Stockdale Plans $250M Medical Office Tower in LA

Stockdale Capital Partners has been given approval to build a 12-story medical office building in the Streamline Moderne-style—think Flatiron Building meets the Jetsons—in the Westwood neighborhood of LA.

The 140K SF mixed-use tower will rise at 656 San Vincente Boulevard at the intersection with Wilshire Blvd., according to a report in Urbanize Los Angeles.

The unusual structure—it will have indented balconies with trees in it about two-thirds of the way up—will be built on a site now housing a 10K SF Big 5 Sporting Goods store, which will be demolished to make way for the new building. Stockdale paid $23M for the property in 2016.

The $250M medical office tower will be designed by DTLA-based ZGF Architects with floor-to-ceiling walls of glass with rounded corners, an architectural flourish to the Streamline Moderne technique. Outdoor terraces will feature landscaping against reflective windows.

Local community groups tried three times to block the project, which will serve Cedars-Sinai Medical Center, the city’s huge medical complex about a mile to the north of the medical office building cite.

Opponents who mounted appeals to the project plans included the Supporters Alliance for Environmental Responsibility, the Beverly Wilshire Homeowners’ Association and an attorney representing residents of the neighborhood.

Opposition focused on traffic congestion and street parking, which the local groups said would violate the California Environmental Quality Act. LA’s Planning Commission denied the appeals.

Cedars-Sinai is in the process of building a nine-story, 405K SF patient facility on San Vincente that will house 203 beds. Two apartment towers also are being planned along San Vincente Boulevard.

In May, Stockdale Capital sold a 107K SF portfolio of medical office buildings in the LA area to Harrison Street for $156M. The transaction for the two properties—one in Santa Monica and another in Beverly Hills—translates to about $1,457 per SF.

Stockdale bought the two properties for about $89M in 2015. The Santa Monica MOB, a 55K SF property at 2825 Santa Monica Boulevard, is anchored by UCLA Health.

The second property acquired by Harrison Street, a 49K SF MOB at 9090 Wilshire Boulevard in Beverly Hills, is fully leased to Cedars-Sinai.

The acquisition as a bit of a turnaround for Harrison Street. The Chicago-based alternative investment firm in April sold a portfolio of 27 healthcare buildings, including 15 MOBs, to NorthWest Healthcare Properties for $600M.