Big UT Southwestern Lease Helps Start New Medical Office Building
Rubicon Development, Bow River Capital Partners Begin Next Phase of Medical Office Complex in Las Colinas
Workers began excavating a tract adjacent to a soon-to-deliver medical office building in Irving, TX's Las Colinas master-planned community, which will bring a $24 million addition to the two-building medical office complex.
The three-story, 70,000-square-foot medical office building at 6121 N. Highway 161 is getting help from UT Southwestern, a growing health care system that has committed to the upper two floors of the building.
"This project is different than what we had anticipated a year-and-a-half ago when we started the project with UT Southwestern becoming an anchor tenant with a growing presence in Las Colinas," said Kyle Jacobs, managing partner at Dallas-based Rubicon Representation's development arm, Rubicon Development LLC.
Rubicon Development has partnered up with Denver-based Bow River Capital Partners on the new medical office building.
"This building will have clean lines with a greater glass ratio than the previous building, with the main differentiator being the planned surgery center on the first floor," Jacobs said.
About 60 percent of the new building has been pre-leased to UT Southwestern and Clinical Pathologies Labs, which will take a portion of the first floor of the building. Each tenant plans to move in upon the building's completion in June 2019.
UT Southwestern and Clinical Pathologies Labs will help create an epicenter of health care to residents in the Irving area, Jacobs said.
"A patient could theoretically come into the first phase of the project and be treated for everything from cardiology to orthopedics to urology and then see a specialist in the second phase of the project," he said. "It can really be a one-stop solution for a patient."
Upon completion of the initial phase this summer, the Gateway medical office complex expects to have 50 primary care doctors in a facility spanning 95,000 square feet of medical office space. The two buildings are designed to share the same driveways and be seamlessly integrated.
As North Texas continues to add new residents to the region, Jacobs said he expects health care systems to continue to expand to neighboring suburbs to help meet growing demand. For Las Colinas, this is the first new medical office complex built in the last decade, he added.
"These kinds of projects are becoming more common in the Metroplex," Jacobs said. "Suburban areas are trying to become more independent with amenities like health care so residents don't always have to go to Dallas."
For the record:
Architect: Dallas-based BOKA Powell
General Contractor: Irving-based Ridgemont Commercial Construction
Leasing: Dallas-based Rubicon Representation