Principal® Increases Commitment to Health and Wellness in Real Estate Portfolio, Becomes Fitwel Champion

Rhea-AI Summary

Principal Financial Group announced its commitment to become a Fitwel Champion, pledging to certify at least six properties over the next year to enhance health and wellness in its global real estate portfolio.

Currently, the company has one certified property, Park Place in Irvine, California, which features amenities promoting healthy choices.

This initiative is part of Principal's broader Environmental, Social, and Governance (ESG) framework aimed at driving property performance and resilience in real estate investment.

Positive

• Commitment to certify six properties as Fitwel Champions in the next year.
• Existing property Park Place already certified, showcasing successful health and wellness initiatives.
• Integration of Fitwel into the ESG framework, enhancing market resilience and property performance.

Negative

• None.

Principal Financial Group^® today announced its commitment to become a Fitwel Champion via its Principal Real Estate Investors business, expanding the support provided to advance health and wellness initiatives for tenants and occupants within its global real estate investment portfolio.

As a Fitwel Champion, Principal^® pledges to certify at least six properties with Fitwel over the next 12 months. Properties that achieve Fitwel certification for their healthy design and operational strategies will carry the designation for a period of three years before recertification is required.

“We have significant experience designing, constructing, and operating buildings as well as overseeing capital and tenant improvements with the health, safety, and welfare of building occupants in mind,” said Jennifer McConkey, senior director of operations and sustainability for Principal Real Estate Investors. “Our decision to become a Fitwel Champion further demonstrates to our stakeholders that we are committed to leading the movement to increase the health and wellness of the built environment.”

Principal Real Estate Investors has one property already Fitwel certified. Park Place in Irvine, Calif., received its certification in June 2019. The mixed use office plaza has implemented multiple health and wellness amenities to meet certification standards, including a complimentary fitness program for all tenants, signs prompting occupants to take the stairs instead of elevators, healthy food options and health graphics in the market café and coffee bars, healthy choices in vending machines, and ample, well-lit walking trails.

In working to obtain additional property certifications to fulfill its commitment as a Fitwel Champion, Principal will utilize its Pillars of Responsible Property Investing initiative to help guide decisions and actions. Fitwel has become another facet of the firm’s PRPI program, further integrating health and wellness into its Environmental, Social, and Governance (ESG) framework that is effective in helping drive real estate investment and management through market resilience, corporate governance, and property performance.

About Principal^®

Principal^® helps people and companies around the world build, protect, and advance their financial well-being through retirement, insurance, and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise, and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.

About Principal Real Estate Investors

Principal Real Estate Investors manages or sub-advises $86.5 billion in commercial real estate assets (as of September 30, 2020). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group^®.

About Fitwel and the Center for Active Design

In just three years, Fitwel has become the leading global health certification system, seeing a dramatic uptick in use, with 80% growth in certifications annually. Generated by expert analysis of over 5,600 academic research studies, Fitwel is implementing a vision for a healthier future where all buildings and communities are enhanced to strengthen health and well-being. Fitwel was created by the U.S. Centers for Disease Control and Prevention and U.S. General Services Administration. The Center for Active Design, a global not-for-profit organization, was selected as the licensed operator of Fitwel, charged with expanding Fitwel to the global market.

Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group. © 2021 Principal Financial Services, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210121005866/en/

FAQ

What is Principal Financial Group's recent initiative regarding Fitwel certification?

Principal Financial Group announced its commitment to become a Fitwel Champion, certifying at least six properties over the next 12 months.

How many properties does Principal Real Estate Investors currently have Fitwel certified?

Principal Real Estate Investors currently has one property certified, Park Place in Irvine, California.

What is the duration of Fitwel certification for properties?

Properties that achieve Fitwel certification carry the designation for three years before recertification is required.

What does the Fitwel certification aim to enhance?

Fitwel certification aims to enhance health and wellness initiatives within buildings' design and operational strategies.

How does Fitwel fit into Principal's business strategy?

Fitwel is part of Principal's Environmental, Social, and Governance (ESG) framework, driving property performance and market resilience.