Clean, green solar power is flowing from the newly constructed 575-kW roof mount solar system recently installed at Belvedere Place, a prominent Class A office complex in Mill Valley, CA, located just north of the Golden Gate Bridge.
With over 1,000 solar panels installed, the system is expected to meet 95% of the 105,000-square-foot buildings' electricity demand, with tenants benefiting from a 10% electricity rate discount. Current occupants of the two three-story buildings include Merrill Lynch, UBS, WeWork, Redwood Trust, and several private wealth management firms.
GTIS Partners, a global real estate investment firm based in New York City, and Graham Street Realty, a San Francisco-based commercial real estate owner-operator, acquired Belvedere Place in August 2019. Both sustainability-in-development champions, the joint property owners were motivated to offer tenants access to green power at a discount and contribute to reducing greenhouse gas emissions in a meaningful way. That goal was achieved through partnerships with SolarKal, a commercial solar advisory and procurement firm, and Greenskies Clean Focus, a national leader in renewable energy solutions.
"We are thrilled to celebrate the completion of this important solar energy project," said Peter Ciganik, Partner and Head of Capital Markets at GTIS Partners. "Sustainability and environmental stewardship are deeply integrated into our business model, and we are proud to have been recently named a Gold Level Green Lease Leader by the U.S. Department of Energy Better Buildings Alliance."
"The installation of solar panels at Belvedere Place marks a significant milestone in our sustainability journey," said Andrew Mustin of Graham Street Realty. "By harnessing the power of renewable energy, we are not only cutting operational costs but also significantly reducing our environmental impact. This achievement was made possible through our strong partnership with GTIS Partners and the expertise of SolarKal and Greenskies. Together, we are committed to creating eco-friendly commercial spaces that benefit both our tenants and the community."
SolarKal analyzed GTIS Partners' nationwide portfolio, assessed utility bills, designed preliminary photovoltaic systems, and modeled returns, ultimately choosing Belvedere Place as a top property for solar development. SolarKal's proprietary procurement process identified Greenskies Clean Focus as the preferred provider given the firm's strong local area expertise.
"This shining California success story demonstrates that there are creative structures like this hybrid PPA roof lease that are a great alternative to community solar, which is still under policy development in California," said Neil Sharma, Co-Founder and Chief Commercial Officer of SolarKal. "All parties involved showed a strong commitment to success."
Greenskies is the project's developer, financer, owner, and long-term operator under a 25-year power purchase agreement (PPA). Greenskies will also provide ongoing operation and maintenance to the site.
"Greenskies is excited to partner with SolarKal, GTIS Partners, and Graham Street Realty to bring the Belvedere Place solar project to light," said Stanley Chin, President and CEO of Greenskies Clean Focus. "This collaboration exemplifies our commitment to providing innovative, sustainable energy solutions that deliver long-term value. It ensures a stable and low-cost energy source and contributes to the broader goal of a low-carbon future."
The solar system will reduce nearly 600 metric tons of CO2 emissions each year, equivalent to the CO2 emissions from 116 homes' annual electricity use.
About GTIS Partners
GTIS Partners is a global real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Phoenix, Dallas, Houston and Munich. The firm was started in 2005 and is managed by President and Founder Tom Shapiro and seven partners. The firm manages $4.5 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the U.S., GTIS has invested in over 215 assets across 45 unique markets including growth areas such as Miami, Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, and hospitality investments. Marquee assets developed by GTIS Partners in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel. For more information, please visit www.gtispartners.com.
About Graham Street Realty
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm founded in 2007. Since that time, GSR has purchased over $485 million in office and industrial assets. As of first-quarter 2024, GSR owns and operates 24 properties in four states. Since its founding, the firm's focus has been on value-add investment in the office and industrial sectors. To learn more, visit www.grahamstreetrealty.com.
About SolarKal
Since 2015, SolarKal has been helping businesses make the smart switch to solar, streamlining the process from start to finish. Our expert solar advisors harness the power of competition in our proprietary provider marketplace, saving our clients time, money, and internal resources.
SolarKal has become the leading solar advisory and marketplace for commercial real estate, working closely with more than 50 commercial real estate companies, publicly traded REITs, Fortune 500 companies, national education organizations, and commercial properties from the East Coast to the West. Learn more at SolarKal.com.
About Greenskies Clean Focus
Greenskies Clean Focus offers a full suite of decarbonization solutions, including on-site and off-site solar, battery storage, microgrids, and CCHP. Our vertical integration delivers the most cost-competitive solutions for commercial, public sector, and utility energy users throughout the U.S. From beginning to end, our customers work with a single delivery team. Greenskies originates, develops, constructs, and operates, while Clean Focus finances and owns the systems. Since our founding in 2009, we have developed and constructed 320 MW of renewable energy facilities across over 600 sites in 19 states. Solar Power World ranks Greenskies Clean Focus as the number one commercial solar developer in the Northeast and top three in the U.S., based on cumulative kW installed.
For more information about Greenskies Clean Focus and its decarbonization solutions, please visit www.greenskies.com.
Contact
Domonique Bedbury
Marketing Manager, Greenskies Clean Focus
(401) 481-2244 dom.bedbury@greenskies.com
