Renaissance Square in Phoenix honored by EPA for energy conservation (US)

The Phoenix office of Hines, the international real estate firm, announced today that Renaissance Square's two buildings received ENERGY STAR® labels from the Environmental Protection Agency (EPA) in recognition of exemplary energy conservation.

Renaissance Square, Phoenix

Renaissance Square, Phoenix

With ENERGY STAR scores of 90 and 89, respectively, One and Two Renaissance Square use over 40% less energy and emit 40% fewer carbon emissions than the buildings would if they were operating at the national average for energy performance. Therefore, together these buildings generate annually more than $1,200,000 (approx. €810,000) in energy cost savings, and carbon emissions savings equivalent to the CO2 emissions from the electricity use of over 1,000 homes.

Renaissance Square is located in the heart of Phoenix's CBD on a full-city block. The property is comprised of two towers connected by a pedestrian sky bridge: One Renaissance Square, which contains 26 stories and 492,116 ft² (approx. 45,708 m²); and Two Renaissance Square, which contains 28 stories and 473,392 ft².

Upon acquisition, Hines' management team sought to identify measures that would improve energy efficiency and eliminate deferred maintenance. Some of the measures have been implemented while others are pending, so the buildings' scores may continue to climb from current levels.

"The ENERGY STAR labels were achieved through the diligent efforts of our engineering and management personnel, who focused on adding value for the building's tenants and operating as responsible stewards of our natural resources," noted Hines Group Property Manager Darwyn Harp.

"Energy management is a top priority for us and our tenants," said Hines CEO, Jeffrey C. Hines. "Since our early involvement in the ENERGY STAR program over a decade ago, ENERGY STAR has proven to be good for our bottom line and good for the environment."

Designed by Emery, Roth & Sons, Inc., the buildings were completed in 1987 and 1989, respectively. Today, the project is more than 93 percent leased to a prominent list of tenants including: Bryan Cave LLP, which is a Partner in the American Bar Association / Environmental Protection Agency Law Office Climate Challenge; Ernst & Young US, LLP; Gammage & Burnham PLC; the General Services Administration; Greater Phoenix Economic Council; Lewis & Roca LLP; Quarles & Brady LLP; and Squire Sanders & Dempsey LLP.

The Hines US Core Office Fund LP (Core Fund) purchased Renaissance Square in December of 2007. The Core Fund, one of Hines' 27 investment vehicles, owns a geographically diverse portfolio of core office buildings in the U.S., all of which are ENERGY STAR labeled and/or LEED® certified, pre-certified, or registered.

Source: Hines

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