News Release Details
Financial Press Release
PNC Announces Plans for World's Greenest Skyscraper
New Pittsburgh headquarters building expected to set standard for green construction
PITTSBURGH, May 23, 2011 /PRNewswire via COMTEX/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that it plans to construct the world's most environmentally friendly skyscraper. The Tower at PNC Plaza will be located on the Southeast corner of Fifth Avenue and Wood Street, the same Pittsburgh intersection where PNC has been headquartered for more than 150 years. Once complete in 2015, the approximately 40 story building will serve as PNC's executive offices.
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"The Tower at PNC Plaza is an exclamation point on our investment in downtown Pittsburgh, and it reflects our commitment to community, competitiveness and innovation, as well as the comfort and productivity of our employees," said James E. Rohr, chairman and chief executive officer of PNC. "When the Tower is complete, we will have invested more than $700 million in green buildings at the heart of the city."
At approximately 800,000 square feet, the Tower at PNC Plaza would be PNC's largest building in Pittsburgh. Tentative plans call for approximately 300 underground parking spaces, street level retail and green rooftops. Erecting the planned $400 million Tower should create 2,500 construction jobs, with 500 workers at a time on the site during peak periods.
"A headquarters facility is the cornerstone building of any company's portfolio, embodying company values and business ethics. PNC is making a strong statement by building their forthcoming headquarters to Leadership in Energy and Environmental Design standards," said S. Richard Fedrizzi, president, chief executive officer and founding chairman of the United States Green Building Council. "This project is just another example of PNC's on-going leadership, setting a green building example for other large corporations through their application of LEED."
PNC opened its first green building in 2000. At that time, the 650,000 square foot PNC Firstside Center, on Pittsburgh's First Avenue, was the largest LEED-certified building in the world. In 2010, PNC opened Three PNC Plaza, on Fifth Avenue in Pittsburgh, one of the largest LEED-certified mixed use buildings in the United States. PNC, which has more newly constructed buildings LEED-certified by the USGBC than any company on Earth, recently completed its latest green office building in Washington, D.C. LEED Platinum certified PNC Place at 800 17th Street sits just blocks from the White House and serves as PNC's regional headquarters in the capital.
The Tower at PNC Plaza will feature a double glass facade to enhance energy efficiency by reducing cooling costs and allowing natural airflow to the building. Using advanced sensors and metering, a state-of-the-art, high efficiency heating and cooling system will deliver conditioned air to specific zones of the building, as needed. The building will be oriented to take advantage of sunlight in workspaces, reducing the need for artificial light during the day. The design team is also currently exploring fuel cells, solar panels, geothermal systems and other alternative power generation sources that will significantly reduce carbon emissions. The building's green rooftops will collect rainwater and channel it for use in other parts of the structure, as well as reduce the heat gain associated with traditional rooftops.
PNC will own the building and occupy all of the office space, with tenants in the retail spaces at street level. The project is being designed by the Pittsburgh office of Gensler, the world's largest architectural and design firm and the design architects for both Three PNC Plaza and PNC Place. Pittsburgh-based PJ Dick will serve as construction manager and U.K.-based Buro Happold will be the engineering firm. Paladino & Company of Seattle serves as the green building consultant.
Subsidiaries of PNC have acquired six properties, totaling approximately 31,000 square feet, on the site bounded by Fifth Avenue, Forbes Avenue and Wood Street. PNC will seek to acquire three others totaling approximately 6,000 square feet from the Urban Redevelopment Authority of Pittsburgh. Deconstruction of buildings on the site is expected to begin late in 2011, with construction scheduled to begin in the spring of 2012. PNC anticipates completion of the Tower at PNC Plaza in the summer of 2015. PNC will solicit community input on street level design and other aspects of the building in the upcoming months.
Consistent with PNC's commitment to green building practices, re-usable materials from deconstructed buildings on the site will be donated to Pittsburgh-based non-profit building supply warehouse Construction Junction. A cultural survey of the site, including archeological excavation, will be conducted by Christine Davis Consultants of Verona, Pa.
PNC expects the Tower at PNC Plaza to accommodate the company's long-term growth. The current headquarters building, One PNC Plaza, will continue to house PNC offices.
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The PNC Financial Services Group, Inc. (http://www.pnc.com/) is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.
SOURCE PNC Financial Services Group