Ceremony Marks Milestone Moment for the Future of Health Care and the Development of East Market
PHILADELPHIA – February 1, 2022 – Today, Jefferson Health (“Jefferson”) and National Real Estate Development, LLC (“National Development”) along with LF Driscoll and Hunter Roberts joint venture and hundreds of individuals from the building trades, celebrated the topping off of the Jefferson Specialty Care Pavilion at a special event recognizing the completion of vertical construction. The ceremony marks a major milestone for the $762 million facility located at 11th and Chestnut Streets, and in the overall property development of East Market. The land at 1101 Chestnut Street is currently owned by National Real Estate Advisors, LLC, Joss Realty Partners, Young Capital LLC, and SSH Real Estate.
“We are thrilled to officially top off the Jefferson Specialty Care Pavilion and celebrate the accomplishments of all those who have worked together to reach this major milestone,” said Daniel Killinger, president of National Development. “Not only will the Specialty Care Pavilion transform the healthcare landscape in Philadelphia, but it will also be an economic powerhouse for Center City. This building is the final piece to our East Market development, which has revitalized the East Market street corridor into an attractive destination to live, work and visit since we broke ground more than seven years ago.”
Upon completion in 2024, the 19-story Specialty Care Pavilion will be the largest real estate investment by Jefferson in its nearly 200-year history. Constructed by LF Driscoll and Hunter Roberts in a joint venture, expenditures are expected to produce approximately $616 million in economic impact in Philadelphia, supporting 3,390 jobs over the four-year period of construction and $18.8 million in tax and fee revenue to the City of Philadelphia. The project utilized more than 6,500 pieces of American-made steel to erect the building and has begun the next phase of installing the American manufactured curtainwall façade.
“The Specialty Care Pavilion represents an exciting new era for Jefferson Health, and for the health of the Philadelphia region,” said Bruce A. Meyer, MD, MBA, president of Jefferson Health. “The completion of this revolutionary healthcare facility will allow us to further our commitment to drive transformation, increase access, and improve the patient experience.”
The facility will include more than 300 exam rooms, 58 infusion chairs, 10 operating rooms, six endoscopy rooms, imaging and lab services, a pharmacy and three levels of underground parking. The building was designed by Ennead Architects along with interior design firm Stantec and structural engineering by The Harman Group with the adjacent pad site designed by BLTa and Margie Rudduck as the landscape architect.
“When we first began planning the Specialty Care Pavilion, we knew this was a unique opportunity to create an exceptional patient experience,” said Clayton Mitchell, PE, CEM, senior vice president of real estate and facilities at Jefferson Health. “Throughout the facility, we’ve integrated the most advanced technology with elegant, inclusive design to provide our patients with the care they need and deserve, while also creating efficiencies and greater opportunities for collaboration among clinicians, nurses, and staff.”
Jefferson seeks to raise $150 million in philanthropy for the Specialty Care Pavilion as part of its Reimagine Campaign. More than 750 donors have already contributed to the project.
Revolutionizing healthcare real estate, the Specialty Care Pavilion was the largest construction project in the city of Philadelphia in 2020 and marks the next phase of National Development’s more than $1 billion East Market development. This next phase will significantly improve the pedestrian experience, streetscape, and public spaces while also increasing the overall value of nearby developments.
Jefferson intends to purchase the building upon its completion.
“National Real Estate Advisors is proud to work with Jefferson Health to aid in the growth of Center City Philadelphia,” said Jeffrey Kanne, president and CEO of National Real Estate Advisors. “I would like to thank our development subsidiary, National Development, along with East Market’s ownership partners for their steadfast support and leadership. We are incredibly grateful for the hard work of the people at every stage from design to construction who are making this vision a reality.”
About National Real Estate Development, LLC
National Real Estate Advisors, LLC is an investment manager specializing in a build-to-core strategy, developing and managing large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed use, industrial (including data centers), and hotel—with design features, technological enhancements, and amenities that drive high tenant demand and can create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund (“NEBF”), a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.
Jefferson Health, home of Sidney Kimmel Medical College, is reimagining health care in the greater Philadelphia region and southern New Jersey. Jefferson’s dedicated team of doctors, nurses, health professionals and staff provides a range of primary to highly-specialized care through 18 hospitals (ten are Magnet®-designated by the ANCC for nursing excellence), more than 50 outpatient and urgent care locations, the NCI-designated Sidney Kimmel Cancer Center, MossRehab, Magee Rehabilitation and the JeffConnect® telemedicine program. For 2021-2022, Thomas Jefferson University Hospitals is ranked among the nation’s best in six specialties by U.S. News & World Report. Jefferson Health is also home to Health Partners Plan, a not-for-profit managed healthcare organization serving more than 290,000 members in Southeastern Pennsylvania with a broad range of health coverage options through Health Partners Medicare, Health Partners (Medicaid) and KidzPartners (Children’s Health Insurance Program). Jefferson Health’s mission is to improve the lives of patients in the communities it is privileged to serve through safe, effective, equitable and compassionate care.
About East Market
East Market is a dynamic mixed-used project, blending urban shopping and dining experiences with contemporary work and living spaces. The pedestrian-oriented development in the heart of Philadelphia has revitalized an entire city block, from Market to Chestnut, and 11th to 12th Streets. Here, you can live at two incredible apartment towers, The Girard or The Ludlow, work at 1100 Ludlow, shop and dine at one of many retailers, or just hang out on Chestnut Walk and Ludlow Street with a cup of coffee and your dog. The project is owned by National Real Estate Advisors, LLC, an investment manager specializing in build-to-core, developing and owning large-scale, urban commercial and multifamily projects on behalf of its institutional clients; Joss Realty Partners, a New York-based private real estate investment firm; Young Capital LLC, a Philadelphia-based real estate investment firm affiliated with Classic Management, Inc.; and SSH Real Estate, one of the largest privately held commercial real estate companies in the Greater Philadelphia Region. East Market is developed by National Real Estate Development, the full-service development arm of National Real Estate Advisors. For more information, please visit www.eastmarket.com and follow the conversation at @EastMarketPHL.
Jill Asher, National Real Estate Advisors
Jaime Gialloreto, Brian Communications
Deana Gamble, Jefferson Health