TIAA-CREF, one of America’s largest institutional real estate investors is aiming to improve the energy efficiency of its properties 10% by 2010.
TIAA-CREF’s Global Real Estate group has set the 10% goal for 43 million square feet of office buildings and other properties within its real estate portfolio.
"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."
In its commercial properties, the company will employ simple portfolio-wide strategies to increase efficiency, such as installing ENERGY STAR-qualified lighting, operating buildings on Saturdays only at the tenant’s request, and verifying that lights are turned off when the offices are unoccupied.
Specific properties will also receive architectural and system improvements, the company said.
TIAA-CREF said it also will address efficiency in its 12,000-unit multifamily portfolio and collect information on water use and waste production.
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