This study examines how real estate asset managers engage with the EU Taxonomy in managing climate risks. The study focusses on the EU Taxonomy's climate adaption goal, a classification system created to direct sustainable investment choices. It looks at whether and how asset managers might use this tool to assess adaption efforts in already-existing office buildings. While the Taxonomy sets a framework for sustainable investments, its implementation remains complex. The research explores awareness, alignment challenges, and motivations among asset managers across various real estate sectors. A mixed-method approach was used, combining literature review, semi-structured interviews, and a case study. Findings show that regulatory compliance is the primary driver of alignment, while administrative burdens, financial costs, and data limitations are key barriers. Most asset managers assess alignment after investment decisions, rather than using the Taxonomy proactively. Despite increasing awareness, compliance is often treated as a box-ticking exercise rather than a strategic tool. To improve adoption, the study emphasizes the need for clearer guidance, stronger financial incentives, and better data accessibility to support a more effective and integrated approach to climate risk management in real estate.