Commercial, Energy Efficiency, Energy Storage  -  July 29, 2019

Shorenstein Properties sets new goals

Upon achieving its environmental performance targets ahead of the original 2020 timeline, Shorenstein Properties LLC outlined new goals for 2025, including a 40% reduction in energy use and a 40% reduction in GHG emissions over a 2008 baseline measurement, as well as a 6% reduction in water use and a 20% increase in recycling over a 2016 baseline measurement.

These goals were stated in Shorenstein’s 2019 Sustainability Report, where the company highlighted its Green Lease Leader recognition at the silver-level. This recognition was established by the Institute for Market Transformation and the U.S. Department of Energy Better Buildings Initiative to celebrate building owners who are effectively using lease provisions to drive energy and environmental savings in commercial buildings. Shorenstein's green lease provisions include cost-recovery clauses for energy efficiency-related capital improvements, tenant sub-metering, energy information sharing between tenant and landlord, and green construction standards.

"We are excited to announce our significant sustainability achievements and the associated recognition we have received for our continuous work to integrate these efforts into every building across our portfolio. For decades, sustainability has been a core focus at Shorenstein, and, today, we continue to embrace sustainability as an opportunity to improve our investment performance while simultaneously benefiting our properties, tenants, employees, investors and the communities in which we operate," said Bill Whitfield, Sustainability Program Manager at Shorenstein.

Shorenstein completed 25 energy efficiency projects across the portfolio in 2018 to advance the Company's long-term goals, including VFD installations, elevator upgrades and LED retrofits; “These efficiency investments are critical to continue advancing toward our long-term performance goals,” according to the Sustainability Report. The company also achieved eight LEED (Leadership in Energy and Environmental Design) certifications and 52 ENERGY STAR certifications in 2018.