Thomas E.D. (Ted) Millspaugh

Thomas Millspaugh
Thomas E. D. (“Ted”) Millspaugh is chair of Venable’s Real Estate Group. Ted oversees the group’s lawyers in all of the firm’s offices and has a national practice of his own. Handling transactions in most of the major metropolitan areas in the United States, he has a broad knowledge of real estate law and extensive experience with all types of complex real estate transactions. He also participates in several important national real estate associations and has numerous legal and non-legal contacts throughout the industry. 

Ted represents some of the world’s largest investment management firms and their pension fund, foundation, and other investors in real estate transactions. He also represents financial institutions, developers, and individual entrepreneurs and investors who have real estate holdings. The list includes LaSalle Investment Management, Legg Mason, AEW Capital Management, and IHP Capital Partners.  

Ted’s experience includes all aspects of the cycle of a real estate transaction: investments, structuring and joint ventures; acquisition, development, and construction; financing (originations and workouts); leasing and management; and sale and disposition. He spent significant time in his early years as a land use lawyer and as a bond finance lawyer, which informs his current practice and enhances his comprehensive knowledge of real estate projects.

Ted’s experience also includes extensive involvement with four major property types: office projects, industrial projects, retail centers, and multifamily projects. He also has experience with other, more specialized property types, such as senior living (including comprehensive care) projects, hotel and resort properties, and aviation facilities.  In many cases, he has handled mixed-use projects that involve combinations of more than one different property type.  Through all this experience, Ted has developed a thorough knowledge of the interrelationships between different aspects of complicated building structures and designs.

The unusually broad and deep scope of Ted's experience enables him to provide valuable, well-rounded advice to his clients and to solve their most important challenges.



Representative Matters

Institutional Investment, Capital Markets, and Private Equity

  • Represented one of the world's largest investment management firms and its pension fund investors in acquisition, disposition, leasing, and financing transactions in more than 30 states
  • Represented a joint venture between a major investment management firm and a major state pension fund in the acquisition, development, leasing, and sale of multiple warehouse and distribution centers throughout the United States
  • Represented an institutional investor in joint ventures with a national retail real estate investment trust (REIT) for more than $500 million in acquisition and development transactions

Real Estate Finance and Loan Workouts and Restructurings

  • Represented a major state pension fund and its advisor in a complex $294 million master credit facility secured by four multifamily projects
  • Represented a troubled loan fund in workouts and restructurings related to $250+ million in loans secured by properties throughout the United States

Leasing, Management, and Corporate Facilities

  • Handled real estate facilities for one of the world's largest asset management firms in the United States and in 11 countries throughout Europe, Asia, and South America
  • Represented state pension funds and their advisors in hundreds of leasing transactions for office, industrial, and retail properties, throughout the United States

Permitting, Development, and Construction

  • Represented a global financial institution in the negotiation, leasing, and development of three regional headquarters and its 350,000+ square foot global headquarters
  • Represented a national office supplies retailer in the acquisition, development, and financing of highly automated distribution centers in California, Maryland, and Connecticut




  • J.D. University of Virginia School of Law 1987
  • B.A. highest honors University of North Carolina at Chapel Hill 1983
    • Phi Beta Kappa
    • Morehead-Cain Scholar

Bar Admissions

  • Maryland
  • District of Columbia

Professional Memberships and Activities

  • Member, Real Estate Roundtable 
  • Member, Urban Land Institute 
  • Member, Maryland State Bar Association, Real Property Section
  • Former member, advisory board of a national title company


  • Chambers USA, America’s Leading Business Lawyers and Super Lawyers
  • Legal 500, Real Estate
  • The Best Lawyers in America, Real Estate Law, 2022, 2024
  • Super Lawyers, Washington, DC



  • Member, board of directors, Roland Park Place, a comprehensive care retirement community
  • Former member, two boards of secondary schools in the state of Maryland