LOS ANGELES –– Stockdale Capital Partners (“Stockdale”), a Los Angeles-based, vertically-integrated real estate investment firm, won approval from the Los Angeles City Council for its 145,000 square-foot, Class-A medical building on Los Angeles’ Westside, adjacent to the City of Beverly Hills at the intersection of San Vicente and Wilshire Boulevards.
Approved unanimously by the Los Angeles City Council at its October 28 meeting, the 656 S. San Vicente Blvd. project will now move forward, with construction anticipated to begin as early as late 2023.
“We are excited to bring this best-in-class medical office development to West Los Angeles, a market which remains extremely underserved with outdated product”, said Daniel Michaels, Managing Director, Stockdale Capital Partners. “Given the extreme health concerns of these past few years due to the pandemic, access to quality medical care remains an absolute priority and we believe this building will serve the neighborhood well. We are already in active discussions with leading healthcare providers for prospective tenancy.”
Located near major health care facilities including Cedars-Sinai Medical Center, UCLA Medical Center, and numerous other medical specialists’ offices in the area, 656 S. San Vicente Blvd. is the first major outpatient medical office building built in the area in over twenty years, meeting pent-up demand by healthcare systems and physicians in the area with an extremely low vacancy rate of 5% or less since the Beverly Hills medical office moratorium was enacted in 2011.
656 S. San Vicente Blvd. is designed to accommodate modern, higher-acuity procedures such as surgery and other invasive outpatient services that are not easily-placed in the older building stock of the West Los Angeles office markets. In addition to modern, patient centered medical space, 656 will also be home to state-of-the-art laboratory space that will serve the needs of medical researchers and focused studies in a supply-constrained market for both medical office and life science.
“Stockdale Capital Partners recognizes the importance of serving the area’s patient base in a modern, healing, and sustainable environment, with best-in-class design,” said Andrew Saba, Managing Director, Stockdale Capital Partners. “656 S. San Vicente Blvd. serves an essential public health need through the development and delivery of cutting-edge treatment space. This project will serve as a pivotal nexus for both care and research for nearby medical professionals, improving the health outcomes of the surrounding Communities.”
The built-in sustainability features of 656 S. San Vicente Blvd. include living gardens on the ground floor and upper floors, low-water usage and drip irrigation, increased plantings and greenspace, potential for building-integrated solar, use of recycled materials, high efficiency heating and cooling systems, and energy-efficient design and green spaces throughout. The building will also include electric vehicle charging stations and ample bicycle parking, in addition to 418 parking spaces with 100% valet service. Additionally, this project is located on Wilshire Blvd., a major transit thoroughfare with multiple rapid buses and the Purple (D) Line Extension station at Wilshire/La Cienega, just three blocks from 656 S. San Vicente, scheduled to open in 2024.
