Rudin Property Management
Rudin Property Management – It’s common to associate the term “big data” with targeted advertising and invasions of privacy, but for Rudin, a New York City-based commercial real estate management firm, the huge numbers could help save the world.
In response to demands from utilities and government agencies to reduce emissions and prevent disasters such as the summer 2003 power outage in the northeast, the firm launched a technology initiative called Prescriptive Data to find a way to use technically large datasets. silos to answer these calls.
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The initiative combines data from Rudin’s buildings with numbers from utility companies into an operating system they call Nantum, which regulates heat, elevators and other property machinery. According to the results Rudin found, there are more comfortable conditions for their tenants and a huge reduction in carbon emissions. At the end of 2018, 19 properties using Nantum together achieved a 44% reduction in emissions; This is more than half of the 80% target by 2050 set as part of the New York City Carbon Challenge.
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However, since data collection is still a relatively new science and confusing to many, I asked Rudin’s vice president and COO John Gilbert to explain how Nantum used it to reach its latest sustainability milestone.
In 2009, President Obama drafted a stimulus package after the 2008 recession, and some of that money went to utilities to create innate intelligence within the grid. Indeed, it was to prevent the reoccurrence of the massive power outage in August 2003, when 55 million people lost power in northeastern and southern Canada. Con Edison reached out to us and they said, “Listen, we got this money and we want to talk to some of our smart customers. Rudin, you have a history of integrating very innovative technology into your portfolio, would you act as a smart tech petri dish for us?” And we said sure.
So, we went to our first meeting and they screened what happened to the Manhattan Con Ed grid just before the lights went out in August of 2003. Then they asked us a very interesting question: Con Ed got a 30-second warning that something bad was going to happen, would you, Rudin, and your friendly and unfriendly [laughs] opponents want that? We said “yes, we want”. We can program our elevators to go to the nearest floor and let people out, so just before a power outage, no one is stuck in our buildings, which is a huge problem. To access one of these elevators, I have to use a very scarce supply of emergency generator capacity.
But first you had to organize and combine the various real estate data silos. How did you do this?
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Before Nantum, you had no talent. Every building in New York collects an enormous amount of data – temperature, humidity, consumption, you name it, we collect it. That’s all internal data. The problem is, in non-Nantum buildings, the data is buried in an engine room with a completely uneven user experience.
Yes. “We want to send you electrical data,” Con Ed was telling us, but I had no catching glove to catch him and no arm to throw at a base.
Occupancy data. We’ve never counted the number of people actually entering our building and leaving in real time, Nantum does that. So, people are starting to leave a building for lunch, you can start lowering your fan speed until people start coming back. We scale down our operations by measuring how quickly a building heats up or cools down. It’s in the real dead of winter or the height of summer that we have to actually heat or cool the space. I can show a curve from 2005, when we didn’t count people, and today’s energy consumption and savings … yesterday we reached 25%, the day before that we reached 22% [compared to 2005]. So these are huge numbers. On average across our portfolio, we save $0.55 per foot in energy using Nantum. That’s $5.5 million per year on 10 million square feet.
The interesting thing is that every property owner in New York and every property owner in the world is looking at themselves in the mirror and asking the same questions: Do I want to continue solving my problems one by one and die a death? from multiple dashboards? Or do I want one integrated platform that collects all my data and blows up the silos; This allows the datasets to talk to each other like never before and really gives me not only standardized data but also real-time situational awareness?
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A very large client, a large company that occupies 16 floors, came to us and said, “We love what you’re doing on a building basis, but we want to do it floor by floor. ” So we installed sensors on each floor and now we see an additional 14% reduction in these floors. These companies now use it to recruit talent, retain talent, and send a “Hey, we’re the greenest company in New York” message to their shareholders. …Olive Tree Holdings Acquires Seventh Multifamily Community…Fannie Mae Names Anthony Moon Executive Vice President…Northern Florida Bank Acquired by DLP BancsharesRelated Group, Teddy Sagi and BH Group…Lightstone Capital Provides $27M to Mainstreet Capital… GFI Development Announces Start of Sales…Real Estate Digital Twin Technology Firm, BeyondView… Completes $7.6M Sale of Colliers 136 Newbury…
Rudin Management Company announced today that it has completed five leases totaling more than 100,000 square feet at 80 Pine Street, a 1.2 million square foot office tower currently undergoing major relocation.
The New York Property Insurance Association (NYPIUA) has signed a 16-year, 14,752 square foot lease for the entire 31st floor. NYPIUA is moving from 100 William Street. Founded in 1968, NYPIUA provides fire, marine, and casualty insurance services for residents of New York State.
Weather forecast media platform AccuWeather, Inc. He signed an eight-year lease for 14,311 square feet across the entire 26th floor. AccuWeather is moving from 7 World Trade Center. Recognized as a global meteorological authority, AccuWeather provides weather forecasts and information for billions of people across digital, broadcast and print platforms.
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Health information systems provider CureMD has signed a 10-year lease for 9,439 square feet of space on the 21st floor. CureMD is moving from 120 Broadway. CureMD provides an award-winning networking and cutting-edge platform designed to personalize patient care delivery, improve quality and patient safety, optimize efficiency and minimize costs.
Media and analytics company Jan Digital has also signed a 4,782 square feet, 10-year expansion lease to increase their total space in the building to 14,752 square feet on the entire 30th floor. Ocak Digital provides paid media, strategic consulting and digital marketing and analytics services to clients in industries such as consumer packaged goods (CPG), technology and fashion.
Finally, the National Urban Association signed a 57,245-square-foot, three-and-a-half-year lease for the entire ninth floor. The historic civil rights organization had previously leased the ninth floor space.
“Our recent rental momentum is a testament to New York City’s continued revival in the office sector, as well as our continued investment in 80 Pine’s infrastructure, facilities, and commons,” said Michael Rudin, vice president of Rudin Management Company. “The variety and quality of the tenant listing at 80 Pine reflects Lower Manhattan’s continued appeal to a wide variety of creative companies and organizations.”
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This latest series of rental successes follows the completion of the first phase of Rudin’s extensive capital improvement program at 80 Pine Street, which includes the renovation of the building’s ground floor entrances and lobby. Working with Fogarty Finger Architecture, Rudin has completely redesigned the building’s ground floor areas, which now include a white mosaic floor, white oak paneled walls, energy-efficient LED lighting and new elevator cabins.
Rudin is currently focusing on the second phase of the building’s capital program, which includes the construction of a dedicated indoor and outdoor comfort center on the 22nd and 23rd floors. This comfort area will include a cafe, lounge, conference facility and a 4,600 square meter outdoor terrace. The renovation program also highlights occupant health and wellness measures, including contactless access points and advanced air filtration technology. This phase is targeted to be completed in 2022.
Rudin Management was represented by Frank Doyle, Alexander Chudnoff, John Wheeler, Kyle Young and Eliza Gordon of JLL, with the in-house leasing team of Tom Keating, Kevin Daly and Robert Steinman in the transaction.
New York Property Insurance Insurance Association represented by Savills Vice President Marc Shapses; AccuWeather was represented by Newmark General Manager Hal Stein and Vice President Daniel Appel; CureMD was represented by JLL Managing Director Michael Berman; Ocak Digital was represented by Savills Corporate General Manager Stephan Steiner; and the National Urban League were represented by Alan Grossman of ARG Realty Consultants.
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