NEWTON, Mass.--(BUSINESS WIRE)--The RMR Group Inc. (Nasdaq: RMR) announced today that it has completed a $26 million redevelopment of 1145 19th Street, NW, a 133,000 square foot, eight-story medical office property in Washington DC.
The newly renovated Class A property offers sophisticated amenities that enhance the patient and tenant experience such as valet garage parking, an inviting lobby lounge, a technologically advanced conference and training center and a spacious fitness facility overlooking bustling 19th Street. The redeveloped medical property has a new sleek all-glass exterior façade and underwent significant HVAC upgrades, making it highly energy efficient while reducing operational costs. 1145 19th Street, NW offers medical professionals a variety of necessary services such as on-site radiology, surgery center and laboratory testing allowing for full-coverage patient care. The RMR Group managed the redevelopment, partnering with SmithGroup Architecture and DAVIS Construction.
Conveniently located between M and L Street on 19th Street in Northwest Washington, DC, the redeveloped property sits in the heart of the city’s Central Business District (CBD), offering direct access to a wide range of amenities including shops, restaurants and entertainment venues, all within walking distance. The building benefits from accessibility to public transportation as well as easy access to major arteries such as George Washington Parkway, The Capital Beltway and I-66. Additionally, the numerous public and private entities that are located in the lively CBD generate a significant demand for all medical specialties in the building. The building is also within a five-mile radius of four of the city’s major hospitals.
Chris Bilotto, Vice President, Asset Management of RMR, provided the following statement:
“1145 19th Street is a premier medical office property, unlike any other in the Washington DC market. The redevelopment was focused on creating an inviting and comfortable atmosphere for patient care – new mechanical systems for better operating efficiencies and offering amenities to enhance the tenant and patient experience.”
Nick Zuppas, Principal at Gittleson Zuppas Medical Realty, provided the following statement:
“This property is in a very prominent Washington DC location, making it highly visible for doctors and easily accessible for patients. With over 30 thriving practices already in operation, 1145 19th Street, NW offers many benefits for your medical practice. With the newly completed, multi-million dollar renovations, 1145 19th Street, NW is setting a new standard for best-in-class medical office buildings relative to the competitive set in Washington, DC.”
The property is owned by Diversified Healthcare Trust (Nasdaq: DHC) and managed by The RMR Group. The RMR Group also manages DHC and is responsible for providing all aspects of property management services to more than 1,300 buildings with over 93 million square feet of commercial office, industrial, medical office, life science and retail space.
Nick Zuppas and Andrew Papantoniou of Gittleson Zuppas Medical Realty are leading the leasing efforts for the property. For more information on 1145 19th Street, NW, please visit 1145medical.com.
About The RMR Group Inc.
The RMR Group Inc. is a holding company and substantially all of its business is conducted by its majority owned operating subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate related operating companies. As of June 30, 2020, The RMR Group LLC had $32.0 billion of total assets under management, including over 2,100 properties, and employed over 600 real estate professionals in more than 30 offices throughout the United States; and the companies managed by The RMR Group LLC collectively had nearly 45,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.
About Diversified Healthcare Trust
Diversified Healthcare Trust is a real estate investment trust (REIT) focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum: by care delivery and practice type, by scientific research disciplines, by property type and location. As of June 30, 2020, DHC’s $8.3 billion portfolio included more than 410 properties in 38 states and Washington, D.C., occupied by more than 600 tenants, and totaling close to 12.0 million square feet of medical office and life science properties and 30,000 living units. DHC is managed by the operating subsidiary of The RMR Group Inc. an alternative asset management company that is headquartered in Newton, MA. To learn more about DHC, visit www.dhcreit.com.