Feature Story: The architect of Remedy’s rise

HRE Executive of the Year Peter Westmeyer led the largest MOB acquisition ever

By John B. Mugford

It was the deal heard ‘round the healthcare real estate (HRE) world – and beyond, for that matter, as the transaction also made headlines in mainstream commercial real estate media nationwide.

We’re talking, of course, about the blockbuster October 2025 announcement that Remedy Medical Properties and Kayne Anderson Real Estate Advisors had agreed to acquire, in multiple tranches, 296 medical outpatient buildings (MOBs) with more than 18 million square feet of space from Welltower Inc. (NYSE: WELL).

Without a doubt, the $7.2 billion deal involving the joint venture (JV) partnership of Chicago-based Remedy and Boca Raton, Fla.-based Kayne Anderson was the largest arm’s length MOB transaction in sector history. Through the deal, which closed after months of working out the details prior to becoming public knowledge, Remedy also added about 170 employees from Toledo, Ohio-based Welltower to help manage the newly purchased properties. Those new hires brought Remedy’s total number of employees to about 550 people in 60 or so offices nationwide, with growth still expected, albeit organically, in the future.

All of the new professionals from Welltower are needed to help manage what is now the sector’s largest MOB portfolio, which tops 1,100 properties with a total approaching 55 million square feet of space in 44 states. The Remedy-Kayne partnership is now by far the largest owner of MOB space in the country, topping the next largest owner, Healthcare Realty Trust (NYSE: HR) and its 36 million square foot portfolio, by about 19 million square feet.

Although the blockbuster deal of 2025 – and for that matter, the century, so far – indeed thrust Remedy Medical Properties into the spotlight, the firm has been on a rapid growth trajectory for the past decade or more, as it and Kayne Anderson have been making annual acquisitions of about $1.2 billion in recent years.

Leading Remedy’s growth has been its founder and CEO, Peter Westmeyer, who first got involved in the HRE sector by leading the acquisition of an MOB in the Chicago area in a friends and family investment deal in 2008, which, in effect, led to him launching the MOB arm of Chicago-based MB Real Estate, where he was working at the time.

A few years and acquisitions later, in 2013, the entity then known as MBRE Healthcare formed an exclusive investment partnership with Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson, a major alternative investment firm that currently has about $38 billion in assets under management (AUM). MBRE Healthcare became its own entity in 2017 and rebranded itself as Remedy Medical Properties in 2020.

Because of the leadership he’s provided over the years of Remedy’s remarkable and steady growth, as well as his leadership during the months leading up to the closing of the biggest MOB acquisition in sector history, Mr. Westmeyer has been named as the 2025 HREI Executive of the Year.