Project Overview
123 South Broad Street, known commonly as the Wells Fargo Building, is a landmark office tower located along Philadelphia’s Avenue of the Arts. PEA, Nuveen Green Capital, Unit 1 Partners LP, and 123 S. Broad Partners LP closed in 2021 on $4,109,825 in C-PACE financing for renovations of the building’s units 1 and 2.
Originally designed by architects Edward P. and Grant M. Simon and completed in 1928 for the Fidelity-Philadelphia Trust Company, the 750,000-square-foot, 29-story skyscraper was once the tallest in Philadelphia and ninth-largest office building in the world. Owned today by a joint venture of SSH Real Estate, Young Capital, and Quilvest Private Equity, the Center City building applied C-PACE funds to complete a comprehensive modernization of core building systems, while preserving distinctive architectural features.
$4.1 million
$232,600
Annual energy savings
1,520 Mt
Annual avoided carbon emissions
Project Details
C-PACE funds covered the following building improvements:
- Complete interior lighting retrofit
- Refurbishment of central air handling units (AHUs)
- Conversion of constant volume HVAC systems to single-zone Variable Air Volume (VAV)
- Conversion of cooling tower infrastructure to variable flow operation
- Installation of new Direct Digital Controls (DDC)
- Chiller system repairs and steam distribution efficiency improvements
- Comprehensive water fixture retrofits and low-flow conservation measures