Billionaire Tom Steyer’s Firm Buys Maryland Industrial Portfolio for $112M
The deal is Steyer’s firm’s fourth property acquisition and its second in Maryland
By Nick Trombola July 28, 2025 6:30 pm
reprints
Billionaire Tom Steyer has over the past few years shifted away from his presidential aims to climate solutions investing, and now he has a new Maryland industrial portfolio to prove it.
Steyer’s Galvanize Real Estate (GRE) — the real estate arm of his Galvanize Climate Solutions — paid $112 million for five properties in central Maryland totaling 683,000 square feet. Blackstone’s Link Logistics sold the properties, records show. The Business Journals first reported the price GRE paid for the portfolio.
Steyer’s firm, which specializes in asset decarbonization, plans to upgrade the properties while also dramatically reducing on-site carbon footprints, according to GRE. The company will install solar panels and introduce other energy-reduction strategies to achieve its goal, which could ultimately circumvent nearly 35,000 metric tons of carbon dioxide equivalent emissions over the next 30 years, GRE claims.
CBRE National Partners’ Bo Cashman and Jonathan Beard arranged the deal. A spokesperson for Link Logistics did not immediately respond to a request for comment.
“We believe that this is a market with steady demand fundamentals, limited supply, a strong labor pool, and real estate product that will benefit from our focus on profitable decarbonization,” Joseph Sumberg, GRE head and managing partner, said in a statement.
Three of the properties are in Hyattsville, Md., about 12 miles northeast of Washington, D.C., while the other two are in the Baltimore outskirts. GRE paid $40.5 million for 6500 Sheriff Road, $17.7 million for 8335 Ardwick Ardmore Road, and about $17.7 million for its twin at 8375 Ardwick Ardmore Road. It also paid $25.4 million for 6940 San Thomas Road in Elkridge and $10.8 million for 9045 Junction Drive in Whitehurst.
“We are selectively building scale in submarkets where we see strong tenant demand, structural supply constraints, and real potential for profitable decarbonization,” Rachel Reardon, GRE’s vice president of acquisitions, added in a statement. “These assets fit that profile perfectly, and we look forward to unlocking their full value through targeted investment and sustainability initiatives.”
The portfolio deal is GRE’s fourth acquisition since its founding in 2022 (Steyer founded Galvanize Climate Solutions in 2021), and its second in Maryland. The firm now manages over 1.6 million square feet in Maryland and New Jersey.
Nicolette Jaze, Galvanize’s head of sustainability for real estate, sat down with CO last summer to discuss sustainable proptech solutions, its participation in the Wells Fargo Innovation Incubator, and other topics.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
