Parkway Center's an energy star

Real Estate Weekly, Oct 15, 2008

Grubb & Ellis Company announced that Parkway Corporate Center, 155 Chestnut Ridge Road in Montvale, NJ, has earned the U.S. Environmental Protection Agency's prestigious ENERGY STAR, the national symbol that recognizes properties that protect the environment through superior performance.

The 96,750 s/f Class A building joins approximately 3,200 buildings nationwide that have earned the ENERGY STAR.

Senior vice presidents John Beers and Craig Fitzpatrick of Grubb & Ellis are leasing agents for the building, which is owned by TIAA-CREF.

According to the EPA, by earning the ENERGY STAR certification, Parkway Corporate Center is using up to 35% less energy than the average building nationwide, while still providing quality service and comfort to its tenants.

Following the environmental initiatives set by TIAA-CREF for the management of its 43 million square feet of Class A office space, energy costs at the property were lowered by 15 to 20 percent by making cost-effective improvements to the buildings, which also significantly reduced greenhouse gas emissions.

"TIAA-CREF is pleased to accept EPA's ENERGY STAR in recognition of the energy efficiency efforts at Parkway Corporate Center," said Linda Vetted Director, Real Estate Asset Management, TIAA-CREF Global Real Estate.

"Through this achievement, ownership and management continues to demonstrate their commitment to maintaining environmentally responsible Class A properties while lowering energy costs, creating savings for our tenants, and delivering increased, sustainable value for our investors."

The three-story building has the entire top floor, consisting of 36,000 square feet of headquarters-quality office space, available to lease.