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Gyrodyne to Acquire Fairfax Medical Center for $13.2 Million
Date:2/19/2009

enants. The property includes two four-story brick-clad buildings on approximately 3.5 acres -- directly across the street from a surgical center owned by Hospital Corporation of America (HCA). It also sits equidistant from Inova Health System's Fairfax and Fair Oaks hospitals, which are just 5.5 and 6.5 miles away, respectively.

"The location is unbeatable, and there are few competing properties in the market," Pitsiokos said. "Both Inova Health System and HCA are successful, well-established and deeply respected organizations. We will be in very good company there."

Inova is Northern Virginia's leading not-for-profit healthcare provider and is rated AA+ by Standard and Poor's. In 2008, for the 12th time in 13 years, Inova Fairfax Hospital was ranked by U.S. News & World Report as one of "America's Best Hospitals." HCA is the nation's leading provider of healthcare services, composed of locally managed facilities that include 166 hospitals and 112 outpatient centers in 20 states and England. Nashville-based HCA, founded in 1968, was one of the nation's first hospital companies.

Upon closing on the Fairfax Medical Center purchase, Gyrodyne anticipates it will launch an aggressive leasing program. Fairfax Medical Center, LLC had halted lease renewals there to accommodate a condominium conversion -- prior to the market's slowdown. As such, Fairfax Medical Center's current occupancy rate is 84 percent.

"Gyrodyne will continue to operate Fairfax Medical Center as a rental asset," Mr. Pitsiokos noted. "This property has a strong occupancy history, and we are confident that it will lease up quickly. We look forward to building on our past success as a responsive, hands-on owner that is highly in tune with the needs of physicians and their patients."

About the Company

Gyrodyne owns a 68 acre site approximately 50 miles east of New York City on the north shore
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SOURCE Gyrodyne Company of America, Inc.
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