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It's a sign of the times: A real estate research firm has been bought by a private equity firm in a deal that values the company at more than $1 billion.
The New York Times reports on GRESB's sale to General Atlantic, which will acquire a majority stake in the company.
GRESB, which is based in New York City and Amsterdam, provides standards and benchmarks for sustainable real estate, and its CEO says the deal will allow the firm to "support the next phase of growth through strategic expansion and product innovation."
The Times notes that real estate is one of the biggest sources of greenhouse gas emissions, and GRESB says its research has shown that carbon emissions from real estate contribute to about 40% of global greenhouse emissions.
"With buildings and real estate accounting for 40% of global greenhouse emissions, data is key to unlocking the opportunity to deliver net-zero, resilient assets," General Atlantic's managing director says in a statement.
GRESB will continue to operate as an independent not-for-profit, and its CEO says the firm plans to "reinvest into the company and continue its ongoing work driving GRESB's growth and impact."