CommonWealth Partners Achieves 1st in U.S. Office Sector in the 2019 GRESB Assessment
CommonWealth Partners performed in the top 2% over all global real estate participants, 25% above their peers and 3rd in their peer group in the Resilience Module
Verdani Partners is proud to announce our client CommonWealth Partners/CalPERS’ prestigious recognition in the 2019 GRESB Assessment as Regional Sector Leader and ranking 1st in the U.S. Office Non-listed peer group. CommonWealth Partners (CWP) earned its sixth Green Stars in a row and its third GRESB 5 Star Rating in a row. They ranked 3rd in their peer group in the Resilience Module, 10th globally in their peer group and 16th among all 964 GRESB real estate participants. Further, CWP scored 25% above their peers and 31% above the average American real estate score, both significant achievements.
Exceptional accomplishments of CommonWealth Partners’ sustainability program underscore and reinforce their distinction on GRESB. As of 2018, CWP achieved a 22.8% energy use reduction and 44.3% CO2 emissions intensity reduction since 2013, surpassing their 2020 energy and CO2 emissions reduction targets three years early. In 2018, the portfolio achieved 62% of electricity consumed from renewable energy sources through existing utility providers. They also achieved 100% LEED certification, comprised of 54% Platinum and 46% Gold certifications. CWP benchmarked over 94% of their portfolio on ENERGY STAR Portfolio Manager, with 63.5% achieving the ENERGY STAR label. In 2018 and 2019, CommonWealth Partners was awarded ENERGY STAR Partner of the Year and in 2018, awarded Green Lease Leader Landlord Gold Certification. To further deepen their commitment to environmental, social and governance (ESG) performance, CWP set a Science Based Target to reduce scope 1 and 2 emissions by 50% per square feet by 2030 and aligned their strategy with the U.N. Sustainable Development Goals.
“We are extremely proud of our achievements as leader of the U.S. Office Sector in the 2019 GRESB Assessment,” said Jessica Loeper, Director of Sustainability for CommonWealth Partners and Vice President of Verdani Partners. “We have made tremendous progress in our environmental performance, stakeholder engagement and industry-wide recognition. We attribute our #1 ranking to our ongoing corporate sustainability program established in 2013 and the outstanding dedication of our property managers, engineers and tenants. Our commitment to high performance buildings and sustainable operations drives our ambitious targets and goals, as well as innovative new strategies and initiatives. We are thrilled our Class-A office portfolio has been recognized as Regional Sector Leader.”
“We are so proud of the collective focus on our sustainability initiatives and the support of the CWP ESG program in its entirety – the team’s dedication is greatly appreciated, and the results are truly remarkable!” said Kirsten Quezambra, Vice President of CommonWealth Partners. She further reflected, “Verdani Partners has been instrumental in working with our properties and employees to elevate our ESG program, enabling us to achieve our goals and our position us as an industry leader in sustainability.”
Globally, GRESB has been gaining momentum with increased participation and competition as scores improve each year. CWP’s strong ESG foundation is more important than ever as they continue to advance their programs and accelerate progress towards their targets and goals. CommonWealth Partners will continue to advance sustainability for the common good as they strengthen business relationships, improve the health and well-being and productivity of building occupants and mitigate negative impacts on the natural environment.
Learn more about CommonWealth Partners’ 2018 performance in their 2018 Annual Report
Read more about Verdani’s client performance in our GRESB Blog
About CommonWealth Partners
CommonWealth Partners, LLC is a vertically integrated, privately owned real estate investment, development and management organization. They are headquartered in Los Angeles with assets located throughout the United States, including New York, Washington DC, Seattle, San Francisco, Silicon Valley, San Diego, Los Angeles, and most recently Boston. They offer a wide array of services including investment and capital market transactions, portfolio management, asset management, property management, marketing, leasing, development, and reporting with a sharp focus on tenants and investors. Since establishing their partnership with CalPERS in 1998, together they have owned and managed more than 45 assets located in over 20 markets across the United States. In addition to high class assets, CommonWealth Partners provides tenants and financial partners with the unmatched levels of capability, experience and service. Learn more about CommonWealth Partner’s sustainability program
Mission-driven and investor-led, GRESB is the environmental, social and governance (ESG) benchmark for real assets. GRESB works in collaboration with the industry to provide standardized and validated ESG data to the capital markets. The 2019 real estate benchmark covers more than 1,000 property companies, real estate investment trusts (REITs), funds, and developers. Their coverage for infrastructure includes 500 infrastructure funds and assets. Combined, GRESB represents over USD 4 trillion in real asset value. More than 100 institutional investors, with over USD 22 trillion AUM, use GRESB data to monitor their investments, engage with their managers, and make decisions that lead to a more sustainable real asset industry. Learn more about GRESB assessment methods and rankings