Project Outline
GVA
Kidder Mathews serves Overlake Hospital Association, headquartered in
Bellevue, WA, under several contractual and special-services
arrangements:
-
Conventional Property Management
Services
-
Asset Management Services
-
Valuation Advisory Services
GVA Kidder Mathews was selected February 2000 from a RFP process and
retained as Property Manager for Overlake Hospital Association’s medical
office building portfolio. Under its scope of services, GVA Kidder
Mathews has delivered comprehensive property management services for (8)
separate buildings totaling 348,703 square feet owned/controlled by this
regional hospital and healthcare provider, including: building and
portfolio-level operational budgeting; accounting, financial management
and reporting; parking contract management; development and supervision
of vendor contracts (e.g. elevator, janitorial, etc.): building
engineering and maintenance; tenant relations; leasing and marketing;
lease administration; and reporting. GVA Kidder Mathews established and
maintains a management office onsite at the Overlake Hospital
Association campus to serve the account.
GVA Kidder Mathews provided consultation during the
development/construction phase of the 198,417 square feet Overlake
Medical Tower to ensure effective transition to stabilized operations,
collaborating with the general contractor, architect, legal counsel and
multiple design, engineering and technical consultants. Major
objectives during the initial phase of the transition included
re-positioning the older campus medical office buildings to market-rate
services and leasing.
Services Provided
During our assignment with Overlake Hospital Association, GVA Kidder
Mathews:
-
Established competitive, market-rate
services for the Medical Office Buildings
-
Integrated Hospital plant and Medical
Office Building operations, where appropriate
-
Implemented professional, accurate,
lease administration protocols
-
Instituted accounting controls,
procedures, allocations, and reporting to relieve Hospital staff
-
Established effective tenant relations
programs
-
Maximized economic occupancy at 95%+
-
Achieved and maintained positive cash
flow from real estate operations
As Asset Manager to Overlake Hospital Association since September 2001,
GVA Kidder Mathews functions as the “Director of Real Estate”, a
“corporate staff” position on the organization chart. GVA Kidder
Mathews provides strategic real estate services that: integrate real
estate functions and services; assess and improve real estate planning
and execution to meet strategic expectations; implement decisions
through collaboration with the Board of Directors, volunteers and staff;
coordinate real estate actions with other organizational functions;
administer property leasing program and direct marketing and leasing
activities of client properties; direct risk management, regulatory and
safety compliance activities with respect to client properties; direct
strategic planning, financial and operational analysis; and, as
assigned, design and construction of property acquisitions and
dispositions.
Representative accomplishments include:
-
Representing the Hospital in 2004 in
the lease of 50,000 SF of class A space for administrative uses with
highly favorable terms
-
Administration of the Hospital’s
“off-campus” Urgent Care Center in Issaquah, WA; this facility
incorporates a Women’s Center, Clinic, and obstetrics practice
Working closely with multiple Hospital departments and the finance
department to facilitate and coordinate re-locations precedent to
building demolition as part of campus expansion.
Valuation Advisory Services has provided Overlake Hospital with
valuation and consulting services for their main campus; including:
-
Valuations for select properties to
support re-collateralize the property for bond holders
-
Study of value impacts of the 10th
Street overpass project proposed by the City of Bellevue
-
Appraisal of the Overlake Medical
Tower for financing purposes
