Aug 19 2014
Shorenstein Properties LLC announced the release of its 2013 Sustainability Report. A milestone in Shorenstein’s long-standing commitment to reducing the environmental footprint of its real estate operations, the report summarizes the company’s sustainability efforts and achievements through year-end 2013.
Although this is the first comprehensive public sustainability disclosure by Shorenstein, the company has worked for many years on environmental performance initiatives that benefit properties, tenants, employees, and the broader communities in which the company operates. Since 2008, Shorenstein has reduced operating expenses by $8.2 million and cut carbon emissions by over 30,000 metric tons – the equivalent of taking 1,500 cars off the road.
Among the highlights of the report:
- $1 million personal leadership commitment by Doug Shorenstein toward a targeted expansion of the Environmental Defense Fund’s Climate Corps summer fellowship program.
- 11.9% reduction in portfolio-wide energy intensity since 2008, equivalent to taking 1,800 homes off the grid.
- 13 million square feet of LEED-certified office space.
- A signature Flip the Switch tenant sustainability program, with online resources and targeted outreach campaigns.
- Case studies featuring the sustainable redevelopment of Market Square in San Francisco, CA and the energy-efficient retrofit of Palisades Office Park in Atlanta, GA.
- Leadership in local sustainability initiatives in markets including Boston, Houston, Minneapolis, Seattle, and Washington, DC.
- LEED professional credentialing support for all Property Managers.
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 Gold-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 $648.7 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 53.5 million square feet in transactions with a gross investment value in excess of $12.1 billion.