CASE STUDY Centerstream District Energy 2025 marked the first full year of Greystar’s infrastructure platform, during which time the platform expanded. 21, 22 Our first infrastructure investment, made at the end of 2024, was in Centerstream District Energy, which provides reliable, cost-effective and lower carbon energy to the core business district of St. Louis, Missouri.
This combination of lower emissions, operational savings, and climate resilience forms the foundation for the next phase of the system’s development, a major expansion that will extend these benefits to cooling. We believe that the chilled water system, scheduled for completion in 2028, will further improve efficiency by delivering the same cooling output to the district with approximately 15% less total installed capacity than would be required if each building relied on its own equipment. By producing and sharing cooling centrally across multiple buildings, the network is also expected to use roughly 40–50% less energy than conventional in-building technologies. We anticipate that waste heat from Centerstream’s existing cogeneration plant will be used to power much of the chilled water system. Because the plant generates electricity more efficiently by capturing and reusing heat and relies less on the region’s coal-heavy power grid, the system is expected to achieve an estimated 22% reduction in CO 2 emissions compared to the Missouri grid baseline. This design delivers a sustainability benefit while supporting reliable cooling across the district. The cooling system will also use R514A, an advanced refrigerant selected for its strong sustainability profile and low global warming potential. Once operational, the system will be able to store chilled water and deploy it throughout the day, helping smooth electricity demand and improve overall system efficiency. District energy systems can also adopt cleaner fuel sources over time, and as Centerstream evolves, we plan to evaluate opportunities to integrate further storage and renewable energy solutions, such as thermal energy storage and battery energy storage systems.
Providing reliable, cost-effective and lower carbon energy to the core business district of St. Louis.
District energy systems produce heating or cooling at a central plant and distribute it to multiple buildings through insulated underground pipes. By replacing the need for separate boilers or chillers in each building, Centerstream enables a more efficient use of energy and reduces overall fuel consumption. The energy conversion efficiency of the system is over 90%. This model can reduce carbon emissions by approximately 40% compared to traditional boilers, supporting the broader transition to a lower emissions future. 23 District energy also plays an important role in strengthening resilience as climate-related disruptions become more frequent. Centerstream operates with availability rates of 99.99%, providing the communities it serves with reliable heat and reduced maintenance costs. This reliability was demonstrated in January 2025, when a severe winter storm caused power losses across parts of St. Louis, including critical municipal infrastructure that had to rely on backup generators. In contrast, buildings served by Centerstream experienced no interruption in service, underscoring the system’s ability to maintain operations during extreme weather events and support community resilience as climate risks intensify.
21 This example is for illustrative purposes only. It should not be expected that Greystar will always implement similar sustainability processes or that comparable results will consistently be obtained. The specific investments described are not representative of all of the investments purchased, sold, or recommended for Greystar funds or clients. It should not be assumed that any investment identified has or will be profitable. There can be no guarantee that similar investment opportunities will be available in the future or that Greystar will be able to exploit similar investment opportunities should they arise. 22 Energy conversion efficiency, carbon emissions reduction, system availability metrics, and cooling capacity are based on internal company calculations and operational data provided by Centerstream and were calculated using publicly available emissions factors and comparative reference data, including U.S. EPA 40 CFR Part 98, Subpart C, Table C 1 and the Missouri Department of Transportation’s Carbon Reduction Strategy (2023). 23 Calculated for a standard building and a boiler’s 20-year lifecycle.
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