Prominent Two-Building Multi-Tenant Office Property
Reaping the rewards of new owner’s focus on energy efficiency
- A multi-tenant office property at a prominent urban location consisted of two buildings constructed decades apart from one another. Totaling more than 2.6 million square feet, the buildings include a 40-story tower opened in 1955 is linked to a 64-story tower opened in 1990. In addition to offices, the property has a parking garage, retail stores, and data center.
- The property had recently changed hands. New ownership was already investing in amenities and aesthetics but was eager to invest in energy efficiency as well.
- The former owner had declined participation in the local utility’s incentive programs because all efforts were focused on preparing for the sale. Given the new owner’s limited budget for energy efficiency, however, such incentive programs were deemed essential to maximizing value.
- Building engineers recommended HVAC system performance optimization, and we suggested retro-commissioning as a means of helping achieve the new owner’s energy goals.
- We assisted the building owner with applying for participation in the local utility’s retro-commissioning incentive program.
- Upon the property’s acceptance into the incentive program, we conducted a site visit, met with site staff, and obtained data from the building automation system (BAS) and other sources.
- We identified nine low-cost, rapid-payback energy-saving opportunities with the potential to reduce annual electricity use by 7%, or more than 1.5 million kilowatt-hours (kWh).
- Management chose to implement eight of the nine measures, achieving 1.2 million kWh of annual electricity savings and nearly 50,000 therms of annual natural gas savings.
- The project resulted in improved HVAC system performance and generated an overall simple payback of 6 months.
Commercial Real Estate