PLEASANT HILL, Calif. (Nov. 20, 2025) — Bayside Realty Partners has been tapped to lead medical office leasing efforts for a 62,000-square-foot medical office building at 400 Taylor Boulevard, Pleasant Hill, CA recently acquired by Lincoln Property Company in partnership with PGIM. The purchase marks Lincoln’s first medical office investment in the San Francisco Bay Area.
The three-story property sits adjacent to major healthcare providers and offers convenient access to Interstate 680. Lincoln plans to rebrand the property, upgrade common areas and implement modern design features to meet the needs of today’s outpatient care providers.
“This acquisition represents a strategic entry into the Bay Area healthcare real estate market,” said Lincoln Property Company spokesperson Alastair Barnes, Vice President, Healthcare Investments. “We see strong demand for high-quality medical office space, and the soon to be rebranded Pleasant Hill Medical Plaza is well-positioned to serve physicians and specialists in Contra Costa County.”
Caroline Doyle, Senior Vice President of Bayside Realty Partners, said the assignment underscores the firm’s expertise in healthcare real estate. “We’re excited to partner with Lincoln Property Company on their first Bay Area medical office project,” Doyle said. “Our goal is to attract leading practices and deliver a best-in-class experience for patients and providers.”
Pleasant Hill Medical Plaza will offer suites ranging from 1,000 to 10,000 square feet, with flexible layouts for specialties such as primary care, orthopedics, and outpatient surgery. Leasing is now underway.
SAN FRANCISCO (Nov. 20, 2025) — Industry executives gathered Thursday at BisNow’s Northern California Healthcare Real Estate Conference to examine the state of capital markets and deal-making in the region’s healthcare property sector. Trask Leonard, President and CEO of Bayside Realty Partners, moderated a panel of experts addressing investment trends, financing challenges and growth opportunities in medical office and healthcare facilities.
Panelists highlighted tightening debt markets and rising interest rates as key hurdles for investors, while noting continued demand for specialized practices such as behavioral health, orthopedics and ambulatory surgery centers. Discussions also touched on provider partnerships, construction costs and supply chain constraints impacting project timelines.
Other topics included the role of private equity in fueling expansion, the long-term trend toward institutional ownership and design innovations aimed at patient-centered care. Attendees also explored how mergers, such as One Medical’s integration with Amazon, could reshape patient access and facility strategies.
The conference drew healthcare real estate professionals from across Northern California, underscoring the sector’s resilience and evolving landscape amid economic uncertainty.
Trask Leonard, CEO, participated in a panel conversation on medical office building market conditions at the Interface Healthcare Real Estate Conference in Los Angeles on February 1 along with John Koss, Senior VP Asset Management and Partner at Anchor Health Properties, Trey Trask, Senior Director of Leasing at PMB Real Estate Services and Steven Salas, Exec Managing Director at Newmark Knight Frank.
The group’s conversation covered all of California, with consensus that smaller tenants are the most active in today’s market, with occupancy levels remaining firm in most suburban markets. Of particular interest was a thread on landlord attempts to obtain a slight increase in fixed base rent increases as a result of inflation.
On November 1, 2022, Trask Leonard, CEO of Bayside Realty Partners, participated in a panel discussion at the Bisnow Northern California Healthcare conference in San Francisco attended by healthcare real estate executives.
Several major trends in healthcare building design and function were discussed during this and other panels at the event, including:
The increasingly challenging investment environment for investors in medical office buildings given the tightening and more expensive debt markets.
New demand by tenants backed by private equity investors in several specialist practices including behavioral health, orthopedics, fertility and plastics/dermatology.
James Goldberg, VP of Real Estate from One Medical, commenting that the merger with Amazon may present unique opportunities for them to capture a substantially larger pool of patients.
The long term trend in the Bay Area of medical office building ownership becoming more institutional, resulting in the significant capital investment by these owners in upgrading older MOBs to meet the needs of the modern tenant base.
Design of the new UCSF Parnassus hospital centered around healing, with a non-traditional (at least for the US) approach to connect the healing spaces with the outdoors.
Photo caption: From left to Right: Erik Hanson (moderator), Healthcare Practice Leader at Perkins & Will / Stuart Eckblad, VP of Major Construction Projects at UCSF Health / Trask Leonard President & CEO Bayside Realty Partners / John Pollock, CEO of Meridian / Michael Williams, Principal of Boulder Associates.
Daniel Burnham Court 1 Daniel Burnham Court, San Francisco, CA
1 Daniel Burnham Court is a ±107,595-square-foot, Class A medical office building built in 1987 and purchased by PGIM (Prudential) in partnership with Montgomery Advisors in 2014 with the intent of converting from professional office to a medical office building. Centrally located in the heart of San Francisco on the Van Ness Avenue corridor directly adjacent to Sutter Health’s brand new, $2.1 billion California Pacific Medical Center (CPMC) Van Ness Campus – a flagship, state-of-the-art regional acute care hospital, the property draws a wide variety of practices. Major tenants at 1 Daniel Burnham Court include the UCSF Health Cardiovascular Care and Prevention Center and Spring Fertility. Other medical specialties represented vascular surgery, plastic surgery, dentistry, pain management, pediatrics, OB/GYN, and dermatology, among others.
Bayside was engaged in 2014 for medical office leasing and has transacted over 75,000 sf of new and renewal leases.
Dublin Gateway Medical Center 4000 Dublin Boulevard, Dublin, CA
Dublin Gateway consists of two “Class A” Medical Office Buildings totaling approximately 125,000 SF located in Dublin near the epicenter of the East Bay at 1-580 and I-680. The 57,700-square-foot building at 4050 Dublin Boulevard is owned by the Palo Alto Medical Foundation (PAMF), which provides primary care and specialized health care services. The adjacent 66,834-square-foot building at 4000 Dublin Boulevard is owned by Eden Health District and is leased to Webster Orthopedics; a Stanford ValleyCare Health Systems urgent care clinic and PAMF.
Bayside Realty Partners has been a strategic service provider to Eden Health since 2008, having managed and leased all three of the District-owned MOBs in the East Bay.
Foster City Medical Center, 1241 E. Hillsdale Blvd, Foster City, CA
901 Campus Drive, Daly City, CA
Stonestown Medical Center, 595 Buckingham, SF, CA
75 & 88 Rowland Way, Novato, CA
PCMS/HSRE Portfolio
For several years, Bayside has been a valued partner to Harrison Street/Pinnacle Capital Management service in a portfolio of Class A medical office buildings totaling almost 500,000 sf in various East Bay, San Francisco and Peninsula markets, executing new and renewal leases totaling approximately 230,000 sf. Significant leases with Dignity Health Medical Foundation, Sutter Health, Marin Health and various independent practices have added significant value to the portfolio.
Recently, Bayside was involved in the sale of approximately half of the portfolio to Healthcare Realty Trust (www.healthcarerealty.com), the largest public medical office building owner nationally, continuing as leasing agent on behalf of HR.
1100 Van Ness The Van Ness Medical Building, San Francisco, CA
1100 Van Ness is San Francisco’s largest and newest medical office building (MOB). The landmark 235,000-square-foot, 10-story, state-of-the-art medical building was developed in a joint venture between San Diego-based PMB (Pacific Medical Buildings), one of the nation’s most prominent developers of medical office buildings, and Ventas Inc., a diversified healthcare real estate investment trust which is headquartered in Chicago. The 1100 Van Ness building is home to more than 100 healthcare system specialists. Combined, these providers offer a wide range of medical services for area resident such as cancer care, cardiology, a transplant clinic, OBGYN and neurology. Completed in March 2019, the property is now about 93 percent leased to a variety of world-class medical providers.
PMB hired Bayside during pre-development, and approximately 217,000 sf has been leased since then.
Location San Francisco
SF Leased 215,000 SF
Size 235,000 SF
Ownership Ventas and Pacific Medical Buildings (National REIT and MOB developer)
SAN FRANCISCO, PHOENIX TAKE THE PULSE OF MEDICAL OFFICE
Two commercial real estate executives explain how their cities’ healthcare industries are growing and changing in 2020.
By W. Trask Leonard, Jr. and Alexandra Loye
New state mandates and a labor shortage have caused these two Western metros to examine how their healthcare real estate is doing now — and what it may need to remain successful in the future.
Monumental Shifts Cause San Francisco’s Medical Office Market to Respond
Two significant factors have driven dramatic changes in the San Francisco medical office landscape that this market has never seen before, including the addition of three new hospital campuses at a total cost of more than $4.4 billion.
The drivers — the California mandates for seismic compliance for hospitals and the drive toward healthcare system employment of physicians — have spurned significant new investment in healthcare real estate in San Francisco.
Last year, healthcare system Sutter Health completed the repositioning and redeployment of its hospital foundation in San Francisco, opening its $2.1 billion California Pacific Medical Center (CPMC) Van Ness Campus on March 1. The 289-bed facility at 1101 Van Ness Ave. opened after a planning, entitlement and construction process of more than 15 years. The facility is replacing the CPMC California Campus (Laurel Heights), which was deemed not feasible to retrofit to conform to SB 1953.
Concurrently, 1100 Van Ness, the first new multi-tenant medical office building in San Francisco since 1984, was opened by Pacific Medical Buildings, with Sutter Health leasing about 78 percent of the total 250,000-squarefoot, Class A building. The building, connected to the hospital via a tunnel under Van Ness, offers 10 stories of unsurpassed views and is now about
84 percent leased. In addition to Sutter, the building is now home to two
Sutter-affiliated independent practices and one specialty group.
Leonard
Sutter Health also re-positioned its 480-bed CPMC Pacific Campus at 2333 Buchanan Street in San Francisco from an acute care facility to ambulatory care. This is in addition to opening the newly reconstructed 120- bed CPMC Mission Bernal Campus (formerly St Luke’s) at 3555 Cesar Chavez in the Mission District in August 2018 at a cost of $600
million.
Since 2015, other healthcare systems have contributed to the largest series of capital investments by healthcare systems in San Francisco since the 1940s and ‘50s. UCSF Mission Bay opened in 2015, growing into its current $1.5 billion footprint that boasts three hospitals, including UCSF Benioff Children’s Hospital, UCSF Betty Irene Moore Women’s Hospital and UCSF Bakar Cancer Hospital, part of the Helen Diller Family Comprehensive Cancer Center. The campus also houses the 207,500 square-foot UCSF Ron Conway Family Gateway Medical Office Building, supporting the hospitals. In 2016, Kaiser Permanente opened a new $200 million, 220,000-square-foot medical office building at 1600 Owens Street in the backyard of UCSF Medical Center at Mission Bay.
Reinvestment Continues
In response, investors in San Francisco’s medical office buildings have reinvigorated or repositioned their buildings to attract new tenants. This includes the substantial upgrade and 100 percent-focus on medical office tenants for 1 Daniel Burnham Court, which is strategically located at the corner of Van Ness and Post, across the street from the CPMC Van Ness Campus; the dramatic modernization of common areas at 3838 California Street in Laurel Heights; the repositioning of Stonestown Medical Building, with Dignity Health Medical Group as a significant tenant; and the modernization of the Lakeside Medical Building, where Sutter Health will open a significant clinic later this year.
We have seen several larger and interesting trends in the past few months from the national landscape that will affect the San Francisco marketplace in the years to come. This includes a significant increase in the presence of cash-based or elective practices not constrained by declining insurance reimbursements, such as fertility, wellness and larger-scale behavioral health practices. A recent offering of fertility benefits to employees of large technology companies, in particular,
is further driving the strong demand for medical office space from well capitalized fertility practices.
Other trends include healthcare systems opening 15,000- to 30,000-squarefoot facilities in neighborhood and community locations within the city that are underserved. This includes conversions of formerly retail and/or office buildings in high visibility and high-convenience locations, rather than the 100,000-square-foot or more facilities. Vacancies, which increased modestly in 2019 from 6 percent to 9 percent as a result of the increased supply, will decrease again as these newly emerging practices take larger footprints. Construction costs for tenant improvements will continue to increase at high rates, with landlords likely to offer higher allowances for longer-term, strong-credit tenants. Just as the market has begun to digest the California mandates for seismic compliance for hospitals and the drive toward healthcare system employment of physicians, we will be on the lookout for the next possible change — the November 2020 election and a potentially radical change in nationalized reimbursement for services. — W. Trask Leonard, Jr.,
President and CEO,
Bayside Realty Partners in San Francisco
Developed by Pacific Medical Buildings and leased by Bayside Realty Partners, 1100 Van Ness is the first multi-tenant medical office building in San Francisco since 1984.
