Goldman Sachs: real estate hives

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Goldman Sachs CEO David Solomon & 1 Flatbush Avenue Brooklyn (Getty, Hillwest, iStock)

Goldman Sachs CEO David Solomon and 1 Flatbush Avenue in Brooklyn (Getty, Hillwest, iStock)

This buzzing noise? If you are a tenant of Goldman Sachs Asset Management, this may not be in your head.

The investment giant has partnered with Alvéole, a Montreal-based company that markets itself as a “turnkey urban beekeeping venture”, to create beehives for some of its properties under the guise of sustainability.

The program was launched over the weekend and is expected to operate in more than 30 locations by the end of the year, including one office building in Los Angeles and tenement tower in downtown Brooklyn, according to the Commercial Observer.

“Bees provide a natural opportunity to improve local ecosystems as well as provide differentiated amenities for tenants,” said Joseph Sumberg, managing director of Goldman Sachs Asset Management.

The education program is part of Goldman Sachs’ $ 750 billion. commitment towards sustainable financing, which was announced in March. The bees are expected to produce around 1000 pounds of honey locally. Tenants will be able to monitor the health of bees online and observe the process of honey extraction. Tenants will also be offered training seminars on the importance of bees to the world’s ecosystems.

The alveolus will maintain the hives at each location, and beekeepers will visit them every three weeks during the honey season.

Goldman Sachs is considering adding bees to all eligible real estate investments in anticipation of the success of the program.

[CO] – Holden Walter-Warner

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