Goldman Sachs Committed to Sustainable Real Estate Development with the Beehive Program – Commercial Observer

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Goldman Sachs Asset Management abuzz with excitement about the benefits of delivering beehives to their properties.

Alveolus, an organization that brings bees to buildings to help businesses increase engagement and sustainability goals, is partnering with an institutional real estate investor for the first time. in over 30 Goldman Sachs locations in major markets with a view to expanding further as a standard offering. The first launch at Goldman Sachs buildings in the New York, Los Angeles, Chicago, San Francisco and Denver regions coincided with National Bee Day on August 21.

Joseph Sumberg, managing director of real estate at Goldman Sachs Asset Management, said the idea for this initiative came from sustainable growth strategy in environmental, social, corporate (ESG) principles. Goldman Sachs, which has committed $ 750 billion in sustainable finance, has identified ecosystem services and biodiversity as one of nine investment themes critical to sustainable development in 2019.

Goldman Sachs views sustainability through a broad lens and the real estate investment business under Goldman Sachs Asset Management is looking to find opportunities to incorporate ESG’s efforts into our construction operations wherever possible, ”Sumberg said. On these sites, we strive to make the most of our assets, including on rooftops, which often have unused parts suitable for hives. Our partnership with Alvéole allows us to optimize space while helping the organization to expand at a faster pace and increase its impact. ”

The buildings dedicated to beekeeping by Goldman include office properties at: 1640 South Boulevard Sepúlveda in Los Angeles and an apartment building at 1 Flatbush Avenue in Brooklyn. The program will offer training workshops, and Sumberg hopes that the tenants of these properties will be interested in learning more about the environmental benefits of bees along with the beekeeping process.

The initiative is expected to produce 1,000 pounds of local and short circuit honey from 1.5 million bees as a starting point. The tenants of each location – through online platforms – can track the health and productivity of the hives during the season and meet with the bees to observe the honey harvesting process.

“Through our turnkey education program, our goal is to make people love bees, connect with nature and develop long-term sustainable development programs with communities in cities around the world,” Alexander McLean, President and CEO Alveolus, the message says. We look forward to a long, constructive and mutually beneficial partnership with Goldman Sachs and will continue to expand our program. ”

In Montreal Alveolus will provide maintenance and management of the hives in each city where the hives have been installed. His beekeepers will visit him every three weeks throughout the season.

After the initial commitment to launch By the end of the year, Goldman Sachs will offer an urban beekeeping program in 30 locations for all suitable real estate investments in the future as Alvéole expands its presence, Sumberg said.

We are committed to seizing opportunities to build stronger communities in areas where we own and manage assets, ”he said. “Bees provide a natural opportunity to improve local ecosystems as well as provide special amenities for tenants.”

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