Michigan Plaza Joins Retrofit Chicago's Commercial Building Initiative
CHICAGO – Friday, March 14, 2014—MB Real Estate is pleased to announce that Michigan Plaza, located at 205 | 225 N. Michigan, has been accepted into Retrofit Chicago’s Commercial Buildings Initiative. The City of Chicago initiated the program in 2012 to promote and assist properties that were identified as candidates to lower energy consumption over a five-year period by 20%.
“We’re proud to join the Commercial Building Challenge and also proud of our management team that made it possible,” said Kevin Purcell, EVP/COO of MB Real Estate. “Led by our Operations Manager Mark Szewczyk, the team has achieved LEED Gold and a two-point increase in its ENERGY STAR rating in the past few years. We recognize the value of sustainable properties and plan to work closely with the City of Chicago to continue our efforts.”
As part of the Retrofit Chicago program, outlined by the federal government’s comprehensive strategy to reduce energy costs in buildings, the City of Chicago is offering participating properties incentives including additional access to resources, permit prioritization, peer interaction and the recognition of achievements through promotional marketing. The City expects to reduce energy use by 20 percent in 24 million square feet within the next five years.
“We feel our participation in this initiative will enhance our tenant retention efforts as well as attract new tenants,” said Mark Buth, EVP/Managing Director of Leasing. “It further positions Michigan Plaza as a leader among sustainable properties in the Chicago market, which is currently a leading market for LEED certified buildings.”
This is the second property managed by MB Real Estate to be accepted into the Retrofit Chicago program. In 2012, the firm announced the participation of 333 N. Michigan as well. MB Real Estate has implemented numerous sustainability practices and initiatives throughout its property portfolio to help preserve communities and reduce operational costs. The firm currently manages and leases more than seven million square feet of LEED-certified or ENERGY STAR-designated properties. Additionally, MB Real Estate is a member of the U.S. Green Building Council (USGBC) and employs more than 20 LEED accredited professionals.
MB Real Estate leases and manages Michigan Plaza on behalf of ownership and has represented the property since 2005.