CenterSquare Expands Essential Service Industrial Strategy with ESAS Capital

CenterSquare Investment Management has closed a new $50 million co-investment vehicle with ESAS, deepening the firms’ partnership and directing fresh capital toward CenterSquare’s Essential Service Industrial (ESI) strategy; a niche within the small-bay industrial market. 

The vehicle will invest on a 50/50 basis alongside the latest vintage of CenterSquare’s value-added strategy, providing additional capital for acquisitions focused on mission-critical, service-oriented industrial assets. CenterSquare said the structure allows the partners to scale exposure to a segment characterized by fragmented ownership, durable tenant demand, and operational upside. 

The transaction marks the second collaboration between ESAS and CenterSquare. ESAS first partnered with the firm in January 2025 through a strategic capital investment in Aligned Data Centers. 

“We have strong conviction in essential service industrial and value the opportunity to work with like-minded investors who also see the potential in select niche sectors,” said Jeffrey Reder, managing director of private real estate at CenterSquare. 

James Bury, managing director of ESAS Real Estate, pointed to the firm’s execution track record as a key driver of the commitment. “We found the case for investment in Essential Service Industrial to be compelling, and CenterSquare continues to demonstrate the strength of their data-driven and process-oriented investment execution to present unique investment opportunities,” he said. 

Headquartered outside Philadelphia, CenterSquare manages approximately $14 billion in assets as of December 2025, with offices in New York, Los Angeles, London, and Singapore. ESAS operates across Istanbul, London, and Frankfurt.