Jamestown, a global real estate investment and management firm, today announced its Premier Property Fund has won the Pension Real Estate Association’s (PREA) ESG Momentum Award, which recognizes funds that have demonstrated innovative and industry-leading approaches to ESG (Environmental, Social, and Governance). PREA is a non-profit trade association for the global institutional real estate investment industry with more than 700 corporate member firms worldwide.
“The future of real estate is built on sustainable development principles and operations,” said Josh Wechter, Managing Director and Fund Manager for the Premier Property Fund at Jamestown. “Each year, we make progress toward that vision and aim higher. The PREA ESG Momentum Award affirms both our progress to date and our long-term ESG strategy.”
The PREA ESG Momentum Award highlights Jamestown’s comprehensive and innovative approach to ESG investing, as well as recent improvement in ESG outcomes. After reducing its greenhouse gas (GHG) emissions by 20 percent, Jamestown has continued to build on its commitment to reduce its GHG emissions. Jamestown has committed to achieve net zero operational carbon by 2050 and adopted all 17 of the United Nations Sustainable Development Goals.
As part of these initiatives, Jamestown announced it will invest in a clean energy transition at Levi’s Plaza to reach net zero carbon operations by 2025. The effort positions the property to be the first existing, large-scale commercial campus in San Francisco to reach net zero carbon.
Jamestown also has agreed to the Science Based Targets initiative (SBTi), pledging to reduce its Scope 1 (property-generated) and Scope 2 (landlord-generated) greenhouse gas emissions by 30 percent by 2030, from a 2018 base-year, and to measure and reduce its Scope 3 (third party-generated) emissions. This will complement Jamestown’s existing 2030 target, which is a 50 percent reduction from a 2014 baseline.
To achieve these aggressive targets, Jamestown has deployed a combination of energy audits as well as energy management technologies. These include piloting Prescriptive Data’s Nantum OS technology at Waterfront Plaza in San Francisco. The smart building operating system uses artificial intelligence to save energy and lower operating expenses, while cutting emissions.
Jamestown’s commitment to sustainable investing also includes partnering with Carbon Lighthouse to pilot a program to reduce emissions at One Metro Center in Washington, D.C. Carbon Lighthouse’s CLUES AI platform will assist Jamestown with profitable, data-backed carbon reductions.
Additionally, Jamestown has joined the Department of Energy’s Low Carbon Pilot, a pilot program to understand and demonstrate how to achieve real carbon dioxide emission reductions. In 2021, these activities helped Jamestown earn 24 new ratings/certifications, including: 10 LEED certifications and recertifications, 13 ENERGY STAR Ratings, and 1 BOMA 360 performance certification.
Jamestown’s Premier Property Fund is the firm’s open-end core-plus investment vehicle for institutional investors. The fund is focused on office, retail, and mixed-use assets in major U.S. metropolitan centers. The fund’s target markets are New York, San Francisco, Washington, D.C., Boston, and Los Angeles.
While Jamestown has prioritized sustainability and social responsibility since its founding in 1983, the firm launched its proprietary program for sustainability efforts at the property, portfolio, and corporate levels in 2008. Known as Jamestown Green, the program identifies opportunities to employ sustainable management practices that also drive financial performance. In 2012, Jamestown established the Jamestown Charitable Foundation, a 501(c)(3) public charity to serve as the organizing entity for community events that benefit designated nonprofits. The Jamestown Charitable Foundation supports nonprofits focused on improving the communities where the firm’s assets are based.
