Galvanize Real Estate (GRE), the sustainable real estate arm of investment firm Galvanize Climate Solutions, has announced the acquisition of a 608,000-square-foot industrial property located at 150 Milford Road in Central New Jersey, strategically situated along the I-95 corridor. This acquisition marks GRE’s third addition to its growing portfolio of sustainable real estate assets.
The 150 Milford property is ideally located near essential logistics infrastructure, including interstate highways, deep-water cargo ports, intermodal terminals, and air freight capabilities, offering prime access to critical supply chains and distribution networks. GRE’s real estate strategy focuses on investing in and decarbonizing industrial, residential, student housing, and self-storage properties, with an emphasis on improving cash flow and asset value through sustainable initiatives.
Joseph Sumberg, Managing Partner & Head of Galvanize Real Estate, commented, “We believe that 150 Milford complements our existing portfolio along the I-95 corridor. We’re excited to expand our presence in New Jersey and continue building a pipeline of energy-efficient, resilient assets in markets with strong fundamentals.”
As part of its strategy, GRE aims to reduce the operational emissions of properties and achieve over 100% greenhouse gas emission reductions from their baseline. GRE views 150 Milford as a prime candidate for decarbonization, with the potential for significant environmental improvements.
The U.S. General Services Administration has noted that buildings with higher energy performance can save an average of $1.64 per square foot in annual expenses compared to older, less efficient buildings. GRE sees this as a unique opportunity to acquire underperforming assets and invest in their transformation through decarbonization and renewable energy generation as part of its value-add strategy.
The company’s investment professionals work closely with a dedicated team of in-house scientists, climate technologists, and policy experts to assess and execute each property’s decarbonization potential. The current tenant at 150 Milford has set sustainability goals and expressed interest in implementing solutions to reduce both the building’s operating costs and carbon footprint. GRE is keen to help its tenants address Scope 3 emissions, those indirectly caused by a company’s value chain and difficult to mitigate.
“150 Milford offers over 600,000 square feet of rooftop space, ideal for providing on-site renewable energy for the current tenant. Additionally, the property benefits from a strong community solar program, enabling renewable energy distribution to the local utility,” said Nicolette Jaze, Head of ESG & Sustainability at Galvanize Real Estate. “Our plans include electrifying the property by converting fossil fuel systems to air-sourced heat pumps for heating and cooling.”
GRE’s strategy for 150 Milford includes a series of value-add improvements aimed at reducing on-site carbon emissions by up to 266-324% of the property’s baseline. This ambitious goal is set to be achieved through strategic partnerships focused on solar and decarbonization initiatives. The expected impact is a reduction of approximately 65,000 metric tons of CO2e (carbon dioxide equivalent) over 30 years, which is equivalent to the annual energy consumption of nearly 8,500 homes.
Nadine Anderson, Vice President of Acquisitions at Galvanize Real Estate, added, “This acquisition aligns with our vision of investing in high-potential industrial assets located in prime markets. The solar programs available in Central New Jersey, along with the region’s robust logistics network and growing demand for industrial space, make this property a valuable addition to our portfolio.”
About Galvanize Climate Solutions
Galvanize Climate Solutions, founded in 2021 by Katie Hall, Tom Steyer, and Secretary John Kerry, is an investment firm dedicated to generating long-term value from the energy transition. The firm invests across a wide range of asset classes, including venture capital, growth equity, public equities, and real estate, with the goal of accelerating commercially competitive solutions to address climate change. Galvanize’s approach pairs institutional investment expertise with deep domain knowledge across technology, science, policy, and geopolitics, enabling the firm to rapidly identify and capitalize on investment opportunities in the evolving climate landscape.
