Partnership Will Accelerate Domestic and International Growth While
Enabling Eastdil Secured to Better Serve Clients through Enhanced
Technology, a Broader Footprint and Strategic Relationships
Completion of Transaction Expected by the Fourth Quarter of 2019
NEW YORK–(BUSINESS WIRE)–Eastdil Secured, LLC (“Eastdil Secured” or the “firm”), the original,
premier private real estate investment banking company, today announced
it has entered into a definitive agreement on a management-led
recapitalization in partnership with Temasek, a global investment
company headquartered in Singapore, and certain institutional clients of
Guggenheim Investments. Following the sale, which is expected to be
completed by the fourth quarter of 2019, the firm will be privately
held, and Wells Fargo & Company (“Wells Fargo”), Eastdil Secured’s
current owner, will retain a minority ownership interest and maintain
the public market investment bankers, who will transition to Wells
Fargo’s Corporate & Investment Banking division. The firm will maintain
its name and continue to be led by Benjamin V. Lambert as Chairman, Roy
Hilton March as Chief Executive Officer, D. Michael Van Konynenburg as
President, as well as its current Management Committee. The terms of the
transaction were not disclosed.
With a record of successfully advising clients on the largest, most
relevant real estate transactions, Eastdil Secured holds the top market
share for 2018 and year to date 2019 for real estate deals greater than
$100 million across all property types in the United States. In 2018,
Eastdil Secured advised on 827 transactions for $243.5 billion. In
partnership with Guggenheim Investments and Temasek, Eastdil Secured
will be positioned to further enhance its leading role in the U.S.
commercial real estate capital markets, while also strengthening its
growing presence in both Europe and Asia.
“We are excited to embark on this next chapter of Eastdil Secured’s
evolution,” said Benjamin V. Lambert, Chairman of Eastdil Secured. “With
our new long-term partners, we will continue to be the leader in our
industry by providing our clients with a unique combination of real
estate and capital markets expertise.”
Roy Hilton March, Chief Executive Officer of Eastdil Secured, said,
“Guggenheim Investments, on behalf of certain institutional clients, and
Temasek represent ideal partners for Eastdil Secured as we embark on
this next stage of growth. The eagerness of our professionals to acquire
a meaningful stake in the future of Eastdil Secured, alongside these
preeminent investors, underscores our shared confidence in our firm’s
people and future. Most importantly, through this transaction, we will
be better able to serve our clients with investments in enhanced
technology, a broader footprint and deeper global relationships.
Ultimately, our new ownership structure will allow us to continue
providing truly independent, global advice and ensure our clients
receive differentiated guidance in an increasingly competitive market.”
D. Michael Van Konynenburg, President of Eastdil Secured, added, “In
today’s environment, clients need a trusted advisor that prioritizes
their goals, not the commissions of any individual, and this is what has
and will continue to set Eastdil Secured apart. We will continue to
execute the most impactful deals that advance our clients’ objectives,
and we look forward to capitalizing on our new partners’ substantial
networks and global insight.”
The firm will continue to have its U.S. headquarters in New York City
and Los Angeles and its Europe headquarters in London, with additional
domestic offices in Atlanta, Boston, Chicago, Dallas, Orange County, San
Francisco, Seattle, Silicon Valley and Washington D.C., and additional
international offices in Dubai, Frankfurt, Hong Kong and Tokyo. Eastdil
Secured is the only firm with a team dedicated to raising capital and
placing deals in Asia and the Middle East. Eastdil Secured will continue
to leverage its global presence to provide clients with connectivity
between the largest and most active real estate investors and lenders in
the world.
About Eastdil Secured
Eastdil Secured is the original, premier private real estate investment
banking company with the mission to create value for our clients through
creative, actionable ideas and flawless execution, and to be the most
relevant and trusted advisor in the commercial real estate capital
markets. Eastdil Secured has built its expertise into a knowledge
franchise that is recognized as the dominant force in commercial real
estate and investment banking by private investors and institutions
alike. Its unrivaled combination of capital markets know-how and
in-depth understanding of real estate fundamentals allows the firm to
deliver on its promises in order to meet the precise needs of its
clients.
Contacts
Media:
Joele Frank, Wilkinson Brimmer Katcher
Jonathan
Keehner / Andrew Siegel / Jillian Kary
212-355-4449
