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{{short description|Real estate investment firm based in New York}}
{{Short description|Real estate investment firm}}
{{Use mdy dates|date=December 2023}}

{{Infobox company
{{Infobox company
| name = BentallGreenOak
| name = BentallGreenOak
| logo =
| logo = BentallGreenOak.svg
| image =
| image =
| image_caption =
| image_caption =
| image_size =
| image_size =
| trading_name =
| trading_name = BGO
| native_name =
| native_name =
| former_name =
| former_name =
| type = [[Subsidiary]]
| type = Subsidiary
| traded_as =
| traded_as =
| industry = [[Real estate]]<br>[[Private Equity]]
| industry = [[Private equity real estate]]
| foundation = {{start date and age|df=yes|2019|7|1}}<ref name="FP">{{cite news |title=BentallGreenOak Announces Closing of Merger Forming a Leading Global Real Estate Investment Platform |url=https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/bentallgreenoak-announces-closing-of-merger-forming-a-leading-global-real-estate-investment-platform |website=Financial Post |language=en |date=2 July 2019}}</ref>
| foundation = {{start date and age|2019|7|1}}<ref name="FP">{{cite news |title=BentallGreenOak Announces Closing of Merger Forming a Leading Global Real Estate Investment Platform |url=https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/bentallgreenoak-announces-closing-of-merger-forming-a-leading-global-real-estate-investment-platform |website=Financial Post |language=en |date=July 2, 2019 |access-date=October 10, 2022 |archive-date=March 16, 2024 |archive-url=https://web.archive.org/web/20240316032915/https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/bentallgreenoak-announces-closing-of-merger-forming-a-leading-global-real-estate-investment-platform |url-status=live }}</ref>
⚫
| location = {{ubl|[[Miami]], [[Florida]], U.S.}}
⚫
| founder = Sonny Kalsi (Co-CEO)<br>[[John Carrafiell]] (Co-CEO)<br>Amy Price (President)
⚫
| location = [[399 Park Avenue]], [[New York City]], U.S.
| num_locations = 28 offices
| num_locations = 28 offices
⚫
| key_people = {{ubl|Sonny Kalsi (Co-CEO)|[[John Carrafiell]] (Co-CEO)|Amy Price (President)}}
| key_people =
⚫
| aum = US$83&nbsp;billion (June 30, 2023)
| revenue =
| num_employees = 1,062 (2023)<ref name="GRI">{{cite web |title=2023 Profile |url=https://pitchbook.com/profiles/company/61013-80#overview |access-date=February 6, 2024 |archive-date=February 6, 2024 |archive-url=https://web.archive.org/web/20240206155642/https://pitchbook.com/profiles/company/61013-80#overview |url-status=live }}</ref>
| net_income =
⚫
| aum = US$ 80 billion (Q2 2022)
| equity =
| num_employees = 1,231 (2021)<ref name="GRI">{{cite web |title=2022 Corporate Responsibility Report – GRI Disclosures |url=https://www.bentallgreenoak.com/pdf/cr/gri-social.pdf}}</ref>
| parent = [[Sun Life Financial]]
| parent = [[Sun Life Financial]]
⚫
| homepage = {{URL|www.bgo.com}}
| subsid =
| footnotes = <ref name="ADV">{{cite web |title=Form ADV |url=https://reports.adviserinfo.sec.gov/reports/ADV/111470/PDF/111470.pdf |website=SEC |access-date=November 24, 2022 |archive-date=November 24, 2022 |archive-url=https://web.archive.org/web/20221124121737/https://reports.adviserinfo.sec.gov/reports/ADV/111470/PDF/111470.pdf |url-status=live }}</ref>
⚫
| homepage = {{URL|www.bentallgreenoak.com}}
}}
}}


'''BentallGreenOak''' is an American real estate investment firm headquartered in [[New York City]]. The firm is the real estate investment arm of [[Sun Life Financial]].<ref name="bchief">{{cite web |title=Sun Life Financial completes acquisition of BentallGreenOak |url=https://businesschief.com/corporate-finance/sun-life-financial-completes-acquisition-bentallgreenoak |website=businesschief.com |language=en |date=19 May 2020}}</ref>
'''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]].<ref name="bchief">{{cite web |title=Sun Life Financial completes acquisition of BentallGreenOak |url=https://businesschief.com/corporate-finance/sun-life-financial-completes-acquisition-bentallgreenoak |website=businesschief.com |language=en |date=May 19, 2020 |access-date=October 10, 2022 |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010133503/https://businesschief.com/corporate-finance/sun-life-financial-completes-acquisition-bentallgreenoak |url-status=live }}</ref> It is considered one of the largest real estate investment firms in North America.<ref>{{Cite web |title=Forest Recovery Canada {{!}} Bentall Green Oak |url=https://frc-rfc.ca/case_studies/bentall-green-oak |access-date=October 10, 2022 |website=Forest Recovery Canada |archive-date=October 12, 2022 |archive-url=https://web.archive.org/web/20221012134858/https://frc-rfc.ca/case_studies/bentall-green-oak/ |url-status=live }}</ref>

⚫
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.<ref>{{Cite web |date=2022 |title=The PERE 100 bounces back |url=https://www.harrisonst.com/wp-content/uploads/2022/06/The-PERE-100-Bounces-Back.pdf |website=Harrison Street |access-date=October 10, 2022 |archive-date=October 9, 2022 |archive-url=https://web.archive.org/web/20221009121354/https://www.harrisonst.com/wp-content/uploads/2022/06/The-PERE-100-Bounces-Back.pdf |url-status=live }}</ref>

== History ==


⚫
Bentall Kennedy and GreenOak Real Estate merged to form BentallGreenOak in 2019.<ref name="FP" /><ref name=":0">{{Cite web |date=January 18, 2021 |title=The Bentall GreenOak merger was 'like two puzzle pieces coming together' {{!}} PERE |url=https://www.perenews.com/bentall-greenoak-merger-like-two-puzzle-pieces-coming-together/ |access-date=October 10, 2022 |archive-url=https://web.archive.org/web/20210118043741/https://www.perenews.com/bentall-greenoak-merger-like-two-puzzle-pieces-coming-together/ |archive-date=January 18, 2021 }}</ref><ref name=":1">{{Cite web |date=December 19, 2018 |title=Sun Life to merge Bentall Kennedy real estate business with GreenOak |url=https://www.investmentexecutive.com/news/industry-news/sun-life-to-merge-bentall-kennedy-real-estate-business-with-greenoak/ |access-date=October 10, 2022 |website=Investment Executive |language=en |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010141551/https://www.investmentexecutive.com/news/industry-news/sun-life-to-merge-bentall-kennedy-real-estate-business-with-greenoak/ |url-status=live }}</ref><ref name=":2">{{Cite web |last=Baba2018-12-19T13:49:00+00:00 |first=Razak Musah |title=Bentall Kennedy and GreenOak merger creates $47bn global real estate platform |url=https://realassets.ipe.com/news/bentall-kennedy-and-greenoak-merger-creates-47bn-global-real-estate-platform/10028740.article |access-date=October 10, 2022 |website=Real Assets |language=en |archive-date=January 28, 2023 |archive-url=https://web.archive.org/web/20230128125957/https://realassets.ipe.com/news/bentall-kennedy-and-greenoak-merger-creates-47bn-global-real-estate-platform/10028740.article |url-status=live }}</ref>
⚫
In 2022, the firm was ranked as the seventh largest Private Equity Real Estate firm based on total fundraising over the most recent five-year period.<ref>{{Cite web |date=2022 |title=The PERE 100 bounces back |url=https://www.harrisonst.com/wp-content/uploads/2022/06/The-PERE-100-Bounces-Back.pdf |website=Harrison Street}}</ref>


⚫
Bentall Kennedy was a Canadian real estate investment firm that was a subsidiary of [[Sun Life Financial]]<ref name=":0" /><ref name=":1" /> 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]].<ref name=":3">{{Cite news |date=August 2, 2010 |title=Ex-M.Stanley bankers launch new property venture |language=en |work=Reuters |url=https://www.reuters.com/article/greenoak-idUKLDE67103I20100802 |access-date=October 10, 2022 |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010141550/https://www.reuters.com/article/greenoak-idUKLDE67103I20100802 |url-status=live }}</ref>
== Background ==


⚫
In 2019, Sun Life Financial acquired a 56% stake in GreenOak Real Estate by paying $195&nbsp;million in cash.<ref name=":1" /> Then Sun Life merged the two firms to form BentallGreenOak. Bentall Kennedy's CEO, Gary Whitelaw became CEO of the new entity.<ref name="FP" /><ref name=":0" /><ref name=":2" />
⚫
BentallGreenOak is the result of a merger between two firms, Bentall Kennedy and GreenOak Real Estate that occured in 2019. <ref name="FP" /><ref name=":0">{{Cite web |date=2021-01-18 |title=The Bentall GreenOak merger was 'like two puzzle pieces coming together' {{!}} PERE |url=https://www.perenews.com/bentall-greenoak-merger-like-two-puzzle-pieces-coming-together/ |access-date=2022-10-10 |archive-url=https://web.archive.org/web/20210118043741/https://www.perenews.com/bentall-greenoak-merger-like-two-puzzle-pieces-coming-together/ |archive-date=2021-01-18 }}</ref><ref name=":1">{{Cite web |date=2018-12-19 |title=Sun Life to merge Bentall Kennedy real estate business with GreenOak |url=https://www.investmentexecutive.com/news/industry-news/sun-life-to-merge-bentall-kennedy-real-estate-business-with-greenoak/ |access-date=2022-10-10 |website=Investment Executive |language=en}}</ref><ref name=":2">{{Cite web |last=Baba2018-12-19T13:49:00+00:00 |first=Razak Musah |title=Bentall Kennedy and GreenOak merger creates $47bn global real estate platform |url=https://realassets.ipe.com/news/bentall-kennedy-and-greenoak-merger-creates-47bn-global-real-estate-platform/10028740.article |access-date=2022-10-10 |website=Real Assets |language=en}}</ref>


⚫
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.<ref name=":3" /><ref>{{Cite web |title=John Carrafiell Appointed as co-CEO and Board Director for BentallGreenOak |url=https://markets.businessinsider.com/news/stocks/john-carrafiell-appointed-as-co-ceo-and-board-director-for-bentallgreenoak-1030571327 |access-date=October 10, 2022 |website=markets.businessinsider.com |language=en |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010141551/https://markets.businessinsider.com/news/stocks/john-carrafiell-appointed-as-co-ceo-and-board-director-for-bentallgreenoak-1030571327 |url-status=live }}</ref><ref>{{Cite web |date=August 3, 2020 |title=BentallGreenOak plans senior leadership change – Exclusive {{!}} PERE |url=https://www.perenews.com/bentallgreenoak-plans-senior-leadership-change-exclusive/ |access-date=October 10, 2022 |archive-url=https://web.archive.org/web/20200803050425/https://www.perenews.com/bentallgreenoak-plans-senior-leadership-change-exclusive/ |archive-date=August 3, 2020 }}</ref>
Bentall Kennedy was a Canadian real estate investment firm that was a subsidiary of [[Sun Life Financial]].<ref name=":0" /><ref name=":1" />


In February 2023, it was reported that BGO has been building its US commercial real estate lending platform.<ref>{{Cite web |last=Plavajka |first=Randy |date=2023-02-02 |title=BentallGreenOak's singular focus |url=https://www.recapitalusa.com/bentallgreenoaks-singular-focus/ |url-status=live |archive-url=https://web.archive.org/web/20230929064538/https://www.recapitalusa.com/bentallgreenoaks-singular-focus/ |archive-date=September 29, 2023 |access-date=2024-01-22 |website=Real Estate Capital USA |language=en-US}}</ref>
⚫
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]]. <ref name=":3">{{Cite news |date=2010-08-02 |title=Ex-M.Stanley bankers launch new property venture |language=en |work=Reuters |url=https://www.reuters.com/article/greenoak-idUKLDE67103I20100802 |access-date=2022-10-10}}</ref>


In September 2023, BGO introduced move-in-ready offices for [[Small and medium-sized enterprises|SME]] tenants seeking flexibility in [[hybrid work]] arrangements.<ref>{{Cite web |last=Cheng |first=Andria |date=September 6, 2023 |title=BentallGreenOak Unveils Bet on Move-in-Ready Offices |url=https://www.costar.com/article/1718053131/bentallgreenoak-unveils-bet-on-move-in-ready-offices |website=CoStar |access-date=December 17, 2023 |archive-date=March 16, 2024 |archive-url=https://web.archive.org/web/20240316032907/https://www.costar.com/article/1718053131/bentallgreenoak-unveils-bet-on-move-in-ready-offices |url-status=live }}</ref>
⚫
In 2019, Sun Life Financial acquired a 56% stake in GreenOak Real Estate by paying $195 million in cash.<ref name=":1" /> Then Sun Life merged the two firms to form BentallGreenOak. Bentall Kennedy CEO, Gary Whitelaw would become CEO of the new entity.<ref name="FP" /><ref name=":0" /><ref name=":2" />


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.<ref>{{Cite news |last=Wong |first=Natalie |date=2024-09-26 |title=Property-Market Hits ‘Inflection Point’ Even as Offices Lag, BGO Says |url=https://www.bloomberg.com/news/articles/2024-09-26/key-parts-of-property-market-hit-inflection-point-bgo-says |access-date=2024-10-25 |work=Bloomberg News |language=en}}</ref>
⚫
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. <ref name=":3" /><ref>{{Cite web |title=John Carrafiell Appointed as co-CEO and Board Director for BentallGreenOak |url=https://markets.businessinsider.com/news/stocks/john-carrafiell-appointed-as-co-ceo-and-board-director-for-bentallgreenoak-1030571327 |access-date=2022-10-10 |website=markets.businessinsider.com |language=en}}</ref><ref>{{Cite web |date=2020-08-03 |title=BentallGreenOak plans senior leadership change – Exclusive {{!}} PERE |url=https://www.perenews.com/bentallgreenoak-plans-senior-leadership-change-exclusive/ |access-date=2022-10-10 |archive-url=https://web.archive.org/web/20200803050425/https://www.perenews.com/bentallgreenoak-plans-senior-leadership-change-exclusive/ |archive-date=2020-08-03 }}</ref>


== Investments ==
== Investments ==
{{div col|colwidth=20em}}
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* [[1250 René-Lévesque]]<ref>{{Cite web |title=BentallGreenOak acquires Montréal skyscraper 1250 René-Lévesque |url=https://www.lexpert.ca/archive/bentallgreenoak-acquires-montreal-skyscraper-1250-rene-levesque/352779 |access-date=October 10, 2022 |website=www.lexpert.ca |language=en |archive-date=March 16, 2024 |archive-url=https://web.archive.org/web/20240316032907/https://www.lexpert.ca/archive/bentallgreenoak-acquires-montreal-skyscraper-1250-rene-levesque/352779 |url-status=live }}</ref>
* [[Cloverdale Mall]].
⚫
* [[Eastgate Square]]<ref>{{Cite news |date=December 24, 2013 |title=Eastgate mall under new ownership |language=en |work=The Hamilton Spectator |url=https://www.thespec.com/business/2013/12/24/eastgate-mall-under-new-ownership.html |access-date=October 10, 2022 |issn=1189-9417 |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010150855/https://www.thespec.com/business/2013/12/24/eastgate-mall-under-new-ownership.html |url-status=live }}</ref>
* [[Eglinton Square Shopping Centre]]
⚫
* [[KPMG Tower]]<ref>{{Cite web |title=Groupe Petra and Groupe Mach Team Up To Buy Montreal's KPMG Tower |url=https://www.costar.com/article/1166132546/groupe-petra-and-groupe-mach-team-up-to-buy-montreals-kpmg-tower |access-date=October 10, 2022 |website=www.costar.com |archive-date=March 16, 2024 |archive-url=https://web.archive.org/web/20240316032918/https://www.costar.com/article/1166132546/groupe-petra-and-groupe-mach-team-up-to-buy-montreals-kpmg-tower |url-status=live }}</ref>
⚫
* [[North Hill Centre]]<ref>{{Cite web |date=October 28, 2018 |title=Permanent Leasing |url=https://northhillcentre.com/permanent-leasing/ |access-date=October 10, 2022 |website=North Hill Centre |language=en-CA |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010150858/https://northhillcentre.com/permanent-leasing/ |url-status=live }}</ref>
⚫
* [[Pen Centre]]<ref>{{Cite web |title=FOREVER GREEN |url=https://www.thepencentre.com/pages/thepencentre-we-re-back-together-again |access-date=October 10, 2022 |website=www.thepencentre.com |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010150855/https://www.thepencentre.com/pages/thepencentre-we-re-back-together-again |url-status=live }}</ref>
⚫
* [[Richardson Building (Winnipeg)|Richardson Building]]<ref>{{Cite web |title=Richardson Centre Limited |url=https://www.jrsl.ca/companies/real-estate/richardson-centre-limited/ |access-date=October 10, 2022 |website=James Richardson & Sons, Limited |language=en-US |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010150858/https://www.jrsl.ca/companies/real-estate/richardson-centre-limited/ |url-status=live }}</ref>
⚫
* [[Sun Life Centre]]<ref>{{Cite web |title=Contact – 150 King West |url=https://150kingwest.ca/contact/ |access-date=October 10, 2022 |language=en-CA |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010152358/https://150kingwest.ca/contact/ |url-status=live }}</ref>
⚫
* [[St. Vital Centre]]<ref>{{Cite web |last=International |first=Retail & Leisure |date=January 15, 2021 |title=BentallGreenOak Welcomes Two New Regional Assets to Portfolio |url=https://www.rli.uk.com/bentallgreenoak-welcomes-two-new-regional-assets-to-portfolio/ |access-date=October 10, 2022 |website=Retail & Leisure International |language=en-GB |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010150855/https://www.rli.uk.com/bentallgreenoak-welcomes-two-new-regional-assets-to-portfolio/ |url-status=live }}</ref>
* [[The Tenor]]
* [[Apple Campus 3]]<ref>{{cite web|date=August 21, 2023|title=BentallGreenOak pays $41M for Sunnyvale office building leased by Apple|url=https://therealdeal.com/sanfrancisco/2023/08/31/bentallgreenoak-buys-sunnyvale-building-leased-by-apple/|access-date=September 24, 2023|website=TheRealDeal|language=en|archive-date=October 12, 2023|archive-url=https://web.archive.org/web/20231012090236/https://therealdeal.com/sanfrancisco/2023/08/31/bentallgreenoak-buys-sunnyvale-building-leased-by-apple/|url-status=live}}</ref>{{div col end}}
== Legal actions ==


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.<ref name=":4">{{Cite web |last=Bushor |first=Alison |date=May 5, 2021 |title=BentallGreenOak Wins $6M Over Failed Miami Office Tower Deal |url=https://therealdeal.com/miami/2021/05/05/east-end-capital-australian-investors-lose-suit-over-6m-deposit-in-failed-downtown-miami-office-tower-sale/ |access-date=October 10, 2022 |website=The Real Deal South Florida |language=en-US |archive-date=October 10, 2022 |archive-url=https://web.archive.org/web/20221010162855/https://therealdeal.com/miami/2021/05/05/east-end-capital-australian-investors-lose-suit-over-6m-deposit-in-failed-downtown-miami-office-tower-sale/ |url-status=live }}</ref> The court ruled in favour of BentallGreenOak in 2021, resulting in East End Capital's side being required to pay back a $5.5&nbsp;million deposit.<ref name=":4" />
⚫
* [[Sun Life Centre]]<ref>{{Cite web |title=Contact – 150 King West |url=https://150kingwest.ca/contact/ |access-date=2022-10-10 |language=en-CA}}</ref>
⚫
* [[1250 René-Lévesque]]<ref>{{Cite web |title=BentallGreenOak acquires Montréal skyscraper 1250 René-Lévesque |url=https://www.lexpert.ca/archive/bentallgreenoak-acquires-montreal-skyscraper-1250-rene-levesque/352779 |access-date=2022-10-10 |website=www.lexpert.ca |language=en}}</ref>
⚫
* [[Eastgate Square]]<ref>{{Cite news |date=2013-12-24 |title=Eastgate mall under new ownership |language=en |work=The Hamilton Spectator |url=https://www.thespec.com/business/2013/12/24/eastgate-mall-under-new-ownership.html |access-date=2022-10-10 |issn=1189-9417}}</ref>
⚫
* [[KPMG Tower]]<ref>{{Cite web |title=Groupe Petra and Groupe Mach Team Up To Buy Montreal's KPMG Tower |url=https://www.costar.com/article/1166132546/groupe-petra-and-groupe-mach-team-up-to-buy-montreals-kpmg-tower |access-date=2022-10-10 |website=www.costar.com}}</ref>
⚫
* [[St. Vital Centre]]<ref>{{Cite web |last=International |first=Retail & Leisure |date=2021-01-15 |title=BentallGreenOak Welcomes Two New Regional Assets to Portfolio |url=https://www.rli.uk.com/bentallgreenoak-welcomes-two-new-regional-assets-to-portfolio/ |access-date=2022-10-10 |website=Retail & Leisure International |language=en-GB}}</ref>
⚫
* [[Richardson Building (Winnipeg)|Richardson Building]]<ref>{{Cite web |title=Richardson Centre Limited |url=https://www.jrsl.ca/companies/real-estate/richardson-centre-limited/ |access-date=2022-10-10 |website=James Richardson & Sons, Limited |language=en-US}}</ref>
* [[White Oaks Mall (London, Ontario)|White Oaks Mall]]<ref>{{Cite web |date=2013-12-19 |title=Bentall Kennedy acquires shopping centre portfolio from CPPIB |url=https://building.ca/bentall-kennedy-acquires-shopping-centre-portfolio-from-cppib/ |access-date=2022-10-10 |website=Building |language=en-US}}</ref>
⚫
* [[North Hill Centre]]<ref>{{Cite web |date=2018-10-28 |title=Permanent Leasing |url=https://northhillcentre.com/permanent-leasing/ |access-date=2022-10-10 |website=North Hill Centre |language=en-CA}}</ref>
⚫
* [[Pen Centre]]<ref>{{Cite web |title=FOREVER GREEN |url=https://www.thepencentre.com/pages/thepencentre-we-re-back-together-again |access-date=2022-10-10 |website=www.thepencentre.com}}</ref>


==References==
==References==
Line 60: Line 66:


==External links==
==External links==
* {{Official website| https://www.bentallgreenoak.com}}
* {{Official website|https://www.bgo.com}}


{{Real estate}}
{{Real estate}}
Line 66: Line 72:
{{authority control}}
{{authority control}}


[[Category:Sun Life Financial]]
{{uncategorised|date=October 2022}}
[[Category:Companies based in Miami]]
[[Category:Financial services companies established in 2019]]
[[Category:Investment companies of the United States]]
[[Category:Investment companies of Canada]]
[[Category:Real estate companies of the United States]]
[[Category:Real estate companies of Canada]]

Latest revision as of 03:39, 25 October 2024

BentallGreenOak
BGO
Company typeSubsidiary
IndustryPrivate equity real estate
FoundedJuly 1, 2019; 5 years ago (2019-07-01)[1]
Headquarters
Number of locations
28 offices
Key people
AUMUS$83 billion (June 30, 2023)
Number of employees
1,062 (2023)[2]
ParentSun Life Financial
Websitewww.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]

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

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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

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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]

References

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  1. ^ a b c "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. ^ a b c "The Bentall GreenOak merger was 'like two puzzle pieces coming together' | PERE". January 18, 2021. Archived from the original on January 18, 2021. Retrieved October 10, 2022.
  8. ^ a b c "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. ^ a b 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. ^ a b "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. ^ a b 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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