Medical Office Allows Much-Needed Expansion for Larger Practices
This project has been on deck at The Woman’s Hospital of Texas campus for many years, and it will give larger practice groups some much-needed room for expansion and allow new providers to join.
HOUSTON—After being in the works for several years, a new 116,500-square-foot medical office development is now underway at 7500 Fannin St. The building is on the campus of The Woman’s Hospital of Texas, less than a mile south of the Texas Medical Center.
“This project has been on deck at The Woman’s Hospital of Texas campus for many years,” said Tom Hulme, vice president of development and leasing for Healthpeak. “This will give the campus’ larger practice groups some much-needed room for expansion, as well as allow new providers to join alongside the region’s leading hospital serving Houston’s women and pediatric population.”
The building is slated for delivery in December 2021. The development consists of a five-story class-A medical office building and is being constructed with a new parking garage.
7500 Fannin is a part of a larger master-planned expansion that includes a redesigned hospital entrance that will provide access points from Old Spanish Trail and Fannin Street. The expanded clinic space, addition of a new parking garage, and the modified campus infrastructure will give patients and visitors better circulation and ease of access at the campus.
Transwestern has been engaged to provide leasing services for 7500 Fannin. The building’s largest leasing commitment is from Houston Women’s Care Associates, a 14-provider practice that is expanding its current on-campus footprint.
“We are pleased that HCA has preleased 37% of the building, with a large portion of that space reserved for Houston’s Women Care Associates, an HCA-employed physician group,” Sarah Carter, Transwestern vice president, tells GlobeSt.com. “Exceptional obstetrics and gynecology services are always in demand and we expect that will stay steady or increase in the near future.”
Transwestern is a long-time healthcare real estate services provider for Healthpeak and currently leases 34 of its assets in Texas and Colorado. This includes 7400 Fannin, which is adjacent to the new development and is currently 94% occupied.
Texas Medical Center is home to the world’s largest children’s and cancer hospitals. The medical center delivers one baby every 20 minutes, resulting in approximately 26,280 births per calendar year. Moreover, the facility begins one surgery every three minutes, GlobeSt.com learns.