Highest and Best Use
Tax-Exempt Bond Financing
About the Client
Based in Washington, D.C., the AAMC (Association of American Medical Colleges) is a not-for-profit association dedicated to transforming health care through innovative medical education, cutting-edge patient care, and groundbreaking medical research. Its members are all 151 accredited U.S. and 17 accredited Canadian medical schools; nearly 400 major teaching hospitals and health systems, including 51 Department of Veterans Affairs medical centers; and more than 80 academic societies.
Originally operating out of multiple antiquated office buildings across D.C.’s West End neighborhood, AAMC sought a consolidated headquarters solution that would encourage operational efficiency and be a place where members could better connect with AAMC and each other in advancing AAMC’s learning mission. Due to the scale and complexity of the requirement combined with AAMC’s high profile, AAMC sought out a consultant with deep knowledge of all areas of real estate and experience working with high-profile member organizations and educational institutions.
AAMC retained JM Zell to lead the entire real estate engagement and supplement AAMC’s internal project team with specialized real estate knowledge to establish and achieve AAMC’s goals. Together with JM Zell, AAMC formulated a consolidation strategy and maximized the value of its existing buildings to offset the cost of the new headquarters project. In addition to developing a clear plan of action designed to meet AAMC’s timing and financial goals, JM Zell lead site selection efforts, development, and project management of the new headquarters building to meet operational goals.
AAMC’s entire organization now operates out of a single building (655 K Street, NW) which creates operational efficiency and encourages collaboration. Utilizing state-of-the-art building design and technology, AAMC has also succeeded in creating a meeting and event destination for its constituents to work towards AAMC’s mission.
JM Zell continues to work with AAMC to create operational value through its real estate.