SAN RAMON, Calif., Feb. 25, 2013 /PRNewswire/ -- Transwestern today announced that it brokered a long-term lease of more than 17,000 square feet of medical office space for IntegraMed America, a specialty healthcare services company, at Park Place Medical Building in San Ramon, Calif. The complex, owned by Oakland, Calif.-based Park Place Medical Building LLC, was recently renovated and converted for use by medical practices.
"The concentration of medical practices in former office buildings in suburban areas is a distinct and growing trend in both the commercial real estate and healthcare industries," said Transwestern Vice President Sonny O'Drobinak, a medical office specialist in the firm's East Bay office who brokered the lease on behalf of the landlord. "Park Place Medical Building is in close proximity to the San Ramon Regional Medical Center, which is just on the other side of Interstate 680. This location makes it convenient not only for residents in the entire Tri-Valley region, but also for patients from Castro Valley and Hayward."
Built in 1984, the two Class A buildings that share the 100 Park Place address have nearly 48,000 square feet of total space and are surrounded by lush landscaping and a water element.
"This is very good timing on the part of IntegraMed," added O'Drobinak. "The vacancy rate for Class A office space in San Ramon has dropped remarkably over the past year or so, from double digits to roughly seven percent, and existing space in the market keeps growing tighter. A collection of specialty medical practices at Park Place Medical Building should do very well."
Rick Steffens and Knute Bucklew of Cornish & Carey Commercial Newmark Knight Frank represented IntegraMed America in the lease transaction.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 180 offices in 36 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.