Rudin Announces 44% Reduction in Carbon Emissions Across Portfolio Since 2005 Baseline
Company’s Pledge of 50% Reduction in Emissions as Part of NYC Carbon Challenge is One of the Largest Commitments; Goal is Nearly Reached, Almost 10 Years Early
Rudin’s Innovative Approach – Integrating Smart Building Technologies, Retrofits and Superior Operational Management – Has Driven Energy Usage Reduction and Cost Savings
NEW YORK, November 13, 2018 – Rudin Management Company announced today that it has successfully reduced its overall carbon emissions by 44% percent across its Manhattan commercial portfolio. This milestone puts the company well on its way toward meeting its long-term energy reduction goal, a 50% reduction in greenhouse gas emissions (GHG) as part of the NYC Carbon Challenge, almost 10 years ahead of schedule.
The Carbon Challenge is part of a greater goal for New York City to reduce GHG by 80% before the year 2050, applied to all sectors of energy consumers, from transportation to commercial properties.
Since accepting the Carbon Challenge in 2016, Rudin has moved aggressively to cut its energy use and emissions, realizing significant cost-savings throughout its commercial portfolio of approximately 10.2 million square feet of office space in the process. The company’s pledge to reduce greenhouse gas emissions by 50% by 2026, as compared to consumption levels in 2005 as a baseline year, is one the largest commitments by the commercial owner/tenants participating in the program.
To meet its goal, Rudin continually focuses on a “hands on” approach, utilizing and establishing best operational practices. In addition, Rudin worked with its start-up subsidiary, Prescriptive Data, to integrate its new smart building technology, Nantum, throughout all its commercial properties. Nantum captures data in real time so that building operators can make informed decisions that result in improved comfort conditions for tenants and energy efficiencies and savings.
The work has already reaped major benefits for the environment. Since the baseline year of 2005, Rudin has reduced its greenhouse gas emissions by 211,557 metric tons of carbon dioxide equivalent (tCO2e), which is comparable to taking 38,465 of cars off the road. This has resulted in an estimated $19.4 million in energy cost savings across its commercial portfolio overall.
Other highlights include:
41% reduction in electric consumption
47% reduction in steam consumption
44% reduction in carbon emissions
“Innovation and sustainability have always been guiding forces for our company,” said Michael Rudin, Senior Vice President of Rudin Management Company, the operating arm of the Rudin Family holdings. “From installing the most energy efficient equipment to developing our own smart building technologies, we are committed to doing our part to help the environment. While we are very proud to have passed the 40% threshold, we are excited to build on our partnership with the City of New York and Prescriptive Data to aggressively pursue new measures to further reduce our carbon footprint in the years to come.”
John Gilbert, Executive Vice President and Chief Operating Officer at Rudin Management Company and Executive Chairman of Prescriptive Data, added: “This achievement is an important milestone for our portfolio, our tenants, and the city’s fight against climate change. In partnership with the NYC Carbon Challenge and Prescriptive Data, we are now well on our way to meet our 50% energy reduction goal many years ahead of schedule.”
“For commercial building owners and tenants, reducing carbon emissions is just smart business. Period. Full stop.” said Mark Chambers, Director of the Mayor’s Office of Sustainability. “We applaud Rudin Management Company for their innovative and money-saving energy efficiency initiatives as part of the NYC Carbon Challenge.”
Rudin is currently using Nantum in 17 of their New York City buildings, including 15 commercial buildings and two residential towers. The system uses machine-learning technology to positively predict, prescribe and influence building performance. It has provided the Rudin Operations team with a tool that makes tenants more comfortable, as evidenced by a reduction in comfort complaints by 70%, makes properties run more efficiently, and saves money. It is currently providing an average energy savings of 30% across the Rudin portfolio, ranging from 50 cents per square foot to $2 dollars per square foot depending on vintage, mechanical configurations, the tenant make-up and the number of hours the building operates on an annual basis.
Rudin has achieved a number of honors and recognitions for its energy efficiency efforts, including the 2014 Realcomm Digie Award for the “Most Intelligent Office Portfolio,” the 2018 Association of Energy Engineers (AEE) “Corporate Energy Management of the Year” award, and 2018 Pure Earth Blacksmith Institute’s “Green Champion Award for Sustainability.”
Rudin Management Company has long been head of the curve when it comes to real estate and its intersection with the technology community. The company is known for the development of the first totally wired office building in New York City, 55 Broad Street; the redevelopment of 32 Avenue of the Americas; and the construction of Thomson Reuters’ North American headquarters at 3 Times Square. Rudin’s latest project, Dock 72 at the Brooklyn Navy Yard, is being developed in a joint venture partnership with Boston Properties and WeWork.
About Rudin Management Company
Rudin Management Company is a full service real estate organization managing the interests of the Rudin Family, which owns and operates one of the largest privately held real estate portfolios in New York City. Among its real estate holdings, which includes the high-tech Dock 72 office tower at Brooklyn Navy Yard, are 16 commercial office buildings containing approximately 10.2 million square feet of space and 18 apartment buildings comprising over four million square feet of residences. For more information about Rudin Management Company, please visit the newly-redesigned Rudin website at https://www.rudin.com/.
