Bentall Capital

Specialty: Property development; real estate investment management, services and merchant banking

Management: Gary Carpenter, executive vice president, Seattle operations

Founded: 1997

Local office: Seattle

Current projects: Summit Three, Bellevue; Two Newport, Factoria

To help diversify its Seattle-heavy property portfolio, Bentall Capital bought a “substantial but not controlling” interest in Kennedy Associates Real Estate Counsel in August. While Kennedy Associates is based in Seattle, the firm manages about $9 billion in real estate in San Francisco, Los Angeles, Dallas, Chicago, Washington, D.C., New York and New Orleans.

Spreading out

“We can now begin to move the money through (Kennedy’s) distribution system to all those major cities in the U.S.,” said Gary Carpenter, Bentall executive vice president.

Before the acquisition, Bentall’s main client was a Canadian public pension plan called Caisse de Dépôt et Placement du Québec. The two firms combined now own about $21.5 billion in real estate on behalf of 400 clients.

Time to build

Bentall sold one of its properties in the Seattle area, Millennium Corporate Park, this fall, but Carpenter said Bentall would stay invested in its core local properties such as the U.S. Bank Center, Summit and Newport. He was also bullish on the regional market.

“Rents are going up, concessions are going down, and it’s time to build,” he said. “It’s going to be a while before developers can build up inventory to meet demand in the Northwest.”

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