Savills closes $154m JV cap. for new 460,000 s/f Baylor Cancer Center

Savills has arranged a joint venture capitalization on behalf of Duke Realty Corp. for a new, 460,000 s/f Baylor Cancer Center that will be developed by Duke on the campus of Baylor University Medical Center. The deal is valued at $154 million. Savills's Healthcare Real Estate practice represented Duke in securing Northwestern Mutual as Duke's partner in the 100% equity deal. Northwestern will hold a majority interest in the joint venture. BremnerDuke, a wholly owned division of Duke, will serve as developer for the project. Slated for completion in 2011, they will seek LEED Silver certification.