Medical Office Entitlement Program

Purchased in a bankruptcy transaction, the new Ownership secured a 90% vacant, high-quality, 50,000 SF office building.  Through financial analysis, it was determined that repositioning to medical office use was the highest and best opportunity for high quality premium tenants in this market.  However, the existing onsite parking was not adequate for the medical office zoning requirements.

 

Working with the City Planning staff to secure an administrative agreement with conditions, we secured a Minor Exception Permit without going to public hearing.  With this solution in place, the medical office image upgrade, infrastructure improvements and leasing plan achieved an asset sale and 300% value enhancement.