Blackstone-owned energy transition accelerator Legence acquired commercial real estate (CRE)-focused environmental, social and governance (ESG) consultancy LORD Green Strategies, with plans to merge it with its existing CRE sustainability consultancy portfolio company RE Tech Advisors.

RE Tech Advisors has supported over 100 commercial real estate clients to achieve more than $300 million in energy-related cost reductions.

Terms of the deal were not disclosed.

The deal grows Legence’s total footprint to 1.2bn square feet of properties under management, bringing together portfolios from Invesco, Starwood Capital Group, Carlyle and ASB Real Estate spread across North America, Europe and Asia

According to Texas-based Legence, the transaction will create “one of the largest ESG consultancies in North America.”

“Our clients now have access to the deepest pool of expertise in the industry as we transition to a low-carbon economy,” noted Deb Cloutier, CSO of Legence and president and founder of RE Tech Advisors.

Lord Green’s 40 employees will join Legence, and its founder, Mychele Lord, will become a senior strategic advisor.

“Combining forces with RE Tech Advisors — a well-respected company and fellow trailblazer in the ESG market — will allow our clients and employees to accelerate their positive impact on our future environment,” Lord said.

Legence buying Lord Green follows a series of ESG-related acquisitions for the company after it bought energy budgeting service Provident Energy Consulting in June and Colorado-based solar energy developer Black Bear Energy in July.

Blackstone has bet big on the ESG sector, picking up a majority stake in Legence in 2020 for an undisclosed price and spending $1.4bn to acquire the ESG software, data and consulting company Sphera from Genstar Capital in 2021.