Physician practices acquire ownership of Washington Summit buildings

News release

WATERTOWN, NY – Washington Summit Associates Managing Partner Michael E. Lundy, in conjunction with Pediatric Associates of Watertown, and Family Medicine of Northern New York, have announced the acquisition of each practice’s respective medical office buildings.

Dr. Stephanie Oliva, Pediatric Associates of Watertown, 20011 Summit View Blvd, Watertown, moved into their new offices in Washington Summit in 2016. The new medical office building was designed specifically to meet the growth needs of Pediatric Associates and assist in providing highly efficient patient care. In the press release for the groundbreaking in November 2015 Mr. Lundy stated the following:

“We are entering into this with a Lease/Option to Buy arrangement. This gives Pediatric Associates the ability to get a new office without the major capital investment up front, with the potential for ownership down the road.” Dr. Oliva also commented in the 2015 press release on the arrangement. “Right now, I want to focus my energy and attention on making Pediatric Associates of Watertown great. I want to be completely available to make sure that every doctor and nurse is giving the most up to date, family centered, and compassionate care possible, and not be a building owner. Down the road, the time might be right to own our practice’s building. Having the option to buy allows time for careful consideration.”

Now, a little more than 5 years later, and with the continued success of the Practice, the timing is right for Dr. Oliva and Watertown Pediatric Associates to have purchased the building. “The lease/purchase option provided credits from our monthly lease, which were applied towards purchase, making it a viable option,” added Dr. Oliva.

The second medical office building located at 20053 Summit View Blvd, Watertown, known as La Sur, has been purchased by Dr. Jill Laureano-Surber, Family Medicine of Northern New York. La Sur opened for patients in 2018. La Sur is truly a multi-specialty medical building. It is the home of Family Medicine, Warner Physical Therapy, Watertown Hearing Aid Center, NNY Medical Massage and the satellite location for Eye Plastic & Reconstructive Surgeons of Central New York. “I still have the drawing in my bedside stand that I made of La Sur several years ago in the middle of the night,” commented Dr. Laureano-Surber. “La Sur came to life because of the vision I had to have a medical office building that would support all the needs of Family Medicine of Northern New York, while wishing to be ahead of the curve in terms of the needs of our patients. It was always my goal to own the building and I am very grateful that I was able work out a lease to own type of agreement with Mike. I would have never been able to purchase the building without that assistance.”

Mr. Lundy commented on the sale of the two medical office buildings. “Dr. Oliva and Dr. Laureano-Surber both relocated to Washington Summit to meet needs they had for their practices. In each case we worked hand in hand with them to design and build new offices to meet the exact needs of their growing practice, with all of the benefits of a new, modern, energy efficient facility. The lease/option to buy is a very attractive feature that we are able to offer our tenants at Washington Summit, as well as other development sites we have ongoing. As Dr. Oliva stated before, when the time was right for them, it provided an affordable, convenient option for ownership. We are very pleased to complete the vision and process we began when we first talked about their new offices.”

Officially established in 2005, Washington Summit Medical and Professional Complex has developed into a mixture of ten buildings, 16 practices, over 500 employees and treats over 25,000 patients annually. It was developed to address the growing recognition that much of the available medical and professional office space was antiquated and poorly located in Downtown Watertown. The 52 acres of land at Washington Summit has a “campus” style setting that includes generous parking and open green space, making it very easy to get around. The Green Technology buildings provide energy efficiency and operating cost savings, as well as provide a comfortable, convenient atmosphere for both the patients and the staff.

For more information on Pediatric Associates of Watertown, and Family Medicine of Northern New York please visit their websites at: