Time Equities Inc.’s headquarters occupies 40% of 55 Park Avenue in New York, a brick and concrete structure built in the 1940s. Arup was appointed to carry out an energy audit as part of a process to improve the building's operations in the most cost effective manner.
Time Equities Inc. hoped the audit would identify ways to reduce energy consumption and save costs while also enhancing the comfort of the building’s occupants and reducing its carbon footprint. The audit also forms part of Time Equities Inc’s sustainability directive, which seeks to promote sustainable practices and principles for their real estate operations and developments in the US and abroad.
A computer energy simulation model was created for each of the building’s floors, comparing energy efficiency measures to historic baseline data.
Cost savings were then calculated using information from ConEdison, New York Water Department and the natural gas futures market. Following this, the costs of implementation were evaluated to take into consideration labour costs, materials and any potential sources of project financing and funding.
The energy audit identified a total of 29 energy-efficient measures of which 18 were analysed further as part of Phase 2 of the study, resulting in the creation of a final list of 13 measures.
Of the 18 measures, seven were related to heating, ventilation and air conditioning (HVAC) system design. Two each were related to lighting and control, waste energy utilisation, renewable energy and building envelope. One measure each was identified for plumbing fixtures, metering and occupant behaviour modification.
Each measure was evaluated in terms of effectiveness in reducing energy use and costs - potential returns on implementation cost and ability to reduce carbon, both individually and as part of a more integrated approach.
Finally each efficiency measure was ranked to optimise return on investment and reviewed in terms of practical implications for implementation, including current space utilisation and tenant lease structures. A summary was susequently produced of the potential impact of the project on energy consumption, annual costs of operation and reduction in carbon footprint.
Overall, the measures identified will reduce site energy intensity by 24% and provide Time Equities Inc. with approximately 17 points towards LEED® EB certification.