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WESTMINSTER, MD-Trammell Crow Co. and Dallas-based Partners Health Trust have broken ground on a new 75,000-sf, three-story medical office building for Carroll Hospital Center. The $18 million building will be located on the hospital campus on Stoner Ave.

When the building delivers next fall and is stabilized, its partner will take majority ownership, Jennifer Dresback, vice president with TCC, who is responsible for leasing, tells GlobeSt.com. “The expectation is that it won’t be released to the market” for sale. Also, the doctors that will occupy the building have an opportunity to purchase equity in it as well, she adds. The building will have suites ranging from 2,000 sf to 25,000 sf, and a two-level parking garage.

Already the building is two-thirds preleased, Dresback reports. Carroll Hospital has leased about a third; another third has been “spoken for,” she says. “We expect this to be a fully occupied building before we finish development.” Asking rates for the space are between $21 per sf, triple net to $23 per sf, triple net.

Demand is high because few buildings have been developed in this area in recent years. Also the hospital is expanding, attracting more doctors’ practices to the campus. “That, coupled with the pent up demand, is what is fueling interest in the building,” Dresback says.

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