Opal Holdings

What Opal Holdings does

Opal Holdings is a privately held real estate investment and management firm founded in 2012 and headquartered in New York. The company owns and operates a portfolio of office properties concentrated in U.S. markets across the Midwest and Texas, with its flagship asset being the 697,000-square-foot Corporate 500 campus in Deerfield, Illinois, acquired in 2022 for $178 million. The firm targets institutional and creditworthy office tenants and executes leasing activity through direct field sales supplemented by partnerships with commercial real estate brokerage firms, most notably JLL for property management and leasing services.

Opal Holdings generates revenue primarily through recurring office space leasing, maintaining portfolio occupancy above 80% and reporting 250,000 square feet of leasing completed in 2025 and over 146,000 square feet executed in Q1 2026. Pricing is quote-based rather than publicly disclosed, consistent with standard commercial office leasing practice, and tenant segments are defined as institutional and creditworthy rather than by industry vertical. The company operates with 11-50 employees under the leadership of Shaya Prager, who serves as Chairman and CEO.

The firm has come under significant financial pressure. In February 2026, GreenState Credit Union seized the Corporate 500 campus via a court-ordered sheriff's sale with a $66 million credit bid, leaving a $64.9 million deficiency judgment against Prager's borrower entities. The company also faces ongoing litigation and additional foreclosures across its broader Midwest and Texas portfolio, attributed in part to complex fee-side bond financing arranged with Mesirow Financial. Despite these headwinds, Opal Holdings continues to report leasing activity and operational occupancy metrics.

Name

Opal Holdings

Website

https://opalhs.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Opal Holdings is a privately held real estate investment firm that owns and operates office properties across U.S. Midwest and Texas markets, leasing space to institutional and creditworthy tenants through direct sales and brokerage partnerships.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Offices of Other Holding Companies (551112)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Value-Add & Opportunistic Real Estate (FSAAAKAB)

Keywords

• Commercial real estate
• Office leasing
• Property investment
• Real estate management
• Commercial properties

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Others, Personnel

Revenue model

1. Office Space Leasing: Opal Holdings generates revenue through leasing office space to institutional and creditworthy tenants across its portfolio of office properties in key U.S. markets. The company maintains portfolio occupancy above 80% and continues to invest in its portfolio to increase occupancy and long-term asset value.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Opal Holdings is a private real estate investment and management firm that acquires, owns, and operates commercial office properties across key U.S. markets. The company generates revenue by leasing office space to institutional and creditworthy tenants, maintaining portfolio occupancy above 80% and executing sustained leasing activity across its holdings.

Product overview

Opal Holdings is a real estate investment and management firm that owns and operates office properties across key U.S. markets. The company executes leasing activity, maintains portfolio occupancy above 80%, and provides office space to institutional and creditworthy tenants. No specific named product modules or software offerings are identified in available sources.

Differentiator

Problem solved

Functional benefit

Products and services

• Office Space Leasing
• Corporate 500 Office Complex

Quantifiable outcome

• Portfolio occupancy maintained above 80%
• +2 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• JLL (Jones Lang LaSalle)coreImplementation/ SI/ Consulting Partner · 4 February 2026JLL (Jones Lang LaSalle) was appointed by GreenState Credit Union as property manager and leasing agent for the Corporate 500 campus after taking ownership. JLL handles leasing activities for approximately 25% of available space at the property.

Scale indicators8 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Highwoods Properties: Publicly-traded office REIT focused on Sun Belt and select Midwest markets. Highly comparable to Opal Holdings as a similarly-located office landlord targeting institutional and creditworthy tenants with a focus on occupancy and asset quality.
• Cousins Properties: Sun Belt-focused office REIT with an institutional tenant base. Comparable to Opal Holdings in operating model — owns and leases office properties to creditworthy tenants in secondary U.S. markets.
• Paramount Group: Office REIT operating Class A office properties in major U.S. markets. Comparable business model to Opal Holdings as an owner/operator of office space leased to institutional and corporate tenants.
• Kilroy Realty: West Coast and Austin-focused office REIT. Comparable to Opal Holdings as an institutional-grade office operator targeting creditworthy tenants with an emphasis on occupancy and long-term lease economics.
• Empire State Realty Trust: Office and mixed-use REIT with a portfolio concentrated in the U.S. Comparable to Opal Holdings in core activity — owning, leasing, and managing office properties for institutional tenants.
• Beacon Capital Partners: Private equity real estate firm focused exclusively on U.S. office investments. Closely comparable to Opal Holdings as a privately-held office investor targeting institutional tenants in select U.S. markets.
• Pearlmark Real Estate Partners: Private real estate investment manager with a U.S. office and industrial focus. Comparable to Opal Holdings as a private-market commercial real estate owner/operator.
• GreenOak Real Estate: Private commercial real estate investment firm focused on office, logistics, and multifamily in the Americas and Europe. Comparable to Opal Holdings as a privately-held, value-add-oriented office investor in U.S. markets.

Broad incumbents

• Tishman Speyer: Global real estate owner, developer, and operator with significant office holdings. Comparable as a broader office investor/operator, though at substantially larger scale and geographic scope than Opal Holdings.
• Brookfield Property Partners: Diversified global real estate operator with a substantial U.S. office portfolio. Comparable to Opal Holdings in core office ownership/leasing activity, but at significantly greater scale and capital base.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Opal Holdings