BentallGreenOak
A real estate investment and asset-management firm formed through the 2019 combination of Bentall Kennedy and GreenOak Real Estate.
Last updated August 31, 2026
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Overview
BentallGreenOak, commonly branded as BGO, is a real estate investment and asset-management firm headquartered in Miami, Florida, with roots in Canada and the United States. It operates as the real estate subsidiary of Sun Life Financial and invests in, develops, manages, and lends against commercial and other real estate assets. The firm is regarded as one of the largest real estate investment organizations in North America, with activities extending beyond its home markets into Asia and other international regions. BGO was created in 2019 through the combination of Bentall Kennedy, a Canadian real estate investment manager owned by Sun Life Financial, and GreenOak Real Estate, a U.S. private-equity real estate firm founded in 2010. GreenOak was established with seed capital from Tetragon Financial Group. As part of the transaction, Sun Life Financial acquired a 56 percent interest in GreenOak for $195 million in cash and combined the business with Bentall Kennedy. The resulting organization retained capabilities in property investment, fund management, development, leasing, and real estate operations while broadening its geographic and investment reach. Bentall Kennedy chief executive Gary Whitelaw became the first chief executive of the combined company. He retired in 2020 and was succeeded by GreenOak co-founders Sonny Kalsi and John Carrafiell, who became co-chief executives. The leadership structure reflected the merger's aim of combining Bentall Kennedy's institutional real estate platform and Canadian market presence with GreenOak's private-equity approach and international investment experience. The firm's business includes investment management for institutional and other investors, ownership and operation of commercial property, development and redevelopment, and real estate debt. Its portfolio and strategies have included office, industrial, retail, multifamily, logistics, and other property categories, although the exact mix varies by fund and market. BGO has also been developing a U.S. commercial real estate lending platform. In response to changes in office demand and hybrid work, it introduced move-in-ready office offerings intended to provide smaller and medium-sized tenants with more flexible occupancy options. BGO's strategy has increasingly emphasized geographic diversification. In 2025, it raised $4.6 billion for BGO Asia Fund IV, a vehicle focused on Japan and described as the firm's largest fund at that time. The fundraising illustrated the importance of Asian real estate to BGO's expansion and diversification strategy. The firm has also commented on the commercial-property cycle, stating in 2024 that the broader market appeared to be reaching a bottom and could begin recovering, while warning that offices would remain under pressure because tenant demand had shifted. The company is privately held within Sun Life Financial rather than separately publicly listed. Its standing in the private real estate market has been reflected in industry rankings: PERE ranked it seventh among private-equity real estate firms by total fundraising over the preceding five-year period in 2022, and fourth in the comparable 2025 ranking. BGO's positioning combines institutional-scale capital management, direct real estate ownership and operations, and specialized investment strategies across property sectors and regions.
History
BentallGreenOak was established in 2019 through the merger of Bentall Kennedy and GreenOak Real Estate. Bentall Kennedy was a Canadian real estate investment firm and a Sun Life Financial subsidiary. GreenOak Real Estate was founded in the United States in 2010 as a private-equity real estate manager, with initial seed capital provided by Tetragon Financial Group. The transaction expanded Sun Life Financial's real estate platform. In 2019, Sun Life acquired a 56 percent interest in GreenOak for $195 million in cash and combined GreenOak with Bentall Kennedy. The new business adopted the BentallGreenOak name and used BGO as its principal brand. Gary Whitelaw, who had led Bentall Kennedy, became chief executive of the merged company. Whitelaw retired in 2020. He was replaced by Sonny Kalsi and John Carrafiell, the co-founders of GreenOak, who assumed the roles of co-chief executives. Their appointment placed the former GreenOak leadership at the center of the combined firm's next phase while preserving the institutional platform inherited from Bentall Kennedy. Following the merger, BGO operated across real estate investment management, property ownership, development, asset management, and related services. Its investment activities have covered multiple commercial property sectors and geographic markets. The firm has maintained a substantial North American presence while expanding its international strategy, including investment programs in Asia. In 2023, BGO was reported to be developing a U.S. commercial real estate lending platform. That initiative broadened the firm beyond equity ownership and investment management into debt-oriented real estate finance. The same year, it introduced move-in-ready office offerings for smaller and medium-sized tenants seeking more flexible arrangements in the aftermath of the pandemic and the growth of hybrid work. BGO's market commentary in 2024 reflected the uneven recovery of commercial real estate. The firm indicated that the broader commercial-property market had likely reached a bottom and could recover, but it continued to view offices as a difficult segment because tenant requirements and utilization patterns had changed. This outlook was consistent with its effort to provide more flexible office products. The firm's international fundraising profile grew further in 2025 when it raised $4.6 billion for BGO Asia Fund IV, a Japan-focused vehicle described as its largest fund at that time. The fundraising highlighted Japan's role in BGO's regional strategy and its effort to diversify beyond the United States. Industry rankings also underscored its scale: PERE placed BGO seventh among private-equity real estate firms by five-year fundraising in 2022 and fourth in the comparable 2025 ranking. BGO remains a private real estate business within Sun Life Financial and is not separately listed on a public stock exchange. Its corporate identity combines Bentall Kennedy's Canadian institutional history with GreenOak's U.S. private-equity heritage, giving the organization a cross-border platform spanning investment, operations, development, lending, and fund management.
- 2025
BGO Asia Fund IV raises $4.6 billion
[1]BGO raised $4.6 billion for a Japan-focused Asia fund, described as its largest fund at that time.
- 2023
U.S. real estate lending expansion reported
[1]BGO began building a U.S. commercial real estate lending platform.
- 2023
Flexible office offering introduced
[1]The firm introduced move-in-ready offices for small and medium-sized businesses seeking flexible space.
- 2021
BGO prevails in Miami office-tower dispute
[1]A court ruled in favor of BentallGreenOak in litigation concerning its withdrawal from a proposed Miami office-tower acquisition.
- 2020
Leadership passes to GreenOak co-founders
[1]Gary Whitelaw retired as chief executive, and Sonny Kalsi and John Carrafiell became co-chief executives.
- 2019
BentallGreenOak is formed
[1]Sun Life Financial acquired a 56 percent stake in GreenOak for $195 million in cash and merged it with Bentall Kennedy to create BentallGreenOak.
- 2010
GreenOak Real Estate is established
[1]GreenOak Real Estate was founded in the United States as a private-equity real estate firm, with seed capital from Tetragon Financial Group.
Products and positioning
Institutional-scale, private real estate investment and asset management with North American roots and an expanding international platform.
Alternative investments · 2019
Private real estate investment funds
BGO manages pooled investment vehicles for institutional and other investors seeking exposure to commercial real estate. Strategies can involve acquisitions, development, redevelopment, active asset management, and disposition across multiple property sectors and regions.
Asia-Pacific real estate fund · 2025
BGO Asia Fund IV
A Japan-focused Asia real estate fund that raised $4.6 billion in 2025. It was described as BGO's largest fund at that time and represents the firm's effort to expand its international platform and diversify its investment exposure.
Real estate finance · 2023
Commercial real estate lending
BGO has been developing a U.S. commercial real estate lending platform, extending its activities beyond property equity investment and asset management into debt-oriented real estate finance.
Flexible office space · 2023
Move-in-ready offices
Introduced in 2023, this offering provides prepared office environments for small and medium-sized businesses. It responds to hybrid-work conditions and tenants' demand for more flexible, lower-friction occupancy arrangements.
Brand decisions
2025
Launch and fundraising of BGO Asia Fund IVProduct launchBackground
BGO pursued greater geographic diversification and exposure to Japan's real estate market.
Action taken
The firm raised $4.6 billion for its fourth Asia fund, focused on Japan.
Aftermath
The fund became BGO's largest at that time and strengthened its Asia-Pacific investment platform.
Capital raised. $4.6 billion (2025)
2023
Expansion into U.S. commercial real estate lendingStrategyBackground
BGO sought to broaden its real estate platform amid changing commercial-property financing conditions.
Action taken
The firm began building a U.S. commercial real estate lending platform.
Aftermath
The initiative expanded BGO's activities from equity investment and property management into real estate debt.
2019
Combination of Bentall Kennedy and GreenOak Real EstateM&ABackground
Sun Life Financial sought to combine its Canadian real estate subsidiary with GreenOak's U.S. private-equity real estate platform.
Action taken
Sun Life acquired a 56 percent stake in GreenOak for $195 million in cash and merged the two businesses under the BentallGreenOak name.
Aftermath
The transaction created a larger cross-border real estate investment manager and made BGO Sun Life Financial's real estate subsidiary.
Cash consideration for 56 percent GreenOak stake. $195 million (2019)
Recent events
- 2025
BGO raises $4.6 billion for Japan-focused Asia Fund IV[1]
Product launch
BentallGreenOak raised $4.6 billion for its fourth Asia fund, focused on Japan. The fund was described as the firm's largest at that time and represented a major step in its international diversification.
- 2024
BGO says commercial property market may begin recovering while offices remain challenged[1]
Other
BGO said the broader commercial-property market appeared to have reached a low point, but continued to see difficulties in the office sector because tenant demand had changed.
- 2023
BGO develops U.S. commercial real estate lending platform[1]
Other
BentallGreenOak was reported to be building out its commercial real estate lending platform in the United States.
- 2023
BGO introduces move-in-ready offices for flexible-work demand[1]
Product launch
The firm introduced move-in-ready office offerings aimed at small and medium-sized businesses seeking flexibility as hybrid work reshaped office requirements.
- 2021
Court rules in BGO's favor in Miami office-tower transaction dispute[1]
Lawsuit
East End Capital and two Australian investors sued BentallGreenOak after it withdrew from a proposed purchase of a Miami office tower. The court ruled for BGO, and the opposing side was required to repay a $5.5 million deposit.
Sources2 sources
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