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Aetos WireEastdil Secured Announces Definitive Agreement for Management-Led Recapitalization, in Partnership with Temasek and Clients of Guggenheim Investments, Solidifying Position as Premier Private Independent Real Estate Investment Bank
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-Wednesday 12 June 2019 [ AETOS Wire ]
(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.
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