Montgomery Washington Tower Goes Platinum
San Francisco Building Achieves Highest LEED Certification
November 8, 2011 (Des Moines, Iowa) – Principal Real Estate Investors, one of the largest institutional real estate managers in the United States, announces the Leadership in Energy and Environmental Design (LEED) Platinum certification of Montgomery Washington Tower, a 270,000 square-foot, class-A office building located in San Francisco’s financial district.
LEED is an internationally-recognized green building certification system developed by the U.S. Green Building Council. LEED Platinum, the highest level of certification possible, is only achieved by 5 percent of properties, putting Montgomery Washington Tower in elite company.
“Achieving LEED Platinum certification for Montgomery Washington Tower is further proof of our dedication to a sustainable investment philosophy,” said Jennifer McConkey, assistant director, equity operations at Principal Real Estate Investors. “This designation was achieved through the implementation of sustainable modifications and improvements at the cost of less than 5 percent of the building’s annual operating budget. These improvements will make a positive long-term impact for our investors and our environment.”
Montgomery Washington Tower is part of Principal Real Estate Investors’ Principal Green Fund I, LP (Green Fund) – a closed end fund for sustainable real estate investing. The Green Fund pursues ground up development of commercial properties and the acquisition/repositioning of existing properties that are designed to achieve LEED certified status.
Including Montgomery Washington Tower, Principal Real Estate Investors currently owns 37 LEED-certified buildings, with 52 additional buildings currently under review. Green buildings make up more than 8.3 million square feet and $1.9 billion of the company’s total real estate portfolio.
Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. Lincoln Property Company manages Montgomery Washington Tower and Meidh Corporation acted as a consultant in achieving the LEED Platinum certification. Principal Real Estate Investors acquired the office portion of the 27-story Montgomery Washington Tower in December 2010.
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $38.1 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
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 $231.4 billion in assets primarily for retirement plans and other institutional clients.
About the Principal Financial Group
The Principal Financial Group® (The Principal®) is a global investment management leader including retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $320.8 billion in assets under management and serves some 17.8 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.
- As of September 30, 2011. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®) and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong) Ltd.; and the majority owned affiliates of Principal International, Inc.
- “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
- As of September 30, 2011.