Oregon Health & Science University Secures Sale/Leaseback Of Its OGI School Campus In Hillsboro To Wakefield Capital, LLC
8 Jan, 2007, Portland, OR
Sale/Leaseback Allows OHSU To Invest More Than $24 Million Into Its Endowment Fund And Maintain Control Of Its OGI Campus
Cushman & Wakefield of Oregon, Inc. announced today that Oregon Health & Science University (OHSU) has secured a sale/leaseback transaction of its OGI School of Science & Engineering campus located at 20000 NW Walker Road in Hillsboro.
OGI consists of 286,000 square feet of office and lab space located in 15 buildings on a 40 acre site. OHSU sold the property for $44,400,000 to Wakefield Capital, LLC. OHSU will then lease back the property from Wakefield Capital for a minimum of seven years plus two, three-year options to extend the lease for up to 13 years.
Based in Chevy Chase, Maryland, Wakefield Capital is a private equity fund that invests in strong credit, single tenant properties within the healthcare industry. This transaction represents Wakefield Capital’s first investment in the Pacific Northwest.
Gary Griff, Senior Director for the Capital Markets Group, with support from Tom Usher, Senior Director for Office Leasing and Jim Lewis, Associate, for the Capital Markets Group of Cushman & Wakefield represented both OHSU and Wakefield Capital in the transaction.
“We were very pleased to help OHSU sell its OGI campus which now allows the University to invest more than $24 million into its endowment fund for the future,” said Griff. “Additionally, OHSU’s long-term leaseback with Wakefield Capital means that the University can still maintain control of its OGI campus – a perfect combination for students and faculty alike.”
“This brings us another step closer to fully realizing the potential of merging a school of science and engineering with an academic health center,” said OHSU President Joseph E. Robertson Jr., M.D., M.B.A. “Our strategy of integration is allowing OHSU to build teams that can work together to engineer a healthier world.”
Oregon Health & Science University is the state’s only health and research university, and its only academic health center. OHSU is Portland's largest employer and the fourth largest in Oregon (excluding government), with 11,600 employees. The institution serves as a catalyst for the region's bioscience industry and is an incubator of discovery, averaging one new breakthrough or innovation every three days, with more than 3,500 research projects currently under way. OHSU disclosed 116 inventions in 2006 alone, and has helped start 28 new spinoff companies since 2000, most of which are based in Oregon.
About Cushman & Wakefield:
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. Cushman & Wakefield also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.
# # # #
Contacts: Erica Perez