NEW YORK–(COMMERCIAL THREAD) –Savannah continues to achieve high sustainability performance ratings in its 7 million square foot New York real estate portfolio. The company received 5-star ratings for several investment vehicles in the 2021 GRESB investigation, making Savanna a leading actor among her peers. Savanna vehicles have also achieved Green Star designations, which indicate high scores on the components of the GRESB assessment regarding building management practices and performance.
GRESB is the environmental, social and governance (ESG) benchmark for real assets. The GRESB 5 star rating is the highest possible GRESB rating, an indication of industry leading performance. For 2021, several Savanna investment vehicles are in the top tier of the 1,500+ entities submitting information for the survey, which includes many of New York’s largest REITs and private real estate owners. York.
âAs we continue our long-term, concerted efforts to improve Savanna’s ESG program and performance, we are delighted that our work is recognized by the industry as well as tangible results,â said Peter Rosenthal, Director, Director of development and director of sustainable development. âWe are extremely proud of our GRESB performance this year and look forward to continuing our achievements in this important area.
A culmination of Savanna’s property-level sustainability efforts for 2021 is the completion of a major energy efficiency initiative at One Court Square in Long Island City, which translates into annual energy savings of d ‘about 20%, or 4.4 million kilowatt-hours (kWh), to the iconic skyscraper. Partnering with Con Edison and NYSERDA on an incentive program to help buildings run more efficiently, Savanna hired Smith Engineering and Carrier to renovate the cooling tower, as well as install new chillers and state-of-the-art HVAC operating technology. The project brings significant reductions in both energy consumption and operating costs, and also supports Savanna’s broader ESG efforts.
Portfolio-wide, Savanna has implemented several ESG initiatives, which the company has steadily deployed and improved over the past few years. Internally, Savanna takes a holistic and multidisciplinary approach to its ESG platform, which is led by a team of 7 people made up of members of the Investor Relations, Project Management, Leasing, Investment, Property Management, Asset Management teams. construction and financial operations. . Members of the ESG team oversaw the firm’s active participation and membership in GRESB for nearly a decade. Savanna also works with two third-party sustainability consultants, JLL Energy & Sustainability Services and Quinn & Partners, with the aim of continuously improving its ESG program at the company, portfolio and asset level.
Savanna, founded in 1992, is a New York-based vertically integrated real estate investment manager focused on strategic real estate investments in the city’s five boroughs. The company pursues real estate investments in equity and debt, including basic development and major repositioning projects. Savanna’s equity investments target added value / opportunistic returns by adding value through asset management and / or real estate development, redevelopment and repositioning, deploying a team of over 50 professionals experienced in investing, asset management, construction and leasing. Savanna also selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including senior equity instruments, high yield bridging and mezzanine loans and B notes. Since 2006 , Savanna has invested over $ 5 billion in total capital on over 17 million square feet of real estate.