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BentallGreenOak and Hullmark partnership reaches $500M milestone with latest acquisition in Toronto

BentallGreenOak and Hullmark partnership reaches $500M milestone with latest acquisition in Toronto
  • Together, both firms established a strategic partnership in 2016 that has grown by way of new acquisitions, repurposing of existing buildings and construction of new high-quality assets.
  • The joint objective of the partnership is to build a high quality, urban office and mixed-use portfolio that attracts creative tenants, users and residents to Toronto’s emerging neighbourhoods.
  • Since 2016, the partnership has grown from $85M in co-investment and approximately 180,000 sq ft. to $500M and 800,000 sq ft of assets under management.

Toronto (March 10, 2022) — BentallGreenOak and Hullmark announced today that their joint venture partnership has reached the $500M of co-investment in urban commercial real estate, marking a proud milestone in the partnership’s five year history. This mark was achieved following closure of their February 2022 co-investment in a 7.7-acre site in Toronto’s Castlefield Design District occupied by an existing 263,000 sq ft industrial and flex office complex.

This was the partnership's fifth transaction, highlighted by the site’s unique urban industrial character, full occupancy and access to multimodal transit in a rapidly evolving segment of Toronto.

Throughout the five-year partnership, both firms have drawn on their common commitment to sustainable investing and building cooperative long-term community relationships to co-invest in the following nine assets:

  • July 2016 – BGO acquired 50% interest in 4 commercial properties (545 King St W, 619 Queen St W, 100 Broadview Ave, and 60 Atlantic Ave) plus development land (80 Atlantic Ave) totalling 179,000 sq ft.
  • December 2017 – BGO acquired ‘Radiator’, a mixed use, 87,000 sq ft. office property on 1.85 acres of land in downtown Toronto’s west-end, from Hullmark.
  • March 2020 – BGO acquired 50% stake in 230-240 Richmond St W, a 120,000 sq ft. office complex leased to WeWork and OCAD on long term basis.
  • June 2020 – Partnership completed construction on 80 Atlantic, an award-winning mass timber office building in Toronto’s Liberty Village.
  • January 2022 - Hullmark acquired a 50% managing interest in BGO’s 109 George St, a 49,000 sq ft. three-storey brick and beam office building in Toronto’s downtown east.
  • February 2022 – BGO and Hullmark acquired 250 Bowie Street, a 263,000 sq ft. complex, in the Caledonia Design District.

“We are excited about the prospects of our most recent acquisition, 250 Bowie, which continues to build upon this valued partnership for BGO,” said Ross Strowger, Managing Director and Portfolio Manager for BentallGreenOak. “The past 5 years have demonstrated how alignment between private and institutional capital in both asset strategy and core values can achieve remarkable results. We look forward to further drawing on the strength of the partnership to better serve our clients with new investment opportunities and deliver high quality properties to the communities where we are invested.”

“250 Bowie represents a natural evolution of our partnership with BentallGreenOak and our commitment together to shaping a vibrant and transforming urban Toronto.” Said Jeff Hull, President of Hullmark. “This large scale, transit connected, design forward urban industrial and flex office asset allows us to utilize our core skillsets and relationships developed in the downtown core in a new asset class and neighbourhood to the benefit of our tenants, our investors and ultimately the Castlefield Design District and the broader community.”

About BentallGreenOak

BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $74 billion USD of assets under management (as of December 31, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.

BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.

The assets under management shown above includes real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.

For more information, please visit

About Hullmark

Hullmark is a real estate investment and development platform committed to shaping a vibrant and transforming urban Toronto. Hullmark invests in the places they know and love. By focusing on cultural clusters, Hullmark plays a unique role in shaping the neighbourhoods they live and work in and look to create spaces that define our city and show the potential of well-designed places.

For more information, please visit

Media Contacts

Noah Rechtsman

Rahim Ladha

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