TISHMAN SPEYER SUSTAINABILITY REPORT 4...sustainability reporting standards. Sincerely, Rob Speyer...

TISHMAN SPEYER SUSTAINABILITY REPORT 4

Maple Plaza, CA




Rob SpeyerPresident and Chief Executive Officer

Welcome

As global leaders in the real estate industry, we at Tishman Speyer realize that a strong focus on sustainability is critical to the success of our firm and the future of our planet. Since our inception in 1978, we have committed ourselves to creating and maintaining properties that are both aesthetically dynamic and environmentally efficient. In keeping with this commitment, we are constantly seeking ways to improve our environmental, social and governance (ESG) practices, and we are proud of the progress we have made over the last year.

Between 2015 and 2016, we achieved a 6% reduction in energy intensity across our entire global portfolio, resulting in Tishman Speyer receiving the distinction of Energy Star Partner of the Year for the third year running. Additionally, over the past year, twenty of our buildings achieved certification or recertification under LEED, BREEAM, or HQE, amounting to 65 million square feet of sustainably-certified property across four continents. And in a significant shift towards greater transparency and accountability, we have prepared this report to align with GRI’s sustainability reporting standards.

Sincerely,

Rob Speyer

“We leverage cutting-edge technology with industry-leading operations and construction practices to build sustainable properties around the world.”

Rob Speyer

These standards underscore our sustainable practices not only in regards to the environment, but in the management of our relationships and in the structure of our business. Each section of this report highlights an aspect of the environmental, social, and governance (ESG) practices which have enabled Tishman Speyer to maintain its reputation as an industry leader for nearly four decades;

Through delivering operational efficiency in the development and management of our properties, we seek to reduce our impacts on our tenants and the environment. By engaging with the communities in which we operate, looking after our employees, and working with our suppliers, we strive to ensure that all stakeholders feel valued and respected. And by employing rigorous anti-corruption measures and maintaining high ethical standards, we aim to preserve our strong reputation of good governance.

We are excited for this opportunity to showcase our longstanding best practices and recent accomplishments, and in the process, outline a path for continuous sustainable growth.




About us

Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate around the world. Since 1978, we have developed and operated 402 assets, over 160 million square feet total.

Fourth quarter 2016: portfolio currently comprises

4 CONTINENTS

7 COUNTRIES

30 KEY MARKETS

UNITED STATES Atlanta - Bala Cynwyd - Boston - Chicago -

Greenwich - Greater Los Angeles - Milwaukee - Northern

Virginia - Greater New York City - Greater San Francisco

- Seattle - Southern Maryland - Stamford -

WashingtonD.C.

BRAZILBrasilia - Belo

Horizonte - Rio de Janeiro - Sao

Paulo

EUROPEBerlin - Frankfurt -

London - Paris

INDIA Chennai - Gurgaon

- Hyderabad

CHINABeijing - Chengdu

- Shanghai - Shenzhen -

Suzhou855

44

128

148

221

1represents current gross market value of all unrealized and partially realized investments, plus uncalled capital across Tishman Speyer Funds, co-investments, separate accounts, and joint ventures.

$45.8 BILLION

in gross value1

85.6MILLION

square feet managed

14.7MILLION

square feet in development

118 global

investments

50.5

MILLION square feet

owned

1396 STAFF




Highlights

We continuously strive to maintain our status as a global leader in sustainability. Our firm combines a long history of developing innovative projects with an ongoing focus on sustainable building operations.

Our performance in 2015 and 2016 is summarized in this report.

20BUILDINGS

(15.3m sq. ft.) certified or recertified in 2015

and 2016

65MILLION square feet

sustainably certified

29%RECYCLED

RECYCLED

41%

300EMPLOYEES involved in our

annual Volunteer Day in New York

52:48 Male to female

ratio

201523.81 kWh/ sq. ft.

201622.42 kWh/ sq. ft.

Energy intensity Non-hazardous managed waste

100%US PORTFOLIOis benchmarked in Energy Star

79.9AVERAGEEnergy Star score (US Portfolio)

6%REDUCTIONin energy intensity across the portfolio between 2015 and 2016

ENERGY STARPartner of the Year for the third year running

201547,191,549 sq. ft.

2015Data for 27% of portfolio

201648,595,939 sq. ft.


366,660

17,351

SCOPE 2

SCOPE 1 15,538

349,704SCOPE 2

SCOPE 1

Scope 1 / Scope 2 GHG emissions, metric tons CO2e

MUNICIPAL WATER USE, KGAL

5,751,907 Data for 86% of 2015 portfolio

6,583,664 Data for 86% of 2016 portfolio




Sustainability at every stage of the property ownership cycle

Tishman Speyer is one of the leading names in real estate worldwide. Our involvement spans the full property ownership life cycle from acquisition to development and operation. In some cases, this process begins with land purchase; in almost all cases it extends into ongoing property management. Our integrated platform enables us to incorporate sustainability principles throughout the property life cycle.

Our commitment to sustainability is encapsulated in our Environmental, Social and Governance (ESG) Policy, ensuring that social governance and responsible environmental management are engendered in our corporate culture and underpin our day-to-day business activities.

This approach also ensures we remain at the forefront of sustainable building design, construction and operation, and gives us a competitive advantage in attracting high end tenants, as well as maximizes the value of our assets when we seek to exit an investment.

Find out more: ESG Policy tishmanspeyer.com/expertise/sustainability/esg-policy

WE ARE IN THE BUSINESS OF CREATING EXTRAORDINARY VALUE FOR OUR INVESTORS, AND RECOGNIZE THAT OUR COMPANY’S FINANCIAL SUCCESS IS ROOTED IN THIS SINGLE-MINDED PURSUIT. Guiding principle

We leverage cutting-edge technology and industry-leading construction practices to ensure our properties meet the highest

standards of sustainability.

Our investment approach capitalizes on our integrated platform, drawing

on our in-house expertise which spans all phases of property

investment and management.

All Tishman Speyer properties are managed in line with our Green

Standard Operating Procedures: this sets the standard for all renovations, maintenance, repairs and cleaning

within our buildings.

INVESTMENT MANAGEMENT

PROPERTY MANAGEMENT

Our due diligence process includes sustainability practices such as energy

audits. This enables us to identify energy efficiencies and certification

strategies that add value to any potential acquisition.

Our leasing experts seek to make potential tenants aware of the sustainable features that our

buildings provide and the benefits in terms of improved efficiency, and energy and cost savings.

ACQUISITIONS

LEASING

DESIGN AND CONSTRUCTION

http://tishmanspeyer.com/expertise/sustainability/esg-policy




Certifications

Sustainability certification enhances our ability to meet tenant needs and helps us to improve our assets’ operational performance.

Tishman Speyer sets as a minimum standard that all our new construction projects globally are built to LEED Silver certification standards or higher.

Once operational, we pursue the relevant regional certification for existing buildings: LEED, HQE, BREEAM, GreenStar or Energy Star as appropriate for the region.

Certification requirements provide a framework that enhances our ability to meet tenant needs and helps us to improve our assets’ operational performance.

Tishman Speyer Global Certifications3 LEED Platinum

42 LEED Gold

17 LEED Silver

6 HQE Rating

2 BREEAM Rating

3 GreenStar Rating

18 Energy Star certified

34 Undergoing Energy Star certification

LEED (Core and Shell) Gold

12005 W Bluff Creek Drive (The Collective), Los Angeles, US





222 Second Street, San Francisco, US

LEED Existing Building (Operations and Maintenance) Platinum

One Bush Street, San Francisco, US

LEED Existing Building (Operations and Maintenance) Gold

10 and 30 South Wacker, Chicago, US

222 North LaSalle, Chicago, US

595 Market, San Francisco, US

520 Pike Tower, Seattle, US

525 West Monroe, Chicago, US

One Federal St, Boston, US

One Channel Center, Boston, US

Commonwealth Tower, Arlington, US

190 South LaSalle, Chicago, US

400 Castro Street, Mountain View, US

125 High St, Boston, US

LEED Existing Building (Operations and Maintenance) Silver

International Square, Washington, US

The Franklin (227 West Monroe; 222 West Adams), Chicago, US

222 Second Street, San Francisco

One Federal Street, BostonThe Collective, Los Angeles

520 Pike Tower, Seattle222 North LaSalle, Chicago

15.3 MILLION

square feet certified or recertified in 2015 and 2016

(20 buildings)




Stakeholder EngagementTishman Speyer’s approach to sustainability is informed by our engagement with key stakeholders. We consider our stakeholders to be any individual, group or organization that is, or could be, affected by our operations. This takes account of our clients (investors and tenants), our employees, and the local communities in which we operate.

We view our investors and tenants as partners, and ensure we understand the issues that are most important to them; this enables us to focus on what matters most and to respond to any concerns and requests at the property or fund level. As a result of this approach, no significant concerns have been raised by our stakeholders this year.

Our engagement with our employees and communities is covered in the People and Communities sections of this report.

Our approach

Working with our tenantsAt Tishman Speyer, our goal is to establish long-lasting relationships with tenants in each of the markets in which we operate. This begins with in-depth consultation with prospective tenants to understand their requirements, and continues through ongoing engagement once tenants are in place. These close tenant partnerships help us to continually improve the performance of our properties and create long-term sustainable value for our communities.

To support this, tenant satisfaction surveys are conducted across our US portfolio bi-annually. Any issues that need addressing are incorporated into an action plan and budget set aside in the annual facility plan for each property. This coherent approach ensures that we address issues as they arise and continue to meet the needs of tenants.

7 out of 10respondents in the 2016 tenant satisfaction survey rated the effectiveness of ‘green operations’ as ‘Excellent’ or ‘Good’

48properties participated in campaigns such as Earth Hour and Earth Day using elevator media screens to engage with tenants

120,000daily occupants reached

WHILE REAL ESTATE IS COMPLICATED, WE BELIEVE THAT TRANSPARENCY, HONESTY AND SIMPLICITY ARE THE UNDERPINNINGS OF GREAT BUSINESS RELATIONSHIPS. Guiding principle

Find out more: Sustainability Case Studies tishmanspeyer.com/expertise/sustainability/case-studies

Transparency for investorsTransparency and open communication with investors are key priorities for Tishman Speyer, and underpin our ethos as an organization. Portfolio managers communicate regularly with investors about major portfolio events and performance updates. Our aim is to set new standards for sustainable practices throughout our global portfolio. To demonstrate our achievements in this regard, we publish detailed case studies on our properties. These can be accessed via our website.

Many of our investors are GRESB (Global Real Estate Sustainability Benchmark) members. Tishman Speyer has submitted all eligible funds for assessment for the past six years. A list of our Green Star funds, GRESB’s highest award, can be found in the Data Annex.

Engaging in the global debateTishman Speyer plays a key role within Green Building Councils and other major industry bodies around the world, actively contributing to the global debate on sustainable real estate. We are keen to share knowledge with our peers, as well as learn from their experiences. We have found that there is a remarkable willingness within the real estate community to share evidence and best practice and welcome this openness.

A full list of Tishman Speyer’s roles in these organizations can be found in the Data Annex.

http://tishmanspeyer.com/expertise/sustainability/case-studies

http://tishmanspeyer.com/




Our approach

Transparency in reporting This is Tishman Speyer’s fourth global sustainability report. For the first time, our report has been prepared to align with GRI’s Sustainability Reporting Standards. It covers a broader range of environmental, social and governance (ESG) topics than previous reports. This represents a significant shift in the way we report our performance, demonstrating our drive towards greater transparency.

This year, we have undertaken a materiality review to identify environmental, social, economic and governance issues that are most important to our firm, key stakeholder groups and other real estate companies. The material issues for Tishman Speyer are the issues that are most relevant and significant for our business operations. These fall into six broad themes, each of which is covered in detail within this report.

In addition, four underlying principles support our approach to sustainability and influence our activities in each of these areas:

- Utilizing Technology and Innovation

- Enhancing Health and Wellbeing

- Adopting a Precautionary Approach

- Ensuring resilience

EFFECTIVE GOVERNANCE

ENGAGING WITH OUR LOCAL COMMUNITIES

LOOKING AFTER OUR PEOPLE

DELIVERING OPERATIONAL

EFFICIENCY

WORKING WITH OUR SUPPLIERSLocal spendNo child laborSupplier environmental assessment

Decision makingEthics and integrityAnti-corruption

MANAGING OUR IMPACTS

EmissionsWaste

MaterialsBiodiversity and urban greening

Community engagementNeighbourhood design

Culture and heritage

EmploymentTraining and educationDiversity and equal opportunityOccupational health and safety

EnergyWater

Utilizing technology and innovation

Enhancing health and wellbeing

Adopting a precautionary approach

Ensuring resilience




Underlying principlesUtilizing Technology and Innovation We have a long history of innovation and firmly believe that sustainable buildings begin with good design. We constantly look for ways to utilize technology in order to minimize the impact our projects have on the environment, during both construction and operation. Our aim is to use innovation to push the boundaries of sustainable design.

Enhancing Health and WellbeingSustainable buildings are happy buildings. Studies have shown that a healthy indoor work environment can contribute to greater productivity and enhanced wellbeing, and occupant comfort is increasingly important to our tenants. We design our properties to take into consideration factors such as natural light, access to green space, indoor air quality and support for active travel modes.

A diverse offering of convenience and lifestyle amenities across our portfolio helps to enhance wellbeing for users. In addition, we know that there are health and wellbeing benefits for occupants when they feel connected to the communities in which they live and work, and we go to great lengths to foster this connection. Find out more in the Communities section of our report.

Adopting a Precautionary ApproachWe understand that our buildings have impacts on the environment and the communities in which they exist, and that to be truly sustainable we need to be cautious of any potential impacts that our buildings and construction practices have. As such, the precautionary approach is a guiding principle for how we operate. By adhering to globally accepted environmental standards and certifications, we are committed to taking steps to ensure that materials and practices used in our assets do not harm the environment or occupants.

Ensuring ResilienceAs a long-term holder of real estate, we know that we need to be looking far into the future to ensure that we are prepared. Our properties need to be flexible and resilient to the risks posed by climate change and whenever possible we take steps to address those challenges head on.

Tishman Speyer analyzes in detail the possible impacts of climate change on potential building acquisitions, and in the construction of new buildings. Mitigation measures are a key consideration in building design and in development plans for newly acquired assets.

TAUNUSTURM, FRANKFURT Optimizing TechnologyTaunusTurm in Germany epitomizes the latest thinking in environmental design and construction. Focused research enabled us to optimize the elevator design, which resulted in significant energy savings, reduced costs and emissions, as well as providing empirical metrics for elevator analyses. This work set a precedent for elevator design in other construction projects. It also demonstrated the energy savings potential of optimized elevator technology.

VERDE SW1, LONDONPromoting Health and WellbeingA 317,083 sq. ft. office-led redevelopment completed in 2016. A dedicated bicycle entrance and 440 bicycle spaces, plus showering and changing facilities encourage active transport modes at Verde SW1. A nine-story glass atrium provides excellent natural daylight, and a series of six roof terraces (over 20,000 sq. ft.) create a “park in the sky”, giving occupants access to outdoor green space with stunning views across London.

Find out more: Case Studies tishmanspeyer.com/expertise/sustainability/case-studies

”Buildings don’t exist in a vacuum. What really matters is the lifestyle of the people who are living, and working, and shopping in a particular building.”

Rob Speyer





WORKING WITH OUR SUPPLIERS

We rely on our supply chain to realise our aspirations; we ensure all of our suppliers operate fairly and go beyond legislative requirements.

DELIVERING OPERATIONAL EFFICIENCY

We use technology to ensure operational excellence across our properties; our automated data tracking system is pivotal to achieving efficiency.

LOOKING AFTER OUR PEOPLE

Our people help us achieve excellence every day; we support them by fostering a culture of trust, integrity and respect.

MANAGING OUR IMPACTS

We operate at the highest standards of sustainability; we seek to reduce our impacts on tenants and the environment.

ENGAGING WITH OUR LOCAL COMMUNITIES

We are dedicated to giving back to the communities in which we operate; our employees are the foundation of our philanthropic efforts.

EFFECTIVE GOVERNANCE

Our reputation is the bedrock of our business; we have world-class compliance controls to ensure the highest ethical standards.

Le Delta, Paris




Delivering operational efficiency

Tishman Speyer aims to achieve operational excellence across all our properties, using the latest technology to achieve this. We regularly assess the mechanical equipment and operating routines of our properties to ensure that we are implementing the best solution for each one.

Good data is critical to our ability to manage our properties effectively, enabling us to review the consumption trends of our buildings and monitor the impact of efficiency measures. Our automated data tracking system has enabled us to increase the accuracy of our data and identify numerous operational efficiency gains across our portfolio. By using the trends and patterns identified from the raw data, we are able to share best practices across the globe, driving performance and improving results.

Le Delta, Paris

Water use in 2016

Average Energy Star score (US Portfolio)

Portfolio participating in voluntary Demand Reduction programs

Total energy consumption

15,538 MWh

6,583,664 kgal

79.9Reduction in energy intensity 2015-2016 6%

27m sq. ft.




We delivered significant energy efficiencies and savings across our portfolio in 2016.

We closely monitor our energy use while working to create and utilize the most innovative tools and strategies for energy conservation and improved efficiency at each of our properties. In the US, we benchmark our assets against the data of the United States Environmental Protection Agency’s ENERGY STAR® data to drive year-on-year improvements. In the European Union, we have a detailed energy tracking system in place for each of our operating assets.

Industry-leading energy management platformOur comprehensive energy management system, GEMS (Global Environmental Management System) was introduced in 2010. Several years of dedicated problem solving at the property, regional and global levels has enabled us to consolidate unstandardized data from across our portfolio into the GEMS platform. In addition, we have completed a number of energy audits, benchmarking and retro-commissioning studies at the local and regional levels, which in turn have reinforced the critical value of granular real-time tracking and trending data.

To be at the forefront of sustainable real estate management, we are in the process of building a new real-time, cloud-based energy management platform. This advanced platform will provide real-time interval data insight across our entire global footprint. Our engineers will be able to run properties more efficiently using real-time inputs and benchmarking comparisons.

Optimal efficiency strategies are constantly in flux due to the variation in utility tariffs. Our new system will integrate energy efficiency planning and reduce carbon intensity through demand management, load/ peak-shifting installations and lower carbon procurement. It will enable us to:

- Track current energy spend, consumption and CO2 emissions against budgets or targets on a periodic and point-in-time basis.

- Create dynamic energy forecasts, incorporating real-time utility tariff data, occupancy and detailed weather data.

- Optimize property management: engineers and managers will gain real-time insights at the property and regional levels, with new tools to manage demand, load-shifting, procurement, optimization, performance monitoring and finding new efficiency gains.

Collaborating with tenantsImproving the way we monitor buildings is the first stage of our energy strategy. The second is to share this information with our tenants, empowering them to take greater control of their own energy use.

Our success in improving the energy efficiency of our buildings is dependent on the participation of the tenants who occupy them. We are committed to forming direct relationships with tenants in order to better understand their needs. Our operating teams always meet new tenants, and we schedule regular meetings to maintain this relationship throughout their tenancy.

By working collaboratively, we can help tenants understand key sustainability issues and encourage them to adopt more sustainable practices, as well as allow them to contribute directly to decisions regarding building operations. Going forward, our tenant energy portal will make energy usage more visible to tenants and give them even greater control over their consumption.

2016 Energy Star Partner of the Year for the third year running

Energy

201523.81 kWh/ sq. ft.

201622.42 kWh/ sq. ft.

Energy intensity

96.2% DATA COMPLETENESS

In 2016, energy consumption data was available for 96.2% of our owned and

operated portfolio (by square footage) as summarized in the Data Annex.




520 MADISON AVENUE, NEW YORKRecent years have seen an almost complete replacement of building-wide HVAC equipment, as well as the introduction of new cutting-edge technologies at 520 Madison Avenue. These investment programs have resulted in significant energy savings with low payback periods. Capital investment to improve the plant room included an ice storage system to shift peak demand. The addition of sensors and controls throughout the building enhanced the sophistication of operations. These changes have enabled more efficient operation and resulted in significant energy savings.

The use of the ice storage tanks shifts 8 GWh of cooling capacity from peak daytime hours to off-peak night-time hours. This reduces strain on the grid and enables Tishman Speyer to benefit from cheaper off-peak electricity rates as well as take advantage of utility incentives.

Energy

A CLOSER LOOK Demand reductionTo further mitigate our environmental impact, we voluntarily participate in utility Demand Response programs across the US. By integrating load reduction into our upfront building operation plans, we can shift consumption away from peak times, thereby helping to ensure grid reliability, without compromising tenant comfort. These time-of-day shifting programs also deliver a substantial reduction in greenhouse gas emissions, since peak-load power is generally higher emitting.

In 2016, we made several changes to our Demand Response programs to expand and strengthen these commitments:

- In 2016, we increased the total number of buildings participating in voluntary Demand Reduction programs in our portfolio to nearly 27m sq. ft.

- All Chicago properties are now participating in a new program covering summer and winter emergency events.

- Rockefeller Center district cooling plant: A combination of building demand reduction, central plant upgrades and operating efficiencies have enabled us to reduce peak summer demand to around 28,000 kW, saving 14,000 kWh per day (a 33% reduction).

- Local teams have implemented load reduction/peak shifting strategies in Northern California, Southern California and Washington DC.

Entire building digital monitoring system with electric sensors

Real-time remote Tenant submetering

Destination dispatch elevations

Slim line efficient radiators

Annual air and water testing

LED lighting in lobbies

Public park and plaza

State of the art BMS system

Control and operation strategy

VFDS on all chillers, pumps, fans and compressors

Demand response program

Replaced OA and RA dampers

New air compressors

New electric chillers

Ice storage system

31 tank ice

storage system

1.1 MW Peak Reduction

8 GWh Cooling shifted to off-peak per year

66% reduction in steam

consumption

Find out more: Operational Excellence tishmanspeyer.com/expertise/sustainability/case-studies





Energy

State of the art BMS system

>200 Electric Sensors

Controls on every major piece of mechanical equipment

Elevator cab replacement

LED and light sensors in refurbished tenant areas

LED and lighting in common areas

Cogeneration / tri-generation system

VFDS on all chillers, pumps, fans and compressors

Upgraded dual fuel boilers (now natural gas)

Cooling tower replacement

Low flow and flow fixtures

Energy efficiency windows

Energy valves on absorption chillers

Electric chiller replacement

Investigating battery storage

11 WEST 42ND STREET, NEW YORKAlways at the cutting edge of technological development, 11 West 42nd Street was one of the first commercial buildings in New York City to install a cogeneration system, using one fuel to generate both heat and electricity. A series of upgrades to the 6 MW system, along with the addition of various sensors and controls, means as much waste heat as possible is utilized to meet building heating and cooling demands. This along with other measures resulted in a 30% energy saving.

Efficient operationsCapital improvements coupled with the use of sensors, controls and Building Management Systems (BMS) allow our operators to run building plant as efficiently as possible to meet tenant needs, while reducing energy consumption and carbon emissions. But the value of installing new technology can only be realized through meticulous attention during operation, which is why our operations teams play such a key role in ensuring that our buildings run efficiently. In the US, we also have a full-time dedicated resource to work with the building engineers to drive more efficient energy operations.

65 GWh of savings

> 200 Sensors

30% reduction in energy use

A CLOSER LOOK

Find out more: Operational Excellence tishmanspeyer.com/expertise/sustainability/case-studies

http://www.tishmanspeyer.com/file/2422/download?token=P9cxixTb




As water scarcity becomes increasingly important, an effective program of water efficiency measures is a key risk management tool for our company. We measure and monitor water usage across our properties in order to highlight any unusual trends and identify priority areas for improvement.

As well as our ongoing efforts to reduce water consumption, improving our water use data coverage is a key priority for us. In 2016, we increased our data coverage from 86% to 88% of our owned and operated assets, and we are looking to increase this further in 2017. As a result of our increased data coverage, our reported total water consumption for 2016 is higher than 2015.

Efforts to reduce our water consumption across our portfolio include the replacement of fixtures with low-flow water closets/ urinals and metered sink faucets, as well as careful consideration of external planting and irrigation requirements. Whenever possible, we also repurpose grey water (relatively clean waste water from sinks, washing machines, and kitchen appliances).

Water

CHRYSLER BUILDING, NEW YORK 64% reduction in water consumption.Over 900 water fixtures have been replaced with more efficient equipment. Toilets, urinals and sinks in all restrooms have been switched out with low-flow fixtures. BEVERLY HILLS PORTFOLIO

50% reduction in water use using low flow fixtures.Water fixtures of all three buildings have been replaced with low-flow water closets/urinals and metered sink faucets.

MAPLE PLAZA, BEVERLY HILLS Reduction in irrigation demands.Exterior planters and the interior courtyard landscape have both undergone a full renovation. Drought-resistant species have been planted and a smart irrigation system has been installed. Watering schedules are programmed to adjust automatically to the forecast weather conditions.

We measure and monitor water usage across our properties in order to highlight any unusual trends and identify priority areas for improvement.

Municipal water use, kgal

Data for 86% of portfolio

Data for 88% of portfolio

20155,751,907

20166,583,664




Managing our impacts

A cornerstone of the Tishman Speyer mission is that every building we develop, refurbish and manage operates at the highest standards of sustainability, thereby improving tenant experience and reducing our impacts on the wider environment.

We recognize our responsibility to reduce our greenhouse gas emissions, and we endeavor to support the wellbeing of our occupants by managing indoor air quality at each of our locations. We implement a rigorous policy on waste management to divert waste from landfill and are committed to enhancing urban environments with the inclusion of green spaces.

Carbon intensity

metric tons CO2e Direct (Scope 1) greenhouse gas (GHG) emissions

Increase in waste data coverage by square footage since 2015

managed waste recycled

metric tons CO2e total decrease in GHG emissions since 2015

metric tons CO2e Indirect (Scope 2) greenhouse gas (GHG) emissions

16.6 lb CO2e/sq. ft.

15,538

17%

41%

18,769

349,704

Rockefeller Center roof garden




We recognize our responsibility to measure and manage emissions, thus minimizing the carbon footprint and air quality impacts associated with our portfolio.

In 2016, our greenhouse gas emissions fell by a total of 18,769 metric tons carbon dioxide equivalent (CO2e), equivalent to the annual emissions of 387 average US households.*

Given the increase in data completeness across our portfolio, this represents a significant achievement in emissions reductions.

Emissions and air quality

In 2016, energy from renewable sources accounted for 4.61% of total energy use, predominantly purchased from green energy suppliers in Germany and France. Going forward, shifting towards a higher proportion of energy from renewable sources will further reduce our GHG emissions.

We recognize that on-site renewable technologies provide huge scope for reducing the emissions intensity of our portfolio over time. Solar photovoltaic (PV) arrays, for example, are one of the most efficient and relevant on-site renewable technologies available for city use. Along with reduced electrical grid reliance and peak energy consumption, the associated reductions in greenhouse gas emissions are significant.

Indoor air quality is a major concern to businesses, building managers, tenants and employees; it can impact occupants’ health, comfort, wellbeing and productivity. Studies conducted by the U.S. Environmental Protection Agency (EPA) and others show that indoor environments sometimes have higher levels of pollutants than those found outside. With Americans spending up to 90% of their time indoors, and most of their working hours in an office environment, the benefits of improving indoor air quality are notable.

We use indoor air quality tools to protect occupant health, and engineering and property management staff perform regular checks to ensure air quality is at healthy levels. We also aim to limit chemical exposure and reduce toxic emissions into the environment by making ecologically sound choices for the workplace.

*Source: http://coolclimate.berkeley.edu/footprint

ROCKEFELLER CENTER, NEW YORKA 363-panel, 61 kW solar array was installed at 45 Rockefeller Plaza. Located 45 stories above ground, this is the largest privately owned rooftop PV installation in New York, and one of the highest in the world. On average, it generates 6,000 kWh per month.

JACKSON PARK, NEW YORKSetting a new standard for luxury, Tishman Speyer’s newest 1,800-unit residential development in the heart of Long Island City, New York includes 1.6 acres of outdoor green space and over 120,000 square feet of indoor and outdoor amenities for tenants to enjoy.

201547,191,549 sq. ft.

201648,595,939 sq. ft.

366,660

17,351

SCOPE 2

SCOPE 1

349,704

15,538

SCOPE 2

SCOPE 1

Scope 1 / Scope 2 GHG emissions, metric tons CO2e




Millions of tons of solid waste is produced across the planet every year, and the volume is growing. Waste management performance in the US, where the majority of Tishman Speyer’s portfolio is located, lags behind Europe. We recognize that waste can be treated as a resource, and that efficient management of materials is a key component of a circular economy. The case for waste management and reduction has never been clearer.

To divert construction waste from landfill, we implement a rigorous policy on waste segregation, combined with verifiable third-party recycling. We aim to use recycled building materials wherever possible in order to reduce the environmental impacts associated with obtaining, processing and shipping raw materials.

Materials and waste

VERDE SW1, LONDONThis major refurbishment project in the heart of central London set a precedent for façade glass recycling in the construction industry. Rather than following the industry norm and sending the waste glass to be crushed into aggregates for use in road building, or sending it to landfill, the glass was recycled into other glass products. 55,000 sq. ft. (340 metric tons) of façade glass was recycled, saving 100tCO2e in the downstream production of container glass.

TAUNUSTURM, FRANKFURTA significant portion of the building was constructed with modular, prefabricated components that were delivered as close to the point of installation as possible, decreasing the environmental impact of having to transport materials. Prefabricated elements offered other advantages, including: improved component quality control, scheduling reliability and safety standards; just-in-time ordering that significantly reduces wasted materials; and better use of space on site.

282,000 sq. ft.Grade A office space

90%of waste diverted

from landfill

55,000 sq.ft.façade glass recycled

20%of materials coming

from recycled sources

85% recycled glass in new façade

20% of construction

materials locally sourced

BREEAM Excellent

Find out more: TaunusTurm tishmanspeyer.com/expertise/sustainability/case-studies

Find out more: Verde SW1 tishmanspeyer.com/expertise/sustainability/case-studies

A CLOSER LOOK

http://www.tishmanspeyer.com/file/2135/download?token=76--YA7-

http://www.tishmanspeyer.com/file/2434/download?token=wgDM-cxy




Across our managed portfolio, we mandate all our trash collectors to divert as much waste as possible from landfill. Tenant awareness-raising programs encourage building occupants to separate dry and wet waste for recycling. We also provide electronic waste collection services for tenants.

Collecting accurate and comprehensive waste data is a challenge across our industry, and we face obstacles with waste data quality in nearly all of our regions. Our global data management system (GEMS) provides visibility of waste data at the property level, but there are data gaps for many of our properties, both in terms of quality and coverage.

We identified this as an opportunity to provide support for the Environmental Protection Agency’s newly launched Waste Tracking tools in Energy Star Portfolio Manager.

We captured our 2015 waste data in Energy Star Portfolio Manager for 27% of our total square footage. In 2016, we increased our data coverage to nearly 44% of all assets by square footage. Over this period, we have witnessed an increase in the proportion of waste recycled from 29% to 41%.

Increasing waste data quality and coverage will continue to be a focus area for us in 2017 and we are in the process of engaging with our waste haulers and recyclers to standardize reporting data and procedures.

We are committed to protecting biodiversity and environmentally sensitive areas. Our buildings span many generations and we consider ourselves to be not just developers, but custodians of our buildings. We endeavor to construct and manage our buildings in such a way as to protect and enhance the physical environment. This encompasses protection of existing habitats, control of pollution and use of resources, and finding ways to address the impact of transportation to and from each location.

Wherever possible, our properties feature multifunctional green spaces, including green roofs and living walls which are known to contribute to physical and mental wellbeing, as well as enhancing biodiversity.

VENTURA, RIO DE JANEIROWe implemented a comprehensive, state-of-the art recycling program including training for staff and tenants. All waste is tracked, and tenants receive a monthly report on waste usage and disposal. All recycling is weighed and sorted onsite to maximise the collection rate and to limit contamination of the recycling stream.

THE FRANKLIN, CHICAGOA 38% reduction in waste to landfill (annual savings of 800,000 lbs.) has been achieved through waste collection centers on every tenant floor, waste audits, tenant education and off-site sorting to reduce cross-contamination.

ONE CHANNEL CENTER, BOSTONTargeting zero waste to landfill, centralized trash locations with facilities for single-stream recycling and composting make it easy for building users to sort their trash. The tenant is working with us to engage employees in effective waste management and has invested in compostable items for the cafeteria and pantry rooms.

Materials and waste

Biodiversity and urban greening

29%RECYCLED

RECYCLED

41%



Non-hazardous managed waste




Engaging with our local communities

In creating properties of enduring value around the world, Tishman Speyer is committed to improving the urban environment and communities within which we operate.

We are dedicated to giving back to these localities and our philanthropic efforts are far-reaching. The foundation of these initiatives is our employees who contribute in a variety of ways to their local communities.

Properties are places to be used, visited and enjoyed. Many of our properties serve important public and social functions, such as Rockefeller Center in New York, Torre Norte in São Paulo and The Springs in Shanghai. We view ourselves as custodians of extraordinary places, and strive to protect these assets and ensure they continue to fulfill valuable social functions for generations to come.

WE EMBRACE OUR RESPONSIBILITIES TO THE COMMUNITIES IN WHICH WE OPERATE AROUND THE WORLD, AND STRIVE TO MAKE EACH OF THEM A BETTER PLACE TO LIVE AND WORK. Guiding principle

Community Day 2016




We participate in many regular events to help enhance community connectivity, including hosting cultural events such as musical performances, art exhibitions, and an annual children’s art show.

We constantly look for ways to provide opportunities that encourage social growth through community involvement. Initiatives to support these goals include our active participation in community boards, volunteer events, childhood and early education programs, women’s leadership organizations, real estate trade associations and other civic-minded groups.

We believe that our organization, its employees and our investments all perform at their very best when every team member feels that they are contributing towards positive change in the world.

Community engagement

WE PERFORM AT OUR BEST WHEN EACH OF US INDIVIDUALLY TAKES RESPONSIBILITY FOR IDENTIFYING AND SOLVING PROBLEMS, REGARDLESS OF OUR ROLE, REGION, OR TITLE. Guiding principle

Summer Community Harvest, One Federal Street, Boston Wilshire Courtyard, Los Angeles

One Bush Street, San Francisco (Habitat for Humanity)One Bush Street, San Francisco (Habitat for Humanity)

Spotlight on Washington, D.C. - Toys for Tots Drive

- Thanksgiving Food Drive

- JDRF Real Estate Games

- Reading Partners

- Active Minds

- Jubilee Support Alliance

- Race for Hope

- AOBA supports The Duckworth School

Spotlight on San Francisco - SPUR, the San Francisco Bay Area Planning and Urban Research Association

- Greater San Francisco Habitat for Humanity

- City of Hope

- Night Market at UN Plaza

- United Playaz

- San Francisco Maritime Museum

- ULI District Council

- CREW Network—Women in Commercial Real Estate

- Concerts in the Plaza at 1 Bush Plaza

VOLUNTEERING IN THE COMMUNITY

”If we’re not taking responsibility for sustainability in our own communities, what kind of example are we setting for those who are going to be truly responsible for the cities of tomorrow?”

Rob Speyer




Volunteer day In October 2015, we launched our Volunteer Day IMPACT initiative: Inspire, Motivate, Provide, Act, Communicate, Transform.

Over 300 Tishman Speyer New York employees participated, partnering with four agencies across eight sites in three boroughs. The day was dedicated to rehabilitating neighborhood green spaces by improving landscaping and renovating facilities while engaging with our local communities at public schools, gardens and parks.

Building on the success of Volunteer Day 2015, around 300 New York employees came together again in the summer of 2016 across seven sites in three boroughs and Newburgh, NY. Along with seven community partners, we built homes in June, then in August we planted and rehabilitated parks and gardens, and painted bridges and schools.

We look forward to expanding these Volunteer Day opportunities across our communities around the world.

THE ACTIONS OF EACH AND EVERY ONE OF US CONTRIBUTE TO OUR COMPANY’S REPUTATION. Guiding principle


Spotlight on New YorkNew York Cares: Tishman Speyer participates annually in the Coat Drive, with tenants and employees donating over 2,500 pieces of warm outerwear to benefit New Yorkers in need. New York City Center for Youth Employment: Tishman Speyer participates annually in the Ladders for Leaders program, offering paid summer internships to high school and college students. New York Blood Services: Tishman Speyer hosts quarterly blood donor drives.

Toys for Tots: 13 years of nationwide donations from Tishman Speyer properties to collect toys for disadvantaged children during the holidays. Involvement with: New York City Police Foundation, FDNY Foundation, Citizens Crime Commission of New York City, A Better Chance, Young Women’s Leadership Network.

VOLUNTEERING IN THE COMMUNITY




Neighborhood designTishman Speyer aims to create a forum for community engagement in the visioning process for public realm interventions and other neighborhood design elements.

Working with our consultant teams, we seek input not only from world-class architects and designers, but also from local talent including our tenants. By adopting a participatory process for developing ideas, we aim to generate exciting and original ideas.

Environmental impact assessments (EIA) are carried out as part of the due diligence and planning process for new developments and some new acquisitions. Taking on board the views of the local community is of paramount importance in this process; EIA reports are made publicly available.

Tishman Speyer works in partnership with the Public Art Fund to host annual installations in Rockefeller Center to promote appreciation of and exposure to the arts.

AS DEVELOPERS AND OPERATORS, WE TAKE SPECIAL PRIDE IN THE DISTINCTIVE QUALITY, DESIGN, AND APPEARANCE OF OUR BUILDINGS. Guiding principle


ROCKEFELLER CENTER CHRISTMAS TREE AND HABITAT FOR HUMANITYThousands of people travel to see the iconic Rockefeller Center Christmas Tree every year. Our partnership with nonprofit housing association ‘Habitat for Humanity’ facilitates the reuse of the lumber from the Christmas tree, helping to provide new homes where they are needed most. We first partnered with Habitat for Humanity in 2005 when employee volunteers framed houses for one week in Rockefeller Plaza, helping families affected by Hurricane Katrina. The partnership expanded in 2007, the first year lumber from the tree was donated to Habitat for Humanity. The 2014 tree helped frame five homes in Philadelphia, and the 2015 tree was used as the beams and flooring in two homes in Greater Newburgh. Lumber from other trees has been used in the construction of homes in Pascagoula, Mississippi; Stamford, Connecticut; Newburgh, New York; Morris, New Jersey, and New York City.

Rockefeller Center hosts annual Farmers’ Markets to promote sustainable, local vendors.




What truly makes our company unique is not merely our properties or business achievements, it is our people, using their intelligence and entrepreneurship to help us achieve excellence every day.

Their exceptional insight, expertise and depth of experience are essential to our success. We support them by fostering a culture that promotes trust, integrity and respect in our business practices and relationships.

We encourage our people to leverage their creativity, entrepreneurship and innovation, and to collaborate across disciplines and borders to consistently create real estate of enduring value around the world. With a long-standing commitment to diversity, we have created an equal opportunity work environment, and offer training and support programs to guide employees through all stages of their careers.

Staff across 30 locations

Male to female ratio

multidisciplinary professionals undertook sustainability ‘Lunch and Learn’ sessions

Employees received a performance and career development review in 2016

1,396

52:48

employees have completed LEED training to date115

200

100%

Looking after our people




With their exceptional insight, expertise and depth of experience, our people are essential to our success. Our global real estate professionals blend local knowledge and market-driven insights with a wealth of international expertise.

Diversity and equal opportunityOur decisions related to employment issues are based on personal capabilities and qualifications without discrimination on the basis of race, color, age, gender, sexual orientation, marital status, veteran status, national origin, disability, religion, or any other protected characteristic as established by law.

CultureOur people are our lifeblood, and their health, safety and wellbeing is of paramount importance. Our occupational health and safety data can be found in the Data Annex.

We have created an organizational culture that rewards those who exemplify the qualities that drive our business and professional achievements around the world. These qualities include creativity, innovation, effective communication, a commitment to increasing contribution to the firm, proven leadership skills, the ability to prioritize, teamwork and entrepreneurship.


We encourage our employees to put forward opinions and suggestions regarding operations, work facilities, procedures, serving our clients and, in general, any work-related issues. Our employees can talk freely with members of the management team, and senior leaders meet regularly with employees for open discussion.

Career developmentAll Tishman Speyer employees participate in an annual job performance and career development review with their direct manager. Additionally, all employees at the Analyst, Associate and Director levels participate in a mid-year performance dialogue with their manager to assess performance and progress towards achieving their year-end goals.

Recognizing, developing and rewarding performance is central to our success. As part of our performance evaluation process, managers and employees work together to develop business goals and action plans for achieving them. When vacancies arise, we look to promote from within. We also encourage and support personal development by making educational resources such as trainers, coaches and our assistance program available to employees.

WE RECRUIT EXCEPTIONALLY TALENTED PEOPLE WHO SHARE OUR VALUES AND OUR WAY OF THINKING. WE TAKE EACH AND EVERY HIRING DECISION SERIOUSLY AND ENSURE WE ARE ALWAYS HIRING THE BEST.Guiding principle

WE ARE PROUD OF OUR LONG-STANDING COMMITMENT TO DIVERSITY, AND OUR WORKFORCE TODAY REFLECTS THE GLOBAL COMMUNITIES AND CULTURES IN WHICH WE DO BUSINESS.Guiding principle

222 Second Street, San Francisco




Training and educationBuilding a company-wide knowledge base is an important step towards maintaining a corporation that places a high priority on developing enduring real estate, and helps focus our efforts towards improving the environment through conscious energy management and carbon reduction goals.

Our commitment to driving sustainability into each sector of our business applies at all levels of the organization. As such, a dedicated sustainability training plan has been implemented for all employees within the property management teams.

We regularly run seminars on green building practices, code compliance, disaster preparedness, human-centered building design, energy efficiency, as well as various other training sessions including LEED® (Leadership in Energy & Environmental Design) and BOMA (Building Owners and Managers Association) certification.

The TS University program continues to provide a combination of online and in-person workshops and best practice sharing sessions, all of which are recorded and made available online to the whole company. In 2016, we expanded the program to include a new series of webinar ‘Lunch and Learns’ which are intended to expose all employees to innovative technologies and advances in our industry.

Key sustainability teams collaborated on our Future of Green Technology education series, new sustainability case studies, and the Future of Sustainability presentation at the Urban Land Institute conference in June. We have also participated in the EDF (Environmental Defence Fund) Climate Corps summer fellowship program for several years, embedding a graduate student trainee within our sustainability team.

We also recognize that outside courses are a necessary and desirable way to upgrade employee skills and an important part of an employee’s career development. Employees with at least three months of service are eligible for educational assistance for job-related and/or industry-related courses at an accredited college or university.

Health and WellbeingTishman Speyer offers employees an extensive package of benefits and programs designed to attract all generations in our workforce. Our benefit offerings are designed to give employees optimal choices, including a robust Wellness program, nutrition support, meditation classes and liberal policies that support employees. We aim to address a wide range of personal issues by providing retirement planning, medical and security protection anywhere an employee travels globally, education assistance, commuter friendly programs and on-line training capabilities.

WE SUCCEED BECAUSE OUR PEOPLE THINK MORE CREATIVELY, ASSESS OPPORTUNITIES MORE ASTUTELY AND ACT MORE QUICKLY THAN OTHERS. OUR PEOPLE ARE OUR LIFEBLOOD.Guiding principle


JP Morgan Challenge, New York

Rockefeller Center Rooftop, New York

Jackie Gong conference, New York JDRF corporate challenge, Washington DC




Working with our suppliers

Given the broad range of functions within our own business, we are acutely aware of the immense scale of the supply chain on which we rely.

As such, we seek to ensure that all legal requirements are not only met within each country and region, but exceeded. We only do business with suppliers who comply with local laws and regulations related to fair labor and wage standards. We also carry out regular spot checks and monitoring of our suppliers to ensure that standards are maintained.

TaunusTurm, Frankfurt




Tishman Speyer is principally in the business of buying, building and operating commercial and residential buildings. The supply chain for the company consists of the products and services necessary to complete these tasks:

For new construction our supply chain consists of purchasing all materials needed to construct new buildings, as well as companies to complete aspects of the construction process. Our supply chains vary significantly depending on the type of building and its location.

On the operating side of the business, our supply chain consists of products and services needed to operate buildings, predominantly made up of services related to energy, water and removal of waste.

Working with our suppliers

Working with our supply chains to realize our aspirationsWith ambitious sustainability aspirations for each of our developments, we recognize the crucial role played by our suppliers. Our design teams are comprised of world-class architects, masterplanners, structural, mechanical and electrical engineers, environmental specialists, transport planners, and many other technical specialists. Onsite, our construction supply chain also represents the public face of our developments. We work closely with our suppliers to develop a strong sustainability-led vision, and to monitor performance against the sustainability goals for each property.

Environmental requirements for suppliers Tishman Speyer seeks to minimize the impact of its operations on the environment by making every effort to require that its design professionals, contractors and consultants adopt the latest environmental safeguards and standards. At a minimum, Tishman Speyer requires that all of its design professionals, contractors and consultants comply fully with all applicable environmental laws and regulations. To the maximum extent possible, we expect all of our design professionals, contractors and consultants to exceed the minimum environmental laws and requirements when feasible and to comply with third-party sustainability certifications where applicable.

Local spendWe view all of our buildings and construction sites as locations of significant operations. We always attempt to purchase locally, which is defined as falling within 500 miles of a building’s location. Purchasing locally is both a sound economic and environmental decision, it gives us the opportunity to boost local economies and it reduces the environmental impacts associated with transportation.

Child laborTishman Speyer is strictly opposed to the use of child labor in any and all operations, including those conducted by our suppliers.

WHILE WE ENCOURAGE INDIVIDUAL INITIATIVE AND ACCOMPLISHMENT, OUR BEST RESULTS COME WHEN WE WORK AS A TEAM.Guiding principle

WAVEROCK, HYDERABAD WaveRock is a Special Economic Zone campus comprising 2.5m sq. ft. of Class A office space. We worked with world-renowned architects to develop a green building that sets a new standard in India’s commercial real estate landscape.

A key feature of the design is the building envelope, a high-performance, double-glazed curtain wall that minimizes heat gain while ensuring that the building receives maximum natural daylight. The building was awarded LEED® Gold for Core & ShellTM (Phase I & Phase II).

We work closely with our suppliers to develop a strong sustainability-led vision, and to monitor performance against the sustainability goals for each property.




At Tishman Speyer, our reputation is the bedrock of our business, and we have earned it not just through the quality of our assets, but also through the integrity of our people.

To support this, we have world-class compliance controls to ensure that all employees operate at the highest ethical standards. Our senior management team leads by example, setting the tone for a culture of openness, transparency and accountability that permeates our entire organization.

Building long-lasting relationships both inside and outside the company lays the foundation for an enduring institution. The actions of each and every one of us contribute to our company’s reputation.

CountriesGuiding Principles

In business since

7 15

1978“What differentiated us from the beginning was our culture and principles. They’re the same culture and principles that guide us today.”Rob Speyer

Effective governance




Decision-makingThe Management Committee is the highest body for governance and decision-making within Tishman Speyer. All capital decisions for the company sit with the Investment Committee.

Effective governance

Ethics and integrityTishman Speyer’s Guiding Principles lay out the ethical principles of our global business. Underpinning these core tenets are rigorous policies that apply to all employees regarding compliance, business ethics, anti-corruption and financial governance. We adhere to the highest standards of social, employment and environmental practices, striving to make each community in which we operate a better place to live and work.

Company business is conducted with integrity and honesty, and complies with all applicable laws in a manner that precludes considerations of personal advantage or gain. We expect our employees to accept professional responsibility for their individual decisions and actions, model ethical conduct, exercise good citizenship, and make every effort to advocate the highest ethical standards throughout the entire organization.

Anti-corruption

Tishman Speyer has a zero tolerance policy with respect to bribery and corruption. This principle is embodied in Tishman Speyer’s Global Anti-Corruption Policy (the “ACP”), which applies to all Tishman Speyer employees. The ACP addresses, amongst other things, corruption risk involved in giving or receiving anything of value, facilitation payments, business partners, and transactions.

Every member of the firm’s governance bodies (Investment and Management Committees) has received training on the ACP and participates in on-going anti-corruption training. Additionally, quarterly compliance presentations are given to the Committees which regularly address the topic of anti-corruption.

Apart from our Committees, anti-corruption training is mandatory for all employees. Employees receive new hire and annual compliance training which address bribery and corruption. Furthermore, employees whose responsibilities carry enhanced corruption risk are provided with specific, more tailored anti-corruption training.

WE CONDUCT OURSELVES WITH THE PASSION AND INTEGRITY THAT IS EXPECTED OF GREAT LEADERS.Guiding principle

WE TREAT EVERYONE WITH RESPECT AND CIVILITY. THERE IS NO PLACE IN OUR COMPANY FOR RUDENESS, ARROGANCE OR DECEIT. Guiding principle

WE HONOR OUR AGREEMENTS, WHETHER THEY ARE FORMED IN WRITING OR IN HANDSHAKES. A DEAL IS A DEAL, ALWAYS. Guiding principle

WE HOLD OURSELVES TO THE HIGHEST STANDARDS, NOT THE STANDARDS SET BY OTHERS. Guiding principle

The Committee responsibility for economic, environmental and social topics is the Management Committee. Decision-making and executive-level responsibility for economic, environmental, and social topics sits with Jonathan Flaherty in New York.

In addition to the training delivered to employees, anti-corruption risk is also addressed by Tishman Speyer’s Compliance program through periodic testing of existing controls. Where testing reveals issues, the Compliance Department takes steps to address these through additional training or implementing additional anti-corruption controls.

Information regarding our Global Anti-Corruption Policy is available to investors upon request.

Find out more: Committees tishmanspeyer.com/firm/people

Find out more: Guiding Principles tishmanspeyer.com/firm/guiding-principles

15GUIDING

PRINCIPLES

http://tishmanspeyer.com/firm/people

http://tishmanspeyer.com/firm/guiding-principles




Looking forward

Reviewing our approachThis Sustainability Report represents a significant shift in the way we report our performance and demonstrates our drive towards greater transparency. This has been achieved across a broad range of material topics.

Sustainability reportingFor the first time, our Sustainability Report has been prepared to align with the Global Reporting Initiative (GRI) Sustainability Reporting Standards. We aim to achieve GRI core compliance in our next Report, and to increase the quality and completeness of disclosures over time. To support this, we will engage an external partner to audit the data that we present in our GRI and GRESB disclosures. In 2017, we plan to significantly increase our data coverage at all assets; emphasis will be placed on improving the quality and completeness of our water and waste data.

Building on our successA key achievement in 2015/16 was the roll-out of a real-time energy management system across the US, with a dedicated resource to support our building engineers to improve energy efficiency. Moving forward, we will review options for a similar approach across our portfolio to deliver further gains in energy efficiency and reductions in greenhouse gas emissions.

WE ARE PROUD OF OUR COMPANY’S HERITAGE AND HISTORY OF ACCOMPLISHMENTS: IT DEFINES WHO WE ARE TODAY AND GUIDES WHO WE WILL BE TOMORROW. Guiding principle

Tower Place, London




ScopeThe data presented in this report relates to Tishman Speyer’s owned and operated assets. The data relates to whole building usage (including tenant usage and shared spaces). Only actual data has been recorded; there is no estimated consumption.

The individual buildings are either metered to record consumption of the whole building (including tenants), or are able to receive whole building energy consumption directly from the local utility.

Data was available for properties comprising the following square footage. In 2016, this accounted for all but three owned and operated assets.

2016 – 48,595,939 sq. ft. (79 properties)2015 – 47,191,549 sq. ft. (74 properties)

We were unable to obtain complete data coverage for all properties due to challenges with gathering consumption data directly from tenants and in emerging markets. Data completeness for each metric is represented by scope (referring to the proportion of properties reporting consumption data, by square footage).

Energy

2015 2016

Total energy usage, kWh

1,123,621,600 1,089,520,400

Total floor area, sq. ft.

47,191,549 48,595,939

Energy intensity, kWh/ sq. ft.

23.81 22.42

Scope 93.5% 96.2%

The calculation of energy included in the intensity ratio includes all types of energy consumed at the building (including electricity, natural gas, fuel oils, district steam and chilled water). The ratio includes all energy consumed by the base building and tenants in our buildings.

Breakdown of energy use

2015 2016

Non-renewable (MWh)

1,079,622 1,041,486

Renewable (MWh)

44,000.00 48,035

Total 1,123,622 1,089,520

Proportion from renewable fuels

4.08% 4.61%

Breakdown of energy use by type (kWh)

2015 2016

Electricity 821,199,901 788,349,586

Natural Gas 85,609,229 90,659,801

Fuel Oil #2 6,386,639 5,110,029

Fuel Oil #4 869,117 1,041,426

Diesel #2 262,887 105,362

District Heating or Cooling

209,293,853 204,254,224

Total 1,123,621,626 1,089,520,428

Emissions

2015 2016

Scope 1, tonnes CO2e

17,351 15,538

Scope 2, tonnes CO2e

366,660 349,704

Total, tonnes CO2e

384,011 365,242

Scope (sq. footage)

93.5% 96.2%

Scope 1 and Scope 2 emissions were calculated based on actual, whole building data recorded during the ownership period in 2015 and 2016 for assets under operational control. This includes all base building and tenant consumption. There is no estimated consumption included in this figure. The individual buildings are either metered

to capture whole building energy consumption, or are able to receive whole building energy consumption directly from the local utilities.

For the majority of data, conversion factors were obtained from US EPA’s Emissions & Generation Resource Integrated Database (eGrid) which captures data relating to emissions of carbon dioxide, methane, nitrous oxide, nitrogen oxides, sulphur dioxide and mercury). For properties in India, conversion factors were obtained from the International Energy Agency (IEA, 2015). For properties in Europe, conversion factors were obtained from the UK Department for Environment, Food & Rural Affairs (Defra, 2015).

Water

2015 2016

Municipal water use, kgal

5,751,907 6,583,664

Scope (sq.footage)

85.6% 88.3%

It has not been possible to obtain complete data coverage due to challenges with data availability from the utility and property management teams in certain markets.

Waste Non-hazardous waste data is collected at the asset level directly from the local waste hauler; no estimated data has been reported. Data for hazardous waste is not collected at asset level.

Data coverage is incomplete due to complications in obtaining accurate, timely data from waste haulers in all regions.

Non-hazardous managed waste (US Tons)

2015 2016

Recycling 1,936 5,195

Landfill 4,838 7,548

Total 6,774 12,743

Scope (sq. footage) 27.3% 43.9%

Data annex




Tishman Speyer GRESB Green Star FundsFunds Stars (1-5 scale)

USO I 3/5

USO II 3/5

US Fund VI 3/5

US Fund VII 3/5

US Fund VIII 3/5

Europe ESOF 4/5

Europe TSEC 3/5

Europe Fund VI 4/5

Europe Fund VII 2/5

The GRESB 5 star system was introduced in 2016. Rather than receiving a star (or not) based on overall percentage score, the funds now receive between 1-5 stars based on their overall performance.

Funds that are New Construction ONLY were excluded from this list.

EmployeesAll data has been compiled from our global human resources department and no assumptions or estimations have been made. All data is accurate as of December 2016.

Employees by gender

Full time Part Time

Male 719 1

Female 670 6

1389 7

Total 1396

Collective bargainingAt December 31, 2016, 46% of our employees were subject to collective bargaining agreements.

Occupational Health and Safety(US data)

Lost day rate 10%

Absentee rate 10%

Injury rate 0%

Occupational disease rate 0%

Tishman Speyer Partners - United States Environmental Protection Agency: Energy Star Partner in Sustained Excellence

- US Green Building Council: Former Board of Directors, Founding sponsor of USGBC’s Urban Green Council in New York, LEED Advisory Committee (Platinum Member)

- Green Building Council India: Founding Member

- Green Building Council Brazil: Founding Member

- Green Building Council United Kingdom: Member

- DGNB, the German Sustainable Building Council: Member

- Real Estate Board of New York: Chair of Sustainability Committee

- Urban Land Institute Sustainable Building Council: Member, New York City Steering Committee, Responsible Property Investing Council, Sustainable Development Council

- New York Building Energy Exchange: Chair of Board

- Global Real Estate Sustainability Benchmark (GRESB): Member, Benchmark Committee Member

Data annex

Chrysler Building, New York




GRI # Disclosure Location or response

102-1 Name of the organization

Tishman Speyer Properties, L.P.

102-2 Activities, brands, products, and services

Page 4

102-3 Location of headquarters

Page 36

102-4 Location of Operations Page 4

102-5 Ownership and legal form

Tishman Speyer is an S Corporation.

102-6 Markets served Page 4

102-7 Scale of the organization

Page 4

102-8 Information on employees and other workers

Page 34

102-9 Supply chain Page 28 - 29

102-10 Significant changes to the organization and its supply chain

None

102-11 Precautionary Principle or approach

Page 9 -10

102-12 External initiatives None

102-13 Membership of associations

Page 8, 34

102-14 Key impacts, risks, and opportunities

Page 9 (see also 6, 10, 16, 31)

102-16 Values, principles, standards, and norms of behavior

Page 31 (see also Guiding Principles throughout this report)

102-18 Governance structure Page 31

102-20 Executive-level responsibility for economic, environmental, and social topics

Page 31

GRI Content Index

102-40 List of stakeholder groups

Page 8

102-41 Collective bargaining agreements

Page 34

102-42 Identifying and selecting stakeholders

Page 8

102-43 Approach to stakeholder engagement

Page 8

102-44 Key topics and concerns raised

Page 8

102-45 Entities included in the consolidated financial statement

Financial data is subject to specific confidentiality constraints

102-46 Defining report content and topic Boundaries

Page 9

102-47 List of material topics Page 9

102-48 Restatements of information

None

102-49 Changes in reporting None

102-50 Reporting period Jan 2015 - Dec 2016

102-51 Date of most recent report

2014

102-52 Reporting cycle Biennial

102-53 Contact point for questions regarding the report

Page 36

102-54 Claims of reporting in accordance with the GRI Standards

This report has been prepared in accordance with the GRI Standards: Core option

102-55 GRI content index

102-56 External assurance This report has not been externally assured.

103-1 Explanation of material topic and its boundary

Page references are given next to the heading of each material topic

103-2

103-3

Management approach

Information unavailable

Economic Performance

Page 10

201-2 Financial implications / other risks & opportunities due to climate change

Page 10

Procurement practices

Page 28

204-1 Procurement Practices Page 28 - 29

Anti-Corruption

Page 31

205-1 Operations assessed for risks related to corruption

Page 31

205-2 Communication and training about anti-corruption policies and procedures

Page 31

Materials Page 19

301-1 Materials used by weight or volume

Page 19

301-2 Recycled input materials used

Page 19

Energy Page 13 - 15, 33

302-1 Energy consumption within the organization

Page 12, 33

302-3 Energy intensity Page 13, 33

302-4 Reduction of energy consumption

Page 12 - 15, 33

302-5 Reductions in energy requirements of products and services

Page 12 - 15, 33

CRE1 Building energy intensity

Page 13, 33

Water Page 16

303-1 Water withdrawal by source

Page 12, 16, 33

Emissions Page 17

305-1 Direct (Scope 1) GHG emissions

Page 17 - 18, 33

305-2 Energy indirect (Scope 2) GHG emissions

Page 17 - 18, 33

305-4 GHG emissions intensity

Page 17, 33

305-5 Reduction of GHG emissions

Page 17, 33

CRE3 Greenhouse gas emissions intensity from buildings

Page 17, 33

Effluents and waste

Page 19 - 20, 33

306-2 Waste by type and disposal method

Page 17, 19 - 20, 33

Supplier environmental assessment

Page 28 - 29

308-1 New suppliers that were screened using environmental criteria

Page 29

Employment Page 26, 34

Occupational health and safety

Page 26

403-2 Types of injury and rates of injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities

Page 34

Training and education

Page 25 - 27

404-2 Programs for upgrading employee skills and transition assistance programs

Page 26 - 27

404-3 Percentage of employees receiving regular performance and career development reviews

Page 25

Diversity and equal opportunity

Page 26

405-1 Diversity of governance bodies and employees

Page 25 - 26, 34

Child labor Page 29

408-1 Operations and suppliers at significant risk for incidents of child labor

P29

Local communities

Page 21 - 24

413-1 Operations with local community engagement, impact assessments, and development programs

Page 21 - 24

Marketing and labeling

Page 7

CRE8 Type and number of sustainability certification, rating and labeling schemes for new construction, management, occupation, and redevelopment

Page 7 (5 - 6)

Disclosures have been prepared in line with the Global Reporting Initiative (GRI) Sustainability Reporting Standards (2016)

CRE disclosures relate to GRI-G4 Construction and Real Estate sector disclosures (2014)

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Global HeadquartersTishman Speyer

Rockefeller Center45 Rockefeller PlazaNew York, NY 10111

Phone: +1 212 715 0300 Fax: +1 212 319 1745

Email: [email protected]

TISHMAN SPEYER SUSTAINABILITY REPORT 4...sustainability reporting standards. Sincerely, Rob Speyer...

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Transcript of TISHMAN SPEYER SUSTAINABILITY REPORT 4...sustainability reporting standards. Sincerely, Rob Speyer...