GE Real Estate hires green guru

The real estate arm of conglomerate General Electric has appointed a sustainability leader for its North America investments in a bid to “green” its investments.

GE Real Estate, the real estate arm of US conglomerate General Electric, is going green appointing Stuart Brodsky as its North America sustainability leader.

Brodsky was previously the national commercial property manager for the US government-backed Energy Star program that aims to improve energy consumption in businesses, homes and products.

According to a statement from GE, Brodsky helped cut greenhouse gas emissions by more than 24 million metric tons since 2003, reduce energy operating costs by more than $7.5 billion (€4.9 billion) and lower energy consumption by 114 billion kilowatt hours.

It follows GE Real Estate’s announcement last year that it would “green” its real estate investment business in partnership with the Clinton Climate Initiative, part of former US President Bill Clinton’s foundation.

Christian Blechinger, managing director of GE Real Estate, said the appointment was “another step forward in achieving our goal of embedding sustainability into our practices.”

GE Real Estate chief executive Joe Parsons recently revealed he wanted the firm to start its own fund management business, with plans to raise between $1 billion and $3 billion for its first two funds. The funds would be focused on office buildings in major cities such as New York, San Francisco and Washington DC, as well as retail and multi-family properties in central Europe.

Parsons said at the time he wanted GE Real Estate to rival the biggest names in the real estate asset management world within five years.