Commercial, Energy Efficiency, Finance - June 22, 2016
Real estate firm retrofits 24 properties with LEDs, expects $10M in savings
Commercial real estate company Newmark Holdings recently completed LED lighting retrofits at 24 of its buildings in New York City.
The project qualified for nearly $1,000,000 in incentives, and is expected to generate an energy cost savings of nearly the same amount annually for the vertically integrated owner, operator, property manager and developer of commercial real estate. The return on investment for the entire project, Newmark Holdings said in a June 22 news release, is more than 65%, with an operating cost savings over the next decade that is expected to reach $10 million.
The company said the LED market is at a tipping point, as the product reduces lighting electricity costs by 50% or more over traditional lights. Its retrofit project included the use of more than 100 different types of LED lights.
Newmark Holdings partnered with Independence LED Lighting to complete the benchmark energy efficiency initiative. Bay City Metering, which has been Newmark Holdings' utility submetering company and energy consultant for decades, linked the real estate firm with Independence LED; Newmark Holdings said Bay City Metering played a significant role in project implementation and in the relationship with Independence LED.
"As a company, we always look to maximize the value of any asset we acquire. This was an opportunity to cost-effectively reduce our operating expenses through state-of-the-art, American-made LED lighting technology and take a leadership role in corporate social responsibility," Newmark Holdings Co-CEO Brian Steinwurtzel said in the news release. "We were thrilled to work with Independence LED on this project who provided professional and comprehensive services from beginning to end."
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