The buildings in Dallas, Garland and Grapevine represent more than one million sf of medical office space. "Sale of these medical office facilities allows us to focus financial and management resources on Baylor's mission and core business of acute patient care," Joel Allison, president and CEO for Baylor Health Care System says in a press release. Additional details about the transaction will be forthcoming, but Baylor has inked a 55-year ground lease for the assets.
Talks got underway around the time that the Nashville-based Healthcare Realty Trust secured the right to build, own and manage a $27.5-million office building that Baylor wanted to raise to complement a 128-bed, acute-care hospital on its Plano campus. The building was expected to deliver this summer, with Baylor penciling an October 2004 completion for the first phase of the 310,000-sf hospital.
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