DASCO COMPANIES Partner With Morristown Memorial Hospital To Develop Madison Medical Arts Building.PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--April 6, 1998-- National medical real estate developer DASCO DASCO Discriminant Analysis with Shrunken Covariances COMPANIES, a wholly-owned subsidiary of PhyMatrix Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PHMX), and Atlantic Health System's Morristown Memorial Hospital have announced a partnership to transform a four-story, 100,000 square foot office building into a state-of-the-art medical arts center. The facility, the Madison Medical Arts Building at 111 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. in Morristown, New Jersey Morristown is a town in Morris County, New Jersey, United States. As of the United States 2000 Census, the town population was 18,544. Its estimated population in 2004 was 18,842. It is the county seat of Morris CountyGR6. , is conveniently located across the street from the hospital. Construction on the building is scheduled to begin this spring and is expected to be completed by the end of the year. The refurbished facility will house a six-operating room outpatient surgery Outpatient Surgery, also referred to as ambulatory surgery or same-day surgery, is surgery that does not require an overnight hospital stay. The term “outpatient” arises from the fact that surgery patients may go home do not need an overnight hospital center; the Center for Reproductive Endocrinology, a program which provides comprehensive care for infertility and menstrual-cycle related problems; and medical offices. It will also include a covered patient drop-off area; an 8,000 square foot addition for a new lobby and stairwell stair·well n. A vertical shaft around which a staircase has been built. stairwell Noun a vertical shaft in a building that contains a staircase Noun 1. ; and larger elevators. "This exciting initiative represents our institution's steadfast commitment to providing comprehensive and accessible health care to our communities," said Jean McMahon, R.N., President of Morristown Memorial Hospital. "It also addresses an increasing demand for same-day surgical services and does so in a convenient and comfortable environment." Bruce A. Rendina, President and Chief Executive Officer of DASCO COMPANIES noted, "By partnering with us on this project, Morristown Memorial will benefit from DASCO's full-service capabilities, including project funding, ownership structuring, planning, zoning approvals, design, development and marketing. These services, combined with the health care delivery expertise of the hospital, will ensure the success of the facility." Morristown Memorial Hospital is a 575-bed hospital and a major teaching facility affiliated with the University of Medicine and Dentistry of New Jersey The University of Medicine and Dentistry of New Jersey is the state-run health sciences institution of New Jersey and comprises eight distinct academic units: the New Jersey Medical School, the New Jersey Dental School, the Graduate School of Biomedical Sciences, the School of - New Jersey Medical School. Morristown Memorial specializes in cardiology and cardiac surgery, adult and pediatric pediatric /pe·di·at·ric/ (pe?de-at´rik) pertaining to the health of children. pe·di·at·ric adj. Of or relating to pediatrics. oncology, critical and emergency care, inpatient rehabilitation, and neonatal intensive care services. The hospital is also a Level II Trauma Center In the United States a Level II trauma center provides emergency medicine to trauma patients. A Level II trauma center works in collaboration with a Level I trauma center. It provides comprehensive trauma care and supplements the clinical expertise of a Level I institution. , a Level III regional perinatal center and a regional pediatric center. Atlantic Health System, one of the largest health care systems in the state, includes Morristown Memorial Hospital, Overlook Hospital in Summit, Mountainside Hospital in Montclair/Glen Ridge, The General Hospital Center at Passaic and affiliates Newton Memorial Hospital and Bayonne Hospital. Atlantic hospitals serve nearly five million people in 11 counties in northern and central New Jersey and have a combined total of 2,115 beds. The system also includes two nursing homes, a rehabilitation center, visiting nurse vis·it·ing nurse n. A registered nurse employed by a public health agency or hospital to promote community health and especially to visit and administer treatment to sick people in their homes. service, and numerous community health care facilities. DASCO's mission is to partner with health care providers to develop cost-effective medical facilities that are planned specifically for the communities they serve, while offering the flexibility to successfully adapt to ongoing changes in health care. Key ingredients to a successful adaptive re-use project include involving a strong hospital provider, an appropriate property and the resources and capabilities of a full-service firm like DASCO, that specializes in medical real estate development. The Morristown law firm of Schenck, Price, Smith & King represented DASCO in the land use application for the facility. -0- For more information about DASCO and Morristown Memorial Hospital/Atlantic Health System, visit their respective web sites at http://www.dascomed.com and http://www.AtlanticHealth.org. CONTACT: Malcolm Sina Sharon Arnold DASCO COMPANIES Atlantic Health System 1-800-452-8121 (973) 660-3196 |
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