Amy Price, Sonny Kalsi and John Carrafiell

BGO’s leaders plan to go where the data leads them — be that to investing in cold storage or, more literally, investing in data centers.

BGO is nearing completion on a fifth version of its proprietary model that uses analytics to determine how markets will perform. While it doesn’t replace traditional research, it has helped BGO identify what markets to invest in, and which ones to ditch, Co-CEO John Carrafiell said. 

“It’s increasingly becoming a core part of how we evaluate investments,” Carrafiell said. “It served us really well last year in both what markets to focus on from a rental growth perspective, and equally what markets to go away from or look to exit from.”

The company’s data-driven approach, plus its close relationship with occupants, have helped it identify cold-storage deals nationwide. Last year, BGO lent $74 million to Related Group to develop a cold-storage property in Auburndale, Fla.; celebrated the groundbreaking of a more than 215,000-square-foot cold-storage facility in Mount Laurel, N.J.; and snagged a $60 million cold-storage facility in Miami.

Abroad, BGO has invested in the Nordic data center developer Bulk Infrastructure, which landed a more than $1 billion deal with the AI cloud provider CoreWeave to use Bulk’s data center campus in Vennesla, Norway.

But BGO’s best deals might be its sales, not acquisitions, said Amy Price, who serves as co-president alongside Toby Phelps. (Phelps was named to his role in early April 2025.) 

“Some of what we’re proudest of is what we’ve sold,” Price said. “There are some office buildings in our portfolio where we just haven’t had the same conviction. We’ve been very thoughtful on both sides — about what we’ve wanted to invest into and reinvest or exit out of.”

Last year, BGO offloaded a three-building office complex in Houston, and this February it sold the 26-story 101 Greenwich Street for “more than $100 million” to Idan Ofer’s Quantum Pacific, which might be considering converting the office building to residential. But BGO’s exits haven’t all been smooth: It had to surrender a 290,000-square-foot office building in Washington, D.C., to Brookfield in June.

As a volatile economy looms over 2025, BGO plans to keep playing the long game, said Co-CEO Sonny Kalsi.

“The uncertainty has got tenants moving a little bit slowly, it’s got investors thinking a little bit slowly, but that also creates opportunity,” Kalsi said. “You have to have the guts to jump.”