Galvanize Expands Its Strategy of Greening Commercial Real Estate

Galvanize, the alternative investment manager co-founded by billionaire Tom Steyer, is expanding its commercial real estate portfolio as a war-fueled spike in oil and gas prices supports its strategy of flipping properties after making them more energy efficient.

Joseph Sumberg, a former Goldman Sachs Group Inc. manager who now heads Galvanize Real Estate, says he’s seen electricity bills rise between 15% and 40% in some of the markets he and his team are looking at. That’s forcing tenants to be laser focused on ways to cut energy costs, he says.