GROSVENOR

With 54 assets and $4.6B under management across the U.S. and Canada, Grosvenor is one of the world’s largest privately owned property businesses and a World Green Building Council Net Zero Carbon Buildings Commitment signatory. The majority of its 3.8M SF of new development will target LEED Gold standards, incorporate risk assessments, and future-proof considerations into acquisitions and portfolio management. Grosvenor, supported by Stok, is developing and implementing a Zero Carbon Portfolio Plan and Scope 1, 2, and 3 greenhouse gas reduction targets for its residential, retail, office, and industrial assets across North America.

At a Glance

Grosvenor
North America
Retail, Residential, Corporate
8.2M SF
Net Zero Carbon (targeting)LEED Gold (targeting)
  • Strategic Carbon Planning
  • ESG Strategy
  • Engineering Management

The Challenge

Stok is developing a Zero Carbon Portfolio Plan for Grosvenor’s 8M SF of new and existing portfolio assets across North America to achieve the company’s commitment to operate all buildings under direct control at net zero carbon by 2030 and widening its scope of impact to net zero embodied carbon by 2050. This includes:

  • Performing portfolio benchmarking to establish baseline performance across assets
  • Tailoring a framework to prioritize assets for energy efficiency improvements
  • Creating and implementing a robust 10-year Zero Carbon Portfolio Plan
  • Developing an ESG Development Standard
  • Identifying categories of focus for value chain emissions reductions through a Scope 3 gap analysis
“Stok has been a crucial partner in Grosvenor's World Green Building Council net zero carbon journey. They identified a clear solution in a complex landscape, bringing engineering prowess and a strategic systems approach to help us understand our baseline and develop a 10-year plan for implementing sophisticated and streamlined carbon reduction strategies at scale for both operational and embodied carbon. The Stok team's collaborative spirit, thirst for problem solving, and ability to flourish in ambiguity have allowed us to pursue our goals with confidence. Grosvenor's portfolio is on a successful journey to zero carbon in large part thanks to them.”

By the Numbers

With action, expected business as usual (BAU) emissions decrease by 2030 (Scopes 1-3)
30-50%

The Solution

ASSESS & PRIORITIZE ASSETS

Stok began by analyzing available asset level building information and utility data. From this deep data review, Stok was able to provide data quality assurance by identifying specific issues in the data and areas of improvement. After completing portfolio benchmarking to establish a baseline and considering Grosvenor’s targets in line with its projected portfolio growth (business as usual pathway), Stok presented eight key overarching strategies for Grosvenor to implement to achieve net zero carbon by 2030, with a focus on energy efficiency over offsetting. To support implementation and foster corporate education and awareness, Stok held educational sessions and developed internal tools for Grosvenor’s team, including a tool for prioritizing assets for energy improvements and a net zero carbon strategy matrix to assist the investment team in evaluating energy efficiency measures for existing buildings.

ESG DEVELOPMENT STANDARD

Stok developed another key tool, beginning as an owner’s project requirement document, then broadening to include codes and energy targets, decarbonization strategies, carbon offsets, and other ESG project requirements. This ESG Development Standard provides a flexible framework applicable across the portfolio while guiding Grosvenor’s development team to use with consultants and general contractors through all stages of project development. To support the portfolio level goal of net zero carbon for all future development projects, this document highlights key carbon reduction strategies including an integrated design charrette, passive building, electrification, building envelope construction, onsite renewables, commissioning, material selection, and finally, carbon offset strategies.

AMBITIOUS SCOPE 3 REDUCTIONS

Supporting Grosvenor’s desire to push beyond its World Green Building Council Carbon Neutral commitment, which focuses on Scope 1 and 2 emissions, Stok performed a Scope 3 gap analysis to identify priority categories for carbon reduction within Grosvenor’s value chain. Considering size, Grosvenor’s ability to influence, and importance to stakeholders, Stok identified two categories of focus: (1) downstream leased assets and (2) purchased goods and services. With this holistic assessment of portfolio carbon emissions, Stok provided ambitious reduction recommendations across Scopes 1, 2, and 3.

Stok is currently supporting Grosvenor with the implementation of its Zero Carbon Portfolio Plan. Learn more about these efforts in this client spotlight video with Lauren Krause.

Last year, Grosvenor delivered the tallest building designed to Passive House standards in British Columbia, Canada. 825 Pacific, a seven-story arts and culture hub located in downtown Vancouver, will consume up to 90% less heating and cooling energy than conventional buildings. Photo Credit: Grosvenor

Project Leadership

Charlie Christenson
Energy Modeling | ZNE | LEED
Ally Duncan
MBCx | Carbon Accounting | ZNE
Colette Crouse
Carbon Accounting | ESG Strategy & Program Management