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KONE Wins Contract for 11 Madison Avenue

Press Release Published 02-05-2015

KONE Corporation, press release

NEW YORK Sept. 1, 2016 – KONE, a global leader in the elevator and escalator industry, has been awarded a contract to modernize 28 elevators and install four new escalators and two new elevators at 11 Madison Avenue, a 30-story office building.

The office property is a historic landmark located in Midtown Manhattan, overlooking Madison Square Park. The contract was awarded by the Sapir Organization and CIM Group, and KONE will work with Structure Tone, a leading general contractor in New York. Cushman and Wakefield manages the property and KONE will work together with Cushman’s management team.

”KONE is a terrific partner in our efforts to modernize the 11 Madison Avenue property,” said Mike DeJohn, Executive Vice President of Development and Operations for the Sapir Organization. “With their focus on innovative elevators and improving the efficiency of how people move throughout the property, we’re confident this project will create a positive experience for our corporate customers for years to come.”

KONE solutions will include KONE TravelMaster™ 110 escalators and the KONE ReVolution™, a complete elevator modernization solution. The modernization process will replace the elevators’ original gearless machines, which are almost 100 years old, with the award-winning, energy-efficient KONE EcoDisc® hoisting machine technology. The elevator upgrades will also include KONE’s regenerative drive systems and KONE ReSolve™ control solutions. Energy efficiency was an important factor in the award.

KONE Polaris™ destination control system (DCS) will also be installed at a critical elevator bank in the building to improve people flow. This innovative technology uses artificial intelligence to learn and forecast a building’s traffic flows, significantly improving elevator convenience and efficiency.

”KONE is proud to help modernize elevator and escalator equipment in historic landmark buildings across New York City,” said Larry Wash, Executive Vice President of KONE Americas. ”We are excited to offer some of our most innovative products that will efficiently deliver people to their desired locations with the use of great quality KONE products and cutting-edge technology.”

About KONE

KONE is one of the global leaders in the elevator and escalator industry. KONE's objective is to offer the best People Flow® experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. KONE provides industry-leading elevators, escalators, automatic building doors and integrated solutions to enhance the People Flow in and between buildings. KONE's services cover the entire lifetime of a building, from the design phase to maintenance, repairs and modernization solutions. In 2015, KONE had annual net sales of EUR 8,6 billion, and at the end of the year close to 50,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd. in Finland.

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