Tom Steyer's green real estate division is focusing on transactions

The former Goldman Sachs Group Inc. banker who oversees billionaire Tom Steyer's green real estate division is focusing on transactions that he claims investors have abandoned because they were alarmed by the Trump administration's anti-green rhetoric. 
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It is evident to Joe Sumberg, who has been in charge of Steyer's Galvanize Climate Solutions LLC's commercial real estate division since departing Goldman in late 2022, that "many investment managers are pulling back on resources and focusing surrounding sustainability and climate due to political and cultural pressures." But he told Bloomberg that "we aren't pulling back." "We are just taking the money that they are leaving us." Sumberg is placing a wager that purchasing and restoring energy-inefficient buildings and then selling them for a higher price will provide substantial returns.

The firm's real estate division has bought three industrial logistics properties so far, and plans to spend $1.85 billion to acquire and retrofit several more over the next three years.


Joe Sumberg
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