Principal Global Investors Goes "Green" At Its New York Office
Major commercial retrofit of Manhattan office results in LEED energy savings and unique work environment
September 4, 2008 (New York, New York) — Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors and one of the largest real estate investment firms in the United States, is utilizing its award-winning expertise LEED (Leadership in Energy and Environmental Design) at its new office location on the 25th floor of 888 7th Ave. Consultants on the project point to the following areas of significant energy savings with the Manhattan office remodeling project:
- Water – 40% reduction in consumption as a result of low-flow fixtures
- Lighting - 15% reduction in energy consumption - This savings is being achieved by high energy-efficient fixtures and a unique design that includes sensors that calculate the amount of natural light entering the office and automatically adjust the internal lighting to optimize illumination for workers
- Heating and Cooling - 15% energy reduction - Compared to the code minimum due to the design and installation of highly rated energy-efficient/programmable HVAC units
“It's amazing to see the transformation of the space,” said Jim McCaughan, president and CEO of Principal Global Investors, Inc. “It's gratifying to know that all our focus on LEED for commercial interiors for our clients has enabled us to use the latest developments in ‘green' construction. We've created a work environment that is not only healthier for our workers, but that will also result in tremendous long-term energy savings. It's also a great way to showcase our ‘green' expertise to clients who visit our new offices.”
The 19,800 sq. ft. office retrofit also features low privacy barriers for work areas and very few enclosed offices to maximize the natural light spilling into the workspace. Internal offices, break rooms and meeting rooms have glass walls to increase the feeling of openness. The stimulating new workspace also utilizes recycled materials and energy-efficient systems to help ease the footprint on the environment. The commercial retrofit project took only seven months from the start of conceptual design to occupancy with the new LEED guidelines being first and foremost on the minds of those involved with the challenging project.
Principal Real Estate Investors was recently named “Green Giant of the Year” at the third-annual EPIC Awards with special recognition for its portfolio of more than $1.3 billion of green properties and its efforts to retrofit existing properties so that they conform to LEED standards.
“We believe that the ‘green' building movement marks a monumental change in the commercial real estate sector, and we're excited not only to be recognized as a national leader, but to have the opportunity to practice what we preach with our own remodeling and relocation project” said Pat Halter, head of Principal Real Estate Investors. “Through a continued focus on innovation, market leadership and unique investment approaches, we look forward to providing our ‘green' expertise to more of our clients.”
The office design/build services were provided by M Moser Associates LLC in New York in conjunction with Synergy Construction, Inc. and LEED consulting services were provided by OMNIBUILD LLC. M Moser Associates LLC has also provided design services for Principal Global Investors offices in London and Sydney.
“Principal Global Investors is ahead of the curve in taking the LEED guidelines into consideration for a commercial retrofit project like this one,” said Maria Lopez, associate director of M Moser Associates. “With more green construction coming online, the premium paid for this kind of design and construction is rapidly coming down and those costs can be returned down the road via the resulting energy savings. Overall, it's a healthier and more pleasant work environment. We took extra steps to make sure that we used recycled and/or low-emitting materials whenever possible.”
Currently, Principal Real Estate Investors has eight LEED Accredited Professionals on staff, as well as a “green” task force that focuses on building and operating practices that are environmentally sustainable. LEED for commercial interiors is the green benchmark for the tenant improvement market. It is the recognized system for certifying high-performance green interiors that are healthy, productive places to work; are less costly to operate and maintain; and have a reduced environmental footprint. LEED for commercial interiors gives the power to make sustainable choices to tenants and designers, who do not always have control over whole building operations. For more information about corporate responsibility at Principal Real Estate Investors, visit www.principal.com/about/social/business.htm.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $244.4 billion in assets primarily for retirement plans and other institutional clients. Principal Real Estate Investors is the country's fourth largest manager of real estate with over $44 billion in assets1.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®)2 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $304.2 billion in assets under management3 and serves some 18.8 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) Out of 50 managers profiled. Pensions & Investments magazine, "Real Estate Managers," Oct. 15, 2007 (managers ranked by U.S. institutional tax-exempt assets.)
2) "The Principal Financial Group" and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
3) As of June 30, 2008
