San Francisco, CALIF – June 22, 2017 – Shorenstein Properties LLC announced the release of its 2017 Sustainability Report. The report describes progress in the company’s long-standing commitment to environmental, social, and governance best practices across 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. In 2016, Shorenstein reached its ambitious goal of reducing energy use by 20% – an achievement that the company estimates is currently saving $6.5 million in energy expenses per year. The company’s sustainability efforts have added measurable value through reduced operating expenses, enhanced tenant satisfaction, and positive impacts to the environment.
Among Shorenstein’s accomplishments last year:
- Achieved the company’s U.S. Department of Energy “Better Buildings Challenge” goal to reduce energy use by 20% – four years ahead of the original 2020 timeline.
- Earned the “Green Star” rating for the third consecutive year on the 2016 GRESB (Global Real
- Estate Sustainability Benchmark) assessment of sustainability performance for real estate portfolios.
- Completed 43 efficiency projects across the portfolio, resulting in annual operating expense savings of $850,000.
- Redeveloped the Ford Factory in the Los Angeles Arts District, with emphasis on design elements such as natural lighting, energy efficiency, and historic preservation.
Shorenstein has been a firm advocate for sustainability within the real estate industry. The company is a partner with the U.S. Environmental Protection Agency’s ENERGY STAR program and benchmarks all buildings using ENERGY STAR Portfolio Manager. Shorenstein is a Platinum-level member of the U.S. Green Building Council and has achieved LEED certification for 23 million square feet of office properties, primarily certified at the Gold level.
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. Starting in 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 repositioning 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 62.6 million square feet in transactions with a gross investment value in excess of $14.7 billion.