The new collaboration called the Green Building Technology Partnership will lead to TIAA-CREF’s Global Social and Community Investing Department put in a total of $50m in energy efficiency companies and technologies alongside Good Energies’ venture capital investments.
TIAA-CREF’s Global Real Estate and Global Social & Community Investments teams will work with the portfolio companies in which TIAA-CREF invests to implement their technologies across its $18.5bn combined portfolios of commercial real estate investments.
The first of these investments, which seek improve the energy efficiency of commercial buildings is a $4.5m private equity investment by TIAA-CREF in Ice Energy, which produces cost efficient, energy saving cooling systems.
The partnership aims to leverage the energy efficiency and green building venture capital investment knowledge of Good Energies and the commercial real estate and social investing experience of TIAA-CREF to advance green building technologies.
TIAA-CREF Global Real Estate managing director and head Tom Garbutt said improving the energy efficiency of our real estate holdings is important for both our investors and the environment.
“This partnership is a natural extension of our existing efforts to improve the environmental efficiency of our portfolio and we believe this collaboration can create additional reductions in energy in our real estate portfolio,” Garbutt said.
