Trees and shrubs next to the tall building
  • Vancouver
  • British Columbia
  • Office
  • May 2018

Airport Square

A South Vancouver office tower with strong environmental credentials.

Spacious hall with green plants

Wide concrete stairs in front of the entrance to the building

About the building

Built in 1975, Airport Square is a 14-story office tower in South Vancouver, conveniently located within 20 minutes of Downtown Vancouver, Richmond, Burnaby and New Westminster. With 226,000 square feet of Class A office space, the building is home to a wide variety of tenants and offers an on-site gym and 460 covered parking spaces.

Investment rationale and improvement works

Having managed Airport Square since 2001 on behalf of a client, LaSalle’s investment and asset management teams were well aware of the building’s full potential when it was purchased from the client in 2017. Working with a sustainability consultancy and in-house energy and sustainability experts, LaSalle’s Canadian asset management team undertook numerous sustainability projects to improve the building’s performance.

Some of the works included:

  • Replacing the 250-ton chiller with more efficient 200-ton multi-stack units
  • Installing modulating cooling valves on floor heating, ventilation and air conditioning (HVAC) fans
  • Installing of variable frequencies drives on floor air handling units (AHUs)
  • Replacing fluorescent lighting with LEDs
  • Conducting a full review of building controls, including set points, unoccupied setback, outdoor temperature reset and free cooling

Additionally, the asset management team engaged with tenants to encourage them to make some simple changes, such as drawing blinds at the end of each day to reduce heat gain or loss and shutting down computer monitors at the end of each workday to conserve energy.

Recognition

Airport Square achieved a LEED ‘Gold’ certification for existing buildings in April 2016 (when LaSalle was undertaking improvements on behalf of the then-owner) and was recognized as one of the first-ever ENERGY STAR® Canada Building Certification certified office buildings in Canada. The ENERGY STAR® distinction signifies that the property performs in the top 25% of similar facilities nationwide for energy efficiency and meets strict energy efficiency performance levels set by Canada’s Office of Energy Efficiency.

Two skyscrapers and blue sky

Airport Square is part of the LaSalle Canada Property Fund portfolio

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Important information

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.