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SEATTLE-Group Health, a Seattle-based non-profit health care system has signed a letter of intent to sell its 28-acre Eastside Campus in Redmond, WA later this year to Trammell Crow Co. and an undisclosed equity partner. Located near Microsoft Corp.’s headquarters campus, the buyers plan to redevelop the site with residential, office, retail and hotel uses.

The news comes one day after Group Health opened a new $120-million facility that connects to Overlake Hospital in neighboring Bellevue, WA, and announced the opening of a new primary care medical center at Redmond Town Center in October. The purchase price was not released by the parties involved and was not immediately available.

The City of Redmond approved re-zoning of the campus in December 2007 as part of the city’s long-range plan for its portion of the Overlake neighborhood. The zoning allows for a mixed-use neighborhood of residential, hospitality, retail and office uses.

Tom Pehl of CB Richard Ellis is representing Group Health in the sale of the Eastside Campus. The sale is expected to close by December.

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