New York, New York
ENERGY STAR Partner of the Year - Sustained Excellence
As one of the nation's largest institutional real estate investors, TIAA-CREF's investments include more than 35 million square feet of Class A office space, 13,200 multifamily units, 10 million square feet of retail properties, and investments in other real estate types. TIAA-CREF is receiving ENERGY STAR Partner of the Year - Sustained Excellence recognition for its dedication to superior energy management across its portfolio. Key 2012 accomplishments include:
- Benchmarking the energy and water use of 100 percent of its office, multifamily, and wholly owned retail portfolios in Portfolio Manager, and working with each management team to develop a target ENERGY STAR score and provide recommended energy and water efficiency measures, technical guidance, and support for implementation.
- Reducing source energy intensity across its portfolios, including a three-percent reduction in its office portfolio, a 4.8-percent reduction in its multifamily portfolio, and a 2.6-percent reduction in its retail portfolio.
- Maintaining a portfolio-wide average ENERGY STAR score of 80 in its office portfolio. Since 2007, TIAA-CREF has reduced the energy consumption of its office portfolio by 16.7 percent, achieving its 2012 goal of a 15-percent energy reduction and saving $51 million in cumulative energy expenses.
- Earning ENERGY STAR certification for more than 90 percent of its current office portfolio, with a present total of 85 buildings that have earned certification one or more times since 1999.
- Launching the Global Real Estate Sustainability Initiative (GRESI), with ENERGY STAR embedded in all aspects of TIAA-CREF's program, including strategy, implementation, tracking, and recognition.
- Promoting ENERGY STAR broadly by the use of quarterly reports, communications with third-party property managers and building engineers, giveaways to tenants, participation in real estate industry groups, and partnerships with organizations working to promote environmentally and socially responsible real estate investments.