The Offering
Colliers International, Inc. has been retained by the owner of Century City Medical Plaza (CCMP) on an exclusive basis to identify a replacement operator for the now vacant hospital facility either through a lease or sale. The acute care hospital facility which closed for business in August 2008 is licensed for 176 beds. CCMP is located at the northeast corner of Olympic Boulevard and Century Park East in the Century City business district of Los Angeles directly adjacent to the city of Beverly Hills. CCMP is a 1.85 acre medical campus consisting of the approximately 170,000 square foot 9-story hospital building and a 200,000 square foot, 18-story medical office building. The two separate building structures share a common plaza and are situated over an 800 space parking facility with 4.5 subterranean levels. The medical office building remains fully operational and is currently 83% leased to a diverse group of physicians and medical groups. As an alternative to a lease of the hospital facility to a replacement operator, the owner is amenable to a sale of the entire CCMP property including the adjacent medical office building for continued use as a hospital or for a proposed alternative use.
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Property Profile
| Offering |
For Sale or Lease |
| Property Type |
Hospital |
Medical Office Building |
| Address |
2070 Century Park East |
2080 Century Park East |
| Year Built |
1971, Renovated in 2005 |
1969 |
| Project Size |
170,000 SF |
200,000 SF |
| Floors |
9 |
18 |
| Offering Price / Lease Rate |
TBD |
| Total Property Area |
1.85 Acres |
| Number of Buildings |
2 |
| Parking |
4.5 sutbterranean parking levels – Approximately 800 spaces |
Opportunity Highlights
- The hospital facility provides a replacement operator with an acute care hospital solution in a premiere location with strong “demographics” for physicians and healthcare providers.
- The hospital facility has undergone significant building upgrades within the past several years, including:
new mechanical systems, electrical, plumbing, the addition of new patient rooms with private suites, and seven fully remodeled operating room facilities.
- CCMP is situated in the Century City business district within walking distance of hotels, restaurants and shopping. Located adjacent to Beverly Hills, CCMP is minutes from the 10 and 405 freeways.
- The 18-story medical office building has historically maintained near full occupancy, and has recently undergone common area and elevator upgrades.
- As an alternative to continued use as a hospital facility, strong potential exists for conversion to an alternative use such as office, medical office or residential. A conversion to office use would result in the availability of a significant number of excess “trips” under the Century City North Specific Plan.
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