100 Kimball Drive in Parsippany — Courtesy: Signature Acquisitions
By Tina Traster
Signature Acquisitions has installed a 3.75-megawat solar energy system covering more than 200,000 square feet of rooftop across 16 office buildings in New Jersey.
The firm said the project, begun in 2021 under the management of Wall-based Greenpower Developers LLC, is meant to promote sustainability and provide its tenants with substantial utility savings. All told, the panels cover all so-called solar-suitable roof area across the portfolio, which totals 37 percent of surfaces of the buildings.
The company says the solar panels will prevent more than 228 million pounds of carbon dioxide from entering the atmosphere throughout their 35-year lifespans, the equivalent sequestration value of nearly 6 million trees or the removal of 22,335 cars from the road, according to a news release. Beyond the environmental savings, the panels are expected to generate a combined 4,536 megawatt-hours within their first year of operation and more than 145,000 megawatt-hours over the next 35 years, equivalent to the energy needed to power nearly 48 million homes for an hour.
“As an owner of over 5 million square feet of office buildings across New Jersey and New York, we recognize that we are in a tremendous position to continue to help the real estate industry become greener,” said Sandy Monaghan, senior vice president and director of leasing at Signature Acquisitions. “We are proud to have completed this ambitious initiative to make our buildings more sustainable while also promising our tenants significant long-term cost savings.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
