One of the biggest property owners in New York City pledged to cut energy use by nearly one-third. TH Real Estate owns 40 properties, totaling 134 million square feet and valued at $6.5 billion in the New York City area. The portfolio includes prominent assets such as 475 Fifth Avenue and 401 West 14th St.
“We think this commitment to energy efficiency will appeal to those tenants who want to shrink their utility bills and are also mindful of reducing the risk and impact of climate change – potentially making our properties competitive in the marketplace,” said Meghan Johnson, sustainability associate for TH Real Estate. The company is an affiliate of Nuveen, the investment management business of TIAA.
TH said it is committed to a 30% electricity consumption reduction across its portfolio by 2030, based on 2015 figures. The company’s earlier goal, to cut energy use by 20%, has been reached.