With a portfolio over 100 million square feet spread among four principal business platforms, Vornado Realty Trust is one of the largest owners and managers of commercial real estate in the United States. Through the implementation of sub-metering technologies Vornado seeks to recover multimillion dollars of utility costs each year through metering. Vornado’s desire to sub-meter also provides compliance with tenant leases which indicate charges should be allocated with sub-metering record, and is also in compliance with Local Law 84 in New York City.
Vornado has been a pioneer in the sub-metering of its properties, and SourceOne has guided them through the process of reaching a fully designed, scalable and innovative solution.
SourceOne is involved early on in the process by providing a peer review of the designs for the metering space. SourceOne cross references the plans with the lease language to determine how to meter the property and what type of meters is optimal for the space. Once the meter details have been finalized SourceOne purchases the meters, manages the installation and preforms the commissioning of all utility meters. Commissioning meters will ensure that they:
- work to the manufacturers specification
- are installed in the right place
- are programmed correctly and connected to the metering system
- Once the meters have been commissioned, SourceOne provides on-going billing for Vornado tenants. Additionally, Vornado has the capability to review utility usage for its buildings via an online portal that stores historic utility data and provides benchmarking and reporting capabilities.
SourceOne manages over 3500 meters across the Vornado portfolio and is currently working towards a metering solution for Vornado’s common area and mechanical loads.
By leveraging SourceOne’s energy metering professionals, all Vornado properties meter deployments experienced a consistent process around design, installation and commissioning. SourceOne has recommended open protocol design metering systems for Vornado, so that the system operates modularly and technology upgrades does not require replacement of the entire system and major capital investment.
Additional benefits can be found in the billing and reporting component of SourceOne’s solution. By providing data based on individual tenants, each tenant is billed accurately and only for the energy they have consumed. SourceOne also enables the data feed through which Vornado provides tenants an online reporting tool. Using this tool, tenants are empowered to manage their energy usage and reduce their consumption, which will directly impact their energy costs and carbon footprint.