Green Power Partnership
|Location||New York City, NY|
|Organization Type||Real Estate|
|Percentage Green Power||17.2%|
|Purchasing Third-Party Certified Green Power Product?||Yes|
The Rodney Corporation, owner and operator of 555 Madison Avenue in New York City, is owned by the Coates Family. Since 2006, the Coates Building established leadership within its industry when 555 Madison became the first building in the Plaza District to install a “green” hot water heating system and became powered by fourteen solar thermal panels on the roof. Since 2007, the building has been a committed participant in the Environmental Protection Agency's Green Power Partnership. The building receives a portion of their energy needs through green power. Ownership is planning to invest 1.5 million dollars to install a new high efficiency electric variable speed drive chiller to supplement their steam chiller plant. The installation is projected to reduce energy consumption for cooling by 40 percent. Ownership has committed to utilize a portion of the savings to increase the buildings green power use.
Promoting the environmental consciousness in marketing efforts has been a benefit; they have found that many prospective tenant decisions are influenced by ownership’s environmental commitment. This is one of many examples that the Coates family is driven to practice environmental stewardship throughout their real estate holdings around the world.