Tishman Speyer Sustainability Report 4 Welcome | About | Highlights | Activities | Approach | Themes | Future | Data | Gri | Contact

Maple Plaza, CA

Contents

03 04 05 06 08 WELCOME ABOUT US HIGHLIGHTS ACTIVITIES APPROACH

11 32 33 35 36 THEMES FUTURE DATA ANNEX GRI CONTACT

Rockefeller Center , New York

Welcome

As global leaders in the real estate industry, we These standards underscore our sustainable “We leverage cutting-edge at Tishman Speyer realize that a strong focus on practices not only in regards to the environment, but technology with industry-leading sustainability is critical to the success of our firm in the management of our relationships and in the operations and construction and the future of our planet. Since our inception in structure of our business. Each section of this report 1978, we have committed ourselves to creating and highlights an aspect of the environmental, social, practices to build sustainable maintaining properties that are both aesthetically and governance (ESG) practices which have enabled properties around the world.” dynamic and environmentally efficient. In keeping Tishman Speyer to maintain its reputation as an Rob Speyer with this commitment, we are constantly seeking industry leader for nearly four decades; ways to improve our environmental, social and Through delivering operational efficiency in the governance (ESG) practices, and we are proud of the development and management of our properties, progress we have made over the last year. we seek to reduce our impacts on our tenants and Between 2015 and 2016, we achieved a 6% reduction the environment. By engaging with the communities in energy intensity across our entire global portfolio, in which we operate, looking after our employees, resulting in Tishman Speyer receiving the distinction and working with our suppliers, we strive to ensure of Energy Star Partner of the Year for the third year that all stakeholders feel valued and respected. And running. Additionally, over the past year, twenty of by employing rigorous anti-corruption measures our buildings achieved certification or recertification and maintaining high ethical standards, we aim to under LEED, BREEAM, or HQE, amounting to 65 preserve our strong reputation of good governance. million square feet of sustainably-certified property We are excited for this opportunity to showcase across four continents. And in a significant shift our longstanding best practices and recent towards greater transparency and accountability, accomplishments, and in the process, outline a path we have prepared this report to align with GRI’s for continuous sustainable growth. sustainability reporting standards. Rob Speyer President and Chief Executive Officer Sincerely, Rob Speyer

About us

148 EUROPE Tishman Speyer is a leading owner, Berlin - Frankfurt - developer, operator and fund manager of London - Paris 221 UNITED STATES CHINA first-class real estate around the world. Since Atlanta - Bala Cynwyd Beijing - Chengdu 1978, we have developed and operated 402 - Boston - Chicago - - Shanghai Greenwich - Greater Los assets, over 160 million square feet total. - Shenzhen - Angeles - Milwaukee - Northern 855 Suzhou Virginia - Greater New York Fourth quarter 2016: portfolio currently comprises City - Greater San Francisco - Seattle - Southern Maryland - Stamford - WashingtonD.C.

INDIA Chennai - Gurgaon $45.8 118 85.6 - Hyderabad BILLION global MILLION investments in gross value1 square feet managed 44

BRAZIL Brasilia - Belo Horizonte - Rio de Janeiro - Sao Paulo 50.5 14.7 1396 MILLION MILLION STAFF square feet square feet in 128 owned development

1 4 7 30 represents 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. CONTINENTS COUNTRIES KEY MARKETS

5,751,907 Highlights Data for 86% of 2015 portfolio 300 52:48 6,583,664 65 EMPLOYEES Data for 86% of 20 Male to female involved in our 2016 portfolio We continuously strive to maintain our MILLION ratio BUILDINGS square feet annual Volunteer status as a global leader in sustainability. Our (15.3m sq. ft.) certified sustainably certified Day in New York firm combines a long history of developing or recertified in 2015 innovative projects with an ongoing focus and 2016 MUNICIPAL WATER on sustainable building operations. USE, KGAL Our performance in 2015 and 2016 is

summarized in this report. SCOPE 2 SCOPE 2 349,704 366,660

SCOPE 1 SCOPE 1 15,538 17,351 41% RECYCLED 6% 29% REDUCTION RECYCLED ENERGY STAR in energy intensity across the Partner of the Year for portfolio between 2015 and 2016 the third year running 79.9 100% AVERAGE US PORTFOLIO Energy Star score 2015 2016 2015 2016 2015 2016 is benchmarked in Energy Star (US Portfolio) 23.81 kWh/ sq. ft. 22.42 kWh/ sq. ft. 47,191,549 sq. ft. 48,595,939 sq. ft. Data for 27% of portfolio Data for 44% of portfolio

Energy intensity Scope 1 / Scope 2 GHG Non-hazardous managed waste emissions, metric tons CO2e

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 INVESTMENT MANAGEMENT ACQUISITIONS DESIGN AND CONSTRUCTION some cases, this process begins with land purchase; in almost Our investment approach capitalizes Our due diligence process includes We leverage cutting-edge all cases it extends into ongoing property management. Our on our integrated platform, drawing sustainability practices such as energy technology and industry-leading integrated platform enables us to incorporate sustainability on our in-house expertise which audits. This enables us to identify construction practices to ensure principles throughout the property life cycle. spans all phases of property energy efficiencies and certification our properties meet the highest standards of sustainability. Our commitment to sustainability is encapsulated in our investment and management. strategies that add value to any potential acquisition. 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.

WE ARE IN THE BUSINESS OF PROPERTY MANAGEMENT LEASING CREATING EXTRAORDINARY All Tishman Speyer properties are Our leasing experts seek to make VALUE FOR OUR INVESTORS, AND managed in line with our Green potential tenants aware of the Standard Operating Procedures: this sustainable features that our RECOGNIZE THAT OUR COMPANY’S sets the standard for all renovations, buildings provide and the benefits FINANCIAL SUCCESS IS ROOTED IN maintenance, repairs and cleaning in terms of improved efficiency, THIS SINGLE-MINDED PURSUIT. within our buildings. and energy and cost savings. Guiding principle

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

15.3 MILLION square feet certified or recertified in 2015 and 2016 Certifications (20 buildings)

LEED (Core and Shell) Gold Sustainability certification enhances our ability to 12005 W Bluff Creek Drive meet tenant needs and helps us to improve our (The Collective), Los Angeles, US assets’ operational performance. 12015 W Bluff Creek Drive (The Collective), Los Angeles, US Tishman Speyer sets as a minimum standard that all 11985 W Bluff Creek Drive our new construction projects globally are built to (The Collective), Los Angeles, US LEED Silver certification standards or higher. 11995 W Bluff Creek Drive The Collective, Los Angeles One Federal Street, Boston Once operational, we pursue the relevant regional (The Collective), Los Angeles, US certification for existing buildings: LEED, HQE, 11975 W Bluff Creek Drive BREEAM, GreenStar or Energy Star as appropriate (The Collective), Los Angeles, US for the region. 222 Second Street, San Francisco, US Certification requirements provide a framework that LEED Existing Building (Operations enhances our ability to meet tenant needs and helps and Maintenance) Platinum us to improve our assets’ operational performance. One Bush Street, San Francisco, US Tishman Speyer Global Certifications LEED Existing Building (Operations 3 LEED Platinum and Maintenance) Gold 10 and 30 South Wacker, Chicago, US 42 LEED Gold 222 North LaSalle, Chicago, US 17 LEED Silver 595 Market, San Francisco, US 6 HQE Rating 520 Pike Tower, Seattle, US 2 BREEAM Rating 525 West Monroe, Chicago, US 3 GreenStar Rating One Federal St, Boston, US 18 Energy Star certified One Channel Center, Boston, US Commonwealth Tower, Arlington, US 34 Undergoing Energy Star certification 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 North LaSalle, Chicago 520 Pike Tower, Seattle 222 Second Street, San Francisco

Our approach

Stakeholder Engagement Working with our tenants Transparency for investors Engaging in the global debate Tishman Speyer’s approach to sustainability is At Tishman Speyer, our goal is to establish long- Transparency and open communication with Tishman Speyer plays a key role within Green informed by our engagement with key stakeholders. lasting relationships with tenants in each of the investors are key priorities for Tishman Speyer, and Building Councils and other major industry bodies We consider our stakeholders to be any individual, markets in which we operate. This begins with underpin our ethos as an organization. Portfolio around the world, actively contributing to the global group or organization that is, or could be, affected in-depth consultation with prospective tenants managers communicate regularly with investors debate on sustainable real estate. We are keen to by our operations. This takes account of our clients to understand their requirements, and continues about major portfolio events and performance share knowledge with our peers, as well as learn (investors and tenants), our employees, and the through ongoing engagement once tenants are updates. Our aim is to set new standards for from their experiences. We have found that there local communities in which we operate. in place. These close tenant partnerships help us sustainable practices throughout our global portfolio. is a remarkable willingness within the real estate We view our investors and tenants as partners, to continually improve the performance of our To demonstrate our achievements in this regard, community to share evidence and best practice and and ensure we understand the issues that are most properties and create long-term sustainable value we publish detailed case studies on our properties. welcome this openness. important to them; this enables us to focus on what for our communities. These can be accessed via our website. A full list of Tishman Speyer’s roles in these matters most and to respond to any concerns and To support this, tenant satisfaction surveys are Many of our investors are GRESB (Global Real Estate organizations can be found in the Data Annex. requests at the property or fund level. As a result of conducted across our US portfolio bi-annually. Sustainability Benchmark) members. Tishman Speyer this approach, no significant concerns have been Any issues that need addressing are incorporated has submitted all eligible funds for assessment for the raised by our stakeholders this year. into an action plan and budget set aside in the past six years. A list of our Green Star funds, GRESB’s Our engagement with our employees and annual facility plan for each property. This coherent highest award, can be found in the Data Annex. communities is covered in the People and approach ensures that we address issues as they Communities sections of this report. arise and continue to meet the needs of tenants.

WHILE REAL ESTATE IS COMPLICATED, WE BELIEVE THAT TRANSPARENCY, HONESTY AND SIMPLICITY ARE THE 48 7 out properties participated in UNDERPINNINGS OF GREAT BUSINESS campaigns such as Earth RELATIONSHIPS. Hour and Earth Day using of 10 elevator media screens to Guiding principle respondents in engage with tenants the 2016 tenant satisfaction survey 120,000 rated the effectiveness of ‘green operations’ Find out more: Sustainability Case Studies daily occupants reached as ‘Excellent’ or ‘Good’ tishmanspeyer.com/expertise/sustainability/case-studies

Our approach DELIVERING LOOKING AFTER OPERATIONAL OUR PEOPLE EFFICIENCY Employment Transparency in reporting Training and education This is Tishman Speyer’s fourth global sustainability report. Energy Water Diversity and equal opportunity For the first time, our report has been prepared to align Occupational health and safety 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. MANAGING Utilizing technology This year, we have undertaken a materiality review to and innovation WORKING WITH identify environmental, social, economic and governance OUR IMPACTS Enhancing health OUR SUPPLIERS and wellbeing issues that are most important to our firm, key stakeholder Emissions Local spend groups and other real estate companies. The material Waste Adopting a No child labor issues for Tishman Speyer are the issues that are most Materials precautionary approach Supplier environmental assessment relevant and significant for our business operations. These Biodiversity and urban greening Ensuring fall into six broad themes, each of which is covered in resilience detail within this report. In addition, four underlying principles support our approach to sustainability and influence our activities in each of these areas: ENGAGING WITH OUR EFFECTIVE -- Utilizing Technology and Innovation LOCAL COMMUNITIES GOVERNANCE -- Enhancing Health and Wellbeing -- Adopting a Precautionary Approach Community engagement Decision making Neighbourhood design Ethics and integrity -- Ensuring resilience Culture and heritage Anti-corruption

Underlying principles

Utilizing Technology and Innovation Adopting a Precautionary Approach We have a long history of innovation and firmly believe We understand that our buildings have impacts that sustainable buildings begin with good design. on the environment and the communities in which We constantly look for ways to utilize technology in they exist, and that to be truly sustainable we need order to minimize the impact our projects have on the to be cautious of any potential impacts that our environment, during both construction and operation. buildings and construction practices have. As such, Our aim is to use innovation to push the boundaries of the precautionary approach is a guiding principle for sustainable design. how we operate. By adhering to globally accepted environmental standards and certifications, we are Enhancing Health and Wellbeing committed to taking steps to ensure that materials Sustainable buildings are happy buildings. Studies and practices used in our assets do not harm the have shown that a healthy indoor work environment environment or occupants. can contribute to greater productivity and enhanced wellbeing, and occupant comfort is increasingly Ensuring Resilience important to our tenants. We design our properties As a long-term holder of real estate, we know that we to take into consideration factors such as natural need to be looking far into the future to ensure that light, access to green space, indoor air quality and we are prepared. Our properties need to be flexible support for active travel modes. and resilient to the risks posed by climate change and A diverse offering of convenience and lifestyle whenever possible we take steps to address those amenities across our portfolio helps to enhance challenges head on. wellbeing for users. In addition, we know that there Tishman Speyer analyzes in detail the possible TAUNUSTURM, FRANKFURT VERDE SW1, LONDON are health and wellbeing benefits for occupants when impacts of climate change on potential building Optimizing Technology Promoting Health and Wellbeing they feel connected to the communities in which they acquisitions, and in the construction of new buildings. TaunusTurm in Germany epitomizes the latest A 317,083 sq. ft. office-led redevelopment completed live and work, and we go to great lengths to foster Mitigation measures are a key consideration in thinking in environmental design and construction. in 2016. A dedicated bicycle entrance and 440 this connection. Find out more in the Communities building design and in development plans for newly Focused research enabled us to optimize the elevator bicycle spaces, plus showering and changing facilities section of our report. acquired assets. design, which resulted in significant energy savings, encourage active transport modes at Verde SW1. A reduced costs and emissions, as well as providing nine-story glass atrium provides excellent natural ”Buildings don’t exist in a vacuum. What empirical metrics for elevator analyses. This work set daylight, and a series of six roof terraces (over 20,000 Find out more: Case Studies a precedent for elevator design in other construction sq. ft.) create a “park in the sky”, giving occupants really matters is the lifestyle of the people tishmanspeyer.com/expertise/sustainability/case-studies projects. It also demonstrated the energy savings access to outdoor green space with stunning views who are living, and working, and shopping potential of optimized elevator technology. across London. in a particular building.”

Rob Speyer

DELIVERING OPERATIONAL MANAGING EFFICIENCY OUR IMPACTS

We use technology to ensure We operate at the highest operational excellence across our standards of sustainability; we properties; our automated data tracking seek to reduce our impacts on system is pivotal to achieving efficiency. tenants and the environment.

ENGAGING WITH OUR LOOKING AFTER LOCAL COMMUNITIES OUR PEOPLE

We are dedicated to giving back to Our people help us achieve the communities in which we operate; excellence every day; we support our employees are the foundation of them by fostering a culture of our philanthropic efforts. trust, integrity and respect.

WORKING WITH EFFECTIVE OUR SUPPLIERS GOVERNANCE

We rely on our supply chain to Our reputation is the bedrock of realise our aspirations; we ensure all our business; we have world-class of our suppliers operate fairly and compliance controls to ensure the go beyond legislative requirements. highest ethical standards.

Le Delta, Paris

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 Delivering operational 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 efficiency improving results.

15,538 MWh 79.9 Total energy consumption Average Energy Star score (US Reduction in energy Portfolio) 6% intensity 2015-2016

Portfolio participating in voluntary 27m sq. ft. Demand Reduction programs

6,583,664 kgal Water use in 2016

Le Delta, Paris

Energy

We delivered significant energy Industry-leading energy Energy intensity Optimal efficiency strategies are Collaborating with tenants efficiencies and savings across our management platform constantly in flux due to the variation Improving the way we monitor buildings is portfolio in 2016. Our comprehensive energy management in utility tariffs. Our new system will the first stage of our energy strategy. The We closely monitor our energy use while system, GEMS (Global Environmental integrate energy efficiency planning second is to share this information with working to create and utilize the most Management System) was introduced in and reduce carbon intensity through our tenants, empowering them to take innovative tools and strategies for energy 2010. Several years of dedicated problem demand management, load/ peak- greater control of their own energy use. conservation and improved efficiency solving at the property, regional and shifting installations and lower carbon Our success in improving the energy at each of our properties. In the US, we global levels has enabled us to consolidate procurement. It will enable us to: efficiency of our buildings is dependent benchmark our assets against the data unstandardized data from across our -- Track current energy spend, on the participation of the tenants who of the United States Environmental portfolio into the GEMS platform. In consumption and CO2 emissions against occupy them. We are committed to Protection Agency’s ENERGY STAR® addition, we have completed a number budgets or targets on a periodic and forming direct relationships with tenants data to drive year-on-year improvements. of energy audits, benchmarking and point-in-time basis. in order to better understand their retro-commissioning studies at the local In the European Union, we have a detailed -- Create dynamic energy forecasts, needs. Our operating teams always meet and regional levels, which in turn have energy tracking system in place for each incorporating real-time utility tariff data, new tenants, and we schedule regular reinforced the critical value of granular of our operating assets. occupancy and detailed weather data. meetings to maintain this relationship real-time tracking and trending data. throughout their tenancy. -- Optimize property management: To be at the forefront of sustainable real engineers and managers will gain By working collaboratively, we can help estate management, we are in the process real-time insights at the property tenants understand key sustainability of building a new real-time, cloud-based and regional levels, with new issues and encourage them to adopt energy management platform. This tools to manage demand, load- more sustainable practices, as well as advanced platform will provide real-time 2015 2016 shifting, procurement, optimization, allow them to contribute directly to interval data insight across our entire global 23.81 kWh/ sq. ft. 22.42 kWh/ sq. ft. performance monitoring and finding decisions regarding building operations. footprint. Our engineers will be able to run new efficiency gains. Going forward, our tenant energy portal 2016 properties more efficiently using real-time will make energy usage more visible Energy Star Partner of the inputs and benchmarking comparisons. to tenants and give them even greater Year for the third year running 96.2% control over their consumption. 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.

Energy

Demand reduction Real-time remote A CLOSER LOOK Tenant submetering To further mitigate our environmental impact, we voluntarily Destination dispatch 520 MADISON AVENUE, NEW YORK participate in utility Demand Response programs across the US. elevations Recent years have seen an almost complete replacement of By integrating load reduction into our upfront building operation plans, we can shift consumption away from peak times, thereby Entire building digital building-wide HVAC equipment, as well as the introduction monitoring system with of new cutting-edge technologies at 520 Madison Avenue. helping to ensure grid reliability, without compromising tenant electric sensors Slim line efficient comfort. These time-of-day shifting programs also deliver a radiators These investment programs have resulted in significant energy savings with low payback periods. Capital investment substantial reduction in greenhouse gas emissions, since peak- to improve the plant room included an ice storage system load power is generally higher emitting. State of the art BMS system to shift peak demand. The addition of sensors and controls In 2016, we made several changes to our Demand Response Demand response program throughout the building enhanced the sophistication of programs to expand and strengthen these commitments: operations. These changes have enabled more efficient -- In 2016, we increased the total number of buildings operation and resulted in significant energy savings. Control and participating in voluntary Demand Reduction programs in our operation strategy The use of the ice storage tanks shifts 8 GWh of cooling portfolio to nearly 27m sq. ft. Annual air and water testing capacity from peak daytime hours to off-peak night-time -- All Chicago properties are now participating in a new program hours. This reduces strain on the grid and enables Tishman covering summer and winter emergency events. Speyer to benefit from cheaper off-peak electricity rates as -- Rockefeller Center district cooling plant: A combination Replaced OA and well as take advantage of utility incentives. RA dampers of building demand reduction, central plant upgrades and operating efficiencies have enabled us to reduce peak summer VFDS on all chillers, demand to around 28,000 kW, saving 14,000 kWh per day (a pumps, fans and compressors 33% reduction). New air compressors LED lighting in -- Local teams have implemented load reduction/peak shifting lobbies New electric Public park strategies in Northern California, Southern California and chillers and plaza Washington DC. Ice storage 66% 8 1.1 31 system reduction in steam GWh Cooling shifted MW Peak tank ice consumption to off-peak per year Reduction storage system

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

Energy

Upgraded dual fuel boilers (now natural gas) State of the art Cooling tower BMS system replacement

Low flow and >200 Electric flow fixtures A CLOSER LOOK Sensors 11 WEST 42ND STREET, NEW YORK Efficient operations

Energy efficiency Always at the cutting edge of technological Capital improvements coupled with the use of sensors, windows controls and Building Management Systems (BMS) allow our Elevator cab development, 11 West 42nd Street was one replacement of the first commercial buildings in New York operators to run building plant as efficiently as possible to City to install a cogeneration system, using meet tenant needs, while reducing energy consumption and one fuel to generate both heat and electricity. carbon emissions. But the value of installing new technology LED and light sensors in A series of upgrades to the 6 MW system, can only be realized through meticulous attention during refurbished tenant areas along with the addition of various sensors operation, which is why our operations teams play such a key LED and lighting and controls, means as much waste heat as role in ensuring that our buildings run efficiently. In the US, in common areas possible is utilized to meet building heating we also have a full-time dedicated resource to work with the and cooling demands. This along with other building engineers to drive more efficient energy operations. measures resulted in a 30% energy saving.

Controls on every major piece of mechanical equipment Energy valves on Find out more: Operational Excellence absorption chillers tishmanspeyer.com/expertise/sustainability/case-studies Cogeneration / tri- generation system Electric chiller replacement VFDS on all chillers, pumps, fans and Investigating compressors battery storage 30% > 200 65 reduction in Sensors GWh of energy use savings

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

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. 2015 As well as our ongoing efforts to reduce water 5,751,907 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 Data for 86% operated assets, and we are looking to increase this of portfolio further in 2017. As a result of our increased data coverage, our reported total water consumption for 2016 2016 is higher than 2015. 6,583,664 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 Data for 88% of portfolio planting and irrigation requirements. Whenever CHRYSLER BUILDING, possible, we also repurpose grey water (relatively NEW YORK clean waste water from sinks, washing machines, and 64% reduction in kitchen appliances). water consumption. We measure and monitor water Over 900 water fixtures usage across our properties in have been replaced with order to highlight any unusual more efficient equipment. Toilets, urinals and sinks trends and identify priority in all restrooms have been areas for improvement. 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.

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 Managing inclusion of green spaces. our impacts 16.6 lb CO2e/sq. ft. Carbon intensity

managed 15,538 waste 41% recycled metric tons CO2e Direct (Scope 1) greenhouse gas (GHG) emissions 349,704 metric tons CO2e Indirect (Scope 2) greenhouse 17% gas (GHG) emissions Increase in waste data coverage by square footage 18,769 since 2015 metric tons CO2e total decrease in GHG emissions since 2015

Rockefeller Center roof garden

Emissions and air quality

We recognize our responsibility to measure and In 2016, energy from renewable sources accounted manage emissions, thus minimizing the carbon for 4.61% of total energy use, predominantly footprint and air quality impacts associated with purchased from green energy suppliers in Germany our portfolio. and France. Going forward, shifting towards a higher In 2016, our greenhouse gas emissions fell by proportion of energy from renewable sources will a total of 18,769 metric tons carbon dioxide further reduce our GHG emissions. equivalent (CO2e), equivalent to the annual We recognize that on-site renewable technologies emissions of 387 average US households.* provide huge scope for reducing the emissions Given the increase in data completeness across intensity of our portfolio over time. Solar photovoltaic our portfolio, this represents a significant (PV) arrays, for example, are one of the most achievement in emissions reductions. efficient and relevant on-site renewable technologies available for city use. Along with reduced electrical *Source: http://coolclimate.berkeley.edu/footprint grid reliance and peak energy consumption, the associated reductions in greenhouse gas emissions Scope 1 / Scope 2 GHG are significant. emissions, metric tons CO2e Indoor air quality is a major concern to businesses, building managers, tenants and employees; it

SCOPE 2 can impact occupants’ health, comfort, wellbeing SCOPE 2 349,704 366,660 SCOPE 1 and productivity. Studies conducted by the U.S. 15,538 SCOPE 1 Environmental Protection Agency (EPA) and others 17,351 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 ROCKEFELLER CENTER, NEW YORK JACKSON PARK, NEW YORK quality are notable. A 363-panel, 61 kW solar array was installed at 45 Setting a new standard for luxury, Tishman Speyer’s We use indoor air quality tools to protect occupant Rockefeller Plaza. Located 45 stories above ground, newest 1,800-unit residential development in the health, and engineering and property management this is the largest privately owned rooftop PV heart of Long Island City, New York includes 1.6 acres staff perform regular checks to ensure air quality is at installation in New York, and one of the highest in the of outdoor green space and over 120,000 square feet healthy levels. We also aim to limit chemical exposure world. On average, it generates 6,000 kWh per month. of indoor and outdoor amenities for tenants to enjoy. and reduce toxic emissions into the environment by making ecologically sound choices for the workplace. 2015 2016 47,191,549 sq. ft. 48,595,939 sq. ft.

A CLOSER LOOK Materials and waste

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. VERDE SW1, LONDON TAUNUSTURM, FRANKFURT This major refurbishment project in the heart of central London set A significant portion of the building was constructed with modular, a precedent for façade glass recycling in the construction industry. prefabricated components that were delivered as close to the point Rather than following the industry norm and sending the waste of installation as possible, decreasing the environmental impact glass to be crushed into aggregates for use in road building, or of having to transport materials. Prefabricated elements offered sending it to landfill, the glass was recycled into other glass products. other advantages, including: improved component quality control, 55,000 sq. ft. (340 metric tons) of façade glass was recycled, saving scheduling reliability and safety standards; just-in-time ordering that 100tCO2e in the downstream production of container glass. significantly reduces wasted materials; and better use of space on site.

282,000 sq. ft. 55,000 sq.ft. 85% BREEAM 90% 20% 20% Grade A office space façade glass recycled recycled glass Excellent of waste diverted of materials coming of construction in new façade from landfill from recycled sources materials locally sourced

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

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

Across our managed portfolio, we mandate all our We are committed to protecting trash collectors to divert as much waste as possible biodiversity and environmentally sensitive from landfill. Tenant awareness-raising programs areas. Our buildings span many generations encourage building occupants to separate dry and and we consider ourselves to be not just wet waste for recycling. We also provide electronic developers, but custodians of our buildings. waste collection services for tenants. We endeavor to construct and manage our Collecting accurate and comprehensive waste buildings in such a way as to protect and data is a challenge across our industry, and we face enhance the physical environment. This obstacles with waste data quality in nearly all of encompasses protection of existing habitats, our regions. Our global data management system control of pollution and use of resources, (GEMS) provides visibility of waste data at the and finding ways to address the impact of property level, but there are data gaps for many of VENTURA, RIO DE JANEIRO transportation to and from each location. our properties, both in terms of quality and coverage. We implemented a comprehensive, state-of-the Wherever possible, our properties feature art recycling program including training for staff We identified this as an opportunity to provide multifunctional green spaces, including and tenants. All waste is tracked, and tenants green roofs and living walls which are support for the Environmental Protection Agency’s receive a monthly report on waste usage and newly launched Waste Tracking tools in Energy Star known to contribute to physical and mental disposal. All recycling is weighed and sorted wellbeing, as well as enhancing biodiversity. Portfolio Manager. onsite to maximise the collection rate and to limit We captured our 2015 waste data in Energy Star contamination of the recycling stream. Non-hazardous Portfolio Manager for 27% of our total square managed waste footage. In 2016, we increased our data coverage 41% to nearly 44% of all assets by square footage. Over RECYCLED this period, we have witnessed an increase in the proportion of waste recycled from 29% to 41%. 29% RECYCLED 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 THE FRANKLIN, CHICAGO and recyclers to standardize reporting data and A 38% reduction in waste to procedures. 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. 2015 2016 Data for 27% Data for 44% of portfolio of portfolio

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 Engaging with our 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 local communities 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

Community engagement VOLUNTEERING IN THE COMMUNITY Spotlight on Washington, D.C. We participate in many regular events to help -- Toys for Tots Drive enhance community connectivity, including hosting cultural events such as musical performances, art -- Thanksgiving Food Drive exhibitions, and an annual children’s art show. -- JDRF Real Estate Games We constantly look for ways to provide opportunities -- Reading Partners that encourage social growth through community -- Active Minds involvement. Initiatives to support these goals -- Jubilee Support Alliance include our active participation in community boards, volunteer events, childhood and early -- Race for Hope education programs, women’s leadership -- AOBA supports The Duckworth organizations, real estate trade associations and School other civic-minded groups. Spotlight on San Francisco We believe that our organization, its employees and One Bush Street, San Francisco (Habitat for Humanity) One Bush Street, San Francisco (Habitat for Humanity) -- SPUR, the San Francisco Bay our investments all perform at their very best when Area Planning and Urban every team member feels that they are contributing Research Association towards positive change in the world. -- Greater San Francisco Habitat for Humanity -- City of Hope WE PERFORM AT OUR BEST WHEN -- Night Market at UN Plaza EACH OF US INDIVIDUALLY TAKES -- United Playaz RESPONSIBILITY FOR IDENTIFYING AND -- San Francisco Maritime Museum SOLVING PROBLEMS, REGARDLESS OF -- ULI District Council OUR ROLE, REGION, OR TITLE. -- CREW Network—Women in Guiding principle Commercial Real Estate -- Concerts in the Plaza at 1 Bush Plaza ”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 Summer Community Harvest, One Federal Street, Boston Wilshire Courtyard, Los Angeles the cities of tomorrow?”

Rob Speyer

Community engagement VOLUNTEERING IN THE COMMUNITY Spotlight on New York Volunteer day New York Cares: Tishman Speyer In October 2015, we launched our Volunteer Day participates annually in the Coat IMPACT initiative: Inspire, Motivate, Provide, Act, Drive, with tenants and employees Communicate, Transform. donating over 2,500 pieces of Over 300 Tishman Speyer New York employees warm outerwear to benefit New participated, partnering with four agencies Yorkers in need. New York City across eight sites in three boroughs. The day was Center for Youth Employment: dedicated to rehabilitating neighborhood green Tishman Speyer participates spaces by improving landscaping and renovating annually in the Ladders for facilities while engaging with our local communities Leaders program, offering paid at public schools, gardens and parks. summer internships to high school and college students. New Building on the success of Volunteer Day 2015, York Blood Services: Tishman around 300 New York employees came together Speyer hosts quarterly blood again in the summer of 2016 across seven sites in donor drives. three boroughs and Newburgh, NY. Along with Toys for Tots: 13 years of seven community partners, we built homes in June, nationwide donations from then in August we planted and rehabilitated parks Tishman Speyer properties to and gardens, and painted bridges and schools. collect toys for disadvantaged We look forward to expanding these Volunteer children during the holidays. Day opportunities across our communities around Involvement with: New York the world. City Police Foundation, FDNY Foundation, Citizens Crime Commission of New York City, A Better Chance, Young Women’s THE ACTIONS OF EACH AND Leadership Network. EVERY ONE OF US CONTRIBUTE TO OUR COMPANY’S REPUTATION. Guiding principle

Community engagement

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

AS DEVELOPERS AND OPERATORS, WE TAKE SPECIAL PRIDE IN THE DISTINCTIVE QUALITY, DESIGN, AND ROCKEFELLER CENTER CHRISTMAS TREE AND HABITAT FOR HUMANITY APPEARANCE OF OUR BUILDINGS. Thousands of people travel to see the iconic Rockefeller Center Christmas Tree every Guiding principle 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 Tishman Speyer works in partnership with the Public Art Fund to host annual installations used in the construction of homes in Pascagoula, Mississippi; Stamford, Connecticut; in Rockefeller Center to promote appreciation of and exposure to the arts. Newburgh, New York; Morris, New Jersey, and New York City.

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, Looking after 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 our people environment, and offer training and support programs to guide employees through all stages of their careers.

1,396 200 Staff across multidisciplinary professionals 30 locations undertook sustainability ‘Lunch and Learn’ sessions

employees have completed 115 LEED training to date 52:48 100% Male to female ratio Employees received a performance and career development review in 2016

Looking after our people

With their exceptional insight, expertise and depth of We encourage our employees to put forward experience, our people are essential to our success. opinions and suggestions regarding operations, Our global real estate professionals blend local work facilities, procedures, serving our clients and, in knowledge and market-driven insights with a wealth general, any work-related issues. Our employees can of international expertise. talk freely with members of the management team, and senior leaders meet regularly with employees for Diversity and equal opportunity open discussion. WE RECRUIT EXCEPTIONALLY Our decisions related to employment issues are TALENTED PEOPLE WHO SHARE based on personal capabilities and qualifications Career development OUR VALUES AND OUR WAY without discrimination on the basis of race, color, age, All Tishman Speyer employees participate in an OF THINKING. WE TAKE EACH gender, sexual orientation, marital status, veteran annual job performance and career development AND EVERY HIRING DECISION status, national origin, disability, religion, or any other review with their direct manager. Additionally, all SERIOUSLY AND ENSURE WE protected characteristic as established by law. employees at the Analyst, Associate and Director levels participate in a mid-year performance dialogue ARE ALWAYS HIRING THE BEST. Culture with their manager to assess performance and Guiding principle Our people are our lifeblood, and their health, safety progress towards achieving their year-end goals. and wellbeing is of paramount importance. Our occupational health and safety data can be found in Recognizing, developing and rewarding performance the Data Annex. is central to our success. As part of our performance evaluation process, managers and employees work We have created an organizational culture that together to develop business goals and action rewards those who exemplify the qualities that plans for achieving them. When vacancies arise, we drive our business and professional achievements look to promote from within. We also encourage around the world. These qualities include creativity, and support personal development by making innovation, effective communication, a commitment educational resources such as trainers, coaches and to increasing contribution to the firm, proven our assistance program available to employees. leadership skills, the ability to prioritize, teamwork and entrepreneurship. 222 Second Street, San Francisco 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

Looking after our people

Training and education Key sustainability teams collaborated on our Building a company-wide knowledge base is an Future of Green Technology education series, important step towards maintaining a corporation new sustainability case studies, and the Future that places a high priority on developing enduring of Sustainability presentation at the Urban real estate, and helps focus our efforts towards Land Institute conference in June. We have also improving the environment through conscious participated in the EDF (Environmental Defence Rockefeller Center Rooftop, New York energy management and carbon reduction goals. Fund) Climate Corps summer fellowship program for Our commitment to driving sustainability into each several years, embedding a graduate student trainee within our sustainability team. WE SUCCEED BECAUSE sector of our business applies at all levels of the OUR PEOPLE THINK MORE We also recognize that outside courses are a organization. As such, a dedicated sustainability CREATIVELY, ASSESS training plan has been implemented for all employees necessary and desirable way to upgrade employee JP Morgan Challenge, New York within the property management teams. skills and an important part of an employee’s career OPPORTUNITIES MORE ASTUTELY AND ACT MORE We regularly run seminars on green building development. Employees with at least three months practices, code compliance, disaster preparedness, of service are eligible for educational assistance for QUICKLY THAN OTHERS. OUR human-centered building design, energy efficiency, job-related and/or industry-related courses at an PEOPLE ARE OUR LIFEBLOOD. accredited college or university. as well as various other training sessions including Guiding principle LEED® (Leadership in Energy & Environmental Health and Wellbeing Design) and BOMA (Building Owners and Managers Tishman Speyer offers employees an extensive Association) certification. package of benefits and programs designed to The TS University program continues to provide attract all generations in our workforce. Our benefit a combination of online and in-person workshops offerings are designed to give employees optimal and best practice sharing sessions, all of which are choices, including a robust Wellness program, recorded and made available online to the whole nutrition support, meditation classes and liberal company. In 2016, we expanded the program to policies that support employees. We aim to address include a new series of webinar ‘Lunch and Learns’ a wide range of personal issues by providing which are intended to expose all employees to retirement planning, medical and security protection innovative technologies and advances in our industry. anywhere an employee travels globally, education assistance, commuter friendly programs and on-line training capabilities.

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

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. Working with We also carry out regular spot checks and monitoring of our suppliers to ensure that our suppliers standards are maintained.

TaunusTurm, Frankfurt

Working with our suppliers

Tishman Speyer is principally in the business of Working with our supply chains to realize our Local spend buying, building and operating commercial and aspirations We view all of our buildings and construction sites WHILE WE ENCOURAGE INDIVIDUAL residential buildings. The supply chain for the With ambitious sustainability aspirations for each as locations of significant operations. We always INITIATIVE AND ACCOMPLISHMENT, company consists of the products and services of our developments, we recognize the crucial attempt to purchase locally, which is defined as falling OUR BEST RESULTS COME WHEN necessary to complete these tasks: role played by our suppliers. Our design teams are within 500 miles of a building’s location. Purchasing WE WORK AS A TEAM. For new construction our supply chain consists of comprised of world-class architects, masterplanners, locally is both a sound economic and environmental Guiding principle purchasing all materials needed to construct new structural, mechanical and electrical engineers, decision, it gives us the opportunity to boost local buildings, as well as companies to complete aspects environmental specialists, transport planners, economies and it reduces the environmental impacts of the construction process. Our supply chains vary and many other technical specialists. Onsite, our associated with transportation. construction supply chain also represents the public significantly depending on the type of building and Child labor its location. face of our developments. We work closely with our suppliers to develop a strong sustainability- Tishman Speyer is strictly opposed to the use of On the operating side of the business, our supply led vision, and to monitor performance against the child labor in any and all operations, including those chain consists of products and services needed to conducted by our suppliers. operate buildings, predominantly made up of services sustainability goals for each property. related to energy, water and removal of waste. 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, WAVEROCK, HYDERABAD contractors and consultants adopt the latest WaveRock is a Special Economic Zone campus environmental safeguards and standards. At a comprising 2.5m sq. ft. of Class A office space. minimum, Tishman Speyer requires that all of its We worked with world-renowned architects to design professionals, contractors and consultants develop a green building that sets a new standard comply fully with all applicable environmental in India’s commercial real estate landscape. We work closely with our suppliers laws and regulations. To the maximum extent A key feature of the design is the building envelope, a high-performance, double-glazed to develop a strong sustainability-led possible, we expect all of our design professionals, contractors and consultants to exceed the minimum curtain wall that minimizes heat gain while vision, and to monitor performance environmental laws and requirements when feasible ensuring that the building receives maximum against the sustainability goals for and to comply with third-party sustainability natural daylight. The building was awarded LEED® each property. certifications where applicable. Gold for Core & ShellTM (Phase I & Phase II).

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. Effective 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 governance contribute to our company’s reputation.

Guiding 7 Countries 15 Principles In business since 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-making Ethics and integrity Anti-corruption In addition to the training delivered to employees, The Management Committee is the highest body Tishman Speyer’s Guiding Principles lay out anti-corruption risk is also addressed by Tishman Tishman Speyer has a zero tolerance policy with for governance and decision-making within Tishman the ethical principles of our global business. Speyer’s Compliance program through periodic respect to bribery and corruption. This principle Speyer. All capital decisions for the company sit with Underpinning these core tenets are rigorous policies testing of existing controls. Where testing reveals is embodied in Tishman Speyer’s Global Anti- the Investment Committee. that apply to all employees regarding compliance, issues, the Compliance Department takes steps Corruption Policy (the “ACP”), which applies to all business ethics, anti-corruption and financial to address these through additional training or Tishman Speyer employees. The ACP addresses, governance. We adhere to the highest standards of implementing additional anti-corruption controls. amongst other things, corruption risk involved in social, employment and environmental practices, Find out more: Committees giving or receiving anything of value, facilitation Information regarding our Global Anti-Corruption tishmanspeyer.com/firm/people striving to make each community in which we payments, business partners, and transactions. Policy is available to investors upon request. operate a better place to live and work. Every member of the firm’s governance bodies Company business is conducted with integrity and (Investment and Management Committees) has honesty, and complies with all applicable laws in a The Committee responsibility for economic, received training on the ACP and participates in WE HOLD OURSELVES TO THE manner that precludes considerations of personal environmental and social topics is the Management on-going anti-corruption training. Additionally, HIGHEST STANDARDS, NOT THE advantage or gain. We expect our employees to Committee. Decision-making and executive-level quarterly compliance presentations are given to the accept professional responsibility for their individual STANDARDS SET BY OTHERS. responsibility for economic, environmental, and social Committees which regularly address the topic of decisions and actions, model ethical conduct, Guiding principle topics sits with Jonathan Flaherty in New York. anti-corruption. exercise good citizenship, and make every effort to advocate the highest ethical standards throughout Apart from our Committees, anti-corruption training the entire organization. is mandatory for all employees. Employees receive WE HONOR OUR AGREEMENTS, new hire and annual compliance training which WHETHER THEY ARE FORMED IN address bribery and corruption. Furthermore, WRITING OR IN HANDSHAKES. A employees whose responsibilities carry enhanced Find out more: Guiding Principles corruption risk are provided with specific, more DEAL IS A DEAL, ALWAYS. tishmanspeyer.com/firm/guiding-principles Guiding principle tailored anti-corruption training.

WE TREAT EVERYONE WITH WE CONDUCT OURSELVES WITH 15 RESPECT AND CIVILITY. THERE IS THE PASSION AND INTEGRITY THAT GUIDING NO PLACE IN OUR COMPANY FOR IS EXPECTED OF GREAT LEADERS. PRINCIPLES RUDENESS, ARROGANCE OR DECEIT. Guiding principle Guiding principle

Looking forward

Reviewing our approach This 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 reporting For 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 success A 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

Data annex

Scope Energy Breakdown of 2015 2016 to capture whole building energy Waste The data presented in this report relates 2015 2016 energy use by consumption, or are able to receive whole Non-hazardous waste data is collected type (kWh) building energy consumption directly to Tishman Speyer’s owned and operated Total energy 1,123,621,600 1,089,520,400 at the asset level directly from the local assets. The data relates to whole building usage, kWh Electricity 821,199,901 788,349,586 from the local utilities. waste hauler; no estimated data has been usage (including tenant usage and Total floor 47,191,549 48,595,939 Natural Gas 85,609,229 90,659,801 For the majority of data, conversion reported. Data for hazardous waste is not shared spaces). Only actual data has area, sq. ft. Fuel Oil #2 6,386,639 5,110,029 factors were obtained from US EPA’s collected at asset level. been recorded; there is no estimated Energy 23.81 22.42 Fuel Oil #4 869,117 1,041,426 Emissions & Generation Resource Data coverage is incomplete due to consumption. intensity, Diesel #2 262,887 105,362 Integrated Database (eGrid) which complications in obtaining accurate, timely The individual buildings are either kWh/ sq. ft. District Heating 209,293,853 204,254,224 captures data relating to emissions data from waste haulers in all regions. metered to record consumption of the Scope 93.5% 96.2% or Cooling of carbon dioxide, methane, nitrous whole building (including tenants), or are oxide, nitrogen oxides, sulphur dioxide Non-hazardous managed 2015 2016 The calculation of energy included in the Total 1,123,621,626 1,089,520,428 able to receive whole building energy and mercury). For properties in India, waste (US Tons) intensity ratio includes all types of energy consumption directly from the local utility. Emissions conversion factors were obtained Recycling 1,936 5,195 consumed at the building (including from the International Energy Agency Landfill 4,838 7,548 Data was available for properties electricity, natural gas, fuel oils, district 2015 2016 (IEA, 2015). For properties in Europe, Total 6,774 12,743 comprising the following square footage. steam and chilled water). The ratio Scope 1, 17,351 15,538 In 2016, this accounted for all but three tonnes CO e conversion factors were obtained from Scope (sq. footage) 27.3% 43.9% includes all energy consumed by the base 2 the UK Department for Environment, owned and operated assets. building and tenants in our buildings. Scope 2, 366,660 349,704 tonnes CO e Food & Rural Affairs (Defra, 2015). 2016 – 48,595,939 sq. ft. (79 properties) 2 Breakdown of 2015 2016 Total, tonnes 384,011 365,242 Water 2015 – 47,191,549 sq. ft. (74 properties) energy use CO e 2 2015 2016 We were unable to obtain complete Non-renewable 1,079,622 1,041,486 Scope (sq. 93.5% 96.2% (MWh) footage) Municipal 5,751,907 6,583,664 data coverage for all properties due to water use, kgal challenges with gathering consumption Renewable 44,000.00 48,035 (MWh) Scope 1 and Scope 2 emissions were Scope (sq. 85.6% 88.3% data directly from tenants and in emerging Total 1,123,622 1,089,520 calculated based on actual, whole footage) markets. Data completeness for each building data recorded during the Proportion from 4.08% 4.61% It has not been possible to obtain metric is represented by scope (referring ownership period in 2015 and 2016 for renewable fuels complete data coverage due to to the proportion of properties reporting assets under operational control. This challenges with data availability from the consumption data, by square footage). includes all base building and tenant utility and property management teams in consumption. There is no estimated certain markets. consumption included in this figure. The individual buildings are either metered

Data annex

Employees Tishman Speyer GRESB Green Star Funds Tishman Speyer Partners All data has been compiled from our Funds Stars (1-5 scale) -- United States Environmental Protection global human resources department USO I 3/5 Agency: Energy Star Partner in and no assumptions or estimations have Sustained Excellence USO II 3/5 been made. All data is accurate as of -- US Green Building Council: Former December 2016. US Fund VI 3/5 Board of Directors, Founding sponsor Employees by gender US Fund VII 3/5 of USGBC’s Urban Green Council in US Fund VIII 3/5 New York, LEED Advisory Committee Full time Part Time Europe ESOF 4/5 (Platinum Member) Male 719 1 Europe TSEC 3/5 -- Green Building Council India: Founding Female 670 6 Member Europe Fund VI 4/5 1389 7 -- Green Building Council Brazil: Founding Total 1396 Europe Fund VII 2/5 Member The GRESB 5 star system was introduced Collective bargaining -- Green Building Council United Kingdom: in 2016. Rather than receiving a star (or Member At December 31, 2016, 46% of our not) based on overall percentage score, employees were subject to collective -- DGNB, the German Sustainable Building the funds now receive between 1-5 stars Council: Member bargaining agreements. based on their overall performance. -- Real Estate Board of New York: Chair of Occupational Health and Safety Funds that are New Construction ONLY Sustainability Committee (US data) were excluded from this list. -- Urban Land Institute Sustainable Lost day rate 10% Building Council: Member, New York Absentee rate 10% City Steering Committee, Responsible Injury rate 0% Property Investing Council, Sustainable Development Council Occupational disease rate 0% -- New York Building Energy Exchange: Chair of Board -- Global Real Estate Sustainability Benchmark (GRESB): Member, Benchmark Committee Member

Chrysler Building, New York

GRI Content Index

GRI # Disclosure Location or 102-40 List of stakeholder Page 8 103-1 Explanation of Page references Water Page 16 Training and Page 25 - 27 response groups material topic and its are given next 303-1 Water withdrawal by Page 12, 16, 33 education 102-1 Name of the Tishman Speyer 102-41 Collective bargaining Page 34 boundary to the heading source 404-2 Programs for Page 26 - 27 of each material organization Properties, L.P. agreements Emissions Page 17 upgrading employee topic skills and transition 102-2 Activities, brands, Page 4 102-42 Identifying and Page 8 305-1 Direct (Scope 1) GHG Page 17 - 18, 33 products, and services selecting stakeholders 103-2 Management Information assistance programs approach unavailable emissions 102-3 Location of Page 36 102-43 Approach to Page 8 103-3 404-3 Percentage of Page 25 305-2 Energy indirect (Scope Page 17 - 18, 33 employees receiving headquarters stakeholder Economic Page 10 2) GHG emissions engagement Performance regular performance 102-4 Location of Operations Page 4 305-4 GHG emissions Page 17, 33 and career 102-5 Ownership and legal Tishman 102-44 Key topics and Page 8 201-2 Financial implications Page 10 intensity development reviews concerns raised / other risks & form Speyer is an S 305-5 Reduction of GHG Page 17, 33 Diversity Page 26 Corporation. 102-45 Entities included in the Financial data opportunities due to climate change emissions and equal 102-6 Markets served Page 4 consolidated financial is subject opportunity statement to specific Procurement Page 28 CRE3 Greenhouse gas Page 17, 33 102-7 Scale of the Page 4 confidentiality practices emissions intensity 405-1 Diversity of Page 25 - 26, 34 organization constraints from buildings governance bodies 204-1 Procurement Practices Page 28 - 29 and employees 102-8 Information on Page 34 102-46 Defining report Page 9 Effluents and Page 19 - 20, 33 employees and other Anti- Page 31 waste Child labor Page 29 content and topic Corruption workers Boundaries 306-2 Waste by type and Page 17, 19 - 20, 408-1 Operations and P29 102-9 Supply chain Page 28 - 29 205-1 Operations assessed Page 31 disposal method 33 suppliers at significant 102-47 List of material topics Page 9 for risks related to 102-10 Significant changes to None Supplier Page 28 - 29 risk for incidents of 102-48 Restatements of None corruption child labor the organization and information environmental its supply chain 205-2 Communication and Page 31 assessment Local Page 21 - 24 102-49 Changes in reporting None training about anti- 102-11 Precautionary Page 9 -10 308-1 New suppliers that Page 29 communities 102-50 Reporting period Jan 2015 - Dec corruption policies and Principle or approach procedures were screened using 413-1 Operations with Page 21 - 24 2016 environmental criteria local community 102-12 External initiatives None Materials Page 19 102-51 Date of most recent 2014 Employment Page 26, 34 engagement, 102-13 Membership of Page 8, 34 report 301-1 Materials used by Page 19 impact assessments, associations Occupational Page 26 102-52 Reporting cycle Biennial weight or volume and development health and programs 102-14 Key impacts, risks, and Page 9 (see also 301-2 Recycled input Page 19 opportunities 6, 10, 16, 31) 102-53 Contact point for Page 36 safety questions regarding materials used Marketing Page 7 102-16 Values, principles, Page 31 (see 403-2 Types of injury Page 34 and labeling the report Energy Page 13 - 15, 33 and rates of injury, standards, and norms also Guiding CRE8 Type and number Page 7 (5 - 6) 102-54 Claims of reporting in This report has 302-1 Energy consumption Page 12, 33 occupational of behavior Principles of sustainability accordance with the been prepared within the organization diseases, lost days, throughout this certification, rating report) GRI Standards in accordance 302-3 Energy intensity Page 13, 33 and absenteeism, with the GRI and number of work- and labeling schemes 102-18 Governance structure Page 31 Standards: Core 302-4 Reduction of energy Page 12 - 15, 33 related fatalities for new construction, management, 102-20 Executive-level Page 31 option consumption occupation, and responsibility 302-5 Reductions in energy Page 12 - 15, 33 102-55 GRI content index Page 35 redevelopment for economic, requirements of environmental, and 102-56 External assurance This report products and services Disclosures have been prepared in line with the Global Reporting has not been Initiative (GRI) Sustainability Reporting Standards (2016) social topics CRE1 Building energy Page 13, 33 externally CRE disclosures relate to GRI-G4 Construction and Real Estate assured. intensity sector disclosures (2014)

TISHMAN SPEYER SUSTAINABILITY REPORT 4 EFFICIENCY IMPACTS COMMUNITIES PEOPLE SUPPLIERS GOVERNANCE PAGE 35 Global Headquarters Tishman Speyer Rockefeller Center 45 Rockefeller Plaza New York, NY 10111

Phone: +1 212 715 0300 Fax: +1 212 319 1745 Email: [email protected]

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