BGO, the global real estate investment management giant, has added to its executive leadership team in London and the United States as the firm looks to grow.
The company formerly known as BentallGreenOak said the appointments were designed to build on five years of momentum since its formation in a merger between Bentall Kennedy and Green Oak Real Estate.
Toby Phelps, who is based in London, has been appointed co-president of BGO, alongside co-President Amy Price in the role.
They will support co-CEOs John Carrafiell and Sonny Kalsi and the global management committee in "bringing forward the firm’s long-term strategic vision and executing BGO’s investor-focused strategic priorities across geographies".
Jonathan Epstein, who is based in Los Angeles, is appointed head of the United States business, supported by Steve Reents, who is based in Seattle, as deputy head for the United States and United States chief investment officer for all of BGO’s equity funds and strategies in that country.
Francesco Ostuni, who is based in London, is appointed head of European equity and will continue as chief investment officer for European equity.
"This leadership expansion is a natural evolution that builds on our firm’s existing strengths, and positions BGO to continue to deliver outstanding outcomes for our investors," said John Carrafiell, co-chief executive, BGO in a statement.
Year of potential recovery
BGO's personnel moves come as investors worldwide "are hopeful that 2025 will emerge as a year of potential recovery over two years of muted revenues and pullbacks in spending," according to Deloitte’s 2025 commercial real estate outlook survey of more than 880 global chief executives and their direct reports large real estate owners and investment firms in 13 countries.
"After two consecutive years where most survey respondents expected revenue declines, 88% of global respondents now report they expect their company’s revenues to increase going forward, a substantial shift from the 60% who expected further declines last year," Deloitte said in its 2025 commercial real estate outlook.
In November in Canada, BGO, a company with its global headquarters in Miami Beach, Florida, promoted Michelle Brown as head of BGO Properties. The company's business lines include property management and operations, leasing services, construction services and a third-party services platform for all asset classes in Canada.
In her new position, Brown will be responsible for leading the operations and financial performance of BGO Properties, a company that has over 450 properties with 69 million square feet under management across Canada.
"Each member of our expanded global management committee has played a significant role in driving performance, innovating investment strategies, and building enduring relationships with our clients," said Sonny Kalsi, co-chief executive, BGO.
BGO is a global real estate investment management adviser. It acts for more than 750 institutional clients with approximately $83 billion of assets under management as of year-end 2024 and a focus on the asset management of office, industrial, multi-residential, retail and hospitality property across the globe.
BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.