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Bridging the Owner-Tenant Divide to Unlock New Energy Savings

Bridging the Owner-Tenant Divide to Unlock New Energy Savings. Monday, June 24, 2019: 4:00 PM - 5:00 PM. Speakers. Eric Duchon LaSalle Investment Management. Eric Tilden Cushman & Wakefield. Marta Schantz Urban Land Institute. Craig Haglund US EPA ENERGY STAR. The Owner’s Perspective .

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Bridging the Owner-Tenant Divide to Unlock New Energy Savings

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  1. Bridging the Owner-Tenant Divide to Unlock New Energy Savings Monday, June 24, 2019: 4:00 PM - 5:00 PM

  2. Speakers Eric Duchon LaSalle Investment Management Eric TildenCushman & Wakefield Marta Schantz Urban Land Institute Craig HaglundUS EPA ENERGY STAR

  3. The Owner’s Perspective Eric Duchon, LaSalle Investment Management

  4. LaSalle Investment Management

  5. Asset Level ESG Integration

  6. Tenants want Sustainability

  7. …Even Industrial Tenants

  8. ENERGY STAR Tenant Spaces Craig Haglund, US EPA

  9. Why ENERGY STAR Tenant Recognition? • ENERGY STAR’s objective measure of whole building efficiency has motivated change in the market, but barriers remain, especially in multi-tenanted buildings • Tenant activity often accounts for the majority of energy use in multi-tenanted buildings • Efficiency can save tenants money, directly or indirectly • Recognition highlights leaders, who show the way for everyone else

  10. Energy Efficiency Improvement Act of 2015 Directed EPA to develop recognition for energy efficient commercial tenant spaces • Design & Construction (D&C) • To be proposed after DOE study on feasibility of high performance design and construction in tenant spaces • Study published April 30, 2016 • Occupancy-Based • Modeled on 1-100 ENERGY STAR score for whole buildings • Requires data collected by Energy Information Administration, available 2021 at earliest

  11. 2017-2018 Pilot • EPA proposed recognition criteria in 2016, and launched pilot for office spaces in summer 2017 • Office tenants only • Broad and diverse group of Charter Tenants • Over 140 spaces, and 70 organizations • Represent 25 states, plus DC and Puerto Rico • Include occupied tenant space, as well as in design and build/fit-out • On June 12, 2018, EPA announced recognition for 51 Charter Tenant spaces • 2,000 sq’ to over 1.3M sq’ • 15 states

  12. Charter Tenants • Automatic Controls Company, Inc. • CodeGreen Solutions • COOKFOX Architects • CRB • Cushman & Wakefield • DOE Office of Legacy Management • DNV GL Energy • Empire State Realty Trust HQ • Event Network, LLC. • Forest City Realty Trust, Inc. • Harvard Pilgrim Health Care • Hines (East & Midwest Regions) • HKS, Architects • HNTB Corporation • JCDecaux • JLL • JPMorgan Chase • Kilroy Realty Corporation • LaSalle Investment Management • Legrand NA • LinkedIn • MG2 Corporation • Morgan Stanley • Related Companies • Robert A.M. Stern Architects • Rocky Mountain Institute • Salesforce • Samsung Electronics America • Satori Energy • Servidyne, LLC • Shorenstein • Skanska USA • TowerPinkster • USAA Real Estate • Ventas, Inc. • Verizon • Vornado Realty Trust • Wells Fargo • Zeal Optics

  13. Tenant interface embedded within Portfolio Manager. Sample Property Sample Tenant Space Building Information added, followed by tenant space on a suite by suite basis.

  14. Sample Tenant Space Sample Tenant Space Adding suite characteristics. Adding equipment information. Used for both energy estimate and equipment requirements

  15. Sample Tenant Space Sample Tenant Space Adding lighting inventory Need to know fixtures, wattage, and controls Summary page details individual suite results. Option to apply for recognition

  16. All suites listed in table for tenant space “home page” Option to apply appears once all criteria are satisfied Sample Tenant Space Sample Tenant Space Application can be generated. Licensed Professional (PE or RA) needs to perform site visit and sign off

  17. Tenant Energy Optimization Program (TEOP) Marta Schantz, Urban Land Institute (ULI) Greenprint

  18. ULI Greenprint: “Reducing Carbon, Building Value” Founded in 2009 Worldwide alliance of leading real estate owners and financial institutions committed to improving the environmental performance of buildings Member-driven initiative with the goal of reducing greenhouse gas emissions by 50% by 2030 Includes ~30 companies representing 8,000 properties totaling 164 million square meters across 28 countries

  19. ULI Greenprint Members

  20. Annual Tenant Expenses ($/Square Foot) $3 $30 $300

  21. Tenant Efficiency Programs in the Market Tenant Energy Optimization Program Green Lease Leaders ENERGY STAR for Tenant Spaces LEED ID+C & WELL Standards FitwelCertification Landlord-Tenant Energy Partnership

  22. Tenant Energy Optimization Program (TEOP) • Free and open program • A returns-driven, 10-step process to embed energy efficiency decisions into tenant space design and construction • Piloted in 10 tenant fit-outs, documented in case studies • Energy savings of 30 – 50% • Payback period of 3 – 5 years • Average IRR of 25%

  23. Creating Business Value

  24. The 10-Step Process: Phase I - PRE-LEASE

  25. What is a Green Lease? Reduce energy use: from 11-22% Reduce utility bills: up to $0.51 / ft2

  26. Example Green Lease Clauses/Provisions “Landlord and tenant shall provide a point of contact to discuss issues related to sustainability and energy. Issues include, but not limited to retrofit projects, billing issues, energy efficiency upgrades, and data access.” “Any and all Tenant Improvement Work and/or Alterations will be performed in accordance with Landlord sustainability practices that the Tenant has accepted as part of the lease agreement, namely the leased space fit-out must meet Environmental Protection Agency’s ENERGY STAR Tenant Space criteria.” Minimum Efficiency Fit-Out Sustainability POCs

  27. Green Lease Leader Credits 1. Track tenant space energy use 2. Track tenant space water use 3. Request whole-building ENERGY STAR score from landlord annually 4. Ensure transaction management team receives energy training 5. Implement tenant energy management best practices 6. Purchase on-site renewables if offered by landlord and competitively priced 7. Accept cost recovery for efficiency upgrades benefitting tenant 8. Include requests for energy information in Site Selection Questionnaire 9. Demonstrate innovation in leasing

  28. The 10-Step Process: Phase II - DESIGN & CONSTRUCTION

  29. The 10-Step Process: Phase II - DESIGN & CONSTRUCTION

  30. The 10-Step Process: Phase III - OCCUPANCY

  31. TEOP Helps Prepare for DOE “Green Lease Leader” and EPA “Tenant Star” Recognition

  32. TenantEnergy.ULI.org

  33. The Tenant’s Perspective Eric Tilden, Cushman & Wakefield

  34. GLOBAL OCCUPIER SERVICES Strategic consulting Portfolio administration Transaction management Project and development services Integrated facilities management CAPITAL MARKETS Investment sales Equity, debt, and structured finance Corporate finance and investment banking VALUATION & ADVISORY Appraisal management Diligence advisory Dispute analysis and litigation support Financial reporting Property tax services Valuation/Portfolio valuation PROJECT & DEVELOPMENT SERVICES Program, project, and construction management Development services and master planning advisory Procurement and bid management Schedule and budget management Cost consultancy and value engineering Space and occupancy planning Sustainability Workplace consultancy INVESTMENT & ASSET MANAGEMENT Segregated portfolio management Asset management Fund creation and management Indirect investing Fund investment strategy TENANT REPRESENTATION Strategic consulting Occupancy workplace strategy Acquisitions, dispositions, and build-to-suits Market, demographic, and labor analysis Lease restructuring; subleasing services Lease auditing AGENCY LEASING Strategic asset analysis Comprehensive property positioning Broker relationship campaigns Prospective tenant analysis and canvassing programs Letter of intent and lease negotiation Regular client reporting Coordination of additional real estate services ASSET SERVICES Engineering and maintenance Accounting and financial reporting Contract and vendor maintenance Lease compliance and administration Property management Construction management Strategic account management Sustainability FACILITY SERVICES Janitorial Maintenance Critical environments Landscaping Office services

  35. Sustainable Procurement

  36. DO IT DURING FITOUT PRE-DEVELOPMENT DEVELOPMENT Site/Space Planning Goal Setting Concept Design Information Accessibility OCCUPANCY Final Design Coordination Construction Dashboard Development Operations and Reporting

  37. DC FITOUT COST BREAKDOWN 66% 58% 52% 20% 18% 18% 15% 10% 9% 16% 10% 8% FURNITURE FIT OUT SOFT COSTS A/V, IT MOVE SOFT COSTS FIT OUT FURNITURE A/V, IT MOVE $95.12 $36.75 $33.51 $18.75 $12.54 $23.32 $76.58 $20.74 A/V, IT MOVE FURNITURE SOFT COSTS FIT OUT $14.76 $9.17 $7.20 $59.97 LOW MEDIUM HIGH

  38. LEED V4.1 INTERIORS

  39. REAL-TIME TENANT METERING

  40. REAL-TIME TENANT METERING

  41. REAL-TIME TENANT METERING “selected submetering solution easy to deploy”

  42. LIGHTING RETROFIT

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