Vanderbilt University Medical Center 15-year lease extension completed
February 11, 2015 – LaSalle Investment Management, a leading global real estate investment manager, today announced that Vanderbilt University Medical Center has completed a 15-year lease extension at a LaSalle-owned property in Nashville, Tenn.
The Medical Center operates Vanderbilt Health at One Hundred Oaks, which anchors the nearly 900,000 square foot medical office-retail complex. Vanderbilt Health at One Hundred Oaks occupies 450,000 square feet, with retail comprising approximately 450,000 square feet of additional space.
Jim Garvey, Managing Director, LaSalle, said: “We’re excited to continue our longstanding relationship with Vanderbilt. The Medical Center’s outpatient clinic complex is one of the largest and most successful facilities of its kind in the country. By committing for another 15 years Vanderbilt has demonstrated its commitment to the property complex as well as the greater Nashville community.” Vanderbilt University Medical Center was represented by Hines. Mark Ferris, a managing director with Hines, commented, “We were delighted to have the opportunity to be of service to Vanderbilt in the evaluation of its long term occupancy at One Hundred Oaks. Working with a world class owner like LaSalle resulted in overall success for both parties.”
Vanderbilt Health at One Hundred Oaks has been open since February 2009, and is the Medical Center’s largest off-campus complex of outpatient adult and pediatric clinics. Prior to Vanderbilt’s move to the property, the location was the site of Nashville’s first shopping mall, which went through an extensive renovation in 2008 resulting in a turnaround for the property, purchased by LaSalle in 2012, and continues under LaSalle’s ownership today. With the extension of Vanderbilt’s lease, the property remains at nearly full occupancy, with 99 percent of the office and retail space leased.