NEW YORK CIY –SL Green Realty Corp. (NYSE: SLG) announced today it is underway with the expansion of its portfolio LED lighting retrofit program, installing more than 8,000 LED lamps across ten commercial office properties to save $300,000 annually.
“SL Green is excited to continue the success of this lighting retrofit program to deliver best-in-class work environments for our tenants,” said Steven Durels, SL Green executive vice president, director of leasing and real property. “The use of this innovative technology to address 24/7 lighting areas, including garage, stair, and mechanical areas, will yield significant cost savings and quick paybacks in less than three years.”
In 2012, SL Green completed one of the nation’s largest LED lighting retrofits at twenty-two commercial office properties, totaling more than seven million square feet. This first phase installed more than 16,000 units, replacing antiquated lighting technologies including incandescent, halogen and fluorescent to save $625,000 annually.
LED lighting reduces energy use by more than 55%, while significantly improving lamp life, often greater than eight years, which is three to four times longer than other lighting technologies. SL Green’s success is already evident, having achieved a fixture failure rate of less than 0.3% or only 54 of the 16,000 LED lamps installed in 2012.
“LED equipment significantly impacts 90% of lighting lifecycle costs by addressing energy use and lamp life,” said Jay Black, director of sustainability for SL Green, who added that combined retrofits in 2012 and 2013 will provide the company with more than $7.4M in total lifecycle savings.”
This next phase, to be completed in December 2013, will retrofit 5.5 million square feet of commercial office space. NYC properties include 485 Lexington Avenue, 600 Lexington Ave, 750 3rd Ave, 609 5th Ave, 625 Madison, 1185 Avenue of the Americas and 521 5th Avenue. The three properties in SL Green’s suburban portfolio are 100 Summit Lake Drive and 115 Stevens Avenue in Valhalla, New York, and Landmark Square in Stamford, CT. The program establishes the foundation for future LED, and other efficiency projects throughout SL Green’s Class A commercial office portfolio.
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2013, SL Green owned interests in 89 Manhattan properties totaling 42.3 million square feet. This included ownership interests in 23.9 million square feet of commercial properties and debt and preferred equity investments secured by 14.9 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with three development properties in the suburbs encompassing approximately 0.4 million square feet. The Company also has ownership interests in 28 properties totaling 3.7 million square feet in southern California.