HOUSTON, TX - Executives at PM Realty Group (PMRG), a national, full-service commercial real estate firm, today broke ground on a new medical professional building that will provide much-needed office space and an ownership participation opportunity for physicians in northwest Houston.
PMRG is developing the CyFair Professional Building, located at the corner of Steepletop Drive and FM 1960 on the Cypress Fairbanks Medical Center campus. The new three-story, 60,000-square-foot facility will feature medical offices, a sleep lab, a women's diagnostic center, and related services. PMRG will provide property management and leasing services for the new facility. The project is valued at approximately .5 million.
The CyFair Professional Building is located on a six-acre parcel of land that was jointly acquired by PMRG and New York-based AIG Global Real Estate Investment Corporation in August 2005.
"Cypress Fairbanks is one of the fastest growing communities in Texas, and with that growth comes an increased demand for medical services," Ernest Johnson, PMRG's executive vice president of Capital Ventures said. "Currently, the community has a shortage of 300 physicians. Successful recruitment of additional medical professionals requires having sufficient office space. There are other projects underway in the area, but this will be the only medical office building on the campus of a full-service community hospital. Furthermore, we are the only class A medical office building in the area offering ownership interests to physicians. We saw this as a great opportunity to support the community's growth and meet a very specific need."
Development of the CyFair Professional Building is managed by PMRG's Glen Perkins and Kerry Burden. Leasing is handled by Glenna Duke. The facility should be open for occupancy in early 2007.
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com