Westage Companies

What Westage Companies does

Westage Companies is a privately held, four-generation family-owned healthcare real estate developer headquartered in Fishkill, New York. Founded in 1978, the company spent its first decades on office buildings, shopping centers, and residential properties in the Northeast, then shifted exclusively to medical office buildings, ambulatory surgery centers, and specialty clinical facilities over the past 15+ years, completing 2.8 million square feet of healthcare development in the Hudson Valley region. Its core competency is purpose-built healthcare real estate — facilities engineered to accommodate heavy imaging equipment (MRI, CT, linear accelerators, nuclear cameras), compliant with Department of Health, NFPA, JCAHO, and ADA standards, and delivered through multiple construction methodologies including Design/Build and Construction Manager at Risk.

The company's revenue model combines one-time development fees and capital deployment (build-to-suit, own-and-lease, sale-leaseback, and ground lease structures) with recurring rental and property management income from its owned portfolio. Active assets include the Westage Medical Mall (130,000 sq ft, Fishkill), the Westage Pavilion (81,000 sq ft, 70-year ground lease with Orange Regional Medical Center, Wallkill), the Westage Medical Building (60,000 sq ft, Poughkeepsie), the Crystal Run Healthcare facility (72,000 sq ft, Middletown), and Westage Plaza 207 (24,000 sq ft, New Windsor), with the Westage Phase 2 expansion (25,000 sq ft) currently underway. The portfolio maintains a 97% occupancy rate and the company self-reports up to $100 million in internal equity capacity and access to pension fund, insurance company, and CTL financing sources.

Westage serves hospitals and healthcare systems, physician practices and medical groups, and diagnostic and imaging operators across the Northeastern United States, primarily New York's Hudson Valley. Go-to-market is direct enterprise sales to healthcare providers, supplemented by local and national real estate broker relationships and a referral-driven pipeline anchored by long-dated hospital system relationships with Vassar Brothers Medical Center and Orange Regional Medical Center. The company is privately funded, owned, and operated, with leadership including Ted A. Petrillo (Principal, fourth generation), Ted Petrillo (Founder), and a long-tenured operations and construction team.

Name

Westage Companies

Legal name

Westage Companies

Website

https://westage.com

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

11–50 employees

Short description

Westage Companies is a four-generation, family-owned healthcare real estate developer founded in 1978 and headquartered in Fishkill, New York, building and managing medical office buildings, ambulatory surgery centers, and specialty clinical facilities for hospitals, health systems, and physician practices across the Hudson Valley region.

Ownership category

akta.pro rank

Headquarters

HQ city

Fishkill

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Healthcare Real Estate Development: Development of healthcare facilities including medical office buildings, ambulatory surgery centers, and specialty clinical facilities for hospitals, healthcare systems, and physician practices. Projects include build-to-suit and own-and-lease arrangements.
2. Property Management and Leasing: Ongoing property management and leasing services for healthcare tenants in their developed facilities. The company maintains a 97% occupancy rate across their portfolio and provides comprehensive property management including vendor administration, building oversight, repairs, maintenance supervision, and financial services.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Westage Companies is a healthcare real estate developer that builds, owns, and manages medical office buildings, ambulatory surgery centers, and specialty clinical facilities for hospitals, healthcare systems, and physician practices. The firm delivers full-lifecycle development services spanning site selection and acquisition, financing, design, construction, leasing, and ongoing property management, with deep specialization in accommodating advanced medical equipment and healthcare-specific regulatory requirements. Across its portfolio of completed projects, Westage maintains a 97% occupancy rate.

Product overview

Westage Companies is a premier healthcare real estate developer serving the Northeastern United States, offering a portfolio of medical office buildings and specialty clinical facilities. The company provides a comprehensive suite of development services including needs analysis, financing, design, construction, leasing, and property management. Their product portfolio consists of five completed properties: Westage Medical Mall (130,000 SF, Fishkill), Westage Pavilion (81,000 SF, Wallkill), Westage Medical Building (60,000 SF, Poughkeepsie), Crystal Run Healthcare (72,000 SF, Middletown), and Westage Plaza 207 (24,000 SF, New Windsor). Currently, Westage Phase 2 is under development as a 25,000 SF expansion to the Medical Mall. The company serves hospitals, healthcare systems, physician practices, laboratories, pharmacies and imaging operators with 97% occupancy and satisfaction rates across their properties.

Differentiator

Problem solved

Functional benefit

Products and services

• Westage Medical Mall A 130,000 square foot, three-story medical facility at the center of the 1 million square foot Westage Business Center Drive at Route 9 and I-84 in Fishkill, NY, developed in partnership with Vassar Brothers Medical Center. Houses an ambulatory surgery center, radiation oncology, laboratory services, women's health services, sleep lab, physical therapy, ophthalmology, and cardiac specialists; includes the Westage Phase 2 25,000 sq ft expansion for additional medical office and outpatient/ambulatory care space.
• Westage Pavilion An 81,000 square foot, 3-story building at 75 Crystal Run Road in Wallkill, NY, developed under a 70-year ground lease with Orange Regional Medical Center. Serves as Orange Regional's primary outpatient center with an ambulatory surgery center, breast care center, MRI unit, wound care center, sleep lab, and various medical tenants.
• Westage Medical Building A 60,000 square foot, three-story medical building at 1 Columbia Street, Poughkeepsie, developed as part of Vassar Brothers Medical Center's 1998 hospital expansion. Features a 721-car parking garage and connects to the Medical Center via an enclosed pedestrian bridge; houses the region's largest cardiology group, cardiac surgery group, advanced imaging center, and a multi-specialty group.
• Crystal Run Healthcare Facility A 72,000 square foot, 3-story medical facility at 155 Crystal Run Road, Middletown, NY. Built as a fast-tracked, nine-month build-to-suit development for Crystal Run Healthcare as the first major step in its journey to become one of the Mid-Hudson Valley's largest multi-specialty medical practices.
• Westage Plaza 207 Two office buildings at 955 Little Britain Road, New Windsor, NY near Stewart International Airport. The initial 12,000 sq ft building was completed in 2003 and the second 12,000 sq ft building was completed in 2007, housing The Heart Center (the region's largest cardiology group with seven offices across Dutchess, Ulster, and Orange Counties, occupying a custom-designed 12,000 sq ft space at 207).
• Healthcare Real Estate Development Services Full-service healthcare real estate development services including needs analysis, financing, design, construction, leasing, sales, and marketing across the development lifecycle: site selection and acquisition, building design and construction, site planning and engineering, government approvals, financing, leasing, and property management. Delivered through multiple construction delivery methodologies (Design/Build, Design-Bid-Build, Construction Manager at Risk with GMP, Agency CM, Integrated Project Delivery, IPD-Lite) for hospitals, healthcare systems, and physician practices.
• Property Management Services Comprehensive property management services for medical office buildings in the Westage portfolio, including vendor administration, building oversight, repairs and maintenance supervision, financial services (collections, accounting, budgeting and reporting), health and safety compliance, real estate tax analysis/appeal support, and 24/7 emergency service. Reported 97% occupancy rate and 97% satisfaction rate across the portfolio.

Quantifiable outcome

• 97% overall portfolio occupancy rate
• +2 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Vassar Brothers Medical CentercoreStrategic or Co-development Partner · 1 January 2001Strategic partnership for the development of the Westage Medical Mall, the first development of its kind in the Hudson Valley. The 130,000 sq ft facility is owned under a commercial condominium structure with Vassar owning approximately equal shares. The partnership allowed Vassar to leverage its tax-exempt status as a non-profit organization while providing Westage with hospital-aligned development opportunities.
• Orange Regional Medical CentercoreStrategic or Co-development PartnerSelected Westage over numerous national competitors to develop and construct an 81,000 sq ft outpatient facility under a 70-year ground lease. The facility serves as Orange Regional's primary outpatient center including ambulatory surgery, breast care, MRI, wound care, and sleep lab services.
• Crystal Run HealthcarecoreStrategic or Co-development PartnerDevelopment partner for Crystal Run Healthcare's first major medical office building, a 72,000 sq ft, 3-story facility that was the first step in Crystal Run becoming one of the Mid-Hudson Valley's largest multi-specialty medical practices.

Scale indicators7 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Welltower: Major healthcare REIT with growing outpatient medical office segment; competing capital and relationships may pressure regional developers like Westage on national-scale mandates.
• Ventas: Large healthcare REIT with diversified medical office and outpatient exposure; a broader incumbent competing for healthcare development and investment mandates.
• Healthpeak Properties: Diversified healthcare, life science, and outpatient medical real estate owner; competes for outpatient MOB tenants and development mandates at scale Westage cannot match.

Direct peers

• Anchor Health Properties: Private medical office building developer/owner-operator with similar full-lifecycle development services, closely comparable in size and business model to Westage.
• Healthcare Realty Trust: Publicly traded REIT focused on medical office buildings and outpatient facilities, the closest large-scale direct competitor to Westage's healthcare-focused owner-operator model.
• Medical Properties Trust: Healthcare-focused REIT owning hospital and healthcare real estate worldwide; competes for large health-system development and sale-leaseback mandates Westage also targets.
• Pacific Medical Buildings: Specialized MOB developer/owner providing design, development, leasing, and management of medical office buildings nationwide; competes in the same healthcare-focused owner-developer niche.
• NexCore Group: Private, healthcare-focused real estate developer with integrated development, leasing, and property management services — a direct functional comparable to Westage.

Emerging players

• MedProperties Holdings: Private, healthcare-focused MOB owner-operator with acquisition and development programs; competes in the mid-market segment where Westage also operates.
• Caddis Healthcare Real Estate: Healthcare-focused private real estate investment and operating firm specializing in MOBs, similar in scale and geographic targeting to Westage's regional focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Westage Companies