(SAN FRANCISCO) – The San Francisco office of Hines, the international real estate firm, and New York-based Sterling American Property Inc., joint owners of 100 Montgomery Street in downtown San Francisco, announced today that the property has received Gold certification under the U.S. Green Building Council’s LEED® rating system for Existing Buildings (EB). This accomplishment, combined with the recent completion of the building’s new exterior and state of the art Robert AM Stern Architects-designed lobby, completes the ownership’s plan to invest $30 million to return this 25-story building in the heart of San Francisco to its Class A status.
As a result of various upgrades and an intensive retro-commissioning process, 100 Montgomery annually saves $1.80 per square foot and generates greenhouse gas reductions equivalent to removing 270 passenger vehicles from the road, when compared to the average U.S. building.
The building also uses 36 percent less water than it would if it were performing at the minimum federal standard for water efficiency.
Hines Senior Vice President Paul Paradis said, “As one of only four multi-tenant buildings in the entire Bay Area to achieve a LEED-EB Gold designation, we are extremely proud that our focused investment and management strategies have allowed 100 Montgomery to achieve this outstanding level of high performance.”
Sterling American Property Senior Vice President of Asset Management Robert Bergman added, “The LEED Gold certification demonstrates the building’s environmental integrity and our commitment to tenant well-being.
We believe this validation will reinforce our value-add objectives while endearing existing tenants and attracting new ones.”
Hines, in partnership with Sterling American Properties, acquired the property in 2006 and immediately introduced a number of programs that continue to reduce energy consumption and promote a healthier tenant work environment. Some of those initiatives include: participating in PG&E’s Demand Response Program; retrofitting lights and lighting fixtures; reducing water demand by installing low-flow restroom fixtures; adding a shower and bicycle storage facility; implementing a comprehensive green cleaning program (with Green-seal cleaning products, microfiber equipment and HEPA filter vacuums); and starting a building-wide recycling and composting program that is expected to divert approximately 270 tons away from landfills in 2009. The property also possesses several green characteristics such as mechanical systems that allow for 100 percent outside air intake, operable windows, proximity to public transit and floor plate depths that allow significant natural light penetration.
Sterling American Property Inc.,a real estate investment affiliate of Sterling Equities and American Securities, LP, backs its entrepreneurial real estate investment approach with a 36-year history of national real estate development, acquisition and asset management experience. Since 1991, its five consecutive real estate funds have invested in more than $4.5 billion in assets in 43 states, often in conjunction with strong regional joint venture partners. Today, focused on acquiring multifamily and commercial product, Sterling American Property Inc. is recognized for its ability to respond quickly and with entrepreneurial agility to opportunities and market changes. For more information, go to www.sterlingamerican.com.
Hines is one of the most sustainable real estate companies in the world.
In 2009 Hines was recognized by the EPA, for the second time, with the ENERGY STAR® Sustained Excellence Award; Hines has labelled more than 138 buildings, representing more than 76 million square feet, in the ENERGY STAR program.
Twelve Hines development or redevelopment projects, representing more than six million square feet, have been designated as Designed to the Earn the ENERGY STAR.
Hines is also a leader in the U.S. Green Building Council’s programs, with 146 projects, representing more than 89 million square feet that have been certified, pre-certified or registered under the various LEED rating systems.
Hines was a founding member of the German Sustainable Building Council, and is active in the BRE Environmental Assessment Method program in the United Kingdom and the Haute Qualité Environnementale program in France.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes more than 1,100 properties representing approximately 454 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $25.8 billion, Hines is one of the largest sustainable real estate organizations in the world. Visit www.hines.com for more information.
To learn more about sustainability at Hines, visit www.hines.com/sustainability.