Cedars-Sinai Expands Footprint With Leased Office Space at Runway Playa Vista
Leading Healthcare Provider to Establish Significant Presence Within New Mixed-Use Development, Enhancing Access to its Services Throughout the Area
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Los Angeles - Aug. 3, 2015 – Cedars-Sinai is enhancing its footprint in Southern California with a new regional office at Runway Playa Vista. Cedars-Sinai has signed an 11-year lease for the entire 32,000-square-foot commercial office space in the community's central retail district, with plans to open by the end of next year.
The new space at Runway will enable Cedars-Sinai to extend its world-class primary care and specialty healthcare services to people living and working throughout the adjacent communities of Culver City, Mar Vista, Marina del Rey, Playa del Rey, Playa Vista and Westchester. The new site is part of Cedars-Sinai's ongoing efforts to create convenient access to its high-quality services close to where people live and work.
Construction will transform the second, third and fourth floors of Runway into high-quality medical office space leased by Cedars-Sinai, which will be an anchor for the new mixed-use lifestyle center. The medical offices will be located above Runway's popular shops and restaurants, many of which have recently opened, including Whole Foods Market, Starbucks and CVS/pharmacy.
"We are excited to join the Playa Vista community with the beautiful new office space to be created at Runway for the patients we are privileged to serve there," said Thomas M. Priselac, president and CEO of Cedars-Sinai Health System. "We look forward to continuing to deliver high-quality services for our current patients and welcoming new referrals when these offices open next year."
Thomas D. Gordon, senior vice president of Cedars-Sinai Health System, added, "This new regional office will allow Cedars-Sinai Medical Group physicians to extend our innovative and patient-centered services in a location that is convenient for residents throughout the nearby communities."
Cedars-Sinai is a national leader in providing high-quality, patient-centered healthcare encompassing primary care as well as the most advanced specialty services. It is widely recognized for research that has led to life-saving discoveries and clinical innovations in the treatment of heart disease, cancer and brain disorders, among other areas.
Just minutes from the Pacific Ocean, Runway offers a modern work-live-play lifestyle on the Westside with significant residential, commercial, retail and open space. When complete, Runway will comprise more than 220,000 square feet of retail, 420 residential units and the office space just leased by Cedars-Sinai. The mixed-use property is spread across 11 acres in the core of the growing Silicon Beach community.
"This is a significant announcement for Runway, for residents and workers in the Playa Vista community, and for our neighbors across the Westside," said David Binswanger, executive vice president of Lincoln Property Company. "We are pleased to welcome such a prestigious group of medical professionals as they take residence in our office space. This addition will further strengthen Runway's reputation as a center for all of our community's needs, from best-in-class dining and entertainment to world-class healthcare services."
Todd Doney and Chris Isola of CBRE represented Cedars-Sinai Medical Group in the transaction. Kent Handleman and Robert Hook led the negotiations for Lincoln Property Company.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln's cumulative development efforts have produced more than 100 million square feet of commercial space and more than 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Visit www.lpcsocal.com for more information.