Verdani Clients Lead on the 2019 GRESB Assessment


#1 in U.S. Office Non-listed, #2 U.S. Residential Multi-family Non-listed, #3 Northern America Diversified Office/Retail Non-listed, #3 U.S. Industrial Distribution Non-listed, #1, 2 and 3 in the Resilience Module, plus four GRESB 5 Star and four GRESB 4 Star Ratings

Verdani Partners is proud to announce the exemplary performance of their clients in the 2019 GRESB Assessment -- Verdani submitted 29 GRESB assessments on behalf of their 11 national and international real estate portfolio clients. CommonWealth Partners earned Regional Sector Leader and 1st in the U.S. Office Non-listed sector, GID earned 2nd rank in U.S Residential Multi-family Non-listed, Jamestown Properties ranked 3rd in Northern America Diversified Office/Retail Non-listed and Clarion Partners earned #3 in U.S. Industrial Distribution Non-listed. In addition, five funds ranked in the top three, six funds ranked in the top five, nine funds ranked in the top ten, and eight funds increased their scores between an impressive 11 and 24 percent in one year from 2018 to 2019.

“Our clients are true innovators in the industry, heeding the urgent call to increase sustainability, resilience and environmental, social and governance (ESG) performance across their portfolios. We value our clients’ collaborative vision and determination to achieve these prestigious recognitions and we are proud to partner with such proactive firms.” said Jessica Loeper, Vice President of Verdani Partners.

GRESB assesses and benchmarks the environmental, social and governance (ESG) performance of real assets worldwide since 2009. GRESB monitors progress towards global sustainability goals, guided specifically by what the industry and investors consider to be material issues in the performance of real estate assets in alignment with international reporting frameworks such as GRI and PRI. According to the 2019 GRESB Real Estate Results report, GRESB has grown to include more than 1,005 entities and over 100,000 assets across 64 countries, covering USD 4.1 trillion in real estate gross asset value, continuing to guide investors towards a more sustainable industry.

Image: Lines depict individual GRESB submissions. A solid line indicates a fund or corporation results with Verdani support. A dotted line indicates results before Verdani support.

Exceptional accomplishments of CommonWealth Partners’ ongoing sustainability program reinforce their performance within the top 2% of all global real estate participants on GRESB. Since starting the program in 2013, CommonWealth Partners (CWP) has held over 75 stakeholder engagement events, from environmental awareness campaigns to health and well-being activities, that have supported their excellent ESG outcomes. In 2018, through the collaborative efforts of their property managers, engineers and tenants, CWP realized 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. Also in 2018, the portfolio achieved 62% of electricity consumed from renewable energy sources through existing utility providers. CommonWealth Partners also achieved 100% LEED certification, comprised of 54% Platinum and 46% Gold certifications, and benchmarked over 94% of their portfolio on ENERGY STAR Portfolio Manager, with 63.5% of properties achieving the ENERGY STAR label. In 2018 and 2019, CWP was awarded ENERGY STAR Partner of the Year and in 2018, awarded Green Lease Leader Landlord Gold Certification. To further deepen their commitment to ESG, CommonWealth Partners 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 United Nation’s Sustainable Development Goals. Learn more about how Verdani helped CWP reached #1 on GRESB in Verdani’s CommonWealth Partners’ 2019 GRESB Blog

GID has also consistently climbed the ranks in the GRESB assessment since 2017, with high scores in the Social and Governance categories. In 2019, GID achieved an excellent overall score, placing 2nd in their peer group and 5th globally in their peer group (out of 74). These outstanding results have placed GID within the top 6% of all global real estate participants. GID also received its first GRESB 5 Star Rating, representing continued excellence in ESG management and implementation. Since 2016, when GID launched their sustainability program across all areas of the company, they reduced energy use intensity by 3.61%, carbon emissions intensity by 3.19% and achieved eight ENERGY STAR certifications. They retrofitted 28 communities with LED lighting systems, projected to save 4,762 MWh annually and completed two commercial solar systems in Massachusetts, totaling 824 kW of renewable energy generation capacity. As a result, they earned the ULI Greenprint Award for the most efficiency projects completed in 2018. GID also has strong social programs such as Windsor’s California Wildlife Relief fund to support victims of the California wildfires and they signed on to the CEO Action for Diversity & Inclusion pledge to advance diversity and inclusion in the workplace. GID also aligned sustainability program goals with the United Nation’s Sustainable Development Goals. Learn more about GID’s ESG accomplishment in their GRESB Press Release

2019 Resilience Module

In the GRESB 2019 Resilience Module, Verdani submitted over 12% of the total number of all participating global real estate funds, resulting in one #1 rank for Jamestown Properties in their peer group and #2 globally in their peer group, one #2 rank for Parkway in peer group, and two #3 ranks for CommonWealth Partners and GID in their peer groups. Verdani's extensive resilience and climate change programs support our client’s leading performance, addressing key areas such as risk assessment, developing a resilience plan, implementing emergency preparedness measures and reporting climate-related financial disclosures.

Verdani's ongoing corporate sustainability and ESG programs support clients such as CommonWealth Partners, GID, Clarion Partners, Parkway, Jamestown Properties, American Realty Advisors, Colony Capital and The Howard Hughes Corporation. Together, we continue to accelerate significant progress towards our clients’ targets and goals and to scale sustainability in the built environment. Learn more our clients and read their annual sustainability reports

Overall Highlights

We are thrilled with our clients’ achievements and recognitions!

  • 1st rank for CommonWealth Partners U.S. Office Non-listed, scoring 25% above its peers, and performing within the top 2% of all GRESB real estate participants

  • 2nd rank for GID, U.S. Residential Multi-family Non-listed, scoring 30% above its peers, and performing within the top 6% of all GRESB real estate participants

  • 3rd rank for Jamestown Properties, U.S. Diversified Office/Retail Non-listed, and performing within the top 7% of all GRESB real estate participants

  • 5 funds rank in top 3 in their peer group

  • 6 funds rank in top 5 in their peer group

  • 9 funds rank in top 10 in their peer group

  • 3 funds scored over 90 points

  • 9 funds scored over 80 points

  • 8 funds or corporations increased their scores between 11% and 24% in one year from 2018 to 2019, including The Howard Hughes Corporation, whose score increased by 23% and Colony Capital, whose score increased by 24%

  • 6 funds increased their scores between 30% and 80% since starting to work with Verdani

Green Stars :

  • 4 funds earned GRESB 5 Star Ratings

  • 4 funds earned GRESB 4 Star Ratings

  • CommonWealth Partners earned Green Stars 6 years in a row, and the GRESB 5 Star Rating for the 3rd year in a row

  • Jamestown Properties maintained their GRESB 5 Star Rating

  • GID earned its first GRESB 5 Star Rating

  • Parkway earned its first GRESB 5 Star Rating

Resilience Module:

  • 1st rank for Jamestown Properties in their peer group and 2nd globally in their peer group

  • 2nd rank for Parkway in their peer group

  • 3rd rank for CommonWealth Partners and GID in their peer groups

  • Verdani Partners submitted over 12% of the total number of the participating global real estate funds

Ongoing Sustainability and ESG Management Programs

Verdani Partners supports clients with comprehensive ESG strategies to align their corporate goals with sustainability metrics and targets. We develop corporate sustainability and ESG programs that include short and long-term goals, policies, reporting, and d