The CORE Institute Continues Expansion by Signing 69,251 Sq. Ft. Lease at Union Hills Corporate Center in Phoenix, Ariz.
15-Year Lease Keeps Headquarters in Phoenix as it Begins National Expansion Effort
Phoenix, Ariz. – March 20, 2013 – Phoenix-based orthopedic group The CORE Institute announced it has signed a 15-year lease and will relocate its headquarters in October 2013 to a four-story office building at Union Hills Corporate Center in Phoenix, Arizona. CBRE completed the 69,251-square-foot lease on the office building located at 18444 N. 25th Ave. in Phoenix.
The announcement comes a few weeks after The CORE Institute announced its first expansion outside the State of Arizona, in the greater Detroit, Michigan area. The new facility will serve as The CORE Institute’s national headquarters as it continues to expand both locally and nationally.
“We’re very pleased that The CORE Institute has committed to stay within our City and grow its national presence with Phoenix proudly listed as its national headquarters,” said Greg Stanton, Mayor of Phoenix. “The CORE Institute is yet another example of the excellent business climate that Phoenix provides to companies as they grow both inside, and outside of Arizona.”
“We have outgrown our existing 50,000-square-foot facilities but we knew that we wanted to keep our headquarters in Phoenix as we took the next steps to grow our company outside of Arizona,” said The CORE Institute Chairman and CEO David Jacofsky, MD. “The Union Hills Corporate Center facility allows us the flexibility to add staff as necessary as we expand and implement our Excellence through Evidence® platform across the nation.”
“The CORE Institute is excited we have reached this milestone of expansion,” said Arizona Market President, Dr. Bryan Wall. “Combining the clinical expertise will allow us to create a Center of Excellence, helping us achieve our future vision of continued growth and better serving those in need of our orthopedic services.”
188 of The CORE Institute’s 400+ employees working at current facilities in North Phoenix, Central Phoenix, Administration, Physical Therapy, and Research Lab will all combine into one larger destination Center of Excellence. A key factor in the building selection was that it allowed The CORE Institute room for expansion by taking additional square footage to add employees as it continues to grow. The company hopes to add as many as 750 new employees across the country within the next 24 months.
Since The CORE Institute’s inception in 2005, it has expanded in Arizona from four providers to over 97, over 400 employees and 14 locations. Its growth has been built on a platform of evidence-based medicine and meticulous outcomes tracking managed by a proprietary IT platform. The CORE Institute has cared for hundreds of thousands of patients, from all 50 states and eight countries. The CORE Institute currently has 12 locations in Arizona and two locations Michigan.
Ashley Brooks, Jim Bayless and Jenny Aust of CBRE’s Phoenix office represented the local landlord partner, G2 Capital of Scottsdale, Ariz., in negotiating the 15-year lease. The tenant was represented by Lynn Harle of Physicians Real Estate Solutions LLC in Phoenix. The exact financial terms of the transaction were not disclosed.
“This is a win-win for everyone involved,” said CBRE’s Brooks. “G2 Capital has a solid, long-term tenant anchoring its building, and The CORE Institute, which had outgrown their current facility, can now reposition their headquarters and expand their services to more patients in the metro area.”
James Greaves, president of G2 Capital added, “We are very excited to welcome The CORE Institute to Union Hills Corporate Center and proud that they have chosen our development in which to expand their business.”
Union Hills Corporate Center is located at a full diamond interchange on the southeast corner of Interstate 17 and Union Hills Drive and one mile south of the Loop 101 freeway interchange. Its proximity to Interstate 17 and the Loop 101 offer tenants access to the Northwest Valley labor market and an abundant supply of amenities in the neighboring residential areas.
About The CORE Institute
The CORE Institute® began practicing in 2005 to deliver comprehensive orthopedic care, one patient at a time. Its fellowship-trained physicians provide specialized care in the areas of surgical, non-surgical and rehabilitative hip, knee, shoulder, elbow and ankle procedures, joint replacement, sports medicine, arthroscopy, fracture management, orthopedic traumatology, hand and wrist procedures, complex articular cartilage restoration, musculoskeletal oncology, foot and ankle reconstruction, physical medicine and rehabilitation, comprehensive spine care and pain management. Dedicated to providing technologically advanced surgical techniques and rehabilitation, The CORE Institute provides state-of-the-art research labs, surgical spine center, less-invasive surgery, on-site MRI and physical therapy. The CORE Institute has 12 locations in Arizona and two locations Michigan. Please visit our website at www.thecoreinstitute.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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The CORE Institute