Originally erected in 1972, 55 Water Street Manhattan has stood the test of time, evolving into a distinguished Class A commercial office building in the heart of New York City. Boasting over 3.5 million square feet, this colossal structure holds the distinction of being the largest privately-owned office building in New York City, even warranting its own unique zip code. Its prime location within Manhattan’s bustling Financial District, nestled along the East River, affords occupants and guests breathtaking panoramic views of the iconic New York City skyline and harbor from each of its impressive 51 stories. Complementing this urban oasis is an elevated acre of publicly accessible outdoor space, further enhancing its appeal.
A Landmark in Manhattan’s Financial District
55 Water Street Manhattan is more than just a building; it’s a landmark. Its sheer size and strategic location make it a significant presence in the Financial District. The building’s proximity to major financial institutions and transportation hubs makes it a highly sought-after address for businesses. Beyond its functional advantages, the building offers an unparalleled experience with its stunning vistas. Imagine working with the cityscape as your backdrop, a daily inspiration for innovation and success. The inclusion of a public outdoor space is also noteworthy, providing a green lung in the concrete jungle, and demonstrating a commitment to community well-being alongside commercial excellence.
Pioneering Sustainability at 55 Water Street
For the custodians of this iconic New York City edifice, modernization transcends mere aesthetics and amenities. It’s about fortifying infrastructure resilience and, crucially, diminishing the building’s carbon footprint. Recognizing that buildings contribute significantly to New York City’s greenhouse gas emissions, 55 Water Street Manhattan has proactively embraced decarbonization across its vast expanse.
Their commitment to environmental responsibility and tenant well-being began over a decade ago. Partnering with Trane Technologies, 55 Water Street Manhattan embarked on a journey of sustainable transformation. This collaboration started with essential equipment upgrades and has progressed to pioneering building electrification technologies, all aimed at forging a more sustainable future.
Enhancing Efficiency with Chiller Plant and Thermal Storage
Between 2011 and 2014, Trane and 55 Water Street Manhattan collaborated to bolster grid resilience and building redundancy by revamping the chiller plant. This upgrade included thermal storage and advanced controls. The modernized chiller plant now features two high-efficiency duplex centrifugal chillers and a dual-duty chiller, which plays a key role in charging 143 ice storage tanks, forming the building’s sophisticated thermal storage system.
These thermal energy ice tanks function as a massive HVAC battery, storing cooling energy and deploying it strategically. The Trane chiller cools fluid that circulates through the tanks, freezing the surrounding water. Taking advantage of off-peak electricity rates, the dual-duty chiller charges the tanks at night. During the day, when renewable energy sources are often more available, the system discharges, melting the ice to reduce reliance on grid-supplied energy. Intelligent controls orchestrate these components, optimizing cooling system operations for resilience, efficiency, cost savings, and a reduced carbon footprint.
Navigating upgrades in established urban buildings like 55 Water Street Manhattan, with limited space for new equipment, presented unique challenges. However, a unified team, driven by shared sustainability objectives, successfully navigated these complexities.
These enhancements yielded impressive results: annual energy savings of 2GWh, a 2.1 MW reduction in summer peak demand, and a staggering offset of 36 million pounds of CO2e – equivalent to removing thousands of cars from the roads. These achievements translated to $2.5 million in annual operational cost savings. Consequently, 55 Water Street Manhattan received significant incentives and the prestigious 2017 Energy Project of the Year Award, recognizing its leadership in energy efficiency.
Expanding Decarbonization Initiatives
Continuing its commitment, 55 Water Street Manhattan pursued further energy reduction strategies in 2015 with Trane’s support. From 2016 to 2019, the focus shifted to upgrading the backup diesel generators with clean emissions technology, significantly curtailing nitrous oxide emissions. These generators enhance grid resilience during peak demand periods. These improvements further reduced summer peak demand by 5.0 MW and secured substantial incentives from Con Edison’s Demand Management Program.
Dan Palino, COO of New Water Street Corporation, emphasizes the driving force behind these investments: “We invested in these decarbonization technologies to meet our ongoing commitment to our tenants and the community to reduce the building’s impact on the environment, provide resiliency and create value. The performance of these infrastructure changes has exceeded our expectations in reducing our ongoing energy usage, and we have contributed to improving the reliability of the electricity grid locally.”
Setting the Standard for Sustainable Commercial Real Estate
Today, 55 Water Street Manhattan and Trane continue their partnership, ensuring compliance with evolving emissions regulations. Together, they are pioneering building electrification technologies, fulfilling the owners’ pledge to tenants and the community, and serving as a prominent example of how to build a net-zero future within the commercial real estate sector. 55 Water Street Manhattan stands as a testament to how large-scale commercial buildings can embrace sustainability and contribute to a greener urban environment, all while maintaining its status as a premier office destination.
