Financial Services Leader Recognized for Achieving 15 Percent Reduction in Energy Intensity
NEW YORK, MARCH 27, 2012 – TIAA-CREF, a leading financial services provider, has received the U.S. Environmental Protection Agency’s (EPA’s) 2012 ENERGY STAR Partner of the Year Award for Sustained Excellence. The award recognizes TIAA-CREF’s outstanding energy management practices and reductions in greenhouse gas emissions, which helped the organization achieve its goal to reduce energy intensity by 15 percent within its real estate portfolio by the end of 2011.
To maximize the gains from its existing sustainability program, TIAA-CREF is adding new goals for reducing energy intensity and expanding the program to individual assets within its portfolio.
“Since we began benchmarking the energy intensity of our real estate holdings in 2007, we have significantly increased the operating efficiency of our properties. This has helped to boost the bottom line performance of our investments for the benefit of our clients while also reducing our impact on the environment,” said Tom Garbutt, head of TIAA-CREF Global Real Estate. “At TIAA-CREF, we have seen firsthand that greater energy efficiency is a tenet of sound property management.”
The energy saved through these conservation efforts is equivalent to about 150 million kilowatt hours annually, which translates to approximately $17 million in utility expenses, and the reduced greenhouse gas emissions have the same environmental impact as removing about 18,800 cars from the road. More than 35 third-party property management companies responsible for day-to-day operations of TIAA-CREF’s investment real estate assets collaborated with the organization to realize these energy efficiency achievements.
“We believe that one can’t manage what one can’t measure,” added Nicholas Stolatis, senior director of global sustainability and enterprise initiatives for TIAA-CREF Global Real Estate. “Our benchmarking initiatives and a focus on utilizing no- and low-cost changes have been a key part of our strategy to reduce our environmental footprint and create more attractive properties for our tenants, which also benefits our clients.”
TIAA-CREF also announced a 14 percent reduction in water usage – equal to approximately 80 million gallons – among its office and multi-family properties, already exceeding its goal to decrease water usage in those portfolios by 10 percent by 2013. In addition, TIAA-CREF is benchmarking its waste and recyclables and will use this information to reduce waste and increase recycling at its properties.
“As we celebrate the 20th anniversary of the ENERGY STAR program, EPA is proud to recognize TIAA-CREF with the 2012 ENERGY STAR Sustained Excellence Award,” said EPA Administrator Lisa P. Jackson. “TIAA-CREF and all our ENERGY STAR award winners are helping Americans find cost-effective ways to save energy in everything we do, which is good for our climate, our health and our future.”
TIAA-CREF has also been named an EPA ENERGY STAR Leaders Top Performer, attaining an average ENERGY STAR score of 75 or higher for the eligible properties in its portfolio. Seventy-two TIAA-CREF office buildings have earned the EPA’s ENERGY STAR certification for superior energy performance.
TIAA-CREF first embarked on a comprehensive energy benchmarking initiative in 2007, evaluating its 42 million square feet of office buildings, 12,000 multifamily units, more than 4 million square feet of retail centers and other properties within its real estate portfolio for opportunities to reduce energy consumption.
This marks the fifth 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 Partner of the Year for Sustained Excellence Award in 2010 and 2011.
The 2012 Sustained Excellence Awards are given to a very select group of organizations that have exhibited outstanding leadership year after year. These winners have reduced greenhouse gas emissions by setting and achieving aggressive goals, employing innovative approaches and demonstrating what can be achieved through greater energy efficiency. These awards recognize ongoing leadership across the ENERGY STAR program, including energy-efficient products, services, new homes and buildings in the commercial, industrial and public sectors. Award winners are selected from the approximately 20,000 organizations that participate in the ENERGY STAR program.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $464 billion in combined assets under management (as of 12/31/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About ENERGY STAR
ENERGY STAR was introduced by the U.S. Environmental Protection Agency in 1992 as a voluntary, market-based partnership to reduce greenhouse gas emissions through increased energy efficiency. Now celebrating its 20th anniversary, ENERGY STAR offers businesses and consumers energy-efficient solutions to save energy, money and help protect the environment for future generations. About 20,000 organizations are ENERGY STAR partners committed to improving the energy efficiency of products, homes, buildings and businesses. For more information about ENERGY STAR, visit www.energystar.gov or call toll-free 1-888-STAR-YES (1-888-782-7937).
Abby Aylman Cohen
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.
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