Shorenstein Earns Four Green Stars from the 2018 Global Real Estate Sustainability Benchmark and Commences Proactive Resilience Assessment
September 14, 2018 --
SAN FRANCISCO, Sept. 14, 2018 /PRNewswire/ -- Shorenstein Properties LLC, ("Shorenstein" or the "Company"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced that it has earned four out of five "Green Stars" from the Global Real Estate Sustainability Benchmark ("GRESB") for the fourth consecutive year in recognition of Shorenstein's environmental, social and governance ("ESG") practices. GRESB ranked Shorenstein 11 out of the 34 non-listed office space peers in the United States that participated. Shorenstein's overall score of 80 out of 100 represents its highest GRESB score in its history, and exceeds both the average GRESB score as well as the average of Shorenstein's peers.
"We are proud of our GRESB score as it reflects our commitment to environmental stewardship and best practices in both social and governance, which we have always viewed as a key structural element of the long-term strength of our business," said Stan Roualdes, Executive Vice President, Property Management and Construction Services for Shorenstein. "Shorenstein has long had a reputation not only as a creative and knowledgeable investor, but also as a valuable contributor to the economic, social and environmental wealth of the communities in which we operate, and we will continue to make investments to maintain our leadership in this area."
Shorenstein also today announced that it has engaged DNV GL, the world's largest resource of independent energy experts and certification body, to conduct a portfolio-wide natural hazard resilience assessment as a proactive risk mitigation measure. DNV GL has begun to conduct regional hazard assessments and evaluate the preparedness of the Company's office buildings to withstand impacts from events such as flood, hurricane, heatwave and drought.
Mr. Roualdes continued, "Shorenstein established itself as a pioneer when it became one of the first commercial real estate companies to have a 'green' initiative, and as resiliency becomes an increasingly important issue for building owners and managers in the coming years, Shorenstein will remain at the forefront of the industry."
DNV GL will complete its evaluation and present findings and recommendations to Shorenstein's Emergency Preparedness Committee later this year.
About Shorenstein Properties LLC
Founded in 1924, 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 eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 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 risk-adjusted 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.
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. We provide classification, technical assurance, software and independent expert advisory services to the maritime, oil & gas, power and renewables industries. We also provide certification and supply chain services to customers across a wide range of industries. Operating in more than 100 countries, our experts are dedicated to helping customers make the world safer, smarter and greener. DNV GL's Sustainable Communities and Buildings team provides planning and technical advice to support energy, climate and green building strategy development in the built environment.
DNV GL in the power and renewables industry
DNV GL delivers world-renowned testing and advisory services to the energy value chain including renewables and energy management. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.
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