The first new multi-tenant medical office building built in San Francisco since the 1980s offers a convenient central location, scenic views and more
SAN FRANCISCO and SAN DIEGO, Aug. 4, 2021 — Thanks to the recent lease of the last remaining full floor to a major health system, 1100 Van Ness, San Francisco’s largest and newest medical office building (MOB), is now about 92 percent leased to a variety of world-class medical providers.
The landmark 250,000-square-foot, 10-story, state-of-the-art medical building was developed in a joint venture between San Diego-based PMB, one of the nation’s most prominent developers of medical office buildings, and Ventas Inc., a premier healthcare real estate investment trust and capital partner headquartered in Chicago.
“We are extremely proud to have been selected by a leading healthcare provider several years ago to become the developer on this landmark medical office building project,” says Mark Toothacre, Partner and President of PMB. “Now, with its convenient urban location, 1100 Van Ness houses top-notch physicians and labs that provide easy access to important outpatient healthcare services, particularly during the pandemic.”
Mr. Toothacre adds, “Not only is this the first new multi-tenant medical office building constructed in the city since 1984, it provides tenants many unique benefits. They enjoy beautiful views, easy access to major San Francisco neighborhoods and convenient underground parking. Plus tenants and patients can easily go to California Pacific Medical Center via a tunnel underneath Van Ness that connects to the hospital.”
The 1100 Van Ness building is home to more than 100 healthcare specialists. Combined, these providers offer a wide range of medical services for area resident such as cancer care, cardiology, a transplant clinic, OBGYN and neurology. Additionally, Stanford Children’s Health Specialty Services occupies a full floor and offers children and adolescents care across 17 subspecialities, marking a significant step for children’s healthcare in the city.
Other tenants include Walgreens, San Francisco Surgical Medical Group, San Francisco Critical Care Medical Group and Cranial Technologies, providing a unique full-service ambulatory care center in the heart of San Francisco. The building also features a five-level, 383-space underground parking garage.
Mr. Toothacre says the 1100 Van Ness building, which was completed in March 2019 after a 13-year entitlement effort and complex construction process, is enabling its healthcare provider-tenants to better serve the growing San Francisco area population and comply with new California seismic building codes.
A few select tenant leasing opportunities are still available, with remaining spaces ranging from about 1,000 to 15,000 square feet.
PMB’s mission is to improve healthcare delivery, effect change and positively impact communities. As a healthcare real estate developer focused on the continuum of care, PMB can provide the infrastructure to cure disease, heal families and empower the greatest minds in the industry. Healthcare is in our DNA. Our company is 100 percent focused on healthcare real estate across the continuum of care – from community-centric health and wellness to health-focused seniors housing, outpatient, inpatient and post-acute care. PMB has developed over 100 facilities to date representing approximately 5.5 million square feet. The firm owns and manages 65-plus medical facilities comprising over 4.8 million square feet.
Ventas, an S&P 500 company, operates at the intersection of two powerful and dynamic industries – healthcare and real estate. As one of the world’s foremost Real Estate Investment Trusts (REIT), we use the power of capital to unlock the value of real estate, partnering with leading care providers, developers, research and medical institutions, innovators and healthcare organizations whose success is buoyed by the demographic tailwind of an aging population. For more than twenty years, Ventas has followed a successful strategy that endures: combining a high-quality diversified portfolio of properties and capital sources to manage through cycles, working with industry leading partners, and a collaborative and experienced team focused on producing consistent growing cash flows and superior returns on a strong balance sheet, ultimately rewarding Ventas stakeholders. As of March 31, 2021, Ventas owned or had investments in approximately 1,200 properties.