501 Michael Debakey – Advisory

Matt Redd’s work on this project exemplifies the complexity of some of the projects he has worked on, particularly since there is a real estate component to it and a non-real estate component to this project. It features a 30-year-old Medical Office Building (MOB) owned by a group of doctors, many of whom had reached retirement age or would soon. Redd facilitated bringing in a new management team, renegotiated the land lease with the adjacent hospital (which owns the land) and had the property appraised. Currently at about 80 percent occupied and mostly by a doctors group, the long-term plan is to sell the building to an investor and Redd Properties would act as the selling agency.