Redcar Properties has a strong commitment to ESG as an organization and recognizes there are a variety of environmental, social and economic implications to all of the decisions we make as a real estate investment manager.
Our focus on ESG impacts all of our stakeholders, including the tenants in our portfolio. By creating beautifully designed, socially conscious and environmentally friendly workplaces, we believe our buildings become an important tool for tenants to attract and retain talent.
In early 2020, Redcar became a signatory of the United Nations Principles For Responsible Investment (“UNPRI”), the world’s leading proponent of responsible investment. The UNPRI works to understand the investment implications of ESG factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions.
Environmental
- Utilize solar and other energy saving materials and technologies for every project where feasible
- Redcar’s HQ and current investment, 2341 Michigan Ave, was recognized as the largest solar project in Santa Monica in 2019
- Retain and upgrade existing structures
- Redcar is using cross laminate timber at its project in Chinatown, a sustainable material that also acts as a carbon sink
- Focus on hiring local architects and design firms that utilize sustainable processes and materials
- Taylor Donsker Design, a responsibly sourced wood-worker is based in Redcar’s office, with furniture and fixtures incorporated into Redcar’s assets
- Xeriscape landscaping will continue to be incorporated into projects
Social
- Give back to important causes that affect the greater Los Angeles community
- Current causes include Homeboy Industries, Safe Place for Youth, One Love Malibu, CoachArt, Culver City Arts District, Cic La Vie, and Present Now
- Continue to create an inclusive and diverse workplace environment that fosters employee satisfaction and growth
- All employees participate in sexual harassment training
- Employees are offered a variety of training and personal growth opportunities
- Focus on delivering world class customer service to our tenants
- Engage with tenants through surveys, special events and incentives to act in a responsible way
Governance
- Establish an ESG committee to ensure implementation across the overall organization
- Require Redcar employees to review and sign off annually on the code of ethics and employee handbook
- Conduct background checks on all new hires
- Regularly review and improve data protection and IT security as per Redcar’s existing compliance manual
- Keep Limited Partners informed of Redcar’s ESG and investment activity through regular transparent reporting