As leaders of Galvanize’s all-female acquisition team—a rarity in real estate investing—Rachel Reardon and Nadine Anderson are showing that profit and impact can go hand in hand. Their focus: attractive real estate opportunities with both intrinsic value and a compelling sustainability upside the market has yet to recognize.
The built environment is responsible for nearly 40% of global carbon emissions—and retrofitting existing assets is one of the fastest ways to shrink that footprint.
Their and their Galvanize Real Estate (GRE) colleagues’ thesis is simple, but once unpacked, surprisingly complicated: by cutting energy use, improving operations, and meeting the changing needs of tenants, retrofits can unlock a powerful new source of value in a rapidly shifting market.
Enter Galvanize Real Estate
Q: Let’s start with one of Galvanize Real Estate’s most unique aspects – you’ve built an all-female acquisitions team – which is, of course, an achievement in itself, but does it also give Galvanize an edge?
Nadine Anderson: It’s rare for women to succeed in real estate acquisitions—it’s a male-dominated, old-school business. The women who do break through tend to be tenacious and competitive. They’re able to see things differently because the conventional path hasn’t been open to them. They’re not just tough, they’re wired to challenge groupthink.
Put us on a team, and you get something powerful: a group that spots opportunities others miss, like using decarbonization as a driver of returns, and has the grit to turn those alternatives into alpha.
Rachel Reardon: There’s no playbook for what we’re doing, we’re writing it as we go. But doing it here, at Galvanize, there’s a real openness to new ideas. Our Co-Executive Chair, Katie Hall, is a pioneering and incredibly accomplished investor in her own right, and she and her Co-Executive Chairs, Tom Steyer and Secretary John Kerry, have built a culture that prizes diversity as a catalyst for being better investors and driving performance. Our work as GRE’s acquisition team reflects that mindset.
Q: Let’s zoom out and look at the big picture. When you think about real estate strategy today, where does decarbonization actually fit in?
Nadine Anderson: At Galvanize Real Estate, decarbonization isn’t a side project – it’s core to our compensation structure and embedded in every part of the acquisition and asset management process. From the moment a property is underwritten, we start evaluating it through a sustainability lens, ensuring that every retrofit adds both financial and environmental value.
Rachel Reardon: And what’s important is that we’re not talking about new development. We’re focused entirely on retrofitting existing assets. We’re taking the clunkers and turning them into EVs. By targeting older buildings, we’re making them more competitive, more leasable, more resilient, and less at risk of becoming obsolete. We’re bringing them up to modern operational standards.
Q: Okay, so how does that actually work in practice? Because a lot of firms talk about sustainable investing. What makes your approach different from others?
Nadine Anderson: Unlike many in the industry who only retrofit retroactively, we integrate decarbonization at the front end. We’ve built proprietary tools that score markets, assets, and decarbonization potential before any purchase is made. We actually spent our first year building an entirely new toolkit designed to analyze emissions reduction potential upfront. SunScreen, GOLD, GPS, SCALE, plus other tools, allow us to assess how much carbon reduction can be achieved even before we submit a bid. We see retrofitting as a way to make a good investment into a great one.
Rachel Reardon: Every aspect of our strategy is ROI-driven. We’re not doing this out of charity or a sense of obligation. Heat pumps, insulation, solar panels – yes, they might cost more upfront, but we believe they are cost effective investments. Lower tenant expenses, lower operating costs, and more compelling returns over the hold period.
Q: Can you give me a real-world example—like a deal where this actually played out?
Rachel Reardon: Our first acquisition in the Baltimore-Washington corridor really proved the model. We combined solar installations, mechanical system retrofits, and envelope improvements, to reduce tenant utility expenses by $20,000 annually. We experienced significant ROI on the improvements, in addition to helping move the property towards our net zero goals.
Nadine Anderson: We acquired a property that included a 14-year-old solar array. Most bidders planned to remove the panels. An expensive, wasteful idea and, ultimately, an unnecessary one. When we did a deeper analysis – bringing both our own expertise and the strength of Galvanize’s Impact team – we realized there was significant useful life left in the panels. They could provide a full year, and then some, of additional income. No one else bidding on the deal had identified that potential so we came to the bidding with more upside in our underwriting than the competition. That kind of technical rigor gives us a real advantage.
Q: Turning back to what makes your professional journey and the team unique – not everyone is going to have an experience like you’ve had at Galvanize, at least not right away. What advice would you give to young women (or anyone) entering the field?
Nadine Anderson: For anyone entering this field, it’s important to find your own path. Networking and advancement don’t have to follow a formula. You need to be intentional, know who you want to meet and how to approach them. That kind of intentionality opens doors.
Rachel Reardon: Hard work is non-negotiable. You have to believe in yourself, put in the effort, and surround yourself with people who support your growth.
Q: Last one. Looking ahead—what’s next? What’s the future of real estate, in your view?
Nadine Anderson: Looking ahead, we hope the industry evolves beyond the rinse-and-repeat playbook that’s dominated for decades. Real estate needs more creativity, more willingness to adapt.
Rachel Reardon: While many still treat decarbonization as a nice-to-have, we see it as essential. A major marker of a superior product: more resilient buildings, predictable operating costs, and stronger tenant appeal. That’s the future of real estate.