On October 1, 2020, the entire dedicated MBRE Healthcare team separated from MB Real Estate into a newly formed company, not a part of MB Real Estate, known as Remedy Medical Properties.
Firm joins with Arbor Lodging and Metro Park to co-invest in a 40-story multi-use building that also houses hotels and parking in a busy medical and commercial area.
CHICAGO, Oct. 17, 2018 – MBRE Healthcare, a full-service healthcare real estate company, today announced that it has co-invested in the acquisition of 93,000 square feet of medical office space, a 352-room dual-branded hotel, and a 225-stall parking garage at 150 and 160 E. Huron Street in the Streeterville neighborhood of Chicago’s Near North Side.
The building is strategically located across the street from Northwestern Memorial Hospital, Lurie Children’s Hospital, and the Rehabilitation Institute of Chicago, and is just one block from the famed Magnificent Mile commercial district.
Chicago-based MBRE Healthcare teamed with Arbor Lodging Partners and Metro Park Inc. for the acquisition, utilizing a unique co-investment structure. The 40-story, Class A building consists of three property types that are vertically subdivided into medical office space (floors 7-13), two sister hotels (floors 14-40), and a valet parking garage (floors 2-6).
“We’re excited to own and manage this well-located, urban property with phenomenal healthcare tenants, including Northwestern Memorial Hospital, University of Chicago Medicine, and the Eating Recovery Center,” says Peter Westmeyer, President of MBRE Healthcare. “The closing of this deal adds to an already robust year of growth for our company across the country.”
Northwestern Memorial Hospital’s Osher Center for Integrative Medicine is one of the leading facilities of its kind in the nation. Among the services offered there are integrative medicine, and primary care, nutritional counseling, behavioral medicine, and chronic pain treatment.
University of Chicago Medicine offers such specialties as primary care, a women’s health clinic, internal medicine, cardiology, dermatology, endocrinology, pulmonary medicine, gastroenterology, sleep medicine, and rheumatology.
The Eating Recovery Center is a licensed behavioral hospital with Joint Commission accreditation. The center was founded by a team of experts using evidence-based findings and innovation to treat eating disorders. The Eating Recovery Center operates 25 treatment centers across seven states, and is the only fully integrated national healthcare group exclusively dedicated to the treatment of eating disorders and related conditions at all levels of severity and stages. The center offers inpatient, residential, partial hospitalization, and outpatient programs.
The medical office space in the East Huron Street building is 99 percent leased and is expected to continue to experience high demand, as the average occupancy rate for medical space within a five-mile radius is 97 percent. In addition, the adjacent Northwestern University Medical Campus receives more than 2.5 million outpatient visits annually and was recently named by U.S. News & World Report as the best hospital in Illinois for the seventh consecutive year. Another boost to the building is its location near the Magnificent Mile, which averages more than 50,000 pedestrians a day and has more than 450 retail stores and 275 restaurants.
Other components of the property include the 127-room Homewood Suites Chicago Downtown/Magnificent Mile and 225-room Hampton Inn Chicago Downtown/Magnificent Mile. Chicago-based Arbor Lodging plans a $7 million renovation to the rooms, common areas, and more. Metro Park, also based in Chicago, owns and operates several other local parking facilities.
“We couldn’t be happier about our continued investment in the Chicago area, and collaborating with our partners, Arbor Lodging and Metro Park, on this outstanding property,” Mr. Westmeyer says.
Remedy Medical Properties is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with over 28 million square feet and 25 offices spanning 43 states. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy.