Dec 1, 2020

Green Cities Fund III Recognized by GRESB for ESG Achievement

Bower is located next to Fenway Park in Boston, MA and has a best-in-class amenity package that includes a rooftop deck with swimming pool that overlooks Fenway Park, the Charles River, the Back Bay and Downtown Boston. The property features View Dynamic Glass, or “smart” windows that automatically tint themselves based on the outdoor conditions to control the glare and heat gain while maintaining access to the views.

The Green Cities Company (formally Gerding Edlen Investment Management) is a leader in the investment, management and development of highly sustainable properties that drive financial returns for investors while creating positive benefits for tenants and local communities. We are pleased to announce that Green Cities Fund III continues to earn recognition for the successful execution of its responsible investment strategy.

Each year, the Green Cities Funds participate in the Global Real Estate Sustainability Benchmark (“GRESB”) survey. GRESB is an investor-led organization providing standardized and validated Environmental, Social and Governance (ESG) data to the capital markets. Each year, GRESB assesses and benchmarks the ESG performance of real assets worldwide. The GRESB Assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of real asset investments and are aligned with international reporting frameworks, goals and emerging regulations.

For portfolios like Fund III where the management of existing assets and new construction are co-mingled during the reporting year, the survey is divided into two sections – Standing Assets and Development with each section scored separately. Portfolios are evaluated on a host of management practices such as industry leadership and stakeholder engagement, as well as actual asset performance including risk management practices and building certifications.

ZO, Oakland, CA

We are pleased to announce that Green Cities Fund III was named a Real Estate Sector Leader for Diversified Office/Residential properties within the Americas for standing assets in the 2020 reporting year. The GRESB Sector Leader Awards Program recognizes real estate and infrastructure companies, funds and assets that have demonstrated outstanding leadership in sustainability.

Green Cities Fund III earned the top GRESB score among a peer group of 44 non-listed, value-add, closed-end funds within the Americas. The Fund distinguished itself with several additional rankings:

  • Earning the highest Performance Score for Standing Assets
  • The top Development Score for non-listed, value-add, closed-end funds within the Americas
  • For the second year in a row, the fund earned a GRESB 5-star rating, reserved for entities that place within the top 20% of the benchmark

These rankings reflect the firm’s commitment to institutional rigor in ESG investing as well as robust stakeholder engagement and excellence in building operations. Two properties within the Fund to highlight include:

In designing 5 MLK (Portland, OR), we employed the principles of Biophilic Design which are intended to evoke positive physiological responses and support the health and wellness of occupants.

5 MLK, a 300-unit mixed-use, multifamily, office and retail property located in Portland, Oregon which opened in September, earned LEED Gold Certification in Q3 2020. This certification was under LEED v4, the most stringent version of the standard to-date.

Highlights include:

  • De-coupled HVAC and ventilation systems which results in higher energy performance and better indoor air quality
  • Healthy material prioritization, selecting materials with Environmental Product Declarations (EPD’s) and Material Ingredient Reports
  • Plumbing fixtures that save over 3 million gallons of potable water a year Salmon Safe certification with nearly 100% of stormwater managed on site
  • Over 35% of the site area covered with native/adaptive landscape which promotes habitat and biodiversity
  • A 93% construction waste diversion rate

5 MLK is also grounded in biophilic design principles promoting health and wellness for building occupants with 300 bicycle parking spaces, proximity to a 1.5-mile multipurpose trail along the Willamette River, a shared fitness room and yoga studio with classes available for residents, private rooms for meditation or nursing mothers, and a delivery service that features organic and locally-sourced produce. The property earned a unique dual Fitwel certification – combined commercial and multifamily – in August.

All of the 200 West Adams (Chicago, IL) amenity spaces were added as part of our value-add strategy and include a workout facility, locker room, bike room, climbing wall, lounge and conference center.

200 West Adams is an office property with ground floor retail located in Chicago, Illinois. 200 West Adams earned the prestigious BOMA 360 designation earlier this year, joining an elite group of properties that demonstrated they are managed to the highest standards of excellence.

This program evaluates property performance in six categories: operations and maintenance, energy consumption, life safety and risk management, training and education, environmental sustainability and tenant relations/ community involvement.

The Green Cities Company (formally Gerding Edlen Investment Management) and Green Cities Fund III are proud of its ESG accomplishments achieved in 2020 and look forward to future successes.

For more information, please contact our Director of Sustainability, Renee Loveland – renee.loveland@greencities.com