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GLENDALE, AZ-Ensemble Investments, a Phoenix-based developer and investor, has completed construction on a 38,000-sf class A medical office building on the campus of one of the Valley’s largest hospitals.

The second phase of Thunderbird Paseo Medical Plaza, situated at 5605 W. Eugie Ave., provides direct access to the hospital, on-site lab and radiology services of Thunderbird Samaritan Medical Center, explains Randy McGrane, Ensemble’s managing director. “We’ve timed the completion of the project to meet the growing demand for medical office space,” he says.

While demand for office space has gone south in line with the declining economy, it has remained high for medical office space in the Valley, say local experts. The Valley’s overall direct and sublease office vacancy rate is about 18%, but most medical office buildings are under 10%.

Phase II is 100% occupied largely due to the expansion of medical practices to meet the growth in the healthcare field. Tenants include Arizona Allergy and Asthma, Valley Radiology and Phoenix Orthopedic Consultants. The two-story, $5.1-million development includes a large garden courtyard and covered parking for added tenant comfort and convenience.

Thunderbird Samaritan Medical Center is nearing completion of a $50-million capital project, including expansion to the pediatric, emergency, surgery and CCU departments and addition of a new bed tower. The hospital is at southwest corner of Thunderbird Road and 55th Avenue.

Thunderbird Paseo’s first phase was completed in September 1995 and reached near full occupancy within the first year. Phases I and II total 100,000 sf. The project architect for Phase II was The Cunningham Group of Phoenix designed the second phase, with Scottsdale-based Linthicum Constructors Inc. acting as general contractor.

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