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Tom Steyer’s Investment Firm Makes First RE Acquisition
Galvanize Climate Solutions, an investment firm founded by investors Tom Steyer and Katie Hall, has acquired an 84,000 square feet industrial asset in the Baltimore-Washington corridor as its first acquisition. GRE plans to decarbonize the property through rooftop solar, mechanical upgrades, and energy-efficient improvements, aiming for a minimum 95% reduction in baseline emissions.
Located at 6610 Amberton Drive in Elkridge, MD., the property has access to I-95, Baltimore Washington International Airport and the Port of Baltimore. “Amberton has numerous opportunities to reduce energy demand, eliminate natural gas, and leverage an otherwise underutilized rooftop to produce onsite renewable energy,” said Nicolette Jaze, head of ESG & Sustainability at Galvanize Real Estate(GRE), the sustainable real estate strategy of Galvanize Climate Solutions.
“6610 Amberton is a great representation of our acquisition strategy. It is a supply-constrained infill asset at the heart of the Baltimore-Washington corridor, which we believe we are acquiring below replacement cost at an attractive initial yield,” said Rachel Reardon, VP of acquisitions at GRE.
