Sustainability Press

“Sustainability is not just
a competitive edge or an optional
business strategy
- it’s a collective obligation”
~ Doug Shorenstein

Thought Leadership

The Church Pension Group has developed a series of films called Insights & Ideas that feature thought leaders in the Church, the private sector, and CPG. Shorenstein’s redevelopment of Market Square was selected as a case study of a project that helped catalyze the resurgence of San Francisco’s historic Mid-Market neighborhood.

Responsible Management Commitment

At Shorenstein, sustainability means enhancing investment performance, operational resilience, and business governance for the benefit of properties, tenants, employees, and communities. We embrace environmental, social, and governance best practices as an opportunity to improve our business. Our efforts have added measurable value through reduced operating expenses and increased tenant satisfaction.



Sustainability Report

Environmental Performance

Shorenstein’s new long-term targets reference the original 2008 baseline year for energy and greenhouse gas emissions. For waste recycling, the baseline year is 2016. Annual performance tracking will align with the GRESB standard. These new goals will keep Shorenstein at the forefront of smart resource management in our industry and will help us meet future regulatory requirements as U.S. cities and states target deeper emissions reductions from buildings.

Energy Greenhouse Gas Emissions Recycling
TARGET BY 2025 40%
Reduction
40%
Reduction
20% Increase
PROGRESS 20.4% since 2008 23.3% since 2008 New Goal

Operational Resilience

Shorenstein combines over five decades of hands-on operating expertise, an experienced management team, a proven investment strategy, strong alignment with investors, powerful deal sourcing and transactional capacity, capital markets sophistication, and a 26-year track record as a successful real estate fund sponsor.


Sustainability Committee

Shorenstein’s Sustainability Committee is a multi-departmental team composed of professionals from across the organization. The Committee implements the company’s building performance strategy, a three-pronged approach to continual improvement that consists of investment in efficiency, smart operation, and tenant engagement.


PREP Committee

The Property Resources for Emergency Preparedness Committee (PREP) prepares property management teams to anticipate, plan for, and respond to emergencies for the purpose of protecting our assets and people. From terrorism threats to system outages to crisis communication, PREP ensures the ability of our building teams to adapt and respond to disaster situations.


Operational Risk Management Committee

The Operational Risk Management Committee is a standing, cross-departmental body that takes into account the company’s legal and regulatory environment, contractual obligations, prudent business practices, and industry norms.



Partnerships

Portfolio Rating

Better Buildings Challenge

An initiative of the U.S. Department of Energy to improve the efficiency of American commercial, institutional, multifamily, and industrial buildings. Shorenstein was one of the first commercial real estate companies to join the Challenge and one of the first to complete it.

Shorenstein has established new long-term environmental performance targets for energy, greenhouse gas emissions, and recycling. We continue our support of the Better Buildings Challenge as we aim for these aggressive new milestones. We are also the first commercial real estate goal achiever to publically set a new target, continuing our industry leadership in energy efficiency and environmental action.

GRESB (Global Real Estate Sustainability Benchmark)

An investor-driven sustainability assessment for real estate portfolios. Investor-members of GRESB include global institutional investors, pension funds, and real estate associations collectively representing $17 trillion in capital.

Shorenstein’s annual GRESB results provide relevant and comparable information for assessing strengths and areas for improvement. Good management decisions are based on a complete understanding of both financial and non-financial information. This year, we added sustainability responsibilities to the job descriptions of Shorenstein investment and property management professionals. This step puts us at the forefront of industry best practices and formally recognizes the on-going responsibility of our employees to manage ESG risks and opportunities.

Building Rating

ENERGY STAR

ENERGY STAR for Buildings is an energy efficiency rating program for commercial and multifamily residential buildings. Part of the U.S. Environmental Protection Agency’s (EPA) broader ENERGY STAR consumer products rating program, EPA offers voluntary energy efficiency scoring and certification for buildings based on a 1-to-100 percentile scale. The ENERGY STAR score measures building energy performance using a nationally-representative statistical model that normalizes for factors including climate zone, seasonal weather, operating hours, space use type, and occupancy. To apply for annual certification, buildings must achieve a minimum ENERGY STAR score of 75 and pass an operational review by a Licensed Professional.

Shorenstein has long been an ENERGY STAR for Buildings partner and adopted the ENERGY STAR certification program for eligible buildings in 2008. We use EPA’s ENERGY STAR Portfolio Manager tool to benchmark building energy use, as well as water use and waste recycling, for all operational buildings.

Our buildings are subject to mandatory public disclosure of annual energy use in 13 cities and 2 states. Additionally, 7 cities require public disclosure of annual water use. Our early adoption of voluntary benchmarking has validated substantial savings and streamlined regulatory compliance. Shorenstein supports well-designed energy and water disclosure legislation as a mechanism for transparency and to encourage market-based demand for efficient buildings.

LEED (Leadership in Energy and Environmental Design)

An internationally recognized green building certification program that is administered by the U.S. Green Building Council, an independent standard-setting organization. LEED is widely recognized by tenants, owners, brokers, and design and construction professionals as a verifiable third-party rating of building design, construction, and operational performance.

Shorenstein is a platinum member of the U.S. Green Building Council. We build and operate all properties to the LEED standard and pursue LEED certification wherever it is appropriate for the property type, economically viable, and aligned with tenant requirements. Our national management platform includes green cleaning practices, integrated pest management, waste and e-waste recycling, and energy and water efficiency standards. Additionally, our construction standards require all improvement projects to meet LEED criteria for indoor environmental quality, energy and water efficiency, sustainable materials procurement, and waste management.

Our comprehensive green building strategy is underpinned by our skilled real estate professionals. Shorenstein sponsors LEED professional accreditation for property management and construction, development, leasing, and other related staff positions. To date, more than 30 Shorenstein employees have earned the LEED Green Associate or LEED AP credential.

Community Impact

Aim High

A partner with Aim High since 2003, Shorenstein supports the organization’s mission to inspire and prepare students for success in school and in life. Glenn Shannon, the company’s Vice Chairman, has served on Aim High’s Board of Trustees for many years. As part of Shorenstein’s foundational commitment to educational advancement of low-income youth, the company supports Aim High through executive leadership, funding and fundraising, and student career trips.

Shorenstein has donated more than $1 million to Aim High, helping to create brighter futures for thousands of Bay Area students. Aim High honored Shorenstein with the inaugural Partner of the Year Award in 2013. Shorenstein continues its sponsorship of the Aim High Spring Luncheon and Annual Gala events.

Children's Hospital Oakland

Shorenstein’s Annual Holiday Tree Trimming brings Shorenstein employees together in fun competition to decorate miniature holiday trees for donation to the UCSF Benioff Children’s Hospital Oakland. The company delivers trees each December to decorate patient rooms, bringing holiday cheer to local children and families.

GirlVentures

GirlVentures is a not-for-profit organization that combines outdoor adventure with social and emotional learning for adolescent girls, at a critical time in their lives. Program participants learn from experiential educators and mentors while building life skills that empower them to reach their full potential. Gina McFarland, Vice President, Portfolio Controller at Shorenstein, serves on the GirlVentures Board of Directors.

JVS (Jewish Vocational Services)

JVS helps people build in-demand skills and find good jobs. Over the past 40 years, JVS has helped 80,000 people, transforming lives and strengthening our Bay Area community. Shorenstein has been, and continues to be, a proud sponsor of JVS.

Lincoln Center Real Estate and Construction Council

The Lincoln Center Real Estate and Construction Council has brought together leaders in the real estate and construction industries and provided vital support to Lincoln Center, a presenter of performing arts programs and leader in arts education, for over 40 years. Glenn Shannon, Vice Chairman, and Mark McCarthy, Managing Director, Debt Capital Markets, serve on the Council.

NEDA (National Eating Disorders Association)

NEDA supports individuals and families affected by eating disorders and serves as a catalyst for prevention, cures and access to quality care. Shorenstein is a strong supporter of NEDA’s mission. Vice Chairman Glenn Shannon serves on the board of directors. We promote National Eating Disorders Awareness Week across our national building portfolio via lobby and elevator announcements and exterior lighting displays.

Reaching Out MBA

Shorenstein provides financial support to Reaching Out MBA with sponsorship of the organization’s annual leadership summit. Reaching Out MBA empowers LGBT business students to become professionals who will lead the way to equality in business education, in the workplace, and throughout society.

Shorenstein Center (The Shorenstein Center on Media, Politics and Public Policy)

The Shorenstein Center is a Harvard University research center dedicated to exploring and illuminating the intersection of press, politics, and public policy in theory and practice. Founded in 1986 by Walter and Phyllis Shorenstein in honor of their daughter Joan Shorenstein, the Shorenstein Center has received significant financial support from the Shorenstein family over many years. Brandon Shorenstein, Co-Chairman of Shorenstein, serves on the Shorenstein Center Advisory Board.

UCSF (University of California, San Francisco)

UCSF is a leading university dedicated to promoting health worldwide through advanced biomedical research, graduate-level education in the life sciences and health professions, and excellence in patient care. Over the years, Shorenstein has provided financial support towards important UCSF initiatives.

Industry Leadership

BOMA (Building Owners and Managers Association)

As a BOMA member, Shorenstein engages broadly with BOMA on a variety of sustainability, policy, security, and other industry matters. We actively participate in BOMA’s National Advisory Council as well as BOMA chapters in local markets across the country.

BOMA and others from the San Francisco commercial real estate industry honored Shorenstein for its foundational support of the Commercial Real Estate Alliance for Tomorrow’s Employees (CREATE) at the 2017 CREATE Gala. Shorenstein is a long-time sponsor of the CREATE program, which advances education and training opportunities for young real estate professionals in partnership with BOMA San Francisco, NAIOP, and San Francisco State University.

CREFC (Commercial Real Estate Finance Council)

CREFC is a commercial real estate finance industry association dedicated to promoting strong and liquid debt markets. It is a meeting place for industry professionals and serves as a platform for establishing best practices, industry standards, and federal policy. Mark McCarthy, Managing Director, Debt Capital Markets at Shorenstein, serves on the Board of Governors for CRE Finance Council.

Environmental Defense Fund

The Environmental Defense Fund (EDF) is a non-governmental organization guided by science and economics to find practical and lasting solutions to the most serious environmental problems. Doug Shorenstein served for many years on the EDF Board of Trustees and Shorenstein participates annually in the Climate Corps program, with great results each year.

Since its launch in 2008, the EDF Climate Corps program has placed over 700 trained fellows within 400 organizations across the world, resulting in over $1.5 billion in energy savings identified. The fresh eyes and sharp skills brought by Climate Corps fellows provide a boost to Shorenstein’s Sustainability Committee, helping make the business case for investments that save resources and money.

NAIOP (National Association of Industrial and Office Properties)

Shorenstein is a sponsor and active member of NAIOP. NAIOP, also known as the Commercial Real Estate Development Association, is the leading organization for commercial real estate developers, owners and related professionals in office, industrial and mixed-use real estate. Shorenstein’s involvement with the organization includes participation on the Board of the San Francisco Bay Area Chapter.

Real Estate Roundtable

Shorenstein takes a leading role in shaping national real estate sustainability policy. The company actively participates on the Real Estate Roundtable’s Sustainability Policy Advisory Committee to influence federal legislation, with positive environmental outcomes for the real estate industry.

Shorenstein played a key role in winning broad industry support for the EPA “Tenant Star” legislation. In 2015, Congress approved “Tenant Star” and in June 2018 Shorenstein’s New York corporate office became one of the first ENERGY STAR Tenant Spaces in the country.

ULI (Urban Land Institute)

Shorenstein has a long-standing relationship with ULI and supports the organization’s mission to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. Shorenstein is represented on the San Francisco Bay Area District Council and the ULI Sustainable Development Committee.