COSTAR: The Texas Medical Center, the world's largest medical complex, may now be home to the most expensive U.S. medical office building ever sold.
A LaSalle Investment Management fund bought the 500,000-square-foot Memorial Hermann Medical Plaza at 6400 Fannin St., anchored by Memorial Hermann’s 175,000-square-foot lease. The Chicago-based investment firm paid $405 million. The asset was 99 percent leased at the time of sale.
It only took two months for the highest medical office building sale price record to be broken. The previous record was set earlier this year when German bank Commerzbank AG acquired a 25-story, 390,000-square-foot office building in New York City, the Langone Tower at 222 E. 41st St., for $332.5 million from Columbia Property Trust, according to published reports at the time.
The deal is the latest sign of investors' appetite for medical office buildings across the country. Last year, 97% of healthcare investors surveyed by CBRE indicated they were most interested in medical office buildings, rather than other forms of healthcare real estate like outpatient ambulatory care facilities or senior housing.