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Office Medical

Eastern Medical Center

21 Eastern Ave, Worcester, MA 01605

Listing Price: $11,150,000

Cap Rate
5.00%
Gross SF
22,937
Rentable SF
21,444
Price/Gross SF
$486.11
Occupancy
100.0%
Year Built
2006
Lot Size
1.51 acres

Investment Overview

The subject property is a Class A Medical Office building located in Worcester, Massachusetts known as Eastern Medical Center. This four story, 22,937 square foot building sits on 1.51 acres of land and is 100% occupied. 50% of the building is occupied by credit tenants with the most notable being UMass Memorial (S&P Rating: A-) and Boston Children’s Hospital (S&P Rating: AA). Occupying over one-third of the building, UMass Memorial is the largest health care system in central Massachusetts and ranked the sixth best hospital in Massachusetts. UMass’ space includes three operating rooms, recovery rooms, and a fully equipped doctors’ lounge. They have occupied space in the building for over 12 years. Boston Children’s Hospital is the number one pediatric hospital in the nation and has operated in the building for over six years. The third notable tenant is Vascular Management & Innovations, who signed a seven-year lease in 2020 for almost 30% of the building and has invested over $1.2 million in capital renovations to their space in the past year. This surgical center also includes medical-grade flooring, an elevator, complete irrigation system, a wet fire system, and a new generator. The property also contains two levels of parking and 80+ parking spaces. Eastern Medical Center sits atop Eastern Avenue with excellent views of downtown Worcester and direct access to I-290, which serves almost 110,000 vehicles per day. Route 9 is conveniently located just north of the property providing easy access to I-495, making this location easily accessible for commuters. Surrounded by medical tenants, the property is located just across the highway from Saint Vincent Hospital and less than a mile from UMass Memorial Medical Center. Worcester is home to nine colleges and universities including Worcester State, Worcester Polytechnic Institute, Holy Cross, Clark University, Assumption College, and more. Worcester Polytechnic Institute (WPI) is located just one mile northwest of the property with a student population that exceeds 6,500. Worcester’s skyline is constantly changing with the large number of developments occurring and a major development is The Reactory campus, which is a 46-acre development located on the former Worcester State Hospital site. The site will consist of a state-of-the-art biomanufacturing park including a $50 million, 95,000 square foot flexible facility designed to house biotechnology and/or pharmaceutical companies built-to-suit. Another notable development in Worcester is the Worcester WooSox (the Triple-A affiliate of the Boston Red Sox), who are moving their minor league team from Pawtucket, RI to Worcester, which includes a $90 million Ballpark and 18 acres of development. Located one mile from the Eastern Medical Center, the development will also include two new hotels (150-Room Hotel & 110-Room Boutique Hotel), 250 new apartments, 65,000 square feet of retail and restaurant space, and a 350+ space parking garage. The third major development is City Square, which is a $565 million project in the heart of Worcester that will transform the downtown landscape. Located just half a mile from the subject property, the project includes a 365-unit residential building, a 168-room Marriott Hotel, along with over one million square feet of office and retail space. This multiphase project also includes an expansion for Saint Vincent Hospital campus including a 66,000 square foot $30 million Cancer and Wellness Center. UMass Memorial Health Care is also expanding into this development as they just executed a lease on 90,000 square feet of office space. Worcester is putting a major emphasis on economic development and revitalization within the city and all of these developments are in line with that mentality. These are just a few of the many developments happening right now in the city and, as the second largest city in New England, Worcester is dramatically evolving into a destination for major companies in the biomanufacturing sector and beyond. With the resurgence of developments and the medical presence in the city of Worcester, this makes the Eastern Medical Center a highly attractive asset.

Investment Highlights

  • Class A Medical Building
  • 100% Occupied with 6 Tenants
  • 50% Percent of Building Occupied by Credit Tenants

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

Office Medical

Eastern Medical Center

Listing Price: $11,150,000

Cap Rate
5.00%
Gross SF
22,937
Rentable SF
21,444
Price/Gross SF
$486.11
Occupancy
100.0%
Year Built
2006
Lot Size
1.51 acres

Investment Highlights

  • Class A Medical Building
  • 100% Occupied with 6 Tenants
  • 50% Percent of Building Occupied by Credit Tenants

Investment Overview

The subject property is a Class A Medical Office building located in Worcester, Massachusetts known as Eastern Medical Center. This four story, 22,937 square foot building sits on 1.51 acres of land and is 100% occupied. 50% of the building is occupied by credit tenants with the most notable being UMass Memorial (S&P Rating: A-) and Boston Children’s Hospital (S&P Rating: AA). Occupying over one-third of the building, UMass Memorial is the largest health care system in central Massachusetts and ranked the sixth best hospital in Massachusetts. UMass’ space includes three operating rooms, recovery rooms, and a fully equipped doctors’ lounge. They have occupied space in the building for over 12 years. Boston Children’s Hospital is the number one pediatric hospital in the nation and has operated in the building for over six years. The third notable tenant is Vascular Management & Innovations, who signed a seven-year lease in 2020 for almost 30% of the building and has invested over $1.2 million in capital renovations to their space in the past year. This surgical center also includes medical-grade flooring, an elevator, complete irrigation system, a wet fire system, and a new generator. The property also contains two levels of parking and 80+ parking spaces. Eastern Medical Center sits atop Eastern Avenue with excellent views of downtown Worcester and direct access to I-290, which serves almost 110,000 vehicles per day. Route 9 is conveniently located just north of the property providing easy access to I-495, making this location easily accessible for commuters. Surrounded by medical tenants, the property is located just across the highway from Saint Vincent Hospital and less than a mile from UMass Memorial Medical Center. Worcester is home to nine colleges and universities including Worcester State, Worcester Polytechnic Institute, Holy Cross, Clark University, Assumption College, and more. Worcester Polytechnic Institute (WPI) is located just one mile northwest of the property with a student population that exceeds 6,500. Worcester’s skyline is constantly changing with the large number of developments occurring and a major development is The Reactory campus, which is a 46-acre development located on the former Worcester State Hospital site. The site will consist of a state-of-the-art biomanufacturing park including a $50 million, 95,000 square foot flexible facility designed to house biotechnology and/or pharmaceutical companies built-to-suit. Another notable development in Worcester is the Worcester WooSox (the Triple-A affiliate of the Boston Red Sox), who are moving their minor league team from Pawtucket, RI to Worcester, which includes a $90 million Ballpark and 18 acres of development. Located one mile from the Eastern Medical Center, the development will also include two new hotels (150-Room Hotel & 110-Room Boutique Hotel), 250 new apartments, 65,000 square feet of retail and restaurant space, and a 350+ space parking garage. The third major development is City Square, which is a $565 million project in the heart of Worcester that will transform the downtown landscape. Located just half a mile from the subject property, the project includes a 365-unit residential building, a 168-room Marriott Hotel, along with over one million square feet of office and retail space. This multiphase project also includes an expansion for Saint Vincent Hospital campus including a 66,000 square foot $30 million Cancer and Wellness Center. UMass Memorial Health Care is also expanding into this development as they just executed a lease on 90,000 square feet of office space. Worcester is putting a major emphasis on economic development and revitalization within the city and all of these developments are in line with that mentality. These are just a few of the many developments happening right now in the city and, as the second largest city in New England, Worcester is dramatically evolving into a destination for major companies in the biomanufacturing sector and beyond. With the resurgence of developments and the medical presence in the city of Worcester, this makes the Eastern Medical Center a highly attractive asset.

Exclusively Listed By

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

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