- Seattle’s Fred Hutchinson Cancer Center will receive more than $700 million from the Bezos family over the next decade. The donation will be used to fund several clinical trials, new research capabilities and recruitment.
- Pacific Group has broken ground on the $5 billion dollar Helios Health and Wellness campus in Las Vegas. This is the latest example of a massive increase in health care construction spending, reaching an all-time high at the end of the summer of 2022. This project will include more than 2 million square feet of research space, 500,000 square feet of retail and restaurant space and over 250 hotel rooms, all in all, creating over 10,000 jobs.
- New York officials announced a $1.5 billion dollar life sciences hub in Manhattan this month. The project will include an estimated 1.5 million square feet of life sciences space that will create an estimated $25 billion dollars of economic benefit over the next 30 years.
- MetroHealth’s new $759 million Glick Center opens in early November, ushering in a new era of quality health care. The building will consist of 380 inpatient beds with a new modern and sleek design to provide an updated hospital for past and future patients. The successful transition will also signal the ending of Boutros, the longest-serving CEO in the hospital’s history, as he exits Metrohealth once construction is completed.
- Children’s Hospital of Philadelphia has broken ground on Schuylkill Avenue Research Building. The 350,000-square-foot building consists of office space, laboratory/research space, as well as over 6,500 square feet of retail space.
- 75% of Americans gave U.S. health care a D or F rating when considering the affordability of health care services according to the results of a new pool from Gallup and West Health.
- 25% of clinicians are thinking of leaving health care, citing burnout as the primary driver. Additionally, 60% of providers say their teams are understaffed according to the results of a new Bain & Company survey.
- Two new podcast episodes were released on Hall Render’s Health Care Real Estate Advisor podcast. Ankura consultants, Michelle Mader and Mark Furgeson are interviewed in the new episodes to talk about the shifting financial and regulatory impacts on health care real estate.
- The Ensign Group announced a series of SNF acquisitions and long-term leases in early October. The transactions involve facilities in Arizona, South Carolina and Texas.
- Agora Realty & Management has announced the acquisition of a 75,000-square-foot medical building in California. This acquisition is part of Agora’s strategic plan to reposition its portfolio by substituting grocery-anchored shopping centers with health care assets.
- “REITs active in life sciences real estate are increasingly looking to complement their domestic portfolios with holdings in international markets where world-class scientists and strong infrastructure are creating a ‘vibrant ecosystem,’” according to Travis McCready, head of life sciences, Americas markets.
Special thanks to Thomas Dziwlik, undergraduate intern, for his assistance in the preparation of this article.
Hall Render blog posts and articles are intended for informational purposes only. For ethical reasons, Hall Render attorneys cannot give legal advice outside of an attorney-client relationship.
