Perimeter Place : Multi-Tenant Office Building Upgrades Lights, Saves Money with Pay-As-You-Go Financing

The Problem

Perimeter Place, a multi-tenant office complex in Sandy Springs, GA was looking to lower its operational over-head costs. This office complex is single-metered and the property owners pay the utility bills as a service to the tenants. Perimeter Place is a property of the Perimeter Sarbin LLC, which owns and manages a portfolio of locations throughout the greater Atlanta area. With increasing energy prices on the horizon in the next few years, lowering utility costs with high-efficiency technology was strategic choice to save.

The Solution

Jackson Corporate Real Estate teamed up with Green Lumens, a provider of leading efficient lighting products and retrofit solutions to commercial and industrial property owners. Green Lumens had previously completed 4 LED upgrade projects with Perimeter Sarbin. These projects in the past had proven savings for the property owner, so they knew that a similar upgrade was a best option for Perimeter Place. Green Lumens’ embedded financing partner, SparkFund, enabled Perimeter Sarbin to finance the $147,000 project over 60 months with an operating lease structure. Upon completion in February of 2016, this project will save Perimeter Sarbin $61,923 annually along with preventing 11,000 pounds of carbon dioxide emissions each year.

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Small business spotlight: Green Lumens LLC

Company: Green Lumens LLC

Location: Innovation Centre at Florida Atlantic University, 3731 FAU Blvd., Boca Raton

Service: Custom-designed, energy-efficient LED lighting solutions for high-profile commercial and industrial clients, including the Empire State Building, AOL Time Warner and Miami International Airport. By retrofitting lights to existing fixtures, Green Lumens aims to increase energy efficiency and lower operating expenses while reducing a client’s carbon footprint.

Years in business: 41/2 years in Boca Raton

Management team: Neil Glachman, chairman; Charlie Heinzelman, CEO; Peter Lande, regional vice president; Lonnie Chenkin, director of business development; and Patrick Heinzelman, national sales manager

​Revenues: 2010-2011: $0; 2012: $500,000; 2013: $1.15 million; 2014: $2 million; 2015 (projected): $10 million.

Employees: 12

Milestones:

2010-2011: Founder Neil Glachman traveled the world researching the market and developing a business plan.

2012: Lefrak Organization, one of the largest residential landowners in New York City, becomes a client.

2013: Nobu Restaurants contracts with Green Lumens to create an ambient lighting system for its upscale dining rooms. AOL Time Warner, Miami International Airport and the Miami-Dade Police Department become clients.

2014: Green Lumens designs a custom lighting system for the Empire State Building’s stairwells to conserve energy and reduce operating costs.

2015: Company headquarters move to the Innovation Centre at FAU. GreenLumens is featured in a Discovery Channel episode on innovative LED lighting.

Keys to success: Providing innovative, custom lighting systems to high-end clients to increase productivity and enhance aesthetics. Offering versatile designs for clients ranging from gourmet restaurants to shopping centers to government buildings. Promoting energy efficiency and sustainability through retrofit solutions. Maximizing a client’s return-on-investment by advocating utility company rebates and federal tax incentives.

Impact: Supporting environmental sensitivity and energy efficiency while reducing the client’s bottom line.

Strategy for next steps: Green Lumens has strategically expanded its management team to include seasoned sales and marketing professionals. The company’s objective is to scale the sales and business development team to 50 people and increase revenue to $40 million in the next two years. Green Lumens plans to open a New York office this year.

“I know the model that I’m building is the right model,” Glachman said. “It’s a market segment that needs us, and there are a lot of big players in that segment.”

JULIE LANDRY LAVIOLETTE


Why startups are moving into Research Park at FAU

It’s gotten a little more crowded at Research Park at Florida Atlantic University.

More than twice as many people work on the park’s Boca Raton and Deerfield Beach campuses now compared to three years ago, said President and CEO Andrew Duffell.

Research Park is independent from FAU, but helps link its educational and research efforts with the private sector. It hosts 20 high-tech companies who employ more than 1,700 people as of December, up from 750 people in 2011, Duffell said.

“They range industry and revenue as well [as size],” he said. “It’s a big, diverse population.”

This week, 10-person LED lighting manufacturer Green Lumens moved to Research Park from its previous headquarters at Plumtree Centre in Boca Raton.

“The Park’s high-tech focus puts us right in the middle of a hotbed of talented companies and resources not available anywhere else in the area,” Green Lumens founder and chairman Neil Glachman said.

Nineteen of those 20 companies are in Boca Raton, with People’s Trust Insurance Company on the Deerfield Beach campus.

The firms range from a three-person startup to the rapidly growing electronic medical records firm Modernizing Medicine, which has more than 250 employees.

Other occupants include MobileHelp, an emergency response tech firm that is one of the 200 fastest-growing companies in the country, according to the Inc. 5000.

“We’ve got a company that does compliance testing for electronics equipment,” Duffell said. “We’ve got an aerospace company. We’ve got a pretty good concentration of healthcare IT, a lot of healthcare imaging and a publishing company.”

Companies tend to move to the park to be near talented FAU students, he said. For instance, Green Lumens is establishing a formal internship program designed to help the firm hire FAU students.

“One of the top reasons is always proximity and access to students — getting to know them, hiring them as interns, getting the cream of the crop before they even graduate,” Duffell said.

Research Park also encourages companies to work with FAU faculty researchers.

“The most important thing is an ability and a willingness to develop a very substantial relationship with the university,” he said. “They need to have that desire to continuously innovate and develop new products, not only with students but also for the faculty.”

Duffell hopes the park will continue to grow as its 15-year-old Technology Business Incubator creates a pipeline of growing startups who need more space.

Research Park is about 90 percent occupied, Duffell said. But there’s space available for lease and land to build on, both in Boca Raton and Deerfield Beach — so the park certainly isn’t done adding companies.

“We’re always looking for new ones,” he said.