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Kaiser Permanente has acquired Station Place III, a 10-story building in Washington, D.C., where it occupies 200,000 square feet, for $197.8 million, according to property records.
Located at 700 Second Street NE, the 507,273-square-foot building is part of the three-building Station Place complex next to Union Station. Station Place was developed by Property Group Partners in 2002.
The health system has leased 200,000 square feet in the building since 2011 for its Capitol Hill Medical Center and the Center for Total Health.
“Expanding access to health care for our members and the communities we serve is a top priority for us at Kaiser Permanente,” a spokesperson told Commercial Observer by email, adding this acquisition is part of that long-term commitment.
It was not immediately clear if Kaiser Permanente planned to occupy the rest of the building, much of which will soon be vacant. Last November, the Securities and Exchange Commission announced it was not renewing its 201,000-square-foot lease at the building, instead consolidating its space into the other two Station Place buildings over the next year. Additionally, The American Chemistry Council is moving from the building in 2025 and will relocate to a new building in the District.
Capitol Hill Medical Center has been in operation since 2011 and currently provides care to more than 60,000 members.
“It plays an important role in our work to meet the health care needs of our members living and working in D.C. and the surrounding communities,” the Kaiser Permanente spokesperson said. “This is an exciting step for our organization.”
Requests for comment from the seller were not immediately returned.
Keith Loria can be reached at kloria@commercialobserver.com.
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