PM Realty Group Secures 15,653 Square Foot Medical Office Lease

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PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced the company has brokered a lease agreement with Cardiology and Interventional Vascular Associates (CIVA) for 15,653 square feet.

Greenville Medical Tower

“CIVA retained Kyle Libby and PMRG because of PMRG’s absolute experience in representing ambulatory healthcare enterprises," said Layton H. Lang, Chief Administrative Officer for CIVA.

PM Realty Group (PMRG) a national, full-service commercial real estate firm, today announced the company has brokered a lease agreement with Cardiology and Interventional Vascular Associates (CIVA), board-certified physicians with a reputation for excellence in diagnosing and pioneering innovative treatments for cardiovascular disease, for 15,653 square feet of medical office space at Greenville Medical Tower, located at 7150 Greenville Ave., Suite 500, directly adjacent to Presbyterian Hospital.

“As a result of precipitous Medicare fee reductions over the past two years, CIVA witnessed an alarming number of cardiology practices across the country being sold to hospitals,” said Layton H. Lang, Chief Administrative Officer for CIVA. “Our objective was to remain independent and financially viable by reducing operating expenses in every area of the company without layoffs of essential staff. Renegotiating our lease with the current building owners created immediate savings.”

“CIVA retained Kyle Libby and PMRG because of PMRG’s absolute experience in representing ambulatory healthcare enterprises. Since Kyle is educated in every conceivable aspect of our cardiology business, he was able to quickly discern which lease terms were the most important to us. His efficacious approach and willing utilization of resources produced an advantageous arrangement for both parties. In addition, I am pleased that the Greenville Medical Tower will remain CIVA’s hub location as we continue to expand beyond the eastern section of North Texas,” added Lang.

“PMRG's extensive experience in the commercial real estate industry coupled with its history of servicing privately held and publically traded clients in the healthcare industry paved the way for PMRG’s Healthcare Advisory Group to serve, on a national scale, hospitals and healthcare practices such as CIVA,” said Scott Kuklish, Executive Vice President, Managing Director of Medical Property Services. “We’ve represented over 125 hospital systems, managed, leased and developed over 15 million square feet of healthcare real estate and look forward to serving other prestigious healthcare providers such as CIVA.”

PMRG’s Kyle Libby, Vice President and Healthcare Advisory Group member, represented the tenant. Listing broker was Darryl Cothron of Peloton Commercial Real Estate.

About PM Realty Group
Headquartered in Houston, PM Realty Group (PMRG) is a privately held real estate firm of more than 1,300 employees and 25 divisional and regional offices that conducts business in every major state.

With more than 55 years of experience, PMRG provides services to a portfolio valued in excess of $30 billion. The firm’s diversified client base includes institutional and private investors, real estate investment trusts, government agencies, corporations and healthcare service providers.

PMRG focuses on creating value for its clients and offers a full spectrum of real estate services, including property and facility management, leasing, marketing, investment sales, construction management and engineering. In addition, PMRG partners with clients in comprehensive development and joint venture investment programs. For additional information, visit http://www.pmrg.com.

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Sommer Bukowski