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HOUSTON-A partnership between Trammell Crow Co. and Memorial Hermann Hospital Systems (MHHS) has led to a groundbreaking and a new opportunity for physicians. The structure–a 137,000-sf, five-level professional office building located at the intersection of US Highway 59 and Beechnut Street–is scheduled for completion by July 2006.

Meanwhile, the opportunity for physicians involves actually buying into the property itself as well as leasing space in a new building. “Basically, MHHS will act as a general partner, with physicians having the opportunity to purchase equity in the building and to participate as limited partners,” says Kristin Swearingen Johnson, a TCC associate in Houston who’s leasing the project.

This is not the first time that TCC and MHHS have joined forces to offer an equity opportunity to physicians: MHHS Woodlands has a similar equity structure. “The offer is still going strong there,” Swearingen Johnson says.

Swearingen Johnson says it’s too early to determine how successful the equity project will be in Southwest Houston. “We’re talking with some physicians now about the current property,” she says. “It’s a good opportunity for everyone. Physicians have the opportunity to offset their occupancy costs and to own a piece of the place where they work.” The local firms of Morris Architects is the designer; and D.E. Harvey Builders is the general contractor.

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