Tenet Healthcare Corp., through its subsidiary Good Samaritan Medical Center, has acquired a medical office building on its West Palm Beach hospital campus for $62 million.

The property, known as the Victor Farris Building, was sold by HTA-AW Victor Farris LLC, a subsidiary of Nashville-based Healthcare Realty Trust.

The 164,082-square-foot building previously sat on land leased from Tenet, but with this purchase, the hospital system now fully owns both the building and the land, according to property data firm Vizzda.

The sale price breaks down to roughly $404 per square foot for the 153,299 square feet of leasable space. The building last changed hands in 2013 for $26.24 million—more than doubling in value over the past decade amid growing demand for medical services in the expanding West Palm Beach market.

Built in 1988, the nine-story Victor Farris Building is directly connected to Good Samaritan Medical Center. Current listings show about 7,200 square feet of space still available for lease at an asking rate of $39 per square foot.

Source:  SFBJ