San Francisco, CA – April 22, 2016 – Shorenstein Properties LLC announced the release of its 2016 Sustainability Report. 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 19.5% and cut carbon emissions by 19.0%. The company’s sustainability program reduces operating expenses, enhances tenant satisfaction, and positively impacts the environmental.
Among Shorenstein’s accomplishments last year:
- Rated second among 23 U.S. office portfolios on the Global Real Estate Sustainability Benchmark (GRESB), an industry-driven assessment of sustainability performance for real estate portfolios. Shorenstein earned the GRESB “Green Star” designation for the second consecutive year.
- 35 LEED-certified buildings totaling 15 million square feet, with the majority certified at the Gold level.
- 52 ENERGY STAR-certified buildings, with a portfolio average score of 88 out of 100.
- Realized $569,000 in annual energy cost savings that will avoid approximately 2,000 metric tons of carbon dioxide per year – the equivalent of taking over 400 cars off the road.
- Awarded the “Green Lease Leader” designation by the U.S. Department of Energy.
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 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 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 61.7 million square feet in transactions with a gross investment value in excess of $14.5 billion.