Press release

October 1, 2020

ShopCore Reducing CO2 Emissions and Costs with Carbon Lighthouse Partnership

Leading CRE owner taps Carbon Lighthouse’s 100 million sq. ft. of real building data to eliminate emissions the equivalent of planting two Central Parks annually

San Francisco, October 1, 2020Carbon Lighthouse, an Energy Savings-as-a-Service company for commercial real estate, announced its partnership with ShopCore Properties, who operates approximately 20 million square feet of shopping centers, to deliver real climate impact at The Shops at Skyview Center in Queens, NY. ShopCore is driven by its mission of benefiting the community while protecting the environment. Carbon Lighthouse is using its data-backed Efficiency Production model to reduce the shopping center’s carbon footprint by identifying inefficiencies in the energy-intensive heating, ventilation, and air conditioning (HVAC) and lighting systems. By implementing Carbon Lighthouse recommended energy efficiency measures in these systems that contribute the most to a building’s carbon footprint, ShopCore will accomplish the measurable climate impact it is aiming to achieve.

Despite previous investments in smart building technologies, ShopCore knew that greater energy reduction and environmental impact could be achieved at The Shops at Skyview Center, a premier shopping destination featuring a growing mix of leading retail brands. To improve operational efficiency, ShopCore proactively evaluated its portfolio and partnered with Carbon Lighthouse to make substantial, yet non-disruptive, efficiency upgrades at the property. Leveraging its patented AI-driven platform CLUES®, Carbon Lighthouse analyzed, identified, and is eliminating additional energy inefficiencies including:

●      Implementing new strategies to dynamically control fan energy use based on carbon monoxide input

●      High-efficiency lighting upgrades in areas like parking garages, mall common areas, and stairwells

●      Ongoing energy performance management involving in-person resolution of difficult implementation challenges

The partnership with Carbon Lighthouse will help ShopCore substantially reduce operating expenses at The Shops at Skyview Center and help bring the property in compliance with 2024 Local Law 97. In addition, the return on investment was significantly improved by utilizing NYSERDA’s Real Time Energy Management (RTEM) incentive program funds.

 “ShopCore strives to be climate-conscious members of the communities we serve and throughout every aspect of our business,” said Kevin Kessinger, Executive Vice President of Asset Management. “We are coming together with Carbon Lighthouse on the shared vision to capitalize on opportunities to build a more sustainable future.”

 “With a mission to stop climate change, Carbon Lighthouse is excited to be partnering with ShopCore in their work supporting more sustainable communities,” said Brenden Millstein, CEO and co-founder of Carbon Lighthouse. “It’s partnerships with CRE leaders like ShopCore that will deliver the scale of impact needed to drive down the 40 percent of CO2 emissions contributed by the buildings all around us.”

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About ShopCore Properties
ShopCore is a vertically integrated real estate company with internalized leasing, development, property management, legal, accounting and asset management functions. Currently, ShopCore leases and manages 50+ shopping centers covering approximately 21mm square-feet in 15 states. ShopCore is owned by affiliates of The Blackstone Group. For more information visit: www.shopcore.com.

About Carbon Lighthouse
Carbon Lighthouse is on a mission to stop climate change by delivering profitable climate solutions for commercial real estate portfolios. Its unique Energy Savings-as-a-Service model and patented AI platform CLUES® turn wasted energy into guaranteed financial, operational and climate impact value for clients. CLUES has analyzed more than 100MM square feet of commercial real estate and 5 billion points of building energy data, to deliver portfolio-wide value and more than $250 million in savings for clients including Goldman Sachs, Tesla, Hawaiian Airlines, L&B, The Carlyle Group, The Moinian Group, Madison International Realty, and AEW. For more information visit: www.carbonlighthouse.com.