Recent Study Finds Total Economic Impacts Attributed to MEPT Investments Equates to $18.1 billion Over Last 34 Years

MEPT Receives Top Ranking in GRESB Benchmark

During the third quarter, MEPT committed $7.0 million toward pre-development costs associated with Capitol Hill Station in Seattle.
Capitol Hill Station, located at the site of the Capitol Hill Link Light Rail station, is anticipated to be a LEED Platinum, 332-unit multi-family asset with 33,024 square feet of retail space. Capitol Hill Station is structured as a joint venture with Portland, Oregon-based Gerding Edlen Development, and the transaction is aligned with the Fund’s focus on responsible investment in transit-oriented locations within knowledge-driven Primary Markets.…



JV Closes on Acquisition of Two Rector Street
Multi-Employer Property Trust (MEPT), advised by Bentall Kennedy U.S. LP, in a joint-venture with Cove Property Group LLC have acquired the office building at 2 Rector St. in New York, NY from Kushner Companies and CIM Group LP…

First look: ‘Transformative’ 710-unit residential project planned in South End
Leggat McCall Properties on Monday submitted an expanded project notification form to the Boston Redevelopment Authority that highlights in greater detail the firm’s plans for a "transformative, contemporary development" spanning a full city block in the South End. The project team has named the project the "Harrison Albany Block" and proposed 710 residential units, a 40,100-square-foot office and 14,100 square feet of retail space for a 3.1-acre site in the South End formerly owned by Boston Medical Center…


Latest look at Trammell Crow’s updated Diridon project
A lot has changed in the years since downtown San Jose’s last office tower was built about six years ago. Tech&rsquos influence on workspace design has completely transformed the look and feel of new projects. Wide-open floors are in. So is proximity to housing, services and transit…



 

Economic Impact

Since its inception, MEPT has sought to invest in real estate projects that, first and foremost, provide competitive returns for its investors. A recent study confirmed that by investing in MEPT, pension plans also play a vital role in creating good jobs and stimulating and strengthening local economies.

For MEPT, what starts as an investment in a new construction project or a capital improvement in an existing building, multiplies and creates a significant economic boost that reaches well beyond the direct beneficiaries of the Fund's participating plans. MEPT has spent a total of $8.5 billion since 1982 which has translated into $18.1 billion in economic activity. Consequently, 129.923 jobs have been created, $7.5 billion in income and benefits has been earned, and $587 million in tax revenues have been generated. Further, as the largest open-end fund in the country with a strict Responsible Contractor Policy and a growth strategy focused on new construction opportunities, MEPT is poised to continue to make a meaningful difference for its pension plan participants and their communities.

In The Economic and Fiscal Impacts of MEPT Investments Across the U.S., Pinnacle Economics analyzed MEPT's 303 projects acquired, built or invested in 41 markets by the Fund from its inception in April 1, 1982 through December 31, 2015.


Union Construction Jobs
Of the $8.5 billion spent by MEPT, $6.8 billion represented hard costs (the services and labor provided by construction contractors).The remaining $1.7 billion represented soft costs (the work performed by professionals services such as architecture and engineering). The study revealed that MEPT's hard cost spending on the construction of new buildings and second generation tenant improvements has had a significant direct economic impact on the signatory contractors and local union construction trades members working on MEPT's assets including:

  • 42,450 jobs
  • 81.8 million hours of work
  • $2.6 billion in wages and benefits
  • $130.9 million in state personal income taxes paid by union workers

Pipeline of Projects
The study covered MEPT investing activity through December 31, 2015 and does not capture the full impact of the sustainable projects currently under construction in the portfolio. MEPT is currently funding over $1 billion of new construction in six markets.

Additional details or a copy of the full Report is available by request to Vanessa Parrish at vparrish@bentallkennedy.com.

Sustainable "Green" Building

MEPT once again ranked 1st globally among its peer group on the Global Real Estate Sustainability Benchmark (GRESB) and has been a top tier ranked fund with GRESB for the last six years.  MEPT earned five green stars, the highest possible, which reflects upper quintile performance compared with the entire universe of participants. Although participation and benchmark performance continues to increase and improve, MEPT remains significantly ahead of its peer group in all seven of the GRESB Aspects or scoring categories. Each GRESB Aspect is scored on a 0 to 100 scale and MEPT’s average score was 23 points ahead of its Peer Group.The Fund has played a leading role in developing green building practices and identifying opportunities to capture the value created by sustainable projects. To date, MEPT has achieved U.S. Green Building Council LEED® certification for new construction and existing buildings totaling approximately 10.1 million square feet and attained the EPA's ENERGY STAR label for approximately 10.9 million square feet of office and industrial space.

MEPT's leadership in sustainable construction is evident in its high ranking by the Global Real Estate Sustainability Benchmark (GRESB). Ranked #1 in 2016 and 2015 in the U.S. Diversified fund category, MEPT has been recognized as a top performer in its peer set in the U.S. as a result of the Fund's environmental, social and governance (ESG) performance.

The study analyzed MEPT's investments that involved the latest sustainable building practices and energy-efficient property operations. Although MEPT's sustainable investments began in the 1990's, MEPT officially began tracking its "green" investment activities in 2006 and since that time, MEPT has invested a total of $2.4 billion in sustainable development and energy-efficient property operations. These investments were made across 79 projects, in 19 markets and 16 states and the District of Columbia.


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