Billionaire Tom Steyer Strikes His Biggest Property Deal Yet

Tom Steyer’s multi-strategy asset management firm has completed its biggest real estate deal to date, as the billionaire investor pursues a path of improving the energy efficiency of buildings in order to resell them at a premium.

The latest deal brings Galvanize Climate Solutions LLC roughly 20% of the way toward its total commercial real estate investment target of $1.85 billion, according to Joe Sumberg, a former Goldman Sachs Group Inc. banker who runs Steyer’s CRE unit. He declined to identify the seller or provide financial details about the latest deal.