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Los Angeles Orthopaedic Hospital Sells 9.5-Acre Parcel Adjacent to Its Downtown Medical Center

Posted on: Tuesday, 18 July 2006, 21:00 CDT

Los Angeles Orthopaedic Hospital (LAOH) announced today that it has sold a 9.45-acre parcel of its 12.5-acre downtown campus to G.H. Palmer Associates in an all-cash transaction. "This is a tremendous advance for Orthopaedic Hospital's mission," said James V. Luck, Jr., MD, president, CEO and medical director. "This money will allow us to continue our growth and expand our research to better treat children and adults with orthopaedic disorders and support our education of musculoskeletal professionals." He points out that by moving Orthopaedic Hospital's inpatient services to Santa Monica in a partnership with UCLA, and selling the aging hospital building on the 9.45-acre parcel, the Hospital was able to reduce operating costs by as much as $5 million per year. Downtown, they will continue to serve more patients than any orthopaedic facility in the country -- over 60,000 visits each year.

Orthopaedic Hospital will maintain its steadfast commitment to serving the downtown community, and to care for young patients with crippling disorders, regardless of their families' ability to pay for treatment. The 40,000-square foot outpatient facility that opened in 2003 on the downtown campus provides care for pediatric orthopaedic conditions, adult chronic musculoskeletal disorders, pediatric trauma, and occupational medicine. A soon-to-be-built universally accessible playground, made possible by a grant from the Everychild Foundation, will begin construction in September 2006 on the downtown campus. Adjacent to the downtown Medical Center is the Orthopaedic Hospital Medical Magnet High School that provides hands-on teaching for students interested in the physician, nursing and other health care professions.

Richard Plummer, senior director at Cushman & Wakefield, which obtained the exclusive broker listing, handled the sale. G.H. Palmer Associates is responsible for the development of several high-end apartment complexes in the downtown vicinity, and has been credited for playing an instrumental role in supporting the downtown residential and entertainment renaissance.

To make way for this land sale, in 2005 Orthopaedic Hospital moved its inpatient and surgical facilities to a location at the Santa Monica-UCLA Medical Center campus in Santa Monica, where a new inpatient Orthopaedic Hospital is under construction. The new building will feature state-of-the-art facilities and equipment, as well as one of the leading orthopaedic residency training programs in the United States.

About Orthopaedic Hospital

Orthopaedic Hospital (OH) is a recognized world leader in patient care, teaching and research in orthopaedic medicine, resulting in an improved quality of life for children and adults with crippling disorders. For nearly a century, OH has been helping children afflicted with crippling conditions lead healthy, active lives, regardless of their families' ability to pay. The Hospital has been, and continues to be, supported by the Los Angeles Orthopaedic Hospital Foundation. OH is expanding both its treatment and research facilities. In a partnership with UCLA, a new inpatient hospital and residency program for orthopaedic surgery is being established in Santa Monica (opening 2009) and the new Orthopaedic Hospital Research Center will be the largest and most sophisticated musculoskeletal research facility in the world (opening early 2007 on the UCLA campus). www.orthohospital.org.

 Media Contacts:  The Phelps Group 310-752-4400  Kristen Bergevin, ext 181 Contact via http://www.marketwire.com/mw/emailprcntct?id=9AA30DF0A41134E7  Judy Lynes, ext 124 Contact via http://www.marketwire.com/mw/emailprcntct?id=9355E7788C2694AC  

SOURCE: Los Angeles Orthopaedic Hospital

Source: MARKET WIRE

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