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Case Study

Initiatives expected to reduce total energy and operational costs by 12 percent annually

When TIAA-CREF purchased Boston’s iconic 99 High Street office tower in 2005, a major goal was to rejuvenate the 32-story, 1970-constructed building to become one of the most desirable addresses in the Financial District. And since the company’s motto is “For the Greater Good,” company leaders wanted to make the high-profile 730,000 square foot building not just beautiful and comfortable, but sustainable.

JLL’s on-site management team, supported by experts from its Energy and Sustainability Services (ESS) and Project Development Services (PDS) groups, managed the $40 million capital initiative to make 99 High Street more attractive, comfortable, cost-efficient and environmentally friendly.

The JLL Team became TIAA-CREF’s trusted advisor in determining which energy and cost efficient measures would be most effective. All sustainable elements implemented during the building’s transformation were coordinated through JLL’s “Integrated Energy Retrofit” process, which considers the synergies of various energy measures to produce the optimal economic and efficiency solution.

In total, the green initiatives saved TIAA-CREF over $300,000 as they were phased in over three years. In the future, the initiatives are expected to reduce total energy and operational costs by over $800,000 or 12% annually. The energy-saving features, along with competitive contracts negotiated by our team, also generated another $273,000 in utility rebates and other concessions. The changes are projected to have increased the building’s value by an estimated $20 million.

The improvements over the last several years have also helped to keep tenants and attract new ones. Hancock Natural Resources (Manual Life) renewed its lease for 40,000 square feet. Marsh/Mercer signed a new lease for 90,000 square feet in 2008. Wolf Associates also signed a lease for 31,000 square feet in 2010.

Some of the sustainable initiatives included:

  • Installing 4,000 double-pane high-efficiency windows, reducing heat and cooling loads by 18 percent and saving TIAA-CREF and its tenants about $400,000 annually.

  • Adding two new gas-fired boilers so the building can self-produce steam heat, saving 50 percent and $400,000 in annual heating costs.

  • Modernizing the building’s eight elevators with Quattro DC Elevator Drives, which decreased the building’s elevator energy usage by 40 percent.

  • Replacing air handling unit dampers, coils, piping, insulation and controls—improving tenant comfort ,while reducing heating and cooling costs by $44,000 annually.

  • Installing a 3,000 ton, three-cell cooling tower, lowering water and electricity costs by 15 percent.

  • Illuminating the building’s exterior on the first 20 stories with energy-efficient perimeter lighting.

  • Developing a method to reuse waste condensate to heat the 150-car garage, as well as installing a high-speed parking garage door.

99 High Street’s cosmetic and environmental “makeover” has received major recognition, beginning with an effort led by our team to attain LEED Gold certification for the building in 2010. The property was named Mid-Atlantic Renovated Building of the Year by BOMA International, and was also a winner in the Boston Business Journal’s Best Green Practices Awards. The aesthetic and sustainable improvements to 99 High Street have become a valuable marketing tool for our agents managing the leasing of the property.