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PM Realty Group Develops 55,000 SF Tuscan
Professional Building in Las Colinas
DALLAS – PM Realty Group, one of the nation’s leading full-service commercial real estate firms, today announced the development of the Tuscan Professional Building in Las Colinas. The new facility, designed by physicians for physicians, will offer 55,000 square feet of medical office space and surgery center on 3.6 acres of property. Architecturally unique, the property will be owned and occupied by physicians. The Tuscan Professional Building will be open for business in 2004.
Glen Perkins, Senior Vice President and Director of Development and Acquisitions at PM Realty Group, and Kerry Burden, Vice President of Development and Construction, oversee all phases of development. CB Richard Ellis has been named as leasing representative and currently has signed leases for 60 percent of the building. John Huff and Ed Schnieders are the lead brokers. A groundbreaking ceremony will take place in the coming weeks.
“Medical office buildings such as the Tuscan Professional Building provide numerous benefits to both physicians and patients,” Perkins said. “Among the benefits, physicians get a stable retirement investment and patients receive a more relaxed and convenient environment than a hospital campus provides.”
The lead physician groups -- Texas Digestive Disease Consultants, P.A. and the Texas Colon and Rectal Surgeons Associates, LLP -- will own the building and will occupy approximately 10,000 square feet at the building upon its completion. These two practices have also joined forces to develop a 7,500-square-foot endoscopy center within the building. Partnership interests will also be offered to other physicians who relocate their offices to the facility.
“The Tuscan Professional Building has been developed to specifically address patient and physician needs,” said Dr. Steven Katzman, a gastroenterologist and President of the building partnership. “Experienced design and construction industry professionals executed this state-of-the-art project. The end result will be an independent and non-hospital-affiliated facility to allow greater flexibility for physician practices and patient care.”
PM’s medical office expertise and local prominence in the Dallas-Ft. Worth build-to-suit market positions the firm to be at the forefront of the growing medical office development trend. PM’s task was two fold: to primarily, develop a building that considered the needs of physicians and patients; and secondarily, to create a sound investment vehicle for the physician owners.
“Dr. Katzman and his partners realized they could not only create a great work environment, but also hedge the increasing expense of rent by generating a source of income as a partial owner in their building,” Perkins said. “They understood that being a partner in a larger building, rather than a smaller condominium, offered greater opportunity to attract institutional investors when they decide to sell, potentially resulting in much higher capital appreciation.”
The architects for the building are the internationally recognized firm of Dallas-based Jonathan Bailey & Associates, who solely focus in planning and designing healthcare projects. Financing for the project was provided by Regions Bank. | 
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