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Real Estate Bisnow
The largest commercial real estate publication in the United States.
January 12, 2012 
Monday (Cab) LTile
New Dev Along High Line

PowerSPACE & Services offers impressive executive suites in four prime locations: One Penn Plaza, 330 Madison Avenue, 909 Third Avenue and 770 Broadway. Virtual offices too. Find out more here.

A new Class-A building targeting LEED Platinum is coming to West Chelsea. Yesterday, Albanese Development Corp announced it purchased 510 W 22nd St from Highland Capital for $55M with plans to redevelop the vacant five-story garage. (Fun fact: it was once owned by an investment group that included Jay-Z.)
The plan: a nine-story, 175k SF building with 200’ of frontage along the High Line. (Zoning allows for development of office, retail, hotel, and non-profit museum uses.) It will include 14 to 20-foot ceilings and column-free floorplates ranging from 15k to 20k SF. ADC has enlisted Cook+Fox Architects, which is no stranger to green—it was the design brain behind Bank of America Tower at One Bryant Park. Sustainable features will include individual occupant-controlled HVAC systems and outdoor spaces on the second and eighth floors and rooftop. Investors include The Olayan Group and West Chelsea developer Alf Naman, while acquisition cash was provided by HSBC.

535 Madison, New York, NY
510 W 22nd St is joining good LEED company in Manhattan: Park Tower Group’s 535 Madison Avenue is the newest Class-A office building to get cert, earning LEED Gold-EB and the Energy Star label for being 30% more efficient than comparable buildings without the designation. What the owner did: implemented a full recycling program, installed low-flow water closets and urinals, launched a green cleaning program, installed a heat exchanger to reuse steam condensation, and is using a demand response load shedding program.
360 Hamilton Ave, White Plains
Also achieving LEED Gold-EB: Reckson/SL Green’s 384k SF 360 Hamilton Ave in White Plains after improving recycling by 50%, energy use by 25%, and water consumption by 20%. Reckson/SL Green also bought renewable energy credits for 100% of the building’s annual energy use to support the development of off-site hydro, wind, and solar energy development in the US.

JLL's Dana Schneider

Is your building not green yet? (Or are you still wearing a Members Only jacket?) Consider yourself outdated. Dana Schneider, JLL’s Northeast market lead for energy and sustainability services, says it’s not just about attracting tenants, saving money, and increasing value—it’s also ensuring compliance with ever-increasing regs (think City initiatives like the Greener, Greater Buildings Plan). She’s been helping owners of many buildings figure out what’s most impactful for their assets and the cost for doing so. In most cases today, implementing sustainable measures is no more than a five-year payback, she says, and there are still many incentives available for owners from places like NYSERDA.

Empire State Building

The Empire State Building got its LEED cert in September by putting in place a replicable process for deep energy retrofits of existing buildings, created by a team of JLL, Clinton Climate Initiative, Johnson Controls, and the Rocky Mountain Institute. The result: guaranteed reduction of the building’s energy consumption by over 38%, saving $4.4M in energy costs annually (and a three-year payback, to boot). The team has brought this process to over 36 buildings nationally these past two years. And JLL has committed to developing plans to reduce energy in its managed portfolio of large buildings by 20% over the next 20 years—that's 100M SF.

Brookfield's Michelle Berliner and Jarmel Kizel Architechts' Matthew Jarmel
A green data center is almost an oxymoron, considering how much energy it uses. (And everyone knows data loves taking long showers.) But Brookfield Asset Management, with the help of Jarmel Kizel Architects and Engineers, is proving that it can be done. We spoke with Brookfield’s Michelle Berliner and Matthew Jarmel about Brookfield’s Convergence Centers, a 650k SF tech/office campus in Whippany, NJ. (Fun fact: its first building, developed by ITT in the '50s, housed switching equipment for the famous Red Phone hotline between the White House and Kremlin during the Cold War.) The campus is in the process of renovating to modernize its buildings, which provide data space and mission-critical facilities for its tenants.
Convergence Centers, Whippany, NJ
We snapped this pic while parachuting down (guess where we landed). Matthew says sustainable design is also about reusing existing infrastructure. In addition to the first building, three of Convergence Centers’ 150k SF buildings were developed in phases over the last 20 years. Retrofits include using water-source heat pumps versus air for heating and cooling—reducing power by 30% to 40%; replacing dated fluorescents with high-performance lighting tech—reducing power by 30%; and installing BMS. A new 200k SF building (90% data, 10% office) is planned; to avoid heat gain from data equipment, it will include insulated precast concrete wall panels and containment drapes around equipment to create barriers between data equipment and working areas, reducing the volume of air needed to be cooled up to 40%. Brookfield is now looking at buying hydro and wind power, and potentially solar power, to use clean energy and to further reduce electricity costs.
Jay-Z and Beyonce named their baby Blue Ivy after Jay-Z’s Blueprint albums and Beyonce’s favorite number (Ivy=IV=4). What would a real estate celebrity name his child? Looks like the “in” moniker is Platinum or Gold. What's your take? amanda@bisnow.com and amanda.metcalf@bisnow.com.
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