Memorial Hermann Health System, Houston’s largest health system, opened a new 17-floor critical care tower at its Texas Medical Center hospital.
Memorial Hermann-Texas Medical Center’s new tower, dubbed the Susan and Fayez Sarofim Pavilion, began accepting emergency room patients effective Feb. 20, according to a hospital spokesperson.
Susan and Fayez Sarofim, the billionaire behind Houston-based investment firm Fayez Sarofim & Co., donated $25 million for the project — the largest gift Memorial Hermann had ever received when it was announced in February 2018. The Sarofim Pavilion was part of a roughly $700 million renovation and expansion project at Memorial Hermann-Texas Medical Center, according to Memorial Hermann.
“The Sarofim Pavilion enables Memorial Hermann to stay ahead of the fast-growing advances in medicine, keep pace with the extraordinary growth of the greater Houston metropolitan region and, most importantly, meet the health needs of our community for years to come,” David Callender, president, and CEO of Memorial Hermann said in a news release.
The new 17-floor tower has more than 140 patient rooms; 24 operating rooms, including three hybrid ORs; a 335-seat cafeteria dubbed the Arboretum Café; and 900 new parking spots. Sarofim Pavilion also is the new home of the Red Duke Trauma Institute at Memorial Hermann-TMC — one of two adult Level 1 trauma centers in Houston.
Operations for Memorial Hermann’s air ambulance service, Life Flight, moved on top of the new tower. The new John S. Dunn Heliport is 10,000 square feet larger than the old helipad and is capable of handling the weight of a Black Hawk helicopter.
“As the Houston community is growing by leaps and bounds, the need for access to quality health care increases exponentially,” Susan Sarofim, chair of the Memorial Hermann Foundation board between 2015 and 2017, said in the release. “Memorial Hermann has stepped up to the plate to deliver a new facility with greatly increased patient capacity and state-of-the-art equipment. Fayez and I are so proud to support Memorial Hermann as the health system continues to deliver award-winning, innovative care to the Houston community.”
Construction began on the Memorial Hermann-TMC expansion in 2015. The building of Sarofim Pavilion took over 5,500 workers and 3.5 million man-hours, according to Memorial Hermann. Houston-based Vaughn Construction served as the project’s general contractor.
PEARLAND – HCA Houston Healthcare recently broke ground on the HCA Healthcare Center for Clinical Advancement, a new, state-of-the-art training center.
NAI Partners’ Griff Bandy, Partner, and Joe Bright, Senior Associate, represented HCA in the transaction for the 48,400-SF. ground-up new build located at Pearland Town Center, 11200 Broadway Street, just west of Texas 288.
The project is scheduled to open by early 2021. The healthcare organization signed a long-term lease for this specialized build-to-suit.
The training center will have high-fidelity hospital simulation labs, connected classrooms and de-briefing rooms, where the health system’s nearly 7,000 nurses will receive ongoing clinical education and training.
“We’re extremely pleased to have been able to find the perfect solution for HCA in the heart of Pearland Town Center, and honored to play a small role in helping bring a healthcare training and meeting facility of this magnitude to fruition,” said Bandy.
“This was a complex deal given our client’s specific requirements,” added Mr. Bright.
HCA Houston Healthcare officials will gather with shovels and hard hats at the site of the HCA Healthcare Center for Clinical Advancement for an official groundbreaking ceremony on Wednesday, February 26.
“The HCA Healthcare Center for Clinical Advancement is a significant part of our strategic nursing plan to support and grow our nurses as the differentiator at our hospitals and other facilities,” says Kelli Nations, chief nurse executive at HCA Houston Healthcare, one of the city’s largest healthcare systems. “It certainly helps us raise the bar for nursing care in Houston.”
Elite 25sm, the premier membership organization for luxury real estate agents, has announced its expansion in Spring 2020 with the launch of chapters in Houston and Dallas, Texas. Established in 1994 and based in Austin, Texas, Elite 25sm represents a city’s top luxury residential agents, providing ample opportunities to increase exposure, bolster reputations, network with fellow top luxury agents and stay educated on real estate trends and happenings. Beyond the value for members, Elite 25sm also presents an incomparable asset for buyers and sellers, taking out the guesswork of finding an agent.
“We’re excited to bring this exclusive opportunity to luxury realtors in the largest real estate markets in Texas,” said Tony Trungale, Managing Director of Elite 25sm and a Senior Loan Officer with PNC Bank. “This organization has proven to be an invaluable resource for our members, allowing unmatched time and space for networking and dealmaking.”
Founding Elite 25 Austin member Cindy Goldrick of Wilson & Goldrick Realtors said of the group: “I’ve been a member of Elite 25sm in Austin since its inception 25 years ago and it has been an essential part of my real estate career and success. Elite 25sm membership provides individual agents recognition as verified leading producers of high-end homes and, equally important, it offers camaraderie with other top agents and the opportunity to network. I’ve been excited and motivated to work to meet the criteria each and every year.”
Members apply on an annual basis and are chosen based solely on production numbers, ensuring a true representation of the city’s top professionals. Criteria for membership varies year to year, but eligibility begins with a minimum of four homes sold each over $1 million. In 2019, each of Austin’s 34 members sold at least eight homes over $1 million – a major marker of Austin’s booming housing market – for a staggering collective sales total exceeding $1 billion.
“In today’s fiercely competitive market, Elite 25sm is the perfect platform to provide a competitive edge for my clients,” said Dara Allen, Broker Associate and Sales Manager for Compass Austin. “All members of Elite 25sm are experts in the luxury market and our monthly luncheons – always in a member’s fabulous new listing – give us the opportunity to share coming soon and pocket listings.”
Elite 25 Houston and Elite 25 Dallas will continue under the leadership of Tony Trungale, with Advisory Board members to be announced. Marketing efforts will continue to be managed by Commission.Co, a boutique Austin-based agency specializing in social media, video, and design for luxury and commercial real estate.
Houston’s commercial property values will continue to trend upward in 2020 as demand for development opportunities expands amid the region’s positive job growth, according to Deal Sikes, a leading Houston-based valuation firm.
“Although there are a few exceptions, the real estate market in Houston is headed for another good year,” said Mark Sikes, a principal with Deal Sikes. “The region’s economy is healthy and although the energy industry is in a lackluster period, the overall economic outlook is outstanding.”
Houston’s industrial market is attracting interest from around the nation and research indicates that more than 15 million square feet of warehouse space are under construction in the Greater Houston area.
“Prices for land or urban infill development property has risen significantly in recent years,” Sikes said. “Rising land prices have pushed the wave of industrial development farther away from the center of the city and outer suburban land prices have increased accordingly.”
Property values in the urban core of the city remain strong as developers and builders locate buildings for redevelopment or seek sites that are appropriate for new construction, Sikes said.
“Multifamily construction is strong in Houston and researchers report more than 25,000 units are now under construction, although the pace is expected to be slightly more moderate in 2020 as the new inventory is absorbed,” Sikes said. “Investor demand is good and multifamily valuations have not yet peaked in most submarkets.”
Newer office buildings and Class A towers under construction are leasing briskly, although Houston’s office market is the most sluggish sector.
The Texas Medical Center, where more than 100,000 people are employed, is a source of growth for Houston and several hospitals and research facilities are expanding.
“Houston’s commercial real estate values will be on a solid upswing in 2019,” said Matthew Deal, a principal with Deal Sikes. “With Houston expected to gain population significantly in the next decade, the long-term forecast must include rising property prices that will be very impressive over the long haul.”
Lee & Associates was awarded the leasing and management of five Houston office buildings totaling 430,000 square feet in 2019.
The company’s landlord agency team will lease and manage 550 Westcott (83,366 square feet); 4101 Interwood (80,000 square feet); 1505 S. Highway 6 (63,487 square feet); 16430 Park Ten Place (110,408 square feet) and 10101 Southwest Freeway (102,292 square feet). The buildings range from Class A to Class B.
“Our recent success has been due to the depth of our team and the focus we have on technology and platforms for today’s digital marketplace,” Robert LaCour, Lee & Associates principal said in an announcement.
Lee & Associates added a property management group in 2019. The company specializes in commercial real estate services for office, industrial and land real estate investments