Stanford Health Care-ValleyCare has purchased a five-building office complex inside the Hacienda Lakes office center in Pleasanton for nearly $60 million, new space needed to help meet the growing demand for health services in the Tri-Valley, according to a news release Friday.
The hospital system will also be dropping "ValleyCare" from its name soon, with plans to rebrand as "Stanford Health Care Tri-Valley." Chief operating officer Tracey Lewis Taylor announced the forthcoming name change at Livermore's State of the City event last Thursday.
The organization, along with the Hospital Committees for the Livermore Pleasanton Areas, paid $58.4 million for the office park, which is bounded by Willow Road, Inglewood Drive, Hacienda Drive and Gibraltar Drive. The office complex, which originally belonged to Schnitzer Properties, an Oregon-based real estate firm, totals 197,200 square feet.
"In addition to allowing us to absorb the growth of our services, this purchase provides us the opportunity to explore key partnerships to bring further critical services to our region," Stanford Health officials said in a statement. "It increases our prospects to consider research and education opportunities and supports our commitment as part of our strategic plan to expand comprehensive clinical services to support the residents of the East Bay and Tri-Valley regions over the next 10-20 years."
They added that the complex already includes the recently opened Stanford Medicine Partners Primary Care Center, a "state-of-the-art facility that provides access to internal medicine, family medicine and endocrinology, as well as laboratory, onsite X-ray and ultrasound services."
Any current tenants of the complex will not be impacted, according to Stanford Health.
Denise Bouillerce, senior director of government and community relations for Stanford-ValleyCare, said the rebrand to Stanford Health Care Tri-Valley will be arriving in the coming weeks.
The Stanford-ValleyCare name was a connection to the original ValleyCare Health System, which was acquired by Stanford Health in 2015 -- at a time when ValleyCare Health was seeking a partner to remedy its financial difficulties.