LaSalle’s 222 Exhibition Street in Melbourne wins Collaborative Partnerships Award
HONG KONG (December 15, 2017) — LaSalle Investment Management (“LaSalle”) is pleased to announce that 222 Exhibition Street, a 29-storey office building in Melbourne, has won the Collaborative Partnerships Award presented by the Facilities Management Association (FMA) for the building’s predictive maintenance system. The predictive maintenance system is unique amongst Australian commercial buildings and its implementation is part of LaSalle’s wider initiative to drive innovation in sustainable practices across its property investments.
In line with LaSalle’s and its client’s sustainable investment objectives, occupants benefit from the ability of 222 Exhibition Street’s predictive maintenance system to reduce the property’s energy consumption by reducing the amount of unnecessary maintenance work typically carried out at commercial buildings. The predictive maintenance system has resulted in energy saving of 11.5% (weather adjusted) and a 68% reduction in maintenance costs over the assessment period between September 2016 to July 2017, despite occupancy increasing by 13% over the same period.
Using continuous monitoring equipment, the system also alerts property management electronically of the need to carry out maintenance at a scheduled point in time when the maintenance activity is most cost-effective and before the equipment loses performance within a certain threshold. The system enables service technicians to immediately find the root causes of problems, resulting in a more efficient use of their time.
The system is the latest step LaSalle has taken, in collaboration with industry-leading environmental consultancy firm Ausnviro, to transform 222 Exhibition Street into a five-star NABERS (National Australian Built Environment Rating System) rated asset. Since acquiring the property in 2015, LaSalle has already successfully increased the building’s 3.5-star rating up to four stars, following upgrades to the energy, waste, water and general indoor environmental performance of the building.
Gareth Sneade, asset manager for LaSalle Investment Manager, Australia, said, “Over the last ten years, LaSalle has developed a strong commitment to environmentally sustainable practices in the operation of the buildings it manages. The 222 Exhibition Street predictive maintenance system embodies this spirit and has proven to be an innovative approach to reducing the property’s carbon footprint, while at the same time reducing running costs and the cost of occupancy. In a competitive leasing market and facing a significant lease expiry in early 2019, this award helps position 222 Exhibition Street at the forefront of building innovation, and reflects the success of LaSalle’s strategic focus on environmental factors to improve the risk-adjusted financial performance of its real estate investments.”
The FM Industry Awards for Excellence 2017 was presented by the FMA at a gala dinner in Melbourne. Each year they recognise leadership and innovation in the management, operation and maintenance of Australia’s built environment across eight categories. Established in 1988, the FMA is the peak national body for facilities management, representing and supporting professionals and organisations responsible for the management, operation and maintenance of buildings, precincts and community infrastructure.
This information is based on the 2017 GRESB Real Estate Assessment Results. Nothing presented herein should be relied upon by the reader as research or investment advice regarding the LaSalle funds or any issuer or security in particular, neither is it a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of a private placement memorandum.
For more information about the assessment, please visit the GRESB website: https://gresb.com/2017-real-estate-results/
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $71 billion of assets in private equity, debt and public real estate investments as of Q4 2020. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.