Pledges Increased Sustainability Goals for Its Real Estate Portfolio
New York, March 16, 2011
TIAA-CREF, one of America's largest institutional real estate investors, has received the U.S. Environmental Protection Agency’s (EPA’s) ENERGY STAR Sustained Excellence award for outstanding energy management and reductions in greenhouse gas emissions.
In addition, the organization renewed its sustainability initiatives within its real estate portfolio, targeting a decrease in energy intensity of 15 percent by year end and the addition of efforts to reduce water usage in its office and multi-family portfolios by ten percent by 2013.
“Our experience has proven that energy efficiency can enhance the bottom line while protecting the environment at the same time. For these reasons, aggressive resource management goals are a critical component of how we manage our real estate investments on behalf of our clients,” said Tom Garbutt, Head of Global Real Estate, TIAA-CREF.
This commitment builds on the organization’s successful effort to reduce its energy intensity - the amount of energy used per square foot - by 10 percent by 2010. TIAA-CREF's Global Real Estate group first embarked on an energy benchmarking initiative in 2007, evaluating its 43 million square feet of office buildings, 10,500 multifamily units, and other properties within the real estate portfolio for opportunities to reduce energy consumption.
The energy saved through these efforts is equivalent to about 243 million kilowatt hours (kWh). The greenhouse gas emissions avoided are equivalent to removing about 33,300 cars from the road. Energy efficiency achievements were attained by coordinating with over 25 third-party property management companies responsible for day-to-day operations of TIAA-CREF’s real estate assets.
In addition, TIAA-CREF has also been named an EPA ENERGY STAR Leaders Top Performer, attaining an average ENERGY STAR rating of 75 or higher for the eligible properties in its portfolio. Eighty-six TIAA-CREF office buildings have earned the EPA’s ENERGY STAR label for superior energy performance.
“We believe that through continued benchmarking of energy and water use, we can find additional no- and low-cost ways to continue to reduce energy use across our portfolio, and that the implementation of these initiatives will result in additional energy savings,” said Nicholas Stolatis, Director of Strategic Initiatives for TIAA-CREF Global Real Estate.
TIAA-CREF has increased its focus on water benchmarking, with this data being used to identify no- and low-cost water conservation techniques that can applied across the entire portfolio, including plumbing fixture retrofits and reduction of water used for landscape irrigation.
"TIAA-CREF has earned EPA’s highest ENERGY STAR award - the 2011 Sustained Excellence Award,” said Elizabeth Craig, Acting Director of EPA’s Office of Atmospheric Programs. “TIAA-CREF’s long term leadership and commitment to energy efficiency demonstrates the types of accomplishments that we can all achieve in reducing greenhouse gas emissions and protecting our global environment. We look forward to their continued partnership and leadership.”
This marks the fourth consecutive year that TIAA-CREF has received recognition from the EPA, having earned the ENERGY STAR Partner of the Year award in both 2008 and 2009, and the ENERGY STAR Sustained Excellence award in 2010 and 2011.
About TIAA-CREF Global Real Estate
TIAA-CREF is one of the largest institutional real estate investors in the U.S., with an approximately $46 billion global portfolio of direct and indirect investments (12/31/10). TIAA-CREF originated its first commercial mortgage in 1934 and began direct investment in commercial real estate in 1947. Today, on behalf of individuals, public and private institutions in the U.S. and abroad, TIAA-CREF Global Real Estate directly owns over $14 billion (12/31/10) of primarily high-quality properties in the office, retail, industrial and multifamily sectors across the U.S., Canada, and Western Europe. TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields with $453 billion in combined assets under management (12/31/10).
About ENERGY STAR
ENERGY STAR was introduced by EPA in 1992 as a voluntary, market-based partnership to reduce greenhouse gas emissions and other pollutants associated with energy use. Today, the ENERGY STAR label can be found on more than 60 kinds of products as well as new homes and buildings. Last year alone, Americans, with the help of ENERGY STAR, saved $18 billion on their utility bills and prevented greenhouse gas equivalent to those of 34 million cars. Products, homes and buildings that have earned the ENERGY STAR prevent emissions by meeting strict energy-efficiency specifications set by the EPA. For more information, go to energystar.gov.
Abby Aylman Cohen
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
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