Tarzana Medical Atrium, the first new building at the Providence Cedars-Sinai Tarzana Medical Center campus, has reached its halfway point in construction and is set for completion by the end of this year, according to a statement from Medical Asset Management. The three-story, 90,000-square-foot medical office building is located at 5411 Etiwanda Ave., adjacent to the medical center. The project also includes a 420-space parking structure with valet assist. Staff and doctor parking will be underground, while patient parking will be above ground. “It was previously a parking lot that we had leased to the hospital for employee parking while we were getting all of our plans and permits,” said Mitch Yankowitz, co-managing partner of Medical Asset Management. The property management company has pre-leased two-thirds of the building – Providence Cedars-Sinai will use half of the ground floor space, while the second and third floors are partially leased. “It will be different types of specialty practices for doctors. It might be urgent care, some physical therapy – we’re not really sure yet,” added Yankowitz. “Providence will have some tenancy here but they’re going to have to figure out what they want to do. The merger sets them back a bit on figuring out their programming since they’re doing everything in conjunction with Cedars.” Yankowitz is referring to a joint venture between Cedars-Sinai and Providence, which was announced earlier this year. Under the terms of the deal, Providence will retain a controlling interest in the hospital with 51 percent ownership, while Cedars will own 49 percent. Cedars will contribute to the $542 million Tarzana Reimagined project as well, but a specific amount has not been released. Coinciding with added services offered by the nearby atrium, Tarzana Reimagined will add a new six-story patient building, expanded emergency room and lobby enhancement. At Tarzana Medical Atrium, the ground floor will have a two-story lobby and also accommodate California Office of Statewide Health Planning and Development medical uses such as ambulatory surgery or dialysis. The remaining space is open to medical groups or services for a minimum of 5,500 square feet. That would leave space for roughly five more tenants. “It will be fewer tenants with bigger spaces,” explained Yankowitz. “Where health care is going now, you’re seeing the consolidation of doctor groups and larger practices. With an old model, you might have seen 40 or more tenants; I think we’re going to have more in the line of a dozen.” Medical Asset officials and Steve Loo, owner of Tarzana Medical Atrium, celebrated the construction halfway point with a “topping-off” ceremony on June 4. Loo, project executives, architect representatives, engineers and construction workers signed the 31-foot, 1,085-pound final beam of the atrium’s steel structure. “The topping-off and placing the final beam is a great symbol of the progress on the project,” said Yankowitz. “We’re excited to provide a first-class addition to the medical community in the San Fernando Valley.”
