Dallas, TX (Vocus/PRWEB) March 23, 2011
Both the Dallas skyline and the landscape of cancer care have a new landmark. The Baylor Charles A. Sammons Cancer Center on the Baylor University Medical Center campus is now open.
Indianapolis-based Duke Realty Corp. (NYSE: DRE) is the developer, property manager and medical office space broker for the huge new outpatient cancer treatment facility.
The $154 million, 10-story, 459,717-square foot facility, which is a joint venture of Duke Realty and Milwaukee-based Northwestern Mutual Life Insurance Co. Inc., was developed on a site leased from Baylor. The building is 94 percent leased and is anchored by Baylor Health System (252,977 square feet) and Texas Oncology (172,932 square feet). The remaining space is available for affiliated physicians.
“The phrase ‘world class’ is sorely overused, but this is one facility that genuinely deserves that designation,” says Deeni Taylor, Executive Vice President, Duke Realty. “Baylor has been a leader in oncology since the Charles A. Sammons Cancer Center was established 35 years ago. This new outpatient facility reasserts and expands that growing national and international reputation.”
The Baylor Charles A. Sammons Cancer Center houses a dedicated radiation oncology wing with four linear accelerators, as well as a diagnostic imaging center with MRI, PET and CT scanners. It also includes an outpatient clinic and urgent care center; oncology, breast oncology, multi-disciplinary and transplant clinics; infusion therapy and bone marrow transplant areas; and space for research and clinical trials. Other features, amenities and ancillary services include an atrium, restaurant, café, coffee shop, gift shop, prosthetics retail, chapel, pharmacy, labs, penthouse level, terrace balconies, fountains, and a healing garden and meditation area. The building also features 54 surface parking spaces and two levels of underground parking with 246 spaces, as well as 829 parking spaces in an adjacent garage.
New Facility Will Help Baylor to Achieve Its Vision
The Baylor Charles A. Sammons Cancer Center occupies nearly 5 acres directly across from Baylor’s former inpatient and outpatient cancer care complex. That building is being converted to a 100 percent inpatient facility as part of a separate $37.4 million, 181,432-square foot renovation project that is under way and scheduled to be completed in 2013. The two buildings are linked by an enclosed sky bridge. Other associated work includes a new $30 million, two-story, 24,843-square foot central utility plant.
“To achieve our vision of becoming a worldwide destination for cancer care, we needed a commercial real estate firm that was equal to the tremendous size and scope of this project,” says Wes Huff, Director of Real Estate for Baylor Health Care System. “We needed a third-party developer with the experience and financial strength necessary to arrange off-balance sheet financing for the development, construction and ownership of a $150 million-plus facility. We also needed a firm with extensive experience in the property management and leasing of cancer centers, and one that was willing to make a long-term commitment to the project.
“Duke Realty met all of our expectations. Their team of healthcare development experts worked with us to navigate the complex strategic, financial, operational and regulatory issues associated with this project – delivering a complete real estate solution. As a result, the Baylor Charles A. Sammons Cancer Center satisfies the needs of patients, visitors and staff; reinforces the Baylor brand through an iconic new building; and brings Baylor another step closer to our goal of becoming a worldwide destination for cancer care.”
“The fact that we were able to raise $154 million in financing during the depths of the recession and global financial crisis speaks for itself,” Mr. Taylor says. “Although we were prepared to self-finance this project, Savills assisted us by bringing in Northwestern Mutual as a partner. Together, we have delivered a facility that was funded by all equity and is 100 percent debt free.
“More importantly, this project creates the largest cancer care facility in North Texas, providing expanded, integrated space for advanced technologies and therapies for cancer treatment, as well as more space for cancer research, education and related services.”
Baylor has relied on Duke Realty for several other projects in and around Dallas in recent years. Since 2007, the company has developed a medical office building (MOB) for Baylor in Plano, an administrative office building in Dallas, an orthopedic and spine hospital in Arlington, and a replacement of Baylor Medical Center at Uptown in Dallas. In addition, Duke Realty is developing an MOB for Baylor in McKinney.
The development process for the Baylor Charles A. Sammons Cancer Center began in May 2008 and construction began in April 2009. In February 2010, the cancer center was recognized as the winner of the Best Real Estate Deals: Best Medical Project award by the Dallas Business Journal. The project is also on track to receive Leadership in Energy and Environmental Design (LEED®) Gold certification from the U.S. Green Building Council (USGBC), which is based on a sustainable, energy-efficient design.
The grand opening of the new Baylor Charles A. Sammons Cancer Center is scheduled for Saturday, March 26. For information on the grand opening, please visit http://www.baylorhealth.com or click here: Grand Opening Invitation. The building will also be featured May 4 in a tour during the annual BOMA Medical Office and Healthcare Facilities Conference.
Some medical office space is still available for lease in the Baylor Charles A. Sammons Cancer Center. For information, please contact John Huff of Duke Realty at 972.361.6715 or john(dot)huff(at)dukerealty(dot)com.
About Baylor Health Care System
Baylor Health Care System is a not-for-profit, faith-based supporting organization providing services to a network of acute care hospitals and related health care entities that provide patient care, medical education, research and community service. Baylor recorded more than 2.6 million patient encounters, $3.8 billion in total operating revenue, $4.4 billion in total assets and $513.5 million in community benefit in fiscal year 2010. Baylor’s network of more than 260 access points includes 26 owned/operated/ ventured/affiliated hospitals, 23 joint ventured ambulatory surgical centers, 50 satellite outpatient locations, four senior centers and 156 HealthTexas Provider Network physician clinics. For more information, please visit http://www.baylorhealth.com.
About Duke Realty
Duke Realty owns and operates more than 139 million rentable square feet of industrial, office, and medical office space in 18 major U.S. cities. Duke Realty Corp. is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at http://www.dukerealty.com.
Duke Realty’s healthcare division supports hospitals and physician groups with development, ownership, leasing and management services. With more than 20 years in the industry, our team offers proven experience in providing hospitals and physician groups comprehensive planning, development, ownership and facility management services. Projects have ranged from small medical office buildings to large healthcare centers with diagnostics, oncology and surgery services.
Formerly known as BremnerDuke, Duke Realty’s healthcare division was created by the February 2007 acquisition of Bremner Healthcare by Duke Realty. To find out more, please visit http://www.dukerealty.com/healthcare.
Baylor Charles A. Sammons Cancer Center
Location: 3410 Worth St., Dallas, on the campus of Baylor University Medical Center, the flagship hospital of Baylor Health Care System. The new outpatient cancer treatment facility is directly across from the existing Charles A. Sammons Cancer Center, which is being converted into a 100 percent inpatient facility.
Development Cost: $154 million
Size: Ten stories, 459,717 square feet on about 5 acres. The building also features 54 surface parking spaces and two-levels of underground parking with 246 spaces.
Schedule: Construction began in April 2009 and was completed in March 2011.
Tenants: The building is 94 percent leased and is anchored by Baylor Health Care System (252,977 square feet) and Texas Oncology (172,932 square feet). The remaining space has been set aside for lease by affiliated physicians. Texas Oncology is the world’s largest medical practice dedicated to cancer treatment and research, with more than 300 physicians and 100 locations.
Developer: Duke Realty Corp. (NYSE: DRE)
Owner: A joint venture of Duke Realty and Northwestern Mutual Life Insurance Co. Inc.
Real Estate Advisor and Investment Bank: Savills LLC
General Contractor: MEDCO Construction LLC
Mechanical, Electrical and Plumbing Engineer: CCRD Partners
Structural Engineer: L.A. Fuess Partners Inc.
Law Firms: Baker Botts LLP and Hunton & Williams LLP
Asset Manager: Duke Realty
Property Manager: Duke Realty
Leasing and Marketing: Duke Realty
Medical Office Space Broker: John Huff of Duke Realty at 972.361.6715 or john(dot)huff(at)dukerealty(dot)com.