Vanderbilt Medical Center close to leasing 100 Oaks space

Friday, June 29, 2007 at 2:48pm

Sources in commercial real estate say Vanderbilt University Medical Center is very close to closing leasing negotiations with 100 Oaks mall. The deal includes the second floor of the mall and space in the office tower.

A spokesperson for VUMC did not immediately return calls for contact.

As first reported in The City Paper in March, VUMC has been in negotiations with 100 Oaks to secure approximately 400,000 square feet and 3,400 parking spaces at the 100 Oaks Mall property for clinical and office use.

As the agreement stood in April, the space would accommodate about 1,000 physicians and staff members initially and, eventually, about 1,200.

The mall property is owned by 100 Oaks Plaza LLC, a Dallas, Texas, investment group headed by Tony Ruggeri and Frank Mihalopoulos, and includes about 850,000 square feet.

When they purchased the mall last December, Ruggeri and Mihalopoulos said it would be revitalized during the next two to three years with a mix of retail and office space.

“We don’t comment on ongoing lease negotiations as a matter of policy,” said Janet Sterchi, the CB Richard Ellis representative heading up office space leasing, in an April interview. “However, we can say that the 100 Oaks mixed-use redevelopment includes office and retail…We are working with the city and the community to ensure that we have the correct infrastructure in place to handle the redevelopment.”

Sterchi said John Forrester at The Shopping Center Group manages retail leases for the mall.

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