Plainsboro, NJ – Trammell Crow Company recently announced that construction has begun on the new 140,000 square foot Medical Arts Pavilion on the campus of Princeton HealthCare System’s (PHCS) new $442 million University Medical Center of Princeton at Plainsboro. The medical office building will be physically connected to the new hospital structure and is expected to be completed in May 2012. The project is owned by Partners Health Trust, Inc., a joint venture of Trammell Crow Company and a public pension fund advised by Bentall Kennedy, as well as physician tenants.
“We are excited to break ground on this great project. This new facility will be an integral part of the University Medical Center of Princeton at Plainsboro and the overall healthcare campus, which will include an education center, a facility that provides long-term care, skilled nursing and rehabilitation, a fitness and wellness center, assisted and independent living, an outpatient pediatric care facility and adult and child daycare. The building will have a combination of diagnostics, imaging, surgery center and physician offices. It will be a tremendous resource for area residents who need outpatient care or want to have a same-day surgical procedure close to home,” said Jeffrey Goggins, Senior Managing Director with Trammell Crow Company. “In additional we are following Princeton HealthCare System’s lead and developing a sustainable building that will create a better environment for our physician tenants and visitors to the building along with reducing environmental impacts and operating costs.”
The new University Medical Center of Princeton at Plainsboro is currently under construction and will be a replacement hospital for the existing University Medical Center at Princeton located in Princeton’s downtown area. The new five-story Medical Arts Pavilion is designed to be fully integrated into the Hospital with physical connections at four locations including the Hospital’s main north entry, emergency department and operating suites.
PHCS will have a significant presence in the building, where it will operate an ambulatory surgical center, diagnostic radiology, a sleep center and other medical functions. The remaining space will be available for private physicians’ offices.
“We have worked closely with Trammell Crow to develop a sustainable state-of-the-art medical office building which will provide patients with ample convenient parking and easy access to their physicians and the resources of the new hospital,” says Barry S. Rabner, President and CEO of PHCS. “These resources include emergency services, imaging, laboratory, pharmacy, restaurant and other amenities. All physician suites will be custom designed to met each doctor’s particular needs and will afford physicians several direct access points to the hospital.”
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in real estate. It has developed or acquired over 525 million square feet of buildings with a value exceeding $55 billion. As of September 30, 2010, Trammell Crow Company had over $3.3 billion of projects in process, $1 billion in its pipeline and $1.6 billion under operation.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 15 major cities throughout the U.S. and Canada. The company serves users of, and investors in, office, industrial, retail, healthcare, higher education, airport facilities, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CB Richard Ellis Group, Inc., the world’s largest commercial real estate services firm (based on 2009 revenues). For more information visit www.TrammellCrow.com.
About Bentall Kennedy
In the United States, Bentall Kennedy acts as a real estate investment advisor for a select number of public, corporate and Taft-Hartley retirement systems, as well as major university endowments and sovereign wealth funds. From our network of offices in key US markets, we have delivered core and value-added results to a select group of separate account clients and a market-leading open-ended commingled fund.
About Partners Health Trust
Formed in 2005, PHT is an investment fund established by Trammell Crow Company with major institutional investors to provide healthcare systems with a stable, long-term outsourcing solution for their medical office buildings.
