{"id":1004554742,"date":"2021-10-19T03:24:42","date_gmt":"2021-10-19T11:24:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004554742"},"modified":"2022-12-08T21:19:41","modified_gmt":"2022-12-09T05:19:41","slug":"blue-owl-to-acquire-sale-leaseback-specialist-for-950m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/","title":{"rendered":"Blue Owl to Acquire Sale-Leaseback Specialist for $950M"},"content":{"rendered":"
\"Marc<\/a>

Marc Lipschultz, Co-Founder & Co-President, Blue Owl Capital. Image courtesy of Blue Owl Capital<\/p><\/div>\n

Alternative asset manager Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, of Chicago, and its investment advisory business for $950 million.<\/p>\n

The deal is expected to close in the fourth quarter, subject to customary closing conditions.<\/p>\n

Founded in 2009, Oak Street focuses on two primary strategies: structuring sale-leasebacks, which includes triple-net leases, and as well as providing seed and strategic capital.<\/p>\n

\n

READ ALSO<\/strong>: Why Net Lease Cap Rates Hit New Lows<\/a><\/p>\n

\n

The closing purchase price of $950 million will be funded through a combination of cash and Blue Owl common units. In addition, on the achievement of certain performance thresholds, Oak Street equity holders will be entitled to earnouts up to a total of approximately $650 million, payable in cash or in Blue Owl common units.<\/p>\n

In a prepared statement, Marc Lipschultz, co-founder & co-president of Blue Owl, acknowledged Oak Street\u2019s market-leading platform in the net-lease sector, adding, \u201cWe believe their focus on flexible real estate related financing solutions will be very complementary to our existing direct lending and GP solutions capabilities.\u201d<\/p>\n

\"Michael<\/a>

Michael Rees, Co-Founder & Co-President, Blue Owl Capital. Image courtesy of Blue Owl Capital<\/p><\/div>\n

Michael Rees, co-founder & co-president of Blue Owl, added, \u201cOne of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owl\u2019s business strategy.\u201d<\/p>\n

On the merger\u2019s closing, certain members of the Oak Street leadership team will remain in place, and Oak Street\u2019s Chicago office will become a Blue Owl office. In addition, Oak Street CEO & Co-founder Marc Zahr will join Blue Owl\u2019s board of directors and executive committee.<\/p>\n

Kirkland & Ellis LLP was legal counsel to Blue Owl. Berkshire Global Advisors was Oak Street\u2019s financial advisor and Willkie Farr & Gallagher LLP its legal counsel.<\/p>\n

Net-lease experts<\/h2>\n

Oak Street\u2019s net-lease platform focuses primarily on single-tenant properties, net-leased to investment-grade and creditworthy tenants, under long-duration leases.<\/p>\n

In January of last year, Oak Street acquired about 2.1 million square feet of space<\/a> from Bed Bath & Beyond Inc., including not only retail stores and a distribution facility, but the retailer\u2019s headquarters in Union, N.J., too. The sale-leaseback deal was valued at $250 million.<\/p>\n

In April 2020, Big Lots Inc. announced that it would sell four distribution centers to Oak Street<\/a> under a $725 million sale-leaseback. The buildings, in Columbus, Ohio; Montgomery, Ala.; Tremont, Pa.; and Durant, Okla., total about 7.5 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction will expand the company\u2019s capital offerings and investment options. <\/p>\n","protected":false},"author":882,"featured_media":1004493559,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,23891,21742],"tags":[50461,37350],"class_list":["post-1004554742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-national","category-latest","tag-berkshire-property-advisors","tag-oak-street-real-estate-capital"],"acf":[],"yoast_head":"\nBlue Owl to Acquire Sale-Leaseback Specialist for $950M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blue Owl to Acquire Sale-Leaseback Specialist for $950M\" \/>\n<meta property=\"og:description\" content=\"The transaction will expand the company\u2019s capital offerings and investment options.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-19T11:24:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:19:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1139\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/\",\"name\":\"Blue Owl to Acquire Sale-Leaseback Specialist for $950M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg\",\"datePublished\":\"2021-10-19T11:24:42+00:00\",\"dateModified\":\"2022-12-09T05:19:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg\",\"width\":1139,\"height\":854,\"caption\":\"Image by Free-Photos via Pixabay.com\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Blue Owl to Acquire Sale-Leaseback Specialist for $950M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Blue Owl to Acquire Sale-Leaseback Specialist for $950M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/","og_locale":"en_US","og_type":"article","og_title":"Blue Owl to Acquire Sale-Leaseback Specialist for $950M","og_description":"The transaction will expand the company\u2019s capital offerings and investment options.","og_url":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-10-19T11:24:42+00:00","article_modified_time":"2022-12-09T05:19:41+00:00","og_image":[{"width":1139,"height":854,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/","url":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/","name":"Blue Owl to Acquire Sale-Leaseback Specialist for $950M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg","datePublished":"2021-10-19T11:24:42+00:00","dateModified":"2022-12-09T05:19:41+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg","width":1139,"height":854,"caption":"Image by Free-Photos via Pixabay.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/blue-owl-to-acquire-sale-leaseback-specialist-for-950m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Blue Owl to Acquire Sale-Leaseback Specialist for $950M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/writing-1149962_1280-e1605616009866.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004554742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004554742"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004554742\/revisions"}],"predecessor-version":[{"id":1004554774,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004554742\/revisions\/1004554774"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004493559"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004554742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004554742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004554742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}