LaSalle Investment Management today announced that that Airport Square, a Class-A office asset located in Vancouver, British Columbia, has earned an ENERGY STAR® Canada Building Certification.
This distinction signifies that the property performs in the top 25 percent of similar facilities nationwide for energy efficiency and meets strict energy efficiency performance levels set by Canada’s Office of Energy Efficiency. To meet the energy reduction prerequisites for ENERGY STAR certification, properties must benchmark energy consumption against similar buildings across the nation. LaSalle completed an audit on Airport Square, which identified several conservation measures to successfully meet the energy prerequisite.
The Honourable Jim Carr, Canada’s Minister of Natural Resources, stated: “Congratulations to LaSalle, whose Airport Square building was among the first to qualify for ENERGY STAR certification in Canada. Energy-efficient buildings play a key role in helping Canada achieve its greenhouse gas reduction commitments, and we are proud to recognize organizations that are leading the way.”
Eric Duchon, Global Head of Sustainability at LaSalle, commented: “We are pleased to achieve one of Canada’s first ENERGY STAR certifications for Airport Square. As a global property owner, LaSalle remains focused on reducing our carbon footprint and will continue to pursue projects aimed at improving energy efficiency across our portfolio.”
Sam Barbieri, Senior Vice President, Asset Management, added: “This certification demonstrates our commitment to the environment, our tenants and the Vancouver community. We appreciate the efforts of everyone who has been involved in the efficient operation of Airport Square, and asset that LaSalle has been proud to manage for the last 17 years and is a cornerstone of LaSalle Canada Property Fund.”
With contributions from the local property team, a sustainability consultancy and in-house energy and sustainability experts, LaSalle undertook numerous sustainability measures, including:
Capital Projects
- Replacement of a 250 ton chiller with more efficient 200-ton multi-stack units
- Installation of modulating cooling valves on floor HVAC fans
- Installation of variable frequencies drives on floor AHUs
Operational Measures
- Replacement of CFL bulbs with LED
- Full Building Controls review, including set points, unoccupied setback, outdoor temperature reset and free cooling
Tenant Behavioral Changes
- Encourage tenants to draw blinds at the end of each day to reduce heat gain or loss
- Encourage tenants to dress appropriately in the winter months to reduce heating requirements
- Encourage tenants to shut down computer monitors at the end of each work day to conserve energy
Located along the southern edge of Vancouver, Airport Square is a 226,000-square-foot Class-A office building that features unobstructed views of the Vancouver International Airport, Fraser River, and the surrounding areas. LaSalle acquired Airport Square on a wholly-owned basis in 2017 from an institutional investor on whose behalf LaSalle had been managing the asset since 2001, and has been working to improve the energy efficiency of the building for a number of years.
LaSalle has executed on an aggregate of approximately C$5 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. In December 2017, LaSalle launched its first core-open ended fund in the country, with the phased acquisition of a seed portfolio of assets valued at C$750 million. The LaSalle Canada Property Fund core offering expands the firm’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle and its investment advisory affiliates manage over $59.0 billion of assets under management in private and public real estate property and debt investments as of Q1 2018. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is an independent subsidiary of Jones Lang LaSalle, Inc. (NYSE: JLL), one of the world's largest real estate companies. For more information please visithttp://www.lasalle.com.
About ENERGY STAR Canada
ENERGY STAR Canada is a 17-year-long energy efficiency success story. The program is a voluntary partnership between the Government of Canada and 1,500+ organizations working to use our natural resources more wisely through greater energy efficiency. Behind each ENERGY STAR label is a product, home, building or industrial facility that is independently certified to use less energy and cause fewer of the emissions that contribute to climate change. ENERGY STAR is Canada’s simple choice to save energy, save money and save our environment. For more information about ENERGY STAR, visit www.energystar.gc.ca.
