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Equastone-Owned Building Continued Performance Results in Consecutive Award through EPA's ENERGY STAR Program
Houston, TX - Equastone, a private real estate investment firm, announced today that the firm's Houston-based office building, Kirkwood III, has earned the U.S. Environmental Protection Agency's (EPA's) prestigious Energy Star Rating for the second consecutive year, the national symbol for protecting the environment through superior energy performance. Located at 11757 Katy Freeway in the Energy Corridor of Houston, Kirkwood III was Equastone's first property to earn the distinction and is now joined by over 10% of the Equastone portfolio recognized by the Energy Star.
By earning the Energy Star, Kirkwood III is recognized for being in the top 25% for energy efficiency for office buildings across the nation, while still providing quality service and comfort to occupants. By making cost-effective improvements to the building, Equastone lowered their energy use and reduced CO2 /greenhouse gas emissions 42% below the national average for similar office buildings.
Cory Cunningham, Director of Operations, reported, "The consecutive Energy Star rating achieved at Kirkwood III demonstrates our commitment to making a difference in our environment. We believe that through energy efficient and value oriented approaches we can simultaneously add value our tenants, our investors and to the environment."
Acquired in October 2006, Kirkwood III is a 280,435 square foot, 15 story, Class A office complex with a six-story parking garage. The property is situated next to the Katy Freeway (I-10) near the intersection of the Sam Houston Tollway. Kirkwood III is currently 98 percent occupied and includes major tenants such as Texon Corporation, GMAC, Alltech, Technip, Schipul Technologies and Preferred Bank. Kirkwood III has been previously recognized through the Energy Star Program and is a 2007 BOMA Toby Award winner.
Clint Harrington, executive vice president of Equastone, said, "We invest in underperforming properties where we can add value and attract high quality tenants while keeping operating expenses down and lowering energy costs. Earning ENERGY STAR recognition for Kirkwood III is testimony for current and future tenants that we are committed to owning and operating the best-in-class buildings."
Equastone made significant operational improvements to Kirkwood III to earn the Energy Star, including: aggressive energy management by scheduling of building lighting system and HVAC system with optimal start & stop times to maximize efficiency, tuning up fan motors to achieve peak performance from building equipment, and leasing the building to near 100% capacity to increase our building occupant to energy ratio.
Energy Star is a government-backed program that helps businesses and consumers protect the environment through superior energy efficiency. In 2006 alone, Americans, with the help of Energy Star, saved $14 billion and prevented greenhouse gas emissions equal to those from 25 million vehicles. Equastone is Energy Star partner and actively utilizes the Energy Star program throughout the majority of a 58 building portfolio.
About Equastone
Equastone specializes in the acquisition and asset management of opportunistic and value-added real estate. Equastone's affiliated funds currently own 58 office and flex buildings encompassing over 9 million rentable square feet in California, Arizona, Colorado, Georgia, Louisiana, Nevada, Oregon and Texas. Equastone manages investment capital on behalf of Equastone Real Estate Funds, which are private equity funds for high net-worth and institutional investors. For more information about Equastone visit www.equastone.com.
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