Nuveen’s Greenworks Lending Closes First New York C-PACE Project at TIAA Headquarters at 730 Third Avenue
DARIEN, Conn., September 28, 2021 / PRNewswire / – Greenworks Lending of Nuveen, the nation’s leading C-PACE capital provider dedicated to financing commercial, multi-family and not-for-profit energy-efficient real estate projects, today announced the closing of its first project C-PACE in New York City as part of the city’s recently launched NYC Accelerator PACE fundraising program at 730 Third Avenue in Midtown Manhattan, which serves as the headquarters of Nuveen and TIAA. Nuveen Real Estate manages the $ 120 million transformation of the building with development advisor Taconic Partners into a model post-pandemic work environment.
C-PACE provides property owners and developers with access to low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, resilience and renewable energy projects. The NYC Accelerator PACE Financing Program was created to provide a clean energy financing solution to help real estate developers and owners improve their buildings to meet the goals set out in Local Law 97 (2019) of that of New York Climate Mobilization Act – the country’s most ambitious climate policy.
The TIAA and Nuveen headquarters at 730 Third Avenue is one of the first properties in the city to take advantage of the new C-PACE program. More $ 28 million in C-PACE, the funding will support an in-depth renovation of the property, which includes multiple energy-efficient measures, including panoramic glass, which are smart windows that automatically adjust in response to the sun to improve human health and productivity , save energy and increase asset value. C-PACE will also finance the modernization of the lighting and the insulation of the roof.
As the country’s largest real estate market with the country’s strictest carbon emission reduction targets, C-PACE has endless opportunities to help homeowners and developers meet the laudable climate goals of the country. city ”, said Jessica bailey by Greenworks Lending from Nuveen. “C-PACE enables real estate owners to achieve significant energy savings and fill gaps in development capital piles. This is a big win for commercial property owners and for the environment – as carbon reduction targets take effect in New York, C-PACE is the best way to meet them while protecting the bottom line.
“We are committed to making our $ 133 billion global real estate portfolio to be operationally zero carbon by 2040 and C-PACE is an innovative financing mechanism to help us achieve this goal, ”said Brian wallick, Director – New York Office Investments at Nuveen Real Estate. “Our New York headquarters will be an example of leading-edge energy efficiency, demonstrating how improved sustainability equals increased asset value.”
C-PACE-funded measures are also expected to help avoid 730 Third Avenue near $ 100,000 in annual fines under Local Law 97 (2019) of the Climate Mobilization Law, that of New York new ambitious greenhouse gas intensity limits.
Currently there are around 50,000 buildings1 on the other side New York City in the face of the emissions capping objectives of local law 97, which 80 billion dollars in investments needed to comply. Accordingly, it is expected that New York City will quickly become the largest C-PACE market in the country.
“Decarbonizing New York City’s one million buildings is key to reducing the worst impact of climate change in our five boroughs,” said Ben Furnas, director of the mayor’s office for climate and sustainability. “Me
The larger transformation of 730 Third, which is just a five-minute walk from Grand Central Terminal, will also include a host of world-class amenities, including:
- A 7,000 square foot landscaped and furnished terrace on the 22nd floor with plenty of outdoor tenants’ spaces with a bar and spectacular views of Midtown. The building also includes 2 private terraces directly connected to the spaces available on floors 13 and 19.
- A 9,000 square foot food hall with revolving vendors, a central counter with a barista, self-service stations and take-out options, as well as centralized pickup for outside delivery services. The catering hall will accommodate the flexible working hours of the tenants of the building and is available for events outside of opening hours. It will also offer on-site catering for accelerated productivity.
- A fitness center staffed with 8,000 square feet, fully equipped with state-of-the-art equipment and facilities, including Peloton bikes, classrooms and locker rooms with showers.
- The second floor includes 30,000 square feet of additional equipment, a 6,000 square foot sky lounge with touchdown areas; a double height balcony overlooking the main hall; and in-house catering for accelerated productivity, as well as a full-time concierge desk and 5,000-square-foot modular conference center. Tenants can also take advantage of a bicycle storage room on the lower level of the building.
- A new double-height hall with two striking large-scale paintings of Los Angelesbased artist Eamon Ore-Tread, entitled Infinite regression CXIV and CXV infinite regression. The lobby also has 12 fully renovated elevators, four of which serve the 22nd floor roof terrace.
About Nuveen Greenworks Lending
Nuveen’s Greenworks Lending is the largest provider of rated clean energy finance for commercial property (C-PACE) in the country. Led by many of the industry’s founding policy makers and standard setters, Greenworks Lending is a private equity provider solely dedicated to financing commercial real estate through C-PACE. Greenworks has financed hundreds of commercial properties and is active in more than 25 states, making clean energy a sound financial decision for commercial property owners and developers nationwide. For more information, visit www.greenworkslending.com.
Nuveen, TIAA’s investment manager, offers a comprehensive suite of results-driven investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $ 1.2 trillion in assets under management at March 31, 2021 and operations in 27 countries. Its investment specialists offer in-depth expertise in a full range of traditional and alternative investments through a wide range of vehicles and personalized strategies. For more information, please visit www.nuveen.com.
1 Urban Green Council
SOURCE Greenworks Lending by Nuveen