Group Health has signed a letter of intent with the Trammell Crow Company and an institutional financial partner for the sale of its 28-acre Eastside Campus in the Overlake area on 156th Avenue Northeast, just north of Bel-Red Road.

The campus included a primary care facility and Group Health’s Eastside Hospital.

Group Health put the property up for sale after it opened its new Bellevue Medical Center on Monday as part of the medical complex with Overlake Hospital and Medical Center. The $120 million, 190,000 square-foot, state-of-the-art Group Health multi-specialty center has a connecting corridor to Overlake Hospital, providing patients in-patient and out-patient service.

The Trammell Crow Company is a Dallas-based real estate developer and investor, which has more than $9.1 billion of projects in process or in its pipeline.

This letter of intent is the first step in the sale process, which includes further feasibility analysis by the buyer with the city of Redmond and developing a formal acquisition agreement that is expected to be concluded by Dec. 1. Terms of the agreement, including the sale price, will not be publicly released until that time.

Group Health has been working closely with the city of Redmond, Redmond Chamber of Commerce and others to ensure that redevelopment of Eastside Campus would best serve the community’s needs and interests.

The city of Redmond approved re-zoning of the campus in December 2007 as part of the city’s long-range plan for a mixed-use neighborhood of residential, hospitality, retail and office use.

The campus sale is one component of Group Health’s strategic plan to create a new model of care for patients on the Eastside. In addition, a new primary care medical center will open in Redmond in October, at 159th Pl. N.E. and Redmond Way, near Redmond Town Center.