One Commerce Plaza, Albany, New York
The owner of One Commerce Plaza wanted to position the property as one of Albany’s premier business addresses. To make this happen, the owner turned to Carrow Real Estate Services to reduce operating costs, increase tenant satisfaction, grow building occupancy and implement a significant capital improvement program, including replacement of the building’s 2,762 windows and marble façade. Carrow not only met the challenge, but exceeded the owner’s expectations.
Operating Cost Reduction
Carrow devised and implemented an energy plan to reduce operating costs and energy consumption while improving tenant comfort and air quality. In addition to replacement of the building’s glass curtain wall, Carrow initiated a program to monitor and adjust HVAC settings and electricity usage through a state-of-the-art energy management system, regulated thermostats and lighting in vacant spaces and audited utility invoices. As a result, the owner’s energy use decreased by 270,000 KWh/month. Carrow also successfully bid and negotiated lower energy rates through an independent energy provider. The energy savings along with the decreased cost of the utility resulted in an annual savings of hundreds of thousands of dollars.
Within one year, Carrow’s leasing team secured more than 195,500 square feet in new leases, increasing the building’s occupancy rate from 78% to 99%. In addition, Carrow increased the building’s rentable space by leasing a previously unoccupied lobby area to an upscale barbershop. New tenants also included the New York State Department of State; one of the Capital Region’s largest law firms; a credit union; and a restaurant. It is also home to Carrow’s headquarters.
Capital Improvement Projects
As part of a $25,000,000 capital improvement program, the Carrow team replaced the building’s 2,762 single-pane windows with dual-pane thermal windows. Less than a year later, the project was completed, with minimal inconvenience to tenants. The extensive capital improvements also included a new roof, restrooms, elevator and common area renovations, installation of a state-of-the-art fire alarm system, conversion from electric to natural gas heat, new chilled water plant and outdoor air ventilation system, condensor loop dedicated to building’s data centers and replacement of the building’s marble façade.
As a result of the owner’s financial investment and Carrow’s successful management plan, One Commerce Plaza is not only one of downtown Albany’s most prestigious business addresses, it is also a prime example of operating efficiency, tenant satisfaction and return on investment.