Click here to close now.




















Welcome!

News Feed Item

SCIenergy Cutting Energy by Over 29 Percent in New York City Building While Insulating Owners and Occupants From Storm Surges

$3.6 Million Project for 125 Maiden Lane Will Increase Value and Resiliency of NY Office-Condominium Building

DALLAS, TX and NEW YORK, NY--(Marketwired - July 29, 2014) - SCIenergy, a pioneer in optimizing buildings for energy performance and value, is finalizing a project for Time Equities Inc., a full service real estate firm actively involved in the acquisition and management of commercial and residential properties, that will cut energy consumption at 125 Maiden Lane in New York by 29.5 percent as well as better protect the building and its occupants from outages and storm surges like those experienced during Hurricane Sandy.

The project will be entirely paid for through energy savings with no upfront cost to the building owner, thanks to SCIenergy's innovative Managed Energy Services Contract (MESA) for delivering infrastructure upgrades as a service. Construction will be completed later this year. Mitsui & Co. (U.S.A.), Inc. ("Mitsui USA") and the New York City Energy Efficiency Corporation ("NYCEEC") actively participated in the project.

"Hurricane Sandy was a wake-up call for everybody that lives and works in cities," said Steve Gossett Jr., CEO of SCIenergy. "Buildings need to be more energy efficient, but they also have to become more resilient. By leveraging energy savings to fund upgrades through MESA, we can modernize buildings in a way that works for building owners and occupants."

Built in 1958, 125 Maiden Lane is a 320,000 square foot mixed-use building near Wall Street containing commercial office condominiums. The core systems had not been upgraded since it was built. The pneumatic building control system did not function in many areas: air handlers and dampers had to be adjusted manually by maintenance staff.

In 2011, Time Equities enlisted SCIenergy's predecessor, Transcend Equity, and its partner Mitsui USA to upgrade the building and improve its overall performance through MESA and EnergyScape™, SCIenergy's cloud-based platform for reducing energy consumption, lowering costs, conducting preventative maintenance and other tasks. NYCEEC also participated in this first phase by providing credit enhancement, enabling the financing to close and construction to begin.

When the initial phase of the project was nearly complete, Hurricane Sandy hit. Like many other buildings in New York City, the basement of 125 Maiden Lane became flooded, rendering the 56-year old steam system inoperable and damaging the newly installed equipment. As a result, Time Equities decided to expand the scope with deeper energy efficiency improvements and resiliency measures: new fully condensing gas boilers located in a mechanical room on the upper floors far above potential flood areas are replacing the steam systems. The new system is also about 95 percent efficient, which will eliminate losses associated with failed steam traps and leaks.

Taking both phases of construction together, SCIenergy anticipates that the upgrades will reduce energy consumption by 29.5 percent and save 7,260 MMBTUs of energy per year, or approximately the same electricity consumption of 650 American households annually.

"We evaluated a variety of retrofit funding options before selecting MESA. It shifts the performance risk and funding responsibility away from the office and condominium unit owners," said Rick Recny, Director of Asset Management at Time Equities. "MESA is an important tool in Time Equities' overall strategy for achieving sustainability in the buildings it manages."

Efficiency as an Asset

The 125 Maiden Lane project -- which will increase the equity of the owners, help reduce emissions, and give occupants a better live/work environment -- became financially feasible because MESA can turn efficiency into a financial asset. Under MESA, building owners pay a fee equivalent to, or lower than, their historical utility bill for a designated period of time, typically ten years. In turn, SCIenergy and its partners take responsibility for the building's energy: paying the owner's actual utility bill, providing upfront costs, implementing upgrades, and continually enhancing operation through EnergyScape™.

MESA Green Strategies One, a joint venture of Mitsui USA and SCIenergy, provided the initial equity for the improvements while NYCEEC provided $2.8 million of debt financing. MESA Green Strategies One and NYCEEC will then earn a return through energy savings over the next ten years.

"NYCEEC is committed to helping owners like Time Equities transform their buildings into cleaner, greener and more resilient investments," said Fred Lee, Director of Legal Affairs and Finance for NYCEEC. "Innovative financing structures like MESA can unlock tremendous energy savings potential."

"We are very pleased to be working with Time Equities and SCIenergy. Building efficiency is a critical issue and one of the more promising segments in energy services," said Matthew Maher, Director of New Business Development at Mitsui USA. "The techniques being pioneered by SCIenergy and its partners will ultimately be exported to multiple regions around the world."

About SCIenergy

SCIenergy leverages software, capital and insight to elevate the performance and value of buildings. Through innovative cloud-based analytics with EnergyScape™ and our unique Managed Energy Service Agreement (MESA®), we work with our partner network to lower energy consumption in buildings by 20 to 40 percent while capturing the savings to fund upgrades that will increase occupant satisfaction and capital return. We transform energy infrastructure into an asset. For more information, please visit www.scienergy.com.

About Mitsui USA

Mitsui & Co. (U.S.A.), Inc. was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 145 offices in 66 countries/regions as of June 1, 2014. Mitsui is multilaterally pursuing business that range from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Service, and Innovation & Corporate Development. Mitsui USA aspires to meet the needs of its customers as "Your Global Business Partner®", while remaining committed to sustainable growth and good corporate citizenship. More information on Mitsui USA may be found at www.mitsui.com/us.

About Time Equities Inc.

Time Equities Inc. (TEI) is a full service real estate firm actively involved in the acquisition, development, conversion and management of commercial (office, retail, industrial) and residential properties throughout the U.S., Canada and Germany. For almost 50 years, TEI has found success in both bull and bear real estate markets. Our disciplined investment strategy focuses on staying ahead of the curve. In addition to space for lease or purchase, a number of TEI's professional services are available to third parties. Learn more about TEI's philosophy, portfolio, departments, people and partners at our website.

About New York City Energy Efficiency Corporation

New York City Energy Efficiency Corporation (NYCEEC) is a solution center for clean energy financing in New York City. Founded as an independent, non-profit financial corporation to support New York City's energy and climate goals, NYCEEC provides innovative financing solutions and technical expertise to meet almost any building owner's needs. The highlight for owners and tenants is the money in their pockets: NYCEEC-financed projects can result in substantial savings on monthly energy bills. More information about NYCEEC can be found at www.nyceec.com.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Moving an existing on-premise infrastructure into the cloud can be a complex and daunting proposition. It is critical to understand the benefits as well as the challenges associated with either a full or hybrid approach. In his session at 17th Cloud Expo, Richard Weiss, Principal Consultant at Pythian, will present a roadmap that can be leveraged by any organization to plan, analyze, evaluate and execute on a cloud migration solution. He will review the five major cloud transformation phases a...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device acce...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...