"Incorporating ICP into our existing processes. not only validated the rigorousness of our own development methods, but it also gives comfort to future co-investors regarding the quality of our projects.”  
                                                                                          - Steve Gossett Jr., Flywheel

The recent energy efficiency upgrades installed in this 17-story Lower Manhattan building in accordance with the Investor Confidence Project (ICP) Large Commercial Protocol are projected to result in energy savings of $525,000/year and a payback period of 7 years.
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Flywheel, in association with Time Equities and Transcend Equity Development, developed an energy retrofit project for 125 Maiden Lane, a 17-story, 320,000 square foot mixed-use building located in Lower Manhattan. In 2006, Time Equities acquired the building and converted it to house 39 office condominium units and eight retail units.  This energy optimization project intended to comprehensively reduce energy consumption, enhance infrastructure reliability, and improve tenant comfort. 

To secure project funding from third party debt and equity investors, Flywheel aligned its existing development process with the ICP Energy Protocol for Large Commercial buildings.  Development included a detailed energy audit analyzing the heating, cooling, air distribution, water distribution, lighting, and controls systems serving the entire building. Flywheel evaluated a number of energy conservation measures, ultimately selecting a combination of measures that would meet needs of both Time Equities and the investment partners.

Knowing that traditional paper-based auditing techniques and engineering assumptions would not effectively mitigate investor risk, Flywheel instead constructed a whole building computer simulation energy model in eQUEST.  The models evaluated multiple interconnected energy conservation measures from a holistic level and the final project scope of work was informed by processes and techniques gleaned from the ICP Large Commercial Protocol.

 RETROFIT MEASURES

• Main boiler replacement and oil to gas
• Installation variable-flow hydronic system
• Furnace replacement and oil to gas
• Variable-air-volume (VAV) air handling unit 
• Motors upgraded premium efficiency
• Expansion of building management system
• Outside air hot water temperature reset​

Maiden Lane

“Incorporating ICP into our existing processes for projects like Maiden Lane not only validated the rigorousness of our own development methods, but it promises to give comfort to future co-investors regarding the quality of our projects”, said Steve Gossett, Jr. CEO of Flywheel. “We believe a robust quality standard like ICP is a key element in unlocking the capital markets for efficiency at scale, and are excited to be a part of that.”

In order to ensure persistence of energy savings over time, Flywheel employed a number of approaches consistent with the ICP protocols including a robust approach to operational performance verification using Flywheel’s EnergyScape software platform for maintenance and monitoring of the newly installed measures.
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Total implementation costs were $3,668,000 and predicted yearly savings were estimated at $525,000 resulting in a simple payback period of seven years.

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Flywheel is an international energy management company headquartered in the USA. Dedicated to elevating building performance across owner portfolios, Flywheel is unique in its approach that employs a clean, revolutionary business model and technology to offer original, straightforward solutions that deliver significant energy reductions, while improving the reliability, sustainability, and comfort of buildings.  Flywheel was founded by a diverse group of seasoned, intelligent building and finance leaders who have spent their careers working towards understanding the complexities and barriers of holistic building optimization. 

Time Equities Incorporated (TEI) is a full service real estate firm actively involved in the acquisition, development, conversion and management of over 15 million square feet of commercial and residential properties throughout the USA, Canada and Germany. TEI’s professional services are also available to third parties.  For almost 50 years, TEI has found success in both bull and bear real estate markets.