HOUSTON — LaSalle Property Fund has purchased the 28-story Memorial Hermann Medical Plaza located in the Texas Medical Center.
The seller was a partnership led by Mischer Healthcare and Memorial Hermann Health System, along with other investors. That ownership group originally opened the 510,000-square-foot building in 2007. The transaction, valued at $405 million, was handled on behalf of the sellers by Scott Galloway, Colby Mueck and Rusty Tamlyn of HFF.
The Class A medical office tower is approximately 99 percent leased and drew significant interest from buyers nationwide, according to Rusty Tamlyn.
Situated in the northwest section of the 1,345-acre medical center, the building at 6400 Fannin sits between Main and Cambridge streets. It stands adjacent to Memorial Hermann’s campus, faces Palmer Memorial Episcopal Church, and offers views toward Hermann Park and the Houston Zoo.
“Memorial Hermann Medical Plaza is widely regarded as one of the country’s premier medical office complexes, and it has been a privilege to work with Memorial Hermann to develop this Class A+ asset,” said Walter Mischer, Jr., General Partner and President of Mischer Healthcare. “I’m pleased that LaSalle has succeeded Mischer Healthcare as owner, and I’m confident they will continue to deliver excellent service to Memorial Hermann and the building’s other tenants.”