HOUSTON, TX - Executives at PM Realty Group (PMRG), a national, full-service commercial real estate firm, today broke ground on a new medical professional building that will provide much-needed office space and an ownership participation opportunity for physicians in northwest Houston.
PMRG is developing the CyFair Professional Building, located at the corner of Steepletop Drive and FM 1960 on the Cypress Fairbanks Medical Center campus. The new three-story, 60,000-square-foot facility will feature medical offices, a sleep lab, a women's diagnostic center, and related services. PMRG will provide property management and leasing services for the new facility. The project is valued at approximately .5 million.
The CyFair Professional Building is located on a six-acre parcel of land that was jointly acquired by PMRG and New York-based AIG Global Real Estate Investment Corporation in August 2005.
“Cypress Fairbanks is one of the fastest growing communities in Texas, and with that growth comes an increased demand for medical services,” Ernest Johnson, PMRG's executive vice president of Capital Ventures said. “Currently, the community has a shortage of 300 physicians. Successful recruitment of additional medical professionals requires having sufficient office space. There are other projects underway in the area, but this will be the only medical office building on the campus of a full-service community hospital. Furthermore, we are the only class A medical office building in the area offering ownership interests to physicians. We saw this as a great opportunity to support the community's growth and meet a very specific need.”
Development of the CyFair Professional Building is managed by PMRG's Glen Perkins and Kerry Burden. Leasing is handled by Glenna Duke. The facility should be open for occupancy in early 2007.