{"id":1004135529,"date":"2016-01-25T08:03:42","date_gmt":"2016-01-25T16:03:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004135529"},"modified":"2025-02-24T23:54:30","modified_gmt":"2025-02-25T07:54:30","slug":"avison-young-to-manage-major-medical-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/avison-young-to-manage-major-medical-office-portfolio\/","title":{"rendered":"Avison Young to Manage Major Medical Office Portfolio"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004135535\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Harrison-Street-Portfolio-2440-M.-St.-Washington-D.C..jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004135535\" data-attachment-id=\"1004135535\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/avison-young-to-manage-major-medical-office-portfolio\/harrison-street-portfolio-2440-m-st-washington-d-c\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Harrison-Street-Portfolio-2440-M.-St.-Washington-D.C..jpg\" data-orig-size=\"800,522\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Harrison Street Portfolio, 2440 M. St., Washington, D.C.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Harrison Street Portfolio, 2440 M. St., Washington, D.C.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Harrison-Street-Portfolio-2440-M.-St.-Washington-D.C..jpg?w=800\" class=\"size-medium wp-image-1004135535\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Harrison-Street-Portfolio-2440-M.-St.-Washington-D.C..jpg\" alt=\"Harrison Street Portfolio, 2440 M. St., Washington, D.C.\" width=\"300\" height=\"196\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Harrison-Street-Portfolio-2440-M.-St.-Washington-D.C..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Harrison-Street-Portfolio-2440-M.-St.-Washington-D.C..jpg?resize=300,196 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Harrison-Street-Portfolio-2440-M.-St.-Washington-D.C..jpg?resize=768,501 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004135535\" class=\"wp-caption-text\">Harrison Street Portfolio, 2440 M. St., Washington, D.C.<\/p><\/div>\n<p><a href=\"https:\/\/www.avisonyoung.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Avison Young<\/a>&#8216;s\u00a0very healthy management presence in metropolitan Washington, D.C., just got healthier. The commercial real estate services firm was recently tapped by <a href=\"https:\/\/www.harrisonstreet.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Harrison Street Real Estate Capital<\/a> to serve as exclusive property manager for a 1.5 million-square-foot medical office building portfolio.<\/p>\n<p>Harrison Street was looking for a firm that could navigate the geographic and market intricacies of the assignment, and Avison Young emerged as the perfect fit. \u201cAvison Young\u2019s client-centric, principal-led culture is a great match for the complex healthcare real estate sector,\u201d Jim Kornick, principal with Avison Young, told CPE.<\/p>\n<p>The group of properties consists of 24 MOBs in D.C., Northern Virginia and Maryland, and it also bolsters Avison Young\u2019s footprint in the Midwest with buildings in suburban Chicago. Harrison Street was also attracted to the firm\u2019s position as a leader in the healthcare real estate sector in the metro Washington area.<\/p>\n<p>\u201cWe have become the largest manager of medical office in the region because our clients recognize that Avison Young delivers the \u2018high touch\u2019 property management required for this type of building,\u201d Kornick said. \u201cMedical office buildings are high traffic, operate long hours and serve visitors who are vulnerable. Our clients recognize and appreciate that Avison Young understands the unique needs of medical tenants.\u201d With the new Harrison Street assignment, the firm\u2019s D.C.-area management portfolio now encompasses 10 million square feet of commercial real estate space, 3.5 million square feet of which consists of institutional-quality MOBs.<\/p>\n<p>Harrison Street is a leader in the area\u2019s MOB subsector as well. The real estate investment company acquired the majority of the 24-property portfolio from <a href=\"https:\/\/www.writ.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Washington REIT<\/a> in late 2013 in a $500 million transaction, and completed the collection in 2015 with the purchase of a 70,000-square-foot asset in Arlington, Va., from ProMed Properties in a $28.5 million deal facilitated by Avison Young on the seller\u2019s behalf.<\/p>\n<p>The MOB subsector is thriving across the country and the D.C. region is no exception. It\u2019s an owners\u2019 market. As Kornick noted, \u201cThe Washington Metro medical market is very site-constrained; barriers to new development are high, therefore, there has been limited new development. As a result, demand for class A space is high and alternatives limited.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Avison Young&#8217;s property management presence is growing in the D.C. area with its selection by Harrison Street Real Estate Capital to manage a 1.5 million-square-foot medical office building portfolio.<\/p>\n","protected":false},"author":969,"featured_media":1004135535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21754,11,21742,21747,21785,1615],"tags":[],"class_list":["post-1004135529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-medical-office","category-midatlantic","category-latest","category-office","category-property-management","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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