March 26, 2008 - Leading commercial real estate investor TIAA-CREF says it plans to improve the energy efficiency of its real estate portfolio 10% by 2010. The company is currently assessing the 43 million square feet of office space within its real estate portfolio to find ways to improve building energy performance.

The company is currently working with the independent property management companies charged with the day-to-day operations of its real estate assets to identify opportunities for boosting building energy efficiency across its portfolio. Strategies include upgrading lighting equipment and shutting off lights and heating and cooling systems on days when office buildings are not in use.

"Our goal is to enhance our portfolio's long-term value, which we achieve, in part, through prudent property management," the company said in a statement. "Energy efficiency is a priority for our real estate operations, because we see the enhanced value it brings to us, our tenants, and our clients."

The U.S. Environmental Protection Agency recently named TIAA-CREF as an Energy Star Partner of the Year for its progress in improving energy efficiency. The company has been an Energy Star partner since 2002.