New York, NY – April 10, 2009 – (RealEstateRama) — SL Green Realty Corp. (NYSE: SLG), owner of New York City’s largest commercial office property portfolio, has launched an energy savings initiative designed to significantly decrease utility demand and create additional cost savings on usage. Upon completion in late 2009, SL Green believes that the program will cut steam usage at 13 targeted properties by an average of up to 10 percent and save as much as 35 cents per square foot in utility costs overall. The initiative was announced after the Company was presented with the Energy Star Challenge Award bronze plaque for its efforts in reducing energy consumption at 625 Madison Avenue. In 2008 alone, SL Green reduced the property’s carbon footprint and energy consumption by more than 10 percent. This was achieved by installing monitoring equipment on high pressure steam traps, making stairwell lighting technology upgrades, installing of variable frequency drives, and upgrading tenant and main building cooling towers with more efficient units. Aside from technological and mechanical upgrades, building staff and property management implemented several other operational efficiencies that curbed utility use. Management is now working on a new set of initiatives designed to further increase energy efficiencies and reduce the carbon footprint by another 25 percent.
Another property in the “green spotlight” is 100 Park Avenue, a classic office tower that SL Green has completely redeveloped, and which is on track to earn a Silver LEED certification. SL Green recently completed the comprehensive redevelopment of the 1950’s-era building, recreating 100 Park Avenue as the “New Modern Classic.” The $72 million capital program included significant infrastructure upgrades such as a new cooling plant, increased electric capacity, and state-of-the-art security systems. The building embodies its sustainability commitment with a new design that brings a feeling of light and spaciousness to all surfaces.
100 Park Avenue is the first building of its type in New York to install green roofs — 14 altogether — which employ a low-maintenance/water consumption Xeroflor mat system. In addition to the green roofs, the anticipated LEED Silver certification will be based on an aggressive enhanced recycling and energy management program — including the installation of low-flow plumbing fixtures that reduce water consumption by an estimated 50 percent, or almost 1 million gallons of water per year, and technology that allows management to maintain pre-renovation lighting levels in the lobby at a 25 percent reduction in energy consumption.
“This renovated building, which we own in partnership with Prudential Real Estate Investors, was honored with a Pinnacle Award by the Building Owners and Managers Association’s (BOMA) in 2008 for Renovated Office Building, and went on to win BOMA’s 2009 Middle Atlantic regional award in the same category,” said Edward Piccinich, Executive Vice President and Director of Management and Construction. “But we’re particularly proud of the strides we have made in making it so much ‘greener.'” He added, “There are real savings that can be unlocked through green initiatives, but it’s also critical that each project is assessed based on its projected payback period, the operational efficiencies gained, and the long term value added to the property from implementation.”
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of December 31, 2008, the Company owned 29 New York City office properties totaling approximately 23,211,200 square feet, making it New York’s largest office landlord. In addition, at December 31, 2008, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, two development properties encompassing approximately 363,000 square feet and two land interests, along with ownership interests in 34 suburban assets totaling 7,656,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
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