San Mateo County is one of the hottest residential and commercial markets in the country as evidenced by the strong demand for the existing office and multifamily properties such as the Morgan at Bay Meadows.

The location, on the second floor of the mall near Forever 21 and Nordstrom's, will focus on startups, small businesses, retail and e-commerce incubation initiatives, revolutionizing the mall model.

Last year, the medical office market in Phoenix recorded record absorption and 4.8% rent growth.

The new patient care building will total approximately 1.035 million square feet of space. The building, which will be approximately 200 feet high, will also include six stories of underground parking (1,100 spaces) and two Centers of Excellence—a cancer center and heart center.