New York, April 6, 2015 — TIAA-CREF, a leading financial services provider, has received the U.S. Environmental Protection Agency’s (EPA's) 2015 Energy Star Partner of the Year Award for Sustained Excellence, which recognizes the firm’s ongoing commitment to outstanding energy management practices and reductions in greenhouse gas emissions. The 2015 award marks the eighth consecutive year that TIAA-CREF has received recognition as an Energy Star Partner of the Year, and the sixth consecutive year at the Sustained Excellence level.
TIAA-CREF's energy management program has helped boost the energy efficiency of the firm's real estate portfolios by approximately 17.6% since 2007. The energy saved in 2014 through these efforts is equivalent to $14 million in avoided energy costs and over 47,500 metric tons of greenhouse gas emissions.
"As one of the world's leading real estate investors, TIAA-CREF has been able to influence the sustainability characteristics of hundreds of properties," said Tom Garbutt, head of TIAA-CREF Global Real Estate. "By emphasizing long term value creation, we believe that we can deliver sustainability alongside robust, long-term investment returns. Earning this award once again validates our expertise and assures our retirement participants, investment partners and other clients that we are upholding a high standing for all our investment properties."
TIAA-CREF benchmarks energy and water use in all of its office, multifamily and wholly owned retail portfolios. The organization works with individual management teams to help meet Energy Star score targets by developing energy and water efficiency measures and providing technical guidance and support for implementation. In addition, TIAA-CREF is participating in several international programs to develop standard benchmarking protocols to drive improved operating efficiency and reduced greenhouse gas emissions.
"We embrace responsible investment principles at the highest levels of our organization, and our Global Real Estate Sustainability Initiative is an important part of our overall effort," said Nicholas Stolatis, senior director of global sustainability and enterprise initiatives for TIAA-CREF Global Real Estate. "This platform integrates sustainability criteria into both the investment decision-making process and the ongoing management of a property and formally mandates energy efficiency, water conservation and waste reduction techniques. Energy Star is a vital tool for tracking performance and ensuring that benefits are achieved."
"Through their sustained participation with Energy Star, TIAA-CREF is doing their part to reduce our nation’s greenhouse gas emissions," said EPA Administrator Gina McCarthy. "I applaud TIAA-CREF for earning EPA's highest Energy Star award, the 2015 Partner of the Year – Sustained Excellence Award, demonstrating a strong commitment to energy efficiency and to preserving a healthy planet for future generations."
TIAA-CREF has earned the Energy Star certification for 578 buildings since 1999; in 2014 alone, TIAA-CREF received certifications for 54 buildings, including 3 multifamily properties, which were among the first in the nation to earn certification in this category.
About TIAA-CREF Global Real Estate
TIAA-CREF Global Real Estate is the real estate investment and management business of TIAA-CREF. As the nation's largest manager of U.S. institutional tax-exempt real estate assets* with approximately $56 billion in assets under management, investment vehicles include directly owned properties, joint ventures, mortgages, REITs and funds. The platform has a global presence via the recent formation of London-based real estate asset management firm TIAA Henderson Real Estate (TH Real Estate), which has $26 billion in assets under management across 50 funds and mandates, bringing the combined worldwide assets under management for TIAA-CREF Global Real Estate and TH Real Estate to over $82 billion (as of 12.31.14).
TIAA-CREF (www.tiaa.org) is a national financial services organization with $851 billion in total assets under management (as of 12.31.14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About Energy Star
Energy Star® is the simple choice for energy efficiency achievements. For more than 20 years, people across America have looked to EPA's Energy Star program for guidance on how to save energy, save money, and protect the environment. Behind each blue label is a product, building, or home that is independently certified to use less energy and cause fewer of the emissions that contribute to climate change. Today, Energy Star is the most widely recognized symbol for energy efficiency in the world, helping families and businesses save $300 billion on utility bills, while reducing greenhouse gas emissions by two billion metric tons since 1992. Join the millions who are already making a difference at energystar.gov .