Hospital closes on purchase of the Clinic Building and O&'Quinn Medical Tower
HOUSTON – Sept.13, 2016 – Texas Children's Hospital is excited to announce it reached agreement and closed with Baylor St. Luke's Medical Center on the purchase of the Baylor Clinic Building located at 6620 Main St. and the O'Quinn Medical Tower at 6624 Fannin St.
“We value the incredible partnership we have forged with Baylor College of Medicine and St. Luke's that spans more than 60 years, and we are proud of the rich history we share,” says Mark A. Wallace, president and CEO of Texas Children's. “This acquisition represents an investment in our mission and expands our opportunity to further our commitment to the children, women and families we serve in the Houston community.”
Both buildings are substantially occupied by existing tenants, and St. Luke's Health along with Baylor College of Medicine, through its joint venture, plan to lease back a portion of each building until it completes its relocation to Baylor St. Luke's Medical Center&'s 27.5-acre McNair Campus. Texas Children's will honor existing leases and intends to eventually occupy all available space as leases expire and tenants relocate. A facilities master planning initiative is already underway to integrate these two properties into Texas Children's overall expansion and growth plans for pediatric and women's services.
The Baylor Clinic Building was built in 2003, has 15 stories – 10 of which are parking – and comprises 227,670 square feet of rentable area. The O'Quinn Medical Tower was built in 1991, has 27 stories – six of which are parking – and provides 445,725 square feet of office and clinical space.
Dan Bellow, Mindy Berman and David Bale from JLL represented Texas Children's in this transaction.
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About Texas Children&'s Hospital
Texas Children's Hospital, a not-for-profit health care organization, is committed to creating a healthier future for children and women throughout the global community by leading in patient care, education and research. Consistently ranked as the best children's hospital in Texas, and among the top in the nation, Texas Children's has garnered widespread recognition for its expertise and breakthroughs in pediatric and women's health. The hospital includes the Jan and Dan Duncan Neurological Research Institute; the Feigin Tower for pediatric research; Texas Children's Pavilion for Women, a comprehensive obstetrics/gynecology facility focusing on high-risk births; Texas Children&'s Hospital West Campus, a community hospital in suburban West Houston; and Texas Children's Hospital The Woodlands, a second community hospital planned to open in 2017. The organization also created the nation's first HMO for children, has the largest pediatric primary care network in the country and a global health program that's channeling care to children and women all over the world. Texas Children's Hospital is affiliated with Baylor College of Medicine. For more information, go to www.texaschildrens.org. Get the latest news by visiting the online newsroom and Twitter at twitter.com/texaschildrens.
About St. Luke&'s Health
St. Luke's Health, a member of Catholic Health Initiatives (CHI), is comprised of three markets, St. Luke's Health is home of the Texas Heart Institute (THI), eight hospitals, eight emergency centers, Diagnostic & Treatment Center, Radiation & CyberKnife® Center, and several St. Luke's Medical Group locations throughout Greater Houston; St. Luke's Health Memorial (three hospitals and a long-term acute care facility in East Texas); and St. Joseph Health (five hospitals and several St. Joseph Medical Group locations across Brazos Valley). In addition, St. Luke's is a part of a joint venture agreement with Baylor College of Medicine®, which encompasses Baylor St. Luke's Medical Center in the Texas Medical Center. Together, St. Luke's Health, THI, and Baylor College of Medicine® are transforming health care delivery with a mission to usher in a new era of health care to create healthier communities. For more information, visit CHIStLukesHealth.org.
St. Luke's Health is a part of Catholic Health Initiatives (CHI), one of the nation&'s largest health systems. Headquartered in Englewood, Colorado, CHI operates in 19 states and comprises 105 hospitals, including four academic medical centers and teaching hospitals; 30 critical-access facilities; community health services organizations; accredited nursing colleges; home health agencies; and other services that span the inpatient and outpatient continuum of care. Learn more at catholichealthinitiatives.com.