When Hines Sight is Foresight!
I recently received this important ground-breaking information and wanted to be sure and share it with you before the New Year!
HINES ANNOUNCES LARGEST NET-ZERO ENERGY COMMERCIAL OFFICE BUILDING IN U.S.
LPL Financial at La Jolla Commons to
Produce More Energy on Site Than it Uses
Recently in San Diego, Hines-the international real estate firm, and equity partner with J.P. Morgan Asset Management, announced that the 13-story, 415,000-square-foot building under construction at La Jolla Commons in San Diego will become the nation’s largest carbon-neutral office building to date. The new building will achieve carbon neutrality on an annual basis through a combination of high-performance building design, directed bio-gas and on-site fuel cells that annually will generate more electricity than the building and tenant will use. While there are other small net-zero buildings in the U.S., LPL Financial at La Jolla Commons will be the largest and most ambitious net-zero office building in the U.S. developed for lease.
The building will be fully leased and occupied by LPL Financial, LLC, the nation’s largest independent broker-dealer*, a leading RIA custodian, institutional service provider and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA). It is being developed and will be owned by a partnership of Hines and institutional investors advised by J.P. Morgan Asset Management. Construction began in April 2012 and completion is scheduled for mid-2014.
The building design incorporates a highly efficient under-floor air system, advanced curtain wall materials and many other features that reduce the energy required to operate the building. The fuel cells, acquired from Bloom Energy, will generate approximately 5.0 million KWh of electricity annually, which is above what the building will consume. Total on-site energy production will be roughly equivalent to generating the electricity required to power 1,000 San Diego homes. The fuel cells convert methane into electricity in a non-combustion process. Sufficient methane for the system will be acquired from carbon-neutral sources, such as landfills and waste-water plants, and placed into the national natural gas pipeline system. This system will contribute to California’s ambitious goal of deriving a third of its electricity from renewable sources by 2020.
About Hines:
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,208 properties representing more than 488 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED, ENERGY STAR, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
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