McMillan Reservoir Redevelopment
Update
11/07/23
CBRE Tapped to Lease Trammell Crow Company's McMillan Center for Health & Research Development
CBRE was selected as the exclusive leasing agent for The McMillan Center for Health & Research, a health, wellness, and research campus. The McMillan Center is a critical component of the larger Reservoir District project, which commenced construction in October 2022. Trammell Crow Company (TCC), a global real estate development firm, is the developer of The McMillan Center project (www.mcmillan.health), which consists of three towers, two of which are connected by a below-grade parking structure.
CBRE will partner with TCC, including Managing Director Eric Fischer and Senior Associate Sam Mitrani, to market the available space to health, research, and life sciences companies.
“TCC is pleased to advance this important project in the center of Washington, D.C.,” said Fischer. “The nearly one million square feet of world-class medical space will provide much-needed healthcare services for the community and the facility will be heavily focused on wellness, delivering an elevated patient experience. CBRE is a trusted leasing partner, and we look forward to working together to bring valuable medical professionals to McMillan.”
The McMillan Center is part of the 2.1-million-square-foot McMillan Sand Filtration Site redevelopment project known as the Reservoir District (www.reservoirdistrict.com). The mixed-use development consists of a 25-acre site located 2.8 miles north of the Capitol building and will include 146 townhomes, more than 500 apartments, a community center, a 6.2-acre park, retail amenities, a grocery store, and nearly one million square feet of health and life sciences space.
The McMillan Center will be the finest example of healthcare office and lab space in the country. Tower 1 is situated on the western side of the development, abutting 1st Street NW. The primary tenant focus is pediatrics and child healthcare. Tower 2, which shares an integrated 2,000-car garage with Tower 1, is on the east side of the development near North Capitol Street NW. The tenant focus is adult care, laboratory, and research facilities. Lastly, Tower 3 will focus on clinical research and medical practices.
CBRE is bringing a global approach to the McMillan Center including the Vice Chairman of CBRE Healthcare Capital Markets and Head of Healthcare Advisory, Americas Chris Bodnar, and the D.C.-based team of Senior Vice President John DiCamillo, First Vice President Lara Nealon and Vice President Brett Schweitzer.
“We’re grateful that TCC has selected CBRE as the exclusive leasing agent for this assignment,” Bodnar said. “The McMillan Center for Health & Research is an extremely innovative project, and we're excited to leverage our global platform to bring stakeholders from across the world to an iconic development where healthcare and research will intersect.”
"McMillan provides an unrivaled near-term opportunity to create a bespoke interconnected ecosystem of healthcare, education, and research,” DiCamillo said. “We’re incredibly proud to be a partner to Trammell Crow Company as a part of this important project in the city, which will help meet the demand in our community for more healthcare and life sciences providers.”
The location of The McMillan site is incomparable to any other. It’s positioned just south of an existing enclave of four healthcare providers in the District, and adjacent to one of the most established D.C. neighborhoods, which is experiencing increasing demand for healthcare services. The Reservoir District will bring new life to a central historic site along North Capitol Street, just three miles from the Capitol itself with proximity to Howard University and Catholic University.
The Washington, D.C./Baltimore region ranked third for life sciences research talent, according to CBRE’s U.S. Life Sciences Research Talent 2023 report. The region boasts the nation’s fourth-largest pool of life sciences research talent totaling 30,240 life sciences researchers in 2022. The number of life sciences research workers in the D.C./Baltimore region grew by 19% between 2017-2022, above the national rate of 16%. The region also boasts the nation’s seventh-highest concentration of life sciences research talent.
