Apr 12 2013
Green Ballast Inc. announced today that Talcott Realty, a Real Estate Investment Trust (REIT) with Class A properties across the United States, is implementing a lighting retrofit equipped with Green Ballast's patented daylight harvesting fluorescent light ballasts for the 420,000 square foot Thousand Oaks office park in Memphis, Tennessee, which is managed and leased by CB Richard Ellis Memphis.
"Being an investor and operator of institutional grade real estate, our performance is measured by maximizing investment returns, which includes the generation of property level cash flows," said Michael Mihalek , Senior Vice President and Partner of Talcott Realty. "Thousand Oaks is a three building office campus in Memphis, Tennessee By working with Green Ballast on a complete lighting upgrade and implementing their daylight harvesting technology, we expect to save approximately 45% in our lighting utility costs. In addition, due to the improved operating efficiencies, we estimate the properties' asset value will increase significantly."
"In today's real estate environment, owners, operators and tenants of office buildings are looking for ways to increase operating efficiencies. By implementing Green Ballast's lighting solutions, operating costs are reduced, positively impacting both the owner as net operating income increases and the tenants who may be subject to the pass through of rising utility costs," said J. Kevin Adams , chief executive officer of Green Ballast.
Source: http://www.greenballastinc.com/