Saturday, July 31, 2021
84.1 F
Fort Worth

Texas Health Care expands Magnolia lease

🕐 1 min read

Lincoln Harris CSG has negotiated a renewal and expansion of Magnolia Medical Tower’s lease on behalf of Texas Health Care PLLC. The expansion spans 3,015 square feet at the 1307 Eighth Ave. property in Fort Worth and brings the total transaction to 10,343 leased square feet.

“The recent renovation of Magnolia Medical Tower makes it a premier space in the health care real-estate market,” said Banks Newton, transaction manager with Lincoln Harris CSG, commenting in a news release. “We are pleased that the property has continued to meet the needs of Texas Health Care,” Newton said.

Representing Velocis, a private equity real-estate fund that owns the building, in the transaction was Newton. Velocis recently completed $1.5 million in renovations at the property to improve the quality of the asset for current and future tenants. Steve Relyea of The Relyea Co. negotiated on behalf of the tenant, Texas Health Care, a specialty physician group practice owned and governed by physicians, for physicians.

Among the six-story building’s renovations are new corridor finishes, renovated lobby areas and reconstructed restrooms. The building’s entries and exits now feature upgraded doors for what planners call a more cohesive look and to ensure Americans with Disabilities Act compliance. Also upgraded are the tower’s mechanical and fire alarm systems.

Most of the building was repainted, and new signage was installed. Also part of the renovation is a new canopy over the walkway bridge leading from the parking garage roof to the office building.

Formerly known as Medical Arts Building, the tower is adjacent to Baylor All Saints Medical Center. The renewal and expansion bring the building to 75-percent occupancy.

— A. Lee Graham  

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Related Articles

Our Digital Sponsors

Latest Articles

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate