TIAA-CREF, one of America’s largest
institutional real estate investors, announced today a goal to improve
the energy efficiency of its real estate portfolio by 10 percent by 2010.
The U.S. Environmental Protection Agency (EPA) has named TIAA-CREF a
2008 ENERGY STAR Partner of the Year for outstanding energy management
and reductions in greenhouse gas emissions, citing the company’s
progress in improving energy efficiency.
“TIAA-CREF is committed to lowering the carbon
footprint of the buildings that comprise our commercial real estate
portfolio,” said Tom Garbutt, Managing
Director and Head of TIAA-CREF Global Real Estate. “Our
goal is to enhance our portfolio’s long-term
value, which we achieve, in part, through prudent property management.
We believe the best management practices today are defined, in part, by
energy efficiency.”
TIAA-CREF’s Global Real Estate group has
embarked on an energy benchmarking initiative across the 43 million
square feet of office buildings and other properties within the company’s
real estate portfolio, with the goal of identifying opportunities to
reduce energy consumption. Thus far, the buildings that comprise the
office portfolio have reduced energy use by 125 million Kilo British
Thermal Units, which is equivalent to an estimated 37 million pounds of
carbon dioxide emissions.
These reductions were achieved through TIAA-CREF’s
work with over 30 third-party property management companies charged with
the day-to-day operations of its real estate assets to identify
portfolio-wide and property-specific opportunities for improvement.
Examples of portfolio-wide strategies for improving energy performance
that are being implemented include replacing inefficient lighting with
ENERGY STAR-qualified lighting, only operating buildings on Saturdays at
the tenant’s request, and verifying that
lights are turned off when the offices are unoccupied. Specific
properties are realizing savings by implementing energy management
action plans. One example is the 8300 Tower at Normandale Lake Office
Park in Minneapolis, at which architectural elements and the building’s
mechanical systems are being improved to reduce energy use. The
investment made in these modifications is anticipated to be recovered in
18 months.
“Energy efficiency is a priority for our real
estate operations, because we see the enhanced value it brings to us,
our tenants, and our clients. We are proud of our work to maximize that
value and continue to take steps to fulfill our environmental goals,”
added Nicholas Stolatis, Director, Strategic Initiatives, TIAA-CREF
Global Real Estate.
The next step in TIAA-CREF’s benchmarking
initiative will target the 12,000-unit multifamily portfolio and will
include collecting information on energy and water consumption, trash
production and other areas for potential improvement. The program also
will include purchasing ENERGY STAR-qualified appliances, replacing
incandescent bulbs with ENERGY STAR qualified compact fluorescent lamps,
and increasing heating, ventilating and air conditioning efficiency,
with the goal of identifying additional actions as the program
progresses.
TIAA-CREF, an ENERGY STAR partner since 2002, will be honored for
strategic energy management that has resulted in significant energy and
financial savings. Over the past six years, 43 of the nearly 200 office
buildings in TIAA-CREF’s real estate
portfolio have earned an Energy Star label one or more times, with 28 of
those buildings doing so in 2007.
“TIAA-CREF and its clients can be proud of
TIAA-CREF’s successes in climate stewardship
demonstrated in its real estate investment portfolio,”
said Stuart Brodsky, U.S. EPA Manager for ENERGY STAR, Commercial
Property Markets. “TIAA-CREF’s
improvements in energy efficiency are reducing the carbon footprint and
increasing the value of their real estate assets to the benefit of their
clients. TIAA-CREF’s actions serve as a model
for the entire financial services industry.”
The ENERGY STAR Partner of the Year Award recognizes efforts to increase
energy efficiency in property operations and to integrate superior
energy management into an overall organizational strategy. The 2008
award winners were selected from more than 9,000 organizations
participating in the ENERGY STAR program. Last year alone, with the help
of ENERGY STAR, Americans saved $16 billion on their energy bills and
reduced greenhouse gas emissions equivalent to those of 27 million
vehicles1. TIAA-CREF will be recognized by the
EPA at an awards ceremony in Washington, D.C. on April 1, 2008.
Other efforts to reduce TIAA-CREF’s
environmental impact include:
TIAA-CREF Global Real Estate is seeking the U.S. Green Building Council’s
Leadership in Energy and Environmental Design (LEED) certification for
two new properties being developed this year in Minneapolis, Minnesota
and Miami, Florida. LEED certification is a benchmark for the design,
construction and operation of green buildings. By developing projects
to achieve LEED certification standards, buildings benefit from the
latest in environmentally sound construction and management that will
reduce their environmental impact on their communities.
On a corporate level, TIAA-CREF has teamed with the National Arbor Day
Foundation to create the “Plant a Tree”
program, which is focused on encouraging clients to receive e-delivery
of quarterly statements in lieu of paper copies. TIAA-CREF will donate
one dollar to the Arbor Day Foundation for every individual who elects
to accept e-delivery. In turn, the foundation will use the donations
to plant trees in a national forest, encouraging growth in areas that
have been damaged by wildfires and other natural causes.
About TIAA-CREF Global Real Estate
TIAA-CREF is one of America’s largest
institutional real estate investors in the United States, with an
approximate $70 billion global portfolio of direct and indirect
investments (12/31/07). 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 $25 billion (12/31/07) of primarily high-quality
properties in the office, retail, industrial and multifamily sectors
across the U.S., Canada and Western Europe.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is
a national financial services organization and the leading provider of
retirement services in the academic, research, medical and cultural
fields with more than $435 billion in combined assets under management
(12/31/07).
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. Today, ENERGY STAR offers
businesses and consumers energy efficient solutions to save energy,
money and help protect the environment for future generations. More than
9,000 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).
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal
Investors Services, Inc., members FINRA, distribute securities products.
Annuity products are issued by TIAA (Teachers Insurance and Annuity
Association), New York, NY.
©2008 Teachers Insurance and Annuity
Association-College Retirement Equities Fund, (TIAA-CREF), New York, NY
10017
C41182
1 EPA “ENERGY STAR
Overview of 2007 Accomplishments,” 2008
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