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The Project at a Glance

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Building Information
Bloomberg LP
Tenant Name
Global Holdings Inc.
Building Owner
120 Park Avenue, New York, NY
Location
10 years
Lease Term
20,000 square feet
Project Size

In 2011, Bloomberg LP—a leading provider of global business information, financial information, and news—signed a lease at 120 Park Avenue to accommodate the company’s growth. A critical factor in selecting Bloomberg LP’s new space was to capture the company’s core values and culture, including a commitment to sustainability within its entire real estate portfolio. Bloomberg LP often receives the highest green building accolades for its spaces worldwide.

Bloomberg LP was familiar with the whole-building energy efficiency retrofit at the Empire State Building and chose to enlist consultants to use the Tenant Energy Optimization process to analyze and make energy efficiency recommendations in the design and construction of the floor 16 space. The process is a proven, replicable approach that integrates energy efficiency into tenant space design and construction and delivers excellent financial returns through energy conservation.

Floor 16 buildoutProjected results*
Energy reduction10.5%
Annual electricity reduction26,735 kWh1.3 kWh/SFkWh / kWh/SF
Total electricity savings over lease term0.2 GWh9.4 kWh/SFGWh / kWh/SF
Adjusted incremental implementation cost$61,182 total$3.06/SFTotal / SF
Total electricity cost savings over lease term$173,880 total$8.69/SFTotal / SF
NPV of project investment$85,817 total$4.29/SFTotal / SF
ROI over lease term140%
IRR44.7%
Payback period (with incentives)2.5 years
*Based on models calibrated through a post-occupancy Measurement & Verification Process. See the third resource guide, Measurement & Verification: Post-Occupancy for more information.

Executing the Process

Design and Construction

Bloomberg LP assembled many of the practitioners developing the Tenant Energy Optimization process with other tenants in New York City to be a part of its own project team.

The team outlined energy performance goals that aligned with Bloomberg LP’s overall corporate sustainability targets and developed an extensive list of energy performance measures (EPMs) to be considered for implementation into the final buildout. EPMs are technologies and systems that aim to reduce energy use through efficiency and conservation. They are also frequently referred to as energy conservation measures (ECMs).

Some of the most important factors Bloomberg LP wanted included in the floor 16 buildout were the following:

  • A reduction in energy associated with lighting power;
  • An open office design that allows all employees to have window views;
  • Heating and air conditioning comfort, control, and efficiency during work hours and after hours;
  • Computer energy management; and
  • High-quality and user-friendly design.

Using energy performance modeling, incremental costing information, and cost savings projections, the team was able to choose a package of EPMs that would meet the company’s energy and financial goals.

The EPMs implemented in Bloomberg LP’s space on floor 16 include the following:

Energy performance measure (EPM)Target areaElectricity reductionAnnual cost savingsIncremental first costSimple payback
High-efficiency lightingLighting40,665 kWh/yr16.0%kWh/yr / %$8,133$16,5442 years
Daylight harvestingLighting8,203 kWh3.2%kWh / %$1,641$10,8216.6 years
NightWatchman softwarePlug load14,108 kWh5.5%kWh / %$2,822$3,2991.2 years
Mechanical duct bridging*HVAC(36,242) kWh(14.2%)kWh / %$12,245$29,0682.4 years
* This provides supplemental HVAC to accommodate the open-floor plan. The duct bridging enables Bloomberg LP to turn off overtime HVAC from the base building and use only the supplemental system during off hours when Bloomberg LP employees are working. This measure represents a net loss in energy savings at the tenant-space level because the supplemental system is less energy efficient than the whole-building system; however, it represents a net energy cost savings to Bloomberg LP because it is less expensive than paying for overtime use of the whole-building system.

Measurement and Verification

Companies and Roles
Turner & Townsend
Project manager
Wendy Fok
Energy project director
STUDIOS Architecture
Architect
Cosentini
Engineer
Kugler Ning
Lighting designer
Integral Group
Energy modeler
Integral Group / Johnson Controls
Energy consultants
Turner Construction
Contractor/costing
Global Holdings Inc.
Building owner

After completion of the buildout, the energy team returned to Bloomberg LP’s space to perform measurement and verification (M&V) to ensure that the implemented EPMs were performing as intended. Initial M&V was conducted over the course of a ten-day period, once the space was fully occupied and operational.

Areas where design features were performing as intended:

  • High-efficiency lighting was implemented successfully, as evidenced by the overall lighting power density that was measured at 0.824 watts per square foot, slightly better than the design projections of 0.889 watts per square foot.
  • Daylight harvesting controls were observed to be operated effectively, based on lighting power profiles that are consistent with time-of-day and weather conditions.
  • NightWatchman software reduced equipment power density of connected plug loads during overnight hours by 15 percent. This is less than the typical reduction of 50 percent because Bloomberg LP has a significant amount of critical computing equipment that cannot be shut down during unoccupied hours and therefore cannot be connected to the software.

Areas for further improvement:

  • The energy project team determined that further energy savings may be possible by reconsidering overnight conditioning of floor 16 to reduce the use of mechanical duct bridging. At the time of the M&V period, however, overnight cooling was assumed to be necessary because of the sporadic nature of off-hours occupancy.

Post-Project Actions

Bloomberg LP remains committed to sustainability and has achieved a 22 percent reduction in energy associated with lighting power across its 4.5 million-square-foot real estate portfolio. Specifically regarding the floor 16 buildout, Bloomberg LP continues to track and report its energy use internally to senior management.