The Green Cities Company Receives PREA ESG Momentum Award
Recognizes Fund’s Innovative and Industry-Leading Approach to Adopting ESG Principles
PORTLAND, Ore. – Mar. 25, 2021 – The Green Cities Company (“Green Cities” or the “Firm”) a real estate investment management firm, today announced that its Green Cities Fund III has been selected as the winner of Pension Real Estate Association’s (PREA) inaugural ESG Momentum Award, which recognizes funds that have demonstrated innovative and industry-leading endeavors in ESG. PREA is a non-profit trade association for the global institutional real estate investment industry with over 700 corporate member firms worldwide.
Founded in 2009 and formerly known as Gerding Edlen, Green Cities is a private real estate investment management firm with a socially responsible approach to investing. The firm’s primary goal is to acquire, operate and develop properties that positively enhance communities, neighborhoods and the planet. Green Cities’ funds employ Value-Add, Core, Core Plus and Build-to-Core strategies and a vertically integrated approach to design, development, asset management and property management.
Closed in April 2017, Green Cities Fund III was created to invest in mixed-use, multi-family and office properties in urban, high-growth markets. Over the past four years, Fund III has supported multiple high-value, successful projects including 5 MLK, a LEED Gold-certified 220-unit mixed-use property in Portland, Oregon, and 200 West Adams, a LEED Gold-certified office and retail property in Chicago, Illinois. ZO, 5 MLK and Bower, new construction multifamily properties in Fund III, are certified under Fitwel, an industry-leading building health and wellness rating. Additionally, Bower has also received a 2021 Fitwel Best in Building Health Award. Fund III has also been previously awarded ESG recognition from the Global Real Estate Sustainability Benchmark (GRESB) in 2020.
The PREA ESG Momentum Award highlights Green Cities’ holistic and best-in-class approach to ESG. In 2020, Green Cities continued to build upon its ESG framework by implementing timely and thorough COVID safety measures and developing the Green Cities Index, a propriety ESG measurement tool, elevating social equity considerations and undertaking resilience planning. To prioritize these considerations, the Firm established a Social Justice Collaborative team, with the objective of engaging the community by soliciting input from tenants and the local community and providing opportunities for underrepresented voices to be heard.
“Environmental stewardship and supporting the long-term welfare of our communities has always been core to our strategy and mission. Having been selected from dozens of submissions, we are proud that our efforts are recognized by receipt of the PREA ESG Momentum Award,” said Molly Bordonaro, Managing Partner at Green Cities. “Leveraging our deep knowledge of investing in real estate for more than a decade and utilizing our proprietary and holistic Green Cities Index to evaluate properties, Fund III has backed some of our most vibrant and innovative properties to date, enhancing the lives of our tenants.”
Kelly Saito, Managing Partner at Green Cities, added, “This award is a testament to the success of our model – not only are we able to drive returns for our investors, but we are also able to focus on bettering the environment and the communities we serve. At Green Cities, we seek to demonstrate that social responsibility and financial returns can exist hand in hand. With our robust strategy, compelling mission and constant reevaluation and innovation regarding sustainability, we will strive to continue setting an example in responsible investing.”
About The Green Cities Company
The Green Cities Company has driven innovation in real estate investment management for over a decade through the confluence of environmental, social and investment value. With this forward-thinking strategy and fully integrated in-house expertise, the firm acquires, manages and develops office, mixed-use and multi-family assets. Deep experience in select U.S. markets, combined with meaningful attention to ESG considerations, positions The Green Cities Company for enhanced tenant retention and superior operations. This differentiated approach, along with disciplined risk management, encompasses the environmental footprint of an asset, the diversity and inclusivity of its community and the wellbeing and fulfillment of its occupants and neighbors. Each member of the team is dedicated to a resilient investment portfolio that yields results to the firm’s investors, employees, tenants and communities.
Founded in 1979, the Pension Real Estate Association (PREA) is a non-profit trade association for the global institutional real estate investment industry. PREA currently lists over 700 corporate member firms across the United States, Canada, Europe and Asia. Our members include public and corporate pension funds, endowments, foundations, Taft-Hartley funds, insurance companies, investment advisory firms, REITs, developers, real estate operating companies and industry service providers.
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