BentallGreenOak

Last updated

BentallGreenOak
BGO
Company typeSubsidiary
Industry Private equity real estate
FoundedJuly 1, 2019;5 years ago (2019-07-01) [1]
Headquarters
Number of locations
28 offices
Key people
AUM US$83 billion (June 30, 2023)
Number of employees
1,062 (2023) [2]
Parent Sun Life Financial
Website www.bgo.com
Footnotes /references
[3]

BentallGreenOak, which uses the trade name BGO, is a real estate investment firm headquartered in Miami, Florida. The firm is the real estate investment arm of Sun Life Financial. [4] It is considered one of the largest real estate investment firms in North America. [5]

Contents

In 2022, the firm was ranked by PERE (under Private Equity International ) as the seventh largest Private Equity Real Estate firm based on total fundraising over the most recent five-year period. [6]

History

Bentall Kennedy and GreenOak Real Estate merged to form BentallGreenOak in 2019. [1] [7] [8] [9]

Bentall Kennedy was a Canadian real estate investment firm that was a subsidiary of Sun Life Financial [7] [8] and GreenOak Real Estate was an American private equity real estate firm established in 2010 with its seed capital being provided by the Tetragon Financial Group. [10]

In 2019, Sun Life Financial acquired a 56% stake in GreenOak Real Estate by paying $195 million in cash. [8] Then Sun Life merged the two firms to form BentallGreenOak. Bentall Kennedy's CEO, Gary Whitelaw became CEO of the new entity. [1] [7] [9]

In 2020, Whitelaw resigned from his position as CEO and was replaced by GreenOak Real Estate co-founders, Sonny Kalsi and John Carrafiell who are currently serving as co-CEOs. [10] [11] [12]

In February 2023, it was reported that BGO has been building its US commercial real estate lending platform. [13]

In September 2023, BGO introduced move-in-ready offices for SME tenants seeking flexibility in hybrid work arrangements. [14]

In September 2024, BGO stated that while the commercial-property market had hit the bottom and would start to recover, the office sector would still have challenges due to a shift in tenant demand. [15]

Investments

East End Capital and a pair of Australian investors filed a lawsuit against BentallGreenOak after they pulled out from a deal to purchase a Miami office tower. [25] The court ruled in favour of BentallGreenOak in 2021, resulting in East End Capital's side being required to pay back a $5.5 million deposit. [25]

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References

  1. 1 2 3 "BentallGreenOak Announces Closing of Merger Forming a Leading Global Real Estate Investment Platform". Financial Post. July 2, 2019. Archived from the original on March 16, 2024. Retrieved October 10, 2022.
  2. ↑ "2023 Profile". Archived from the original on February 6, 2024. Retrieved February 6, 2024.
  3. ↑ "Form ADV" (PDF). SEC. Archived (PDF) from the original on November 24, 2022. Retrieved November 24, 2022.
  4. ↑ "Sun Life Financial completes acquisition of BentallGreenOak". businesschief.com. May 19, 2020. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  5. ↑ "Forest Recovery Canada | Bentall Green Oak". Forest Recovery Canada. Archived from the original on October 12, 2022. Retrieved October 10, 2022.
  6. ↑ "The PERE 100 bounces back" (PDF). Harrison Street. 2022. Archived (PDF) from the original on October 9, 2022. Retrieved October 10, 2022.
  7. 1 2 3 Brasse, Jonathan (January 18, 2021). "The Bentall GreenOak merger was 'like two puzzle pieces coming together' | PERE". PERE. Archived from the original on January 18, 2021. Retrieved October 10, 2022.
  8. 1 2 3 "Sun Life to merge Bentall Kennedy real estate business with GreenOak". Investment Executive. December 19, 2018. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  9. 1 2 Baba2018-12-19T13:49:00+00:00, Razak Musah. "Bentall Kennedy and GreenOak merger creates $47bn global real estate platform". Real Assets. Archived from the original on January 28, 2023. Retrieved October 10, 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
  10. 1 2 "Ex-M.Stanley bankers launch new property venture". Reuters. August 2, 2010. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  11. ↑ "John Carrafiell Appointed as co-CEO and Board Director for BentallGreenOak". markets.businessinsider.com. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  12. ↑ "BentallGreenOak plans senior leadership change – Exclusive | PERE". August 3, 2020. Archived from the original on August 3, 2020. Retrieved October 10, 2022.
  13. ↑ Plavajka, Randy (February 2, 2023). "BentallGreenOak's singular focus". Real Estate Capital USA. Archived from the original on September 29, 2023. Retrieved January 22, 2024.
  14. ↑ Cheng, Andria (September 6, 2023). "BentallGreenOak Unveils Bet on Move-in-Ready Offices". CoStar. Archived from the original on March 16, 2024. Retrieved December 17, 2023.
  15. ↑ Wong, Natalie (September 26, 2024). "Property-Market Hits 'Inflection Point' Even as Offices Lag, BGO Says". Bloomberg News. Retrieved October 25, 2024.
  16. ↑ "BentallGreenOak acquires Montréal skyscraper 1250 René-Lévesque". www.lexpert.ca. Archived from the original on March 16, 2024. Retrieved October 10, 2022.
  17. ↑ "Eastgate mall under new ownership". The Hamilton Spectator. December 24, 2013. ISSN   1189-9417. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  18. ↑ "Groupe Petra and Groupe Mach Team Up To Buy Montreal's KPMG Tower". www.costar.com. Archived from the original on March 16, 2024. Retrieved October 10, 2022.
  19. ↑ "Permanent Leasing". North Hill Centre. October 28, 2018. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  20. ↑ "FOREVER GREEN". www.thepencentre.com. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  21. ↑ "Richardson Centre Limited". James Richardson & Sons, Limited. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  22. ↑ "Contact – 150 King West". Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  23. ↑ International, Retail & Leisure (January 15, 2021). "BentallGreenOak Welcomes Two New Regional Assets to Portfolio". Retail & Leisure International. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
  24. ↑ "BentallGreenOak pays $41M for Sunnyvale office building leased by Apple". TheRealDeal. August 21, 2023. Archived from the original on October 12, 2023. Retrieved September 24, 2023.
  25. 1 2 Bushor, Alison (May 5, 2021). "BentallGreenOak Wins $6M Over Failed Miami Office Tower Deal". The Real Deal South Florida. Archived from the original on October 10, 2022. Retrieved October 10, 2022.
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