Hines Receives Award for Outstanding Leadership in Implementing Comprehensive Energy Efficiency Strategies

May 11, 2007

Albany, NY - The New York State Energy Research and Development Authority (NYSERDA) today announced that Hines, in support of Morgan Stanley properties, has been awarded the 2007 Business Leaders for Energy Efficiency Award. This award honors Hines for their outstanding leadership in implementing comprehensive energy efficiency strategies to help their client gain a competitive economic advantage in the commercial office market through investments in energy efficiency. The award was presented by the Northeast Energy Efficiency Partnership on May 10 at the 2007 Northeast Energy Efficiency Summit in Providence, Rhode Island.

Peter R. Smith, President and CEO of NYSERDA said "Morgan Stanley and Hines have worked together to provide corporate leadership in the energy savings arena. Through the establishment of an Energy Management Committee that regularly monitors and recommends energy efficiency improvements, these partners are a shining example to other businesses, large and small, of what can be achieved through energy efficiency."

The Morgan Stanley world headquarters located in Times Square , and two other sites also owned and occupied by Morgan Stanley, realized significant energy savings through operations and maintenance improvements, lighting retrofits, and installation of a thermal ice storage system to manage peak electric demand during the summer months. As the property manager for Morgan Stanley, Hines, has been instrumental in driving competitive advantage through investments in energy efficiency for more than 3 million square feet of building space in New York City and Westchester county.

Participating in NYSERDA's Peak-Load Reduction and Building Performance programs, Morgan Stanley received incentives of more than $1.4 from NYSERDA. Energy-saving measures were implemented that have resulted in an annual savings of 8 million kWh and $1.5 million in annual electric savings. These savings represent a 12% improvement in Morgan Stanley's energy use at these three sites.

CONTACT:

Colleen Ryan, NYSERDA
518-862-1090, ext 3359
cqr@nyserda.ny.gov