Thomas Properties Earns LEED Gold For City National Plaza,
On Track To Win Leed Ratings For Entire National Portfolio By 2011
LOS ANGELES – City National Plaza in downtown Los Angeles has received Gold certification from the United States Green Building Council under the Existing Building (EB) section of its Leadership in Energy and Environmental Design program. A 38-year-old twin-tower complex with 2.5 million square feet of office and retail space, City National Plaza is one of the largest and oldest properties to earn LEED Gold.
Owners Thomas Properties Group (Nasdaq: TPGI) and the California State Teachers’ Retirement System have worked in partnership to upgrade and green the project since acquiring it in 2003.
“City National Plaza increased occupancy by 58 percent in the last six years while electrical consumption went up only 11.8 percent,” said James A. Thomas, Chairman and CEO of Thomas Properties Group. “We are saving an average of $1.35 million a year in electric bills, primarily due to key energy-saving capital investments such as chiller replacements, lighting retrofit and exterior wall sealing. With an Energy Star score of 83, City National Plaza is 33 percent more energy efficient than the average U.S. office building.”
Achieving gold for City National Plaza is a major milestone in meeting TPG’s goal to be the first major property owner to convert its entire national portfolio to LEED-rated “high performance” properties by the end of 2011. Four properties already have LEED certifications, seven more are on track in the LEED program and four planned developments have achieved LEED pre-certification.
“We view green as a competitive advantage for our firm,” said Thomas. “No other real estate company has our 20-year history of developing and operating environmentally-friendly projects that create healthier and more productive workplaces for tenants, cut energy and water use and save money.”
TPG’s senior management team’s first green endeavor in 1989 was planning Playa Vista near Marina del Rey as an urban infill, smart growth community that was pedestrian and environmentally friendly. In 1998, TPG designed and developed a state-of-the-art headquarters for the California Environmental Protection Agency in downtown Sacramento. One of the most energy efficient buildings in the U.S., the 25-story, 952,000-square-foot high rise became a model for sustainable construction and green operations. It was the first high rise building to receive LEED Platinum and Governor Schwarzenegger directed that all other state buildings follow its lead. Over nine years TPG has continually improved the building’s green operations that now save the State of California $1.4 million in annual operating expenses versus comparable Sacramento buildings. Earlier this month the Cal EPA Building received a Platinum certification under the new LEED-EB Operations & Maintenance rating system.
The Joe Serna, Jr./Cal EPA Building has been an excellent laboratory for TPG to test new cost and resource saving ideas such as daytime janitorial services and advanced recycling techniques, noted Thomas.
Local TPG property management staffs across the country have been trained and empowered to take ownership of green operations at their buildings and all staff has been encouraged to work toward receiving USGBC’s LEED Accredited Professional credential.
“We are a long-term owner and have a long-term viewpoint,” said Thomas. “We believe reducing our carbon footprint and cutting operating expenses will give us a strong competitive platform for the future. As the economy regains its footing and attention is refocused on the benefits of living and working green, we believe tenants will choose healthier and more productive workplace environments.”
About Thomas Properties Group, Inc.
Thomas Properties Group, Inc., with headquarters in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, property development and redevelopment, and property and investment management activities. For more information on Thomas Properties Group, Inc., visit www.tpgre.com.
Forward Looking Statements
Statements made in this press release or during the quarterly earnings conference call that are not historical may contain forward-looking statements. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI’s expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services (including interest rates), the availability of credit and equity investors to finance commercial real estate transactions, our ability to enter into or renew leases at favorable rates, which can be impacted by the financial condition of our tenants, risks associated with the success of our development and property redevelopment projects, general volatility in the securities and credit markets, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management’s expectations, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Factors That May Influence Future Results of Operations” in our Form 10-K for the year ended December 31, 2008 and our quarterly reports on Form 10-Q for 2009, which are filed with the SEC. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media contact:
Casey & Sayre, Inc.
Karen Diehl
(310) 473-8090
Investor Contact:
Thomas Properties Group, Inc.
Diana Laing, 213-613-1900
dlaing@tpgre.com
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