Commercial, Demand Management, Energy Efficiency - June 26, 2017
Real estate firm beats 2020 energy use targets
Shorenstein Properties LLC announced June 22 that it hit its 2020 energy use reduction targets four years ahead of schedule.
The San Francisco-based real estate firm’s goals of reducing its energy use and greenhouse gas emissions by 20%, respectively, compared to its 2008 levels, was targeted for 2020, but it achieved both in 2016, according to the company’s sustainability report.
Shorenstein's historic revitalization and renovation of an old Ford factory in Los Angeles, Calif., serves as one example of its efforts. Highlighted as a case study within its sustainability report, the vacant four-acre warehouse site in the L.A. Arts District was turned into office space.
The overhaul project included the installation of car charging stations, restoration of the building’s exterior and skylight repairs to add natural light to the facility. In May 2017, the project achieved LEED Gold certification. The company has achieved LEED certification from the U.S. Green Building Council for a total of 23 million square feet worth of office properties, according to its sustainability report.
Another project focused on energy optimization occurred at the company’s Kruse Woods Corporate Park, a 20-building office campus in the Portland, Ore., area, resulted in annual energy savings of $75,000 and $10,000 in “strategic energy management” rebates from the Energy Trust of Oregon.
According to the report, Shorenstein completed a total of 43 energy and water efficiency projects in 2016, which are estimated to save $850,000 per year. It received utility rebate and incentive payments of $500,000, which resulted in a net project cost of $1.26 million.
“In total, these efficiency projects will achieve a payback period of 1.5 years and an [internal rate of return] of 64% over the expected useful life,” the report states.