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Shorenstein Highlights Sustainability Achievements in 2019 Sustainability Report

SAN FRANCISCO – July 18, 2019 – Shorenstein Properties LLC (“Shorenstein”), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced the release of its 2019 Sustainability Report. 

Among other achievements, Shorenstein announced that it has earned the Green Lease Leader recognition at the silver-level. This recognition was established by the Institute for Market Transformation and the U.S. Department of Energy Better Buildings Initiative to recognize building owners who are effectively using lease provisions to drive energy and environmental savings in commercial buildings. Shorenstein’s green lease provisions include cost-recovery clauses for energy efficiency related capital improvements, tenant sub-metering, energy information sharing between tenant and landlord, and green construction standards. Shorenstein received this recognition at the BOMA (Building Owners and Managers Association) International Conference in June.  

“We are excited to announce our significant sustainability achievements and the associated recognition we have received for our continuous work to integrate these efforts into every building across our portfolio. For decades, sustainability has been a core focus at Shorenstein, and, today, we continue to embrace sustainability as an opportunity to improve our investment performance while simultaneously benefiting our properties, tenants, employees, investors and the communities in which we operate,” said Bill Whitfield, Sustainability Program Manager at Shorenstein.

Notable Achievements
Shorenstein remains an industry leader in sustainability as evidenced by internal programs and external recognitions:
• Completed multiple energy efficiency projects across the portfolio in 2018 to advance the Company’s long-term goals, including VFD installations, elevator upgrades and LED retrofits; 
• Earned its highest GRESB (Global Real Estate Sustainability Benchmark) governance score of 91 points out of 100, 19 points higher than the peer average and a four-point improvement over last year; and
• Achieved eight LEED (Leadership in Energy and Environmental Design) certifications and fifty-two ENERGY STAR certifications in 2018.

2025 Sustainable Performance Targets
Upon achieving its environmental performance targets ahead of the original 2020 timeline, Shorenstein outlined new goals for 2025, including a 40% reduction in energy use and a 40% reduction in greenhouse gas emissions over a 2008 baseline measurement, as well as a 6% reduction in water use and a 20% increase in recycling over a 2016 baseline measurement. Shorenstein also continues its decade-long support of the U.S. Department of Energy’s Better Buildings Initiative through annual progress updates and the sharing of energy solutions. 

To see how Shorenstein continues to improve environmental, social, and governance (ESG) performance, visit the Company’s sustainability page: shorenstein.com/sustainability or view the Company’s 2019 Sustainability Report

About Shorenstein Properties LLC
Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of more than $8.0 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 64.1 million square feet in transactions with a gross investment value in excess of $15.2 billion.