Galvanize Climate Solutions’ Real Estate Strategy Acquires Second Asset
27 Junio 2024 - 5:00AM
Business Wire
Galvanize’s pioneering real estate strategy
leverages proprietary technology with the aim of optimizing energy
efficiency savings, generating renewable power, and increasing
asset value.
Galvanize Real Estate (“GRE”), the sustainable real estate
strategy of global investment firm Galvanize Climate Solutions
(“Galvanize”), today announced its acquisition of a 245,000 sq. ft.
industrial asset located at One Gateway Boulevard along the
I-95/I-295 corridor in Southern New Jersey. Centrally positioned
near the Port of Philadelphia and halfway between Washington, D.C.
and New York City, the building is the second addition to GRE’s
growing asset portfolio.
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One Gateway Boulevard (Photo: Business
Wire)
Galvanize’s sustainable real estate strategy is focused on
investing in and decarbonizing industrial, residential, student
housing, and self-storage properties while improving cash flow and
increasing asset value. GRE believes One Gateway Boulevard meets
its criteria for significant decarbonization potential as it seeks
to reduce the operational emissions of this property and achieve
100% GHG emissions reduction over a baseline; GRE expects to add
rooftop solar and make other energy-efficient improvements to
increase the asset’s net operating income (NOI).
“We acquired One Gateway for its strong real estate fundamentals
and profitable decarbonization potential,” noted Joseph Sumberg,
Managing Partner & Head of Galvanize Real Estate. “GRE has been
experiencing great momentum since closing on its first property in
April. We’re thrilled to enter New Jersey and look forward to
deploying sustainability technologies to profitably decarbonize the
property.”
There are currently only eight industrial and multifamily
buildings considered verified net-zero in the US. GRE views this as
a significant opportunity to acquire inefficient assets and invest
in their decarbonization as part of a traditional value-add
strategy.
GRE investment professionals collaborate with a team of in-house
scientists, climate technologists, and policy experts who help to
evaluate each property’s decarbonization potential. As the property
is currently vacant, GRE plans to work with the future tenant to
deploy solutions that both reduce the building’s operating costs
and carbon footprint.
“One Gateway is a particularly exciting acquisition: the
property is in need of a roof replacement but has an aging solar
array. We believe this building would have been transitioned away
from renewable energy sources and we are excited to give it new
life,” said Nicolette Jaze, Head of ESG & Sustainability,
Galvanize Real Estate.
GRE’s business plan includes value-add improvements to the asset
and a reduction of on-site carbon emissions by up to 42-173% over
the property’s baseline, achieved through a series of initiatives
with strategic solar and decarbonization partners. This could
amount to approximately 20,000 metric tons of CO2e avoided over 30
years or the equivalent of nearly 2,700 homes' energy use for one
year.
“One Gateway is a great representation of our acquisition
strategy. It is a well-located vacant asset, which we believe we
are acquiring below replacement cost,” said Nadine Anderson, Vice
President, Acquisitions, Galvanize Real Estate. “One Gateway
embodies both our value-add and decarbonization strategies through
the lease-up opportunity at a low emissions asset.”
About Galvanize Climate Solutions
Galvanize Climate Solutions (“Galvanize”) is an investment firm
focused exclusively on decarbonization across all sectors of the
economy. It invests across asset classes including venture capital
and growth equity, public equities, and real estate, which in
aggregate generate investment insights across the climate value
chain. The firm believes that impact and returns are inextricably
linked. Its team of climate technologists, data scientists, and
policy and market development experts further position Galvanize to
capitalize on the economic, financial, and regulatory tailwinds
driving decarbonization. Founded in 2021 by acclaimed investors Tom
Steyer and Katie Hall, Galvanize has offices in San Francisco, New
York, and London.
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Media Tori Bentkover Account Director
GCS@antennagroup.com