Blue Arch Capital, Lincoln Property, and LoanCore Form Alliance
Blue Arch Capital, Lincoln Property Company, and LoanCore Capital Team Up
Blue Arch Capital, a well-known real estate private equity firm, has joined forces with Lincoln Property Company and LoanCore Capital to form a strategic partnership aimed at owning and operating a premier medical office building in Manhattan. This collaboration centers around their latest project, Park Sixty, which stands as a top-tier Class-A medical office facility located at 110 East 60th Street.
Prime Location and Facilities
Park Sixty boasts a prime location nested in the Plaza District, a bustling area between Park Avenue and Lexington Avenue. This property is strategically positioned near many of New York City's leading employers and the East Side Medical Corridor. It features a comprehensive layout that includes 179,000 square feet of medical office space alongside 7,000 square feet designed for retail, a combination that makes it an attractive option for healthcare providers. With a recent $20 million renovation, the building has been modernized with state-of-the-art infrastructure, a revamped lobby, and enhanced common areas, creating an inviting atmosphere for patients and staff alike.
Enhancing Patient Care and Experience
Josh Friedman, a partner at Blue Arch, expressed tremendous enthusiasm about the project, highlighting how Park Sixty is designed to offer a superior clinical environment and patient experience. He emphasized the commitment to utilizing their combined management skills to optimize tenant satisfaction while ensuring that patients receive the best care possible.
Commitment to Leading Healthcare Solutions
Jared Toothman, the EVP and Market Leader at Lincoln Property Company, echoed Friedman's sentiments, stating the excitement around collaborating to lease available spaces post-renovation. He noted Lincoln's extensive experience in healthcare real estate services will be instrumental in creating a premier tenant experience that aligns with the building's high standards.
Future of Healthcare at Park Sixty
Richard Small, Managing Director at LoanCore, emphasized the significance of partnering with industry giants like Blue Arch and Lincoln, describing Park Sixty as a comprehensive solution for diverse healthcare providers. The project's location in New York City, home to many of the largest public and private healthcare systems in the nation, not only elevates the office's status but also promises to facilitate innovative medical practices and research.
About the Companies Involved
About Blue Arch Capital
Blue Arch Capital is recognized for acquiring and managing properties that hold core-plus and value-add potential across various asset classes throughout the United States. With over $4 billion in gross assets under management, Blue Arch operates through several channels, including discretionary funds and joint ventures, gearing up to meet the needs of diverse institutional investors.
About Lincoln Property Company
Boasting $27 billion in gross assets under management, Lincoln Property Company is among the leading private real estate firms in the nation. Their integrated platform offers innovative real estate solutions across numerous sectors, including healthcare, residential, and mixed-use properties, showcasing Lincoln's commitment to comprehensive service through the entire real estate lifecycle.
About LoanCore Capital
LoanCore, operating out of Greenwich, Connecticut, is a prominent real estate investment manager with a track record of over $30 billion in transactions since its inception. The firm continues to forge dynamic real estate solutions tailored to the unique needs of its partners and the broader market, building a reputation for innovation and reliability.
Frequently Asked Questions
What is the purpose of the strategic partnership?
The partnership aims to enhance the ownership and operation of Park Sixty, a premier medical office building, focusing on delivering exceptional tenant and patient experiences.
Where is Park Sixty located?
Park Sixty is situated at 110 East 60th Street, in the heart of Manhattan's Plaza District, near significant employers and healthcare facilities.
What renovations were made at Park Sixty?
The building underwent a $20 million renovation that included new infrastructure, a modernized lobby, and upgrades to common areas.
Who are the main players in this partnership?
The partnership includes Blue Arch Capital, Lincoln Property Company, and LoanCore Capital, each bringing unique expertise to the project.
What can we expect from Park Sixty in the future?
Park Sixty is designed to serve as a leading medical office space, supporting various healthcare providers while enhancing patient care and experiences in New York City.
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