NEW YORK CITY—Newmark Grubb Knight Frank haslanded what is believed to be one of the largest corporate-servicesassignments on record, the 65-million-square-foot AscensionHealth system. Formed 15 years ago under the aegis of theCatholic Church, it's the largest not-for-profithealthcare system in the US, comprising 131hospitals across 23 states and the District of Columbia.


“Ascension is moving its real estate holdings to a more unifiednational organization structure, and chose NGKF in order to achieveefficiency, savings and improved quality of care, as well as toadjust to changes in the healthcare market,” says NKGF CEOBarry M. Gosin. The agreement covers tenantadvisory, landlord advisory and disposition, lease administration,portfolio optimization and real estate cost reduction strategiesand implementation.


Leading the NGKF team on the Ascension portfolio assignment areAtlanta-based Todd Perman and Newport Beach,CA-based Garth Hogan, both executive managingdirectors with NGKF's Global Healthcare Servicesplatform. The announcement was made as part of the second-quarterreport from BGC Partners, NGKF's parentcompany.


In line with St. Louis-based Ascension's focus on creating amore unified national structure, Modern Healthcarereported earlier this week that Ascension was creating asenior-care division to integrate its post-acute-care services andestablish more uniform care standards. It would make Ascension makethe second-largest not-for-profit, long-term-care operator in thecountry, with more than 5,500 senior-care beds.


“It is essentially a reorganization of our existing seniorservices and programs that are around the country, typicallylocated in our local ministries,” Robert Henkel,CEO of Ascension, told Modern Healthcare. “What we'redoing is bringing them all together to operate together as a focuson patient-centered care for seniors and take advantage of our bestpractices, our knowledge and our experience in this particular areaon a national scale.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.