SL Green Commences LED Lighting Upgrade Throughout Twenty-One Properties
Cutting Edge Lighting Technology Provides Significant Cost Savings
New York, NY - June 18, 2012 -SL Green Realty Corp. (NYSE: SLG) announced today it is underway with the installation of LED lighting throughout 21 of its properties, expected to save more than $630,000 in annual energy use.
"SL Green is excited to take the next step in sustainable lighting by utilizing LED technology," said Edward V. Piccinich, executive vice president, Management & Construction at SL Green who added, "Lighting comprises 30% of a building's typical energy use. LED lighting products addressing 24/7 lighting areas, including garage, stair, and mechanical areas, will yield significant cost savings and quick paybacks."
SL Green will complete one of the nation's largest LED lighting retrofits with more than 16,000 units replacing antiquated lighting technologies including incandescent, halogen and fluorescent.
"We selected LED lighting because it reduces energy use by more than 55%, and provides superior lamp life, often greater than eight years, which is three to four times longer than other lighting technologies," according to Jay Black, SL Green's Director of Sustainability. "SL Green reviewed a variety of products comparing cost, efficiency, quality and warranty, ultimately selecting Seesmart Technologies, a leading LED manufacturer based in Simi Valley, California."
"LED equipment allows us to significantly impact lifecycle costs," said Mr. Piccinich. Affecting energy use and lamp life, 90% of lighting's lifecycle costs, will yield a project payback of only three years, providing $4.5M in total lifecycle savings." In March 2012, SL Green installed 7,500 LED units within sixteen suburban division (Reckson) buildings, totaling more than 2.5 million square feet in its Westchester & Fairfield County portfolios including 360 Hamilton Avenue and 140 Grand Street in White Plains, New York; 200 & 500 Summit Lake Drive in Valhalla, New York; and 680/750 Washington Blvd and Landmark Square, in Stamford, Connecticut.
According to John Barnes, Senior Vice President and Senior Director of Reckson, a division of SL Green, "Through our market-leading program, the LED retrofit is the latest example of how we are utilizing sustainability to improve our business. It saves both SL Green and our tenants money, reduces energy waste and contributes to our best in class experience."
In July, 2012, SL Green will begin the next phase of its LED program to retrofit 4.5 million square feet in its NYC portfolio, including 420 Lexington Avenue, 100 Church Street, 919 Third Avenue and 125 Park Avenue. SL Green anticipates this project will be completed in August 2012, establishing the foundation for future LED and other efficiency projects throughout its Class A commercial office portfolio.