Transwestern Arranges Sale of Johns Hopkins-Anchored Medical Office Building in McLean, Virginia for Stewart Investment Partners
Transwestern's Mid-Atlantic Capital Markets Group has arranged the sale of a 69,330-square-foot medical outpatient building in McLean, Virginia, representing seller Stewart Investment Partners in the transaction to Thomas Park Holdings. The deal, announced August 19, 2026, involves the property at 6849 Old Dominion Drive — a Johns Hopkins Medicine-anchored asset commonly marketed as McLean Gateway — and closed as part of a broader four-property medical outpatient portfolio Thomas Park assembled across the Washington, D.C. metro area.
Property and Transaction Details
The building at 6849 Old Dominion Drive is a four-story, Class A medical office asset originally constructed in 1974 and renovated between 2020 and 2022. At the time of sale, the property was 89% leased to a diversified tenant mix, with healthcare tenancy accounting for more than half of the occupied space. Johns Hopkins Community Physicians – McLean serves as the anchor tenant, operating out of Suite 300 at the property. MedStar is among the other medical tenants in the building. The sale price was undisclosed.
Transwestern's Gerry Trainor, Jim Cardellicchio, and Rowan Miller represented Stewart Investment Partners in the transaction. Trainor, Executive Managing Director at Transwestern, described the investment opportunity in terms of its conversion potential.
"With over half the building occupied by healthcare tenancy, the investment provided a unique value-add opportunity for a buyer to fully convert the property to a medical office building," Trainor said.
Stewart Investment Partners originally acquired the property on February 1, 2007, for $15.8 million. The firm invested approximately $0.5 million in redevelopment, bringing the total project cost to $21.9 million. At the time of underwriting, Stewart projected an exit value of $28.0 million. The seller's strategy had centered on acquiring the asset off-market from a major institutional owner and positioning it for either full medical conversion or future mixed-use redevelopment.
Thomas Park's Mid-Atlantic Medical Office Portfolio
The McLean acquisition is one of four medical outpatient properties Thomas Park closed as part of a portfolio totaling approximately 165,637 square feet and roughly $70 million in aggregate transaction value, with a closing date of August 12, 2026. The portfolio spans Washington, D.C., Northern Virginia, and Maryland's Eastern Shore. Thomas Park has characterized its acquisition strategy as targeting supply-constrained medical outpatient markets in the Mid-Atlantic, with a focus on assets anchored by institutional-grade healthcare systems and offering in-place cash flow alongside leasing upside.
The McLean asset, at approximately 69,330 square feet, represents the largest individual property in the portfolio by the figures Transwestern disclosed. Across the four-property portfolio, aggregate pricing implies an average of roughly $420 per square foot, though individual asset pricing, cap rates, and loan terms were not disclosed for any of the properties.
McLean Market Context
The property is located approximately 10 miles from Washington, D.C., in a community that Transwestern describes as featuring elite schools and luxury real estate, with a median home price exceeding $2 million. The residential base — which includes politicians, diplomats, members of Congress, and government officials — is cited as a driver of medical demand in the submarket. Thomas Park has described McLean as a supply-constrained market, a characteristic it views as supportive of medical office performance.
The building offers approximately 198 surface parking spaces at a ratio of three spaces per 1,000 square feet leased, along with covered parking. Typical floor plates run approximately 23,000 square feet across the four-story structure.
About the Firms
Transwestern is a vertically integrated commercial real estate firm with 35 offices nationwide. The firm owns, leases, and operates $64 billion in assets across property types including logistics, multifamily, retail, mixed-use, healthcare, office, data centers, hotel, sports and entertainment, and life sciences. Its Mid-Atlantic Capital Markets Group provides investment sales services across the metro Washington, D.C. region.
Stewart Investment Partners served as the long-term owner of the McLean asset, having held the property for nearly two decades before the 2026 disposition. Thomas Park is an acquirer of medical outpatient assets in the Mid-Atlantic, with this transaction representing a significant expansion of its regional portfolio.