Global healthcare technology firm Masimo has backtracked on a plan to expand into Vancouver, leaving Keltic Development to find a new tenant for its state-of-the-art, 10-storey Nexus medical office building being constructed next to the new St. Paul’s Hospital site.
Masimo and Keltic had jointly announced in 2022 that the U.S.-based firm would acquire Nexus and be its sole tenant. However, due to what Keltic refers to as a “strategic shift in their global operations” that plan has been shelved.
This decision is based on Masimo’s corporate strategy and is unrelated to the property or its partnership with Keltic, the developer states in the announcement Monday.
“We understand and respect Masimo’s decision to realign their business focus,” Rachel Li Lei, managing director and CEO of Keltic Development, said in the announcement. “Our commitment to delivering a state-of-the-art medical office facility remains unwavering.
“This development will offer unparalleled convenience for medical practitioners and patients, fostering seamless integration with the new St. Paul’s Hospital.”
Keltic to push ahead, seek new tenants, partners
Keltic is leaving all options open for the property, from seeking new business partners, to potential tenants and/or a buyer for the entire development.
The building is designed to meet the growing demand for accessible, high-quality medical spaces. Its proximity to the hospital will enable medical professionals to operate efficiently, providing patients with convenient access to essential tests, treatments and advanced medical equipment. The hospital site is poised to become a central hub for medical professionals and patients alike.
Nexus is being constructed at 220 Prior St., in Vancouver’s False Creek Flats neighbourhood. It is directly adjacent to the hospital construction site, where the new St. Paul’s is scheduled to begin operations in 2027.
There is no mention in the announcement of any financial implications of the pullout.
Nexus will contain approximately 100,000 square feet of space built specifically for medical and health-care related users.
“Nexus is an incredible project that reflects the future of Vancouver’s dynamic medical and innovation hub,” Michael Buchan, principal with Avison Young, said in the announcement. “Situated adjacent to the new St. Paul’s Hospital and Health Campus, this facility will undoubtedly serve as an invaluable asset for medical businesses and the vibrant community it supports.
“With its AAA-class design and mix of medical, office, creative industrial and retail spaces, Nexus creates a rare opportunity to own in one of the city’s most exciting and forward-thinking neighbourhoods.”
CHECK BACK LATER for updates on this breaking story. RENX has requested further details from Keltic. We will update this article with any new information as it becomes available.
