Lighting Retrofit Completed at Ernst & Young NYC Headquarters; Avison Young Closes on Three Transactions

By Veronica Grecu, Associate Editor

A team of contractors made up of JAS Consulting, Philips Lightolier Energy Service Group and One Lux Studio recently finished work on a massive lighting retrofit project at Ernst & Young’s 650,000-square-foot headquarters in Times Square.

Considered to be one of the largest lighting retrofit initiatives in New York City, the project brings the company one step closer to having most of its employees work in LEED and/or Energy Star certified spaces by the end of 2013.

It is estimated that the newly installed energy-efficient lighting systems will reduce the building’s annual energy use by 54 percent, or from 6.2 million kilowatt-hours annually to nearly 3 million. Also, the projected decrease in energy consumption will reduce the company’s CO2 emissions by nearly 2 million pounds.

“This project is the result of the collaboration between several infrastructure groups within Ernst & Young LLP, particularly the Facilities and Real Estate teams, and the Climate Change and Sustainability Services professionals who advise clients on sustainability practices,” said Leisha John, Ernst & Young Americas Director of Environmental Sustainability.

In other news, Canada-based commercial real estate services firm Avison Young announced last week the completion of three loan sale transactions by the company’s New York City-based team lead by Avison Young Principal Justin Piasecki and Vice President Aaron Iskowitz in the New York City office.

The three loan sale transactions are as follows:

–          A 9-asset portfolio comprising of one real estate-owned site, one non-performing loan and seven performing loans located throughout New England on behalf of a Boston-based real estate investment firm. The collateral consisted of a mix of multifamily, office and retail properties.

–          A first mortgage collateralized by a multi-tenant retail property in Rancho Mirage, Calif. on behalf of a Midwest-based commercial lender. The 76,168-square-foot property was 91 percent occupied at the time of transfer.

–          A first mortgage collateralized by a multifamily property in San Jose, Calif. on behalf of First National Bank of America in East Lansing, Mich.

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Image credits to Spencer Platt/Getty Images North America