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Slideshow: George Washington University Hospital construction

Date: April 9 2012
Source: Washington Business Journal

By 1997, the pressure was mounting on then-George Washington University President Stephen Joel Trachtenberg to solve the hospital dilemma. George Washington University Hospital was hemorrhaging money under academic control, and three years of searching for an answer hadn’t worked. Finally, GW closed a deal in July 1997 to hand over control to Universal Health Services — a for-profit, publicly traded national chain.

The complex transaction set off a chain of events — among other things, it stabilized the university's finances and led to one of the District's most prominent mixed-use developments.