Opus Revamps Finance Leadership for Strategic Growth

MINNEAPOLIS, MN – April 30, 2026 – In a decisive move signaling a major strategic pivot, commercial real estate giant Opus today announced a significant restructuring of its financial leadership. The company has promoted veteran executive Pete Conlon to the newly expanded role of Chief Financial Officer and Head of Capital Markets, and 27-year company stalwart Su O'Sullivan to Executive Vice President of Accounting. The changes, effective May 4, 2026, are designed to align the firm’s financial architecture with an ambitious growth plan centered on aggressive capital acquisition and sophisticated investment strategy.

The promotions are more than a simple leadership shuffle; they represent a fundamental redefinition of the CFO function at Opus. The new structure places an unprecedented emphasis on capital formation, investor relationships, and strategic deployment, a direct response to the evolving complexities of the global real estate market.

A Strategic Response to a Challenging Market

Opus's leadership realignment comes at a pivotal moment for the commercial real estate industry. Developers and investors are currently navigating a landscape defined by persistently high interest rates, cautious lending from traditional financial institutions, and a pronounced "flight to quality" among capital sources. In this environment, transaction volumes have been muted, and the cost of borrowing has made financing new projects a significant challenge.

Industry-wide reports from firms like JLL and PwC have consistently highlighted that access to capital is the primary determinant of success in the current climate. With debt markets remaining tight, the ability to forge strong equity partnerships and structure complex joint ventures has become paramount. Developers are increasingly reliant on alternative capital sources, including private equity, institutional investors, and sovereign wealth funds, to bring projects to life.

By redesigning its top financial role to explicitly include "Head of Capital Markets," Opus is sending a clear signal to the market. The move indicates a strategic decision to not just weather the current economic climate but to aggressively leverage it. The company is positioning itself to be more agile in sourcing capital and more disciplined in deploying it, focusing on high-growth sectors like industrial logistics and multifamily residential that continue to show resilience. This restructuring is a calculated play to enhance the firm's ability to evaluate opportunities, secure funding, and drive performance by making capital strategy the central nervous system of its financial operations.

The Capital Architect: Pete Conlon's Expanded Mandate

At the heart of this strategic shift is Pete Conlon, whose promotion to CFO and Head of Capital Markets is a clear endorsement of his proven expertise. With 23 years of industry experience, Conlon has been a transformative figure since joining Opus in 2015. As the former Executive Vice President of Capital Markets, he was instrumental in shaping the company's current strategic plan and is credited with establishing the foundational framework for its institutional joint venture platform.

His track record is substantial. Conlon has personally structured and closed more than $3 billion in joint-venture partnerships, funding a diverse array of developments across the industrial, multifamily, student living, and senior living sectors nationwide. This experience makes him uniquely qualified for a role that now demands an even deeper integration of financial strategy and capital acquisition.

In his new capacity, Conlon's responsibilities will be significantly broadened. He will now have oversight of all enterprise financial and control functions—including finance, accounting, audit, and financial planning—while simultaneously leading the charge on the capital markets platform. This integrated approach is designed to break down silos and ensure that every financial decision is viewed through the lens of capital strategy and investment performance.

"I have significant confidence in Pete's ability to drive Opus forward in this expanded role," said Matt Rauenhorst, President of Opus, in a statement. "His capital markets expertise, shaped by more than two decades of industry experience, paired with his understanding of our strategic vision, operations and culture, make him exceptionally well-suited to lead our finance and capital expansion capabilities."

Conlon himself sees the new structure as transformative. "As we look to grow Opus, it's clear how an evolved approach to capital can be truly transformative for the organization," Conlon stated. "I look forward to leveraging my experience to help realize that potential."

The Bedrock of Growth: Su O'Sullivan's Critical Role

While Conlon's role is geared toward external capital strategy and growth, the promotion of Su O'Sullivan to Executive Vice President of Accounting provides the internal stability and operational integrity essential to support such ambitions. A 27-year veteran of Opus, O'Sullivan's career is a testament to the company's focus on internal talent development. She has methodically risen through the ranks, from project accountant to Vice President of Accounting, gaining an unparalleled understanding of the company's financial DNA.

O'Sullivan's deep expertise in financial analysis, project accounting, and enterprise payroll forms the bedrock upon which the new financial structure is built. In the high-stakes world of real estate development, where the financial health of multi-million dollar projects must be tracked with meticulous accuracy, her leadership ensures discipline and control. Her team is responsible for the granular work of tracking costs, managing cash flow, and delivering the precise financial reporting that is non-negotiable for institutional capital partners.

Rauenhorst highlighted her importance, stating, "Su is grounded in clarity, logic and integrity – both in the numbers and in the leadership she brings to her team and our broader enterprise. Her unrivaled technical expertise, coupled with her ability to lead and collaborate across the organization, make her uniquely suited for this role."

The partnership between Conlon and O'Sullivan is designed to be complementary. Where Conlon brings the deal-making acumen and capital markets vision, O'Sullivan provides the rigorous accounting framework and institutional knowledge. "Pete brings a distinct perspective and background to his new role, and while our skill sets are different, they complement each other well," O'Sullivan noted. "I'm excited to collaborate with him as we guide the company into its next phase of growth." This pairing of an external-facing strategist with an internal-facing operational expert creates a powerful financial leadership team.

An Evolving Blueprint for Real Estate Leadership

Opus's decision to promote from within and create this specialized leadership structure reflects broader trends in the commercial real estate industry, where the CFO role has evolved from a traditional bookkeeper to a central strategic partner. Competing national developers like Hines and Trammell Crow Company also feature financial leadership that is deeply enmeshed in capital markets and investment strategy.

However, Opus's explicit titling of the role and the public nature of the restructuring are a deliberate statement of intent. By placing capital markets at the forefront of its financial identity, the firm is not only adapting to the current market but is building a more resilient and opportunistic model for the future. The promotions of Conlon and O'Sullivan underscore a belief that long-term success is built on a combination of aggressive, market-savvy strategy and unwavering operational and financial discipline. This strategic realignment of its financial leadership is poised to be a critical factor in how Opus navigates the opportunities and challenges of the real estate landscape for years to come.