Parkway Medical Center
Category: Medical Office Buildings
Parkway Medical Center, located in the Cleveland suburb of Beachwood, is a two-building medical office portfolio totaling approximately 88,000 square feet. The two buildings are located less than one mile from the 53-acre Ahuja Medical Center, currently being developed by University Hospitals, one of the top 10 health systems in the nation based on performance according to a study released in 2009 by Thompson Reuters. Located approximately 10 miles from the Cleveland Central Business District, Parkway Medical Center also enjoys close proximity to Interstate 271, affording its tenants easy access to the greater Cleveland area.
The larger of the two buildings, approximately 51,000 square feet, was built in 1972, while the smaller building, approximately 37,000 square feet, was built in 1987. Since 2004, capital improvements have been made to Parkway Medical Center, including upgraded lobbies, hallways, replaced parking lots, roofs and lighting, as well as the installation of new HVAC systems and boilers. The portfolio is currently 87 percent leased to 35 tenants, including University Hospitals of Cleveland, Rapid Medical Research, The MetroHealth System and ID Consultants. Medical and research services include, but are not limited to, internal medicine, podiatric, dermatology and psychological services and a pathology, clinical trial and research laboratory.