NexCore Group Breaks Ground on Medical Office Building for Saint Agnes Hospital in Baltimore

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MOB an integral part of the hospital’s $200 million campus revitalization plan

Saint Agnes Hospital Medical Office Building, Baltimore

NexCore has responded with flexibility and creativity every step of the way.

NexCore Group LP, a top-ranked national healthcare real estate developer, has broken ground on an 80,000 square foot medical office building (MOB) on the campus of Saint Agnes Hospital in Baltimore. The ground break is NexCore’s third of 2011.

NexCore is developing the $24 million MOB in collaboration with Saint Agnes Hospital — a 298-bed, full-service teaching hospital with residency programs in medical and surgical specialties. Saint Agnes is a member of Ascension Health, the largest non-profit healthcare organization in the country.

The new MOB is part of the hospital’s $200 million master plan to enhance and expand its campus. The campus revitalization will create 550,000 square feet of new facilities and patient-friendly, integrated environments that better serve the hospital’s growing patient base. Major progress on the revitalization plan has been completed over the past three years, including the campus centerpiece, a new 200,000 square foot patient tower with 120 private rooms.

The four-story MOB will be connected to the hospital on multiple levels and will have its own patient-dedicated surface parking. The facility will house independent and hospital-employed physician groups as well as growing hospital programs such as the Cancer Institute and Cardiovascular Institute. The Cancer Institute at Saint Agnes was recently awarded the highest accreditation possible for a cancer program from the Commission on Cancer, an accreditation level that has been bestowed on only 14 percent of the nation’s hospitals.

“We are excited about the new medical office building, which is our first on-campus medical office development in over 20 years,” says Bonnie Phipps, President & CEO of Saint Agnes. “We view the new facility as an integral part of our campus revitalization. It will provide our patients and medical staff with a modern, conveniently located ambulatory care center and will also allow our Cancer Institute to expand its capacity by 40 percent.”

“We’ve definitely had our challenges on this project, and NexCore has responded with flexibility and creativity every step of the way,” says Ms. Phipps. “For example, NexCore was willing to redesign the MOB late in the pre-development process to help us attract more physicians to our campus. We value a developer that puts the hospital’s strategic objectives first.”

“We are proud to develop and own this important building,” says Jarrod Daddis, Executive Managing Director at NexCore. “The new building will provide space for state-of the-art outpatient services in oncology, cardiology, thoracic, urology, pulmonology and hepatology and will provide growth for more providers. It is exciting to be a part of the history and future of healthcare at Saint Agnes Hospital.”

NexCore Group is providing a full spectrum of healthcare real estate services for the MOB project, including strategic planning, development, financing, leasing and management.

About NexCore Group LP

NexCore Group delivers comprehensive healthcare real estate solutions for hospitals, healthcare systems, and physician partners across the United States. Recognized by Modern Healthcare as one of the Top 20 Healthcare Real Estate Developers since spinning off from its predecessor company in 2004, NexCore has become one of the nation’s most active and respected healthcare developers. NexCore has grown its operating platform, expanded with regional offices, and increased its portfolio of developed, acquired, and managed projects to include nearly 5.2 million square feet of facilities, with nearly 1.8 million square feet currently under management. NexCore is headquartered in Denver, with offices in Chicago and Bethesda, Md. For more information, please visit http://www.nexcoregroup.com. Contact: Tracy Hindman, Marketing Director, 303-244-0700.

Fact Sheet

Saint Agnes Hospital Medical Office Building
http://www.nexcoregroup.com/in-development/SaintAgnesHospitalMOB

Location: 3407 Wilkens Ave., Baltimore, Md. 21229 (on the Saint Agnes Hospital Campus)

Size: Four levels, 80,000 square feet

Construction Start: October 2011

Planned Occupancy: October 2012

Client: Saint Agnes Hospital, Baltimore (member of Ascension Health)

Developer: NexCore Group LP, Denver

Owner: The project is being financed and will be owned by NexCore Group

Architect: RTKL, Baltimore and Washington D.C.

Construction Manager: Whiting-Turner Contracting Company, Baltimore

Property Manager: NexCore Properties LLC, Denver

Asset Manager: NexCore Properties LLC, Denver

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Tracy Hindman
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