CENTURY CITY MEDICAL PLAZA For Lease or Sale
2070-2080 Century Park East Century City, California
CENTURY CITY MEDICAL PLAZA
THE OFFERING
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OPPORTUNITY HIGHLIGHTS • The hospital facility provides a replacement operator with an acute care hospital solution in a premiere location with strong “demographics” for physicians and healthcare providers. • The hospital facility has undergone significant building upgrades within the past several years, including: new mechanical systems, electrical, plumbing, the addition of new patient rooms with private suites, and seven fully remodeled operating room facilities. • CCMP is situated in the Century City business district within walking distance of hotels, restaurants and shopping. Located adjacent to Beverly Hills, CCMP is minutes from the 10 and 405 freeways. • The 18-story medical office building has historically maintained near full occupancy, and has recently undergone common area and elevator upgrades.
EXIT PUBLIC PARKING ENTRANCE
PARKING BOOTHS
• As an alternative to continued use as a hospital facility, strong potential exists for conversion to an alternative use such as office, medical office or residential. A conversion to office use would result in the availability of a significant number of excess “trips” under the Century City North Specific Plan.
ELEVATORS SERVICE AREA ELEVATORS
CENTURY PARK EAST
Century City, California
Wilshire Wilshire Blvd Blvd 405
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2070-2080 Century Park East
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Hospital Medical Office Building 2070 Century Park East 2080 Century Park East 170,000 Square Feet 200,000 Square Feet 9 Floors 18 Floors Built in 1971, renovated 2005 Built in 1969 General Parking: 4.5 sutbterranean parking levels – Approximately 800 spaces Site Area: 1.85 acres Offering Price / Lease Rate: TBD
SITE PLAN
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PROPERTY PROFILE
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Colliers International, Inc. has been retained by the owner of Century City Medical Plaza (CCMP) on an exclusive basis to identify a replacement operator for the now vacant hospital facility either through a lease or sale. The acute care hospital facility which closed for business in August 2008 is licensed for 176 beds. CCMP is located at the northeast corner of Olympic Boulevard and Century Park East in the Century City business district of Los Angeles directly adjacent to the city of Beverly Hills. CCMP is a 1.85 acre medical campus consisting of the approximately 170,000 square foot 9-story hospital building and a 200,000 square foot, 18-story medical office building. The two separate building structures share a common plaza and are situated over an 800 space parking facility with 4.5 subterranean levels. The medical office building remains fully operational and is currently 83% leased to a diverse group of physicians and medical groups. As an alternative to a lease of the hospital facility to a replacement operator, the owner is amenable to a sale of the entire CCMP property including the adjacent medical office building for continued use as a hospital or for a proposed alternative use. For more information and to access the Due Diligence Library, please visit www.ColliersIRES.com/CCMP.
HOSPITAL
LOBBY
MEDICAL OFFICE BUILDING
AMBULATORY CARE CENTER
LOBBY
ELEVATORS
PLAZA AREA PUBLIC PARKING ENTRANCE
OLYMPIC BOULEVARD
DOCTORS ENTRANCE
CENTURY CITY MEDICAL PLAZA
CENTURY CITY MARKET OVERVIEW Century City Medical Plaza is located on the corner of Olympic boulevard and Century Park East in the business district of Century City. Century City is a 176-acre commercial and residential “City within a City” situated on the Westside of Los Angeles bordered by Beverly Hills to the east and Westwood to the west with access from the 405 and 10 Freeways via Santa Monica, Olympic or Pico boulevards. Century City’s transformation began in the late 1950’s from a “backlot” of the 20th Century Fox Studios (which still calls Century City its headquarters) to a major commercial center now populated with many of Los Angeles’ most prestigious entertainment and investment companies, law firms and real estate related businesses. Century City is also rich in retail amenities including The Westfield Century City Mall, home to 150 retailers, a movie theater and 20 restaurants. The world renowned Century Plaza Hotel is also located in Century City catering to VIP’s, visiting dignitaries and politicians. Century City is home to more than 2,000 upscale residences and 2,500 businesses with the median income of its residents listed at more than $85,000 annually. Commercial office space is scarce in Century City with vacancy rates holding firm in the single digits. Vacancy for medical office also remains low within the greater West Los Angeles submarket. The “barriers to entry” for further development are high with no developable land currently available and restrictions for additional development further constrained due to parking and traffic regulations. For more information, please contact Darrin Kennedy Managing Director, IRES 213.861.3323 darrin.kennedy@colliers.com
John Wadsworth Vice President, Healthcare Services 949.724.5528 john.wadsworth@colliers.com
Mike Ross Senior Vice President 213.596.2266 michael.ross@grubb-ellis.com
www.ColliersIRES.com/CCMP The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Confidentiality and Non-Disclosure Agreement / Disclaimer (“CNDA”)
CENTURY CITY MEDICAL PLAZA 2070-2080 Century Park East Century City, California
Colliers International, Inc. (“Broker”) has been exclusively retained by Century City Medical Plaza Land Co., Inc., as trustee (“Owner”), to market for sale the property commonly known as 2070-2080 Century Park East, Century City, CA (“Property”). The buyer (“Buyer”) or co-broker (“Co-Broker”) referenced at the end of this CNDA is interested in evaluating a potential purchase of the Property. Any reference to “you” in this CNDA shall be to Buyer or Co-Broker, as applicable. You are entering into this CNDA for the benefit of Owner and Broker with the intention that each of Owner and Broker shall be entitled to rely upon this CNDA and hold you responsible hereunder. All Property information (collectively, “Information”) provided by Owner or Broker is intended solely for the limited use and benefit of a prospective buyer or such prospective buyer’s agent(s) (collectively, a “Prospect”) in determining whether a Prospect desires to express any further interest in the purchase of the Property. Based upon receipt of the Information, you hereby represent and agree as follows: The Information was prepared and/or approved for release by Owner and is being presented by Broker. The Information contains selected material pertaining to the Property but does not purport to be all-inclusive nor to contain all of the material that a Prospect may desire. It should be noted that certain of the Information provided is for general reference purposes only in that it is based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and, therefore, is subject to material variation. Additional Information and an opportunity to inspect the Property will be made available, in the sole discretion of Owner, to interested and qualified Prospects. Neither Owner nor Broker nor any of their respective affiliates, officers, representatives or agents have made any representation or warranty, expressed or implied, as to the accuracy or completeness of any of this Information, and no legal commitments or obligations shall arise by reason of any of this Information. A Prospect should perform, and agrees that it will perform and rely upon, its own due diligence as it relates to the physical, environmental, economic, legal, and all other matters relating to its evaluating a potential acquisition of the Property. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Broker does not conduct investigations nor analyses of environmental matters and, accordingly, urges its clients and Prospects to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB’s and other contaminants or petro chemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used within the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. You agree that any Information provided you will be of a confidential nature and that you will hold and treat it in the strictest confidence. Therefore, you agree to keep all Information strictly confidential; provided however, that any such Information may be disclosed to your directors, officers, employees, lawyers, accountants and lenders (“Representatives”) who need to know such Information for the purpose of assisting you with the evaluation of the Property. Such Representatives shall be informed by you of the confidential nature of such Information, shall be directed by you to treat such Information with strict confidence and shall agree to be bound by the provisions of this CNDA. You are liable for any Representative's breach of this CNDA. Furthermore, you agree that you will not disclose any of the Information to any other persons, other than your Representatives, without the prior written authorization of Owner, which Owner may withhold in Owner’s sole discretion, nor use any of the Information in any fashion or manner detrimental in any way to the interest of Owner or Broker. The terms and conditions
stated in this CNDA will relate to each and every portion of the Information as if stated independently therein. You will not, and will cause your Representatives to not, copy or duplicate any of the Information (except that you may copy Information for your Representatives). You will immediately return, and will cause your Representatives to immediately return, the Information to the person from which you received such Information (Owner or Broker, as appropriate) promptly if you or Owner decide not to go forward with discussions or if its return is requested by Owner. Your obligations to keep the Information confidential shall not include any of the Information that: (i) is or becomes publicly available other than as a result of acts by you or your Representatives in breach of this CNDA; or (ii) your counsel advises must be disclosed pursuant to a subpoena or other court order, but only to the extent specified in such subpoena or court order; provided prior to complying with any such order you shall give written notice to Owner that such demand has been made upon you and to the extent not legally prohibited you shall provide Owner with an opportunity to contest any such direction or order. You are advised that Broker is acting on behalf of Owner as sole and exclusive agent in connection with the sale of the Property or the lease of the hospital building constituting a part of the Property. If a Prospect engages a real estate agent licensed by the State of California (“Prospect’s Broker”) to represent Prospect’s interest in this transaction and if Prospect’s Broker is actively and materially involved in the transaction, any co-brokerage fees thereto will be limited to no more than those designated within Broker’s separate listing agreement with Owner. Any other fees asserted by Prospect’s Broker and/or agents of Prospect are the responsibility of Prospect. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any Prospect at any time with or without notice and without any reason or cause. Owner shall have no legal commitment or obligation to any Prospect reviewing any of the Information, making an offer to purchase the Property or negotiating a long form contract to purchase the Property unless and until such a long form contract has been fully executed, delivered, and approved by Owner, in Owner’s sole discretion, and any conditions to Owner’s obligations thereunder have been satisfied or, in Owner’s sole discretion, waived. Without limiting the generality of the foregoing, no letter of intent that may be executed by Owner shall be binding upon Owner. In the event of your breach of this CNDA, you agree that the Owner would be irreparably harmed with no adequate remedy at law and shall be entitled to relief, including, but not limited to, injunctive relief. You agree to defend, indemnify and hold harmless Owner, Broker and their respective affiliates, employees, officers, directors and partners from and against all claims, costs, damages, expenses, liabilities and losses, including attorneys' fees and expenses, arising out of any breach of your obligations under this CNDA. In the event of any dispute arising out of or relating to this CNDA, the prevailing party shall be entitled to recover its attorneys fees and costs. This CNDA sets forth the entire agreement of the parties regarding the subject matter hereof and may only be amended by a writing signed by you and Owner.
If you have no further interest in the Property, please return the Information and all other materials furnished to you forthwith and continue to abide by the provisions herein. Please print and sign below to indicate your agreement to abide fully by the foregoing terms and conditions of this CNDA for the express benefit of each of Owner and Broker:
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Co-Broker (if applicable, otherwise please enter “N/A” below):
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Representing Brokers must include client signature and all contact information. Please execute and return a facsimile or scanned copy (with a cover page), including all pertinent contact information to:
Colliers International Christy Son Fax 213.327.3294 christy.son@colliers.com