At the end of 2020 the biggest commercial brokerage and property manager CBRE created a $400 million special purpose acquisition company, or SPAC, to help them simultaneously invest in and take a company public. After looking at over 90 potential investments they chose Altus Power in July of last year in a deal that valued the solar panel facilities operator at $1.58 billion.
Now CBRE’s investment is helping expand Atlus Power’s client list as well as its war chest. CBRE’s subsidiary, the industrial developer Trammel Crow, has just agreed to a $600 million dollar deal to put their panels on $35 million square feet of the company’s industrial properties. Trammel Crow will lease out the space for the panels but thinks of this play as much more of a tenant perk than an ancillary revenue source. “We’re thinking about this as client service,” said Chief Operating Officer Adam Weers.
Increasingly landlords are bundling their space offerings with other services like advanced energy solutions as a way to add more value. This partnership is focused on industrial properties but it is not far-fetched to think that we will start to see the same kinds of arrangements with large office and retail tenants as well.