New Water Street Corporation has been awarded with the 2017 National Energy Project of the Year by the Association of Energy Engineers (AEE). The announcement was made at the AEE Awards Banquet held on Sept. 27 in Atlanta. As a part of the organization’s International Award program, the accolade recognizes innovative energy management in the retrofit of the organization’s 55 Water Street commercial structure in New York City.

55 Water Street in New York City is a premier Class-A commercial office structure. In 2014, the building undertook an initiative to strategically replace several large components of the existing chiller plant to improve cooling system efficiency, reduce building electric demand, improve system resiliency, simplify building operations, and reduce the building’s carbon footprint.

"While this project included many unique elements, it presented us with the opportunity to make a tremendous impact in the building’s overall operational and energy efficiency,” said Brad Trevillian, director of Energy Services at Trane. “The retrofit underscores the impact that partnerships and technology have in providing long-term environmental, financial, and operational benefits.”

"We invested in the chiller plant upgrade and thermal storage system to meet our ongoing commitment to our tenants and the community to reduce the building’s impact on the environment, provide resiliency, and create value,” said Dan Palino, chief operating officer of the New Water Street Corporation. “Since its implementation, the performance of the system has exceeded our expectations — reducing ongoing energy usage and improving the reliability of the electricity grid locally.”

Trane retrofitted the 55 Water Street’s chiller plant by upgrading the existing standard-duty chillers, one elective drive and one steam turbine, totaling 6,000 tons of refrigeration. The retrofit included high-efficiency chiller replacements, the installation of a thermal energy storage system, and the implementation of a building automation system.

As a result, 55 Water Street has seen the following results, which earned the 2017 Energy Project of the Year Award from the New York Association of Energy Engineers:

• Annual energy savings of over 2,000,000  kWh

• Summer peak demand reduction of 2.1 MW

• A carbon footprint offset of 36 million pounds CO2e

• Annual building operational cost savings of $2.5 million

• Internal rate of return of 12.8%

• Receipt of approximately $938,000 in incentives from the New York State Energy Research and Development Authority (NYSERDA) Existing Facilities Program.