BOSTON and ATLANTA — January 21, 2025 — Bain Capital’s real estate team and Evergreen Medical Properties (“Evergreen”), a company that invests in, leases and manages healthcare facilities, today announced the acquisition of an approximately 122,000 square-foot medical outpatient facility in the Washington, DC metropolitan area. The private transaction marks the entrance into the DC market for Bain Capital and Evergreen’s joint venture, which focuses on acquiring, renovating, and operating
mission-critical medical outpatient facilities.
Located at 2440 M Street in the West End of downtown Washington, DC, the modern, best-in-class facility attracts patients from Georgetown and the surrounding metropolitan area, Virginia, and Maryland. The 2024 renovated property is currently 83% leased to a diverse mix of clinical tenants.
“Our expansion into the D.C. market represents a natural extension of our thematic investing approach and partnership with Evergreen, which seeks to identify and add value to high-quality medical outpatient facilities,” said Joe Marconi a Partner at Bain Capital. “Strategically located in the attractive West End submarket benefiting from its close proximity to George Washington University Hospital, we believe the facility is well-positioned to capture high-end, highly sought after providers while continuing
to serve as a top destination for patients.”
“Evergreen Medical Properties is excited to enter the D.C. market through this destination medical outpatient building,” said Josh Richmond, President of Evergreen Medical Properties. “As we earn the trust of local health systems and providers, we hope to expand our investments to others throughout the region.”
Bain Capital and Evergreen have curated a portfolio of institutional quality medical outpatient buildings in select markets throughout the U.S. The joint venture is actively seeking to grow its portfolio of 34 facilities totaling 1.5 million square feet.
###
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world's leading private investment firms with approximately $185 billion of assets under management.
For more information, visit
About Evergreen Medical Properties
Evergreen Medical Properties, with offices in both Denver and Atlanta, is a full-service real estate operating company that invests, leases and manages healthcare facilities across the United States. Evergreen uses a collaborative approach to invest in strategic healthcare real estate in order to align interests and build genuine relationships with health systems and providers. Evergreen seeks to unlock capital, enhance the operating flexibility of its partners and create durable, long-term value in each of itshealthcare real estate investments.
Media Contacts:
For Bain Capital
Scott Lessne
Stanton
(646) 502-3569
For Evergreen Medical Properties
Joshua Richmond
(770) 842-9033
Comments