Home Real Estate Four-Building Intersect Office Campus Set for Clean Energy Upgrades
Real Estate

Four-Building Intersect Office Campus Set for Clean Energy Upgrades


MetLife Investment Management (MIM) has signed an agreement with DSD Renewables to install a 2.2-megawatt solar project and 510 kWh Battery Energy Storage System at Intersect, a creative office campus in Irvine, on behalf of owners PGGM and MetLife. The four-building rooftop and car canopy solar project will generate more than 3.5 million kWh of clean energy annually, enabling approximately 74% of Intersect’s required energy to be produced onsite.

Property owners expect the new solar project to be the largest of its kind for an office campus in Orange County. MIM and PGGM acquired the campus from Hines in 2022 for $235.2 million.

“We recognize the role buildings and responsible real estate investing can play in improving workplaces and communities while positively impacting the environment,” said Jim Landau, head of ESG, real estate and agriculture, MIM. “The Intersect solar project advances our commitment to supporting and financing solutions that drive progress toward a low-carbon economy, manage risk and create sustainable investment returns.”

Added PGGM investment manager Eugene Philips, “Installing solar on properties where it makes financial sense, fits perfectly with PGGM’s focus on sustainable investment initiatives. A low carbon building, with resulting tenant benefits, will attract tenants and make the office campus futureproof – and is also a building block in making our real estate portfolio more impactful.’’



Source link

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Real Estate

Memphis Dermon Building Converting to 150-Room Hotel

The Dermon Building in Memphis was built 99 years ago, designed as...

Real Estate

Developer Duo Secures $120M Refi for Charleston Harbor Rental Community

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to...

Real Estate

Bonita Springs Site for 252-Unit Apartment Community

Madison Communities and Heitman have closed a $44 million construction loan for...

Real Estate

$21.5M Loan for Tacoma Apartments Secured by Berkadia

Berkadia has secured financing for the acquisition of The Duo Apartments, a...