San Francisco, CA – April 22, 2015 – Shorenstein Properties LLC announced the release of its 2014 Sustainability Report: Building a Sustainable Future. The report describes progress in the company’s long-standing commitment to corporate responsibility and to reducing the environmental footprint of its real estate operations.
Shorenstein is committed to sustainability for the benefit of its properties, tenants, and employees, as well as the communities in which the company operates and, since 2008, has reduced energy use by 16.2% and cut carbon emissions by 14.8%.
Among the company’s accomplishments in 2014:
- The Global Real Estate Sustainability Benchmark’s highest rating (Green Star). GRESB is an industry-driven survey for assessing the sustainability performance of investment portfolios
- LEED certified property totaling 15 million square feet, with the majority certified at the Gold level
- Realized $500,000 in annual energy cost savings that will avoid 1,800 metric tons of carbon dioxide per year – the equivalent of taking 400 cars off the road
- A new chapter in the company’s signature Flip the Switch tenant engagement program that yielded 27% average energy savings from computers and office equipment
- Inaugural Partner of the Year recognition from Aim High, a San Francisco Bay Area organization focused on educational advancement for low-income youth. Shorenstein’s long-time partnership with Aim High is part of the company’s commitment to serving the communities in which it operates
- Continued support of the Environmental Defense Fund’s (EDF) Chicago Building Energy Initiative, which brought EDF’s Climate Corps program to 25 Chicago-area buildings and identified $1.6 million in energy efficiency opportunities
Shorenstein has been a firm advocate for sustainability within the real estate industry. The company is a member of the Department of Energy’s Better Buildings Challenge, with a public commitment to reducing energy use 20% by 2020 and to sharing energy efficiency best practices with industry peers. Shorenstein is a Platinum-level corporate member of the U.S. Green Building Council and a member of the Environmental Protection Agency’s ENERGY STAR program for commercial buildings.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositionings and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 56.7 million square feet in transactions with a gross investment value in excess of $13.4 billion.