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ShopCore Properties Selected as 2022 Green Lease Leader

Posted on May 18, 2022 in Press Releases

ShopCore Properties Selected as 2022 Green Lease Leader by the Department of Energy’s Better Buildings Alliance and the Institute for Market Transformation.

CHICAGO (May 18, 2022) — Today, the Institute for Market Transformation (IMT) and the U.S. Department of Energy’s (DOE) Better Buildings Alliance announced ShopCore Properties as a 2022 Green Lease Leader during the Better Buildings, Better Plants Summit. Launched in 2014, Green Lease Leaders sets national standards for what constitutes a green lease, while recognizing landlords and tenants who modernize their leases to spur collaborative action on energy efficiency, cost-savings, air quality and sustainability in buildings.

ShopCore has achieved Gold recognition for its portfolio-wide work with its retail tenants to achieve mutual sustainability goals to advance the real estate industry. To achieve this recognition, ShopCore has accomplished and qualified for credits in energy efficiency and sustainability best practices, including:

  • Providing tenants with a sustainability contract
  • Including a cost-recovery clause in its standard lease for energy efficiency upgrades that benefit tenants
  • Tracking common area energy and water use
  • Disclosing ENERGY STAR scores to tenants upon request
  • Requiring tenants to purchase on-site renewable energy where available
  • Metering tenant spaces and
  • Requesting annual energy disclosures from tenants

This is the second consecutive year that ShopCore has been honored by the Better Buildings Alliance. In 2021, the company, which owns more than 65 assets comprising 20 million square feet of retail properties in densely populated sub-markets in 16 states, anchored by best-in-class retailers, received Silver recognition for its efforts.

“We are thrilled to once again be honored by the Better Buildings Alliance,” said Corinne Rico, ShopCore’s director of sustainability. “Earning Gold this year is a recognition of our growing commitment to our efforts to preserve the health and sustainability of our communities and planet. And we’re looking forward to doing even more this year and in years to come.”

The company’s sustainability activities are part of a major Environmental, Social and Governance (ESG) program that includes a commitment to net zero Scope 1 and 2 greenhouse gas emissions by 2030 and 25% renewable energy, 100% LED lighting, and 50% of properties with electric vehicle charging stations this year.

ShopCore is proud to be part of the national trend toward green leases in commercial spaces. This year’s Green Lease Leaders represent portfolios totaling nearly 2 billion square feet and comprise a diverse range of buildings from large and small commercial offices to industrial buildings to data centers. Altogether, Green Lease Leaders manage more than 5 billion square feet of commercial and government space across North America, representing a huge potential for growth in green leases. In the commercial sector alone, green leasing has the potential to affect eight percent of leased space nationwide. The Institute for Market Transformation (IMT) estimates that green leases can help reduce utility bills by up to about 50 cents per square foot (22 percent) in U.S. office buildings alone, and if all leased office buildings executed green leases, the market could reap over $3 billion in annual cost savings.

Learn more about Green Leasing by visiting GreenLeaseLeaders.com or reading Green Lease Leaders’ case studies.

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About ShopCore Properties
ShopCore, a Blackstone portfolio company, is a vertically integrated real estate company with internalized leasing, development, property management, legal, accounting, and asset management functions. Currently, ShopCore leases and manages 65-plus shopping centers covering approximately 20 million square feet in 16 states. For more information, visit shopcore.com.