Street NW is in the heart of the city’s Central Business District, near a wide range of amenities including shops, restaurants and entertainment venues. Within walking distance of the Red, Orange, Silver and Blue Metro lines, the building benefits from accessibility to public transportation as well as easy access to major arteries such as the George Washington Parkway, the Capital Beltway and Interstate 66. For more information about 1145 19th Street NW, please visit 1145medical.com.
The property is owned by Diversified Healthcare Trust (Nasdaq: DHC) and managed by The RMR Group LLC, which manages DHC and is the majority-owned operating subsidiary of The RMR Group Inc. The RMR Group LLC is responsible for providing all aspects of management services and strategy for more than 1,400 properties with over 97 million square feet of commercial office, industrial, medical office, life science, and retail space.
The RMR Group Inc. worked with Nick Zuppas and Andrew Papantoniou of Gittleson Zuppas Medical Realty on the leasing efforts. Tenants, which included several specialist medical practices, were represented by Chaz Feitel of Health Pro Realty Group, David Gittleson of Gittleson Zuppas Medical Realty, Winston Williams of Gittleson Zuppas Medical Realty and Mike Gillman of CBRE.
About The RMR Group Inc.
The RMR Group Inc. is a holding company and substantially all of its business is conducted by its majority owned operating subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate related operating companies. As of September 30, 2019, The RMR Group LLC had $32.8 billion of total assets under management, including more than 2,200 properties, and employed nearly 600 real estate professionals in more than 30 offices throughout the United States; the companies managed by The RMR Group LLC collectively had nearly 50,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.
About Diversified Healthcare Trust
Diversified Healthcare Trust is a real estate investment trust (REIT) focused on owning high-quality, private-pay healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum: by care delivery and practice types, by research science disciplines, by location and by financial profile. As of September 30, 2019, DHC’s $8.6 billion portfolio included more than 430 properties in 42 states, occupied by more than 600 tenants, and totaling more than 12.0 million square feet of medical office and life science properties and 32,000 living units. DHC is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, MA. To learn more about DHC, visit www.dhcreit.com.
About Gittleson Zuppas Medical Realty
Gittleson Zuppas Medical Realty was established 30 years ago as a specialty real estate firm servicing the medical tenant market. GZ has since expanded to represent medical landlords and hospital systems throughout the Washington, D.C., and Baltimore areas. As the market leader in medical real estate in the DMV, GZ’s superior reputation for honesty comes from good faith dealings with tenants, landlords, and the brokerage community. GZ currently represents more than 5 million square feet in 60 premier locations and has represented thousands of medical tenants in medical-office lease transactions since the company’s inception.
See the original press release here.