465,222 SF Asset Also an Energy Innovation Finalist in 2021 Better Buildings Challenge
April 06, 2021
LOS ANGELES – Transwestern Real Estate Services (TRS) announces 801 Tower in Downtown Los Angeles was the Water Performance Award winner in the 2021 U.S. Department of Energy’s Los Angeles Better Buildings Challenge. Managed by Transwestern, the 465,222-square-foot office property at 801 S. Figueroa St. was also a finalist for the Energy Innovation Award. Transwestern General Manager Neal Perkey oversees the asset, which is owned on behalf of institutional investors by Barings, one of the world’s largest diversified real estate investment managers.
“We’re very proud of the exceptional results achieved in reducing water usage and improving energy efficiency at this Class A asset,” said Perkey. “This recognition is a testament to Transwestern’s commitment to our clients – and our community at large – to continue to seek ways to improve commercial real estate operations, achieve cost savings, and enhance our tenants’ experience even while adapting to the challenges of a pandemic.”
With ownership’s support, Transwestern implemented a thermal energy storage system that regenerates during off-peak hours. The process saves water and optimizes energy use by way of a tank holding 750,000 cryogel “ice balls” that charge (freeze) each night and discharge (melt) during the day, providing chilled water for cooling.
The team also moved up plans by two years for the installation of hands-free faucets and auto-flush toilets and urinals, resulting in a 26.9% reduction in water usage in 2020, for a savings of approximately $26,000. Other restroom upgrades, including hands-free soap and paper towel dispensers, further reduced the building’s carbon footprint.
“Barings Real Estate is delighted with the success achieved through the implementation of innovative water conservation strategies at 801 Tower. The TRS management team’s effort is a direct reflection of Barings commitment to making positive changes toward the environment, aligning with Barings’ Sustainable Building Operation Practices,” said Jerry Speltz, Managing Director and Head of U.S. Engineering for Barings Real Estate.
Speltz continued, “The water saving techniques and technologies applied at 801 Tower, including the improvement of the water circulation pump system and installation of drought-tolerant plants on a courtyard water feature, are the types of measures that are part of Barings’ overall Environmental, Social, Governance, and Resilience (ESG+R) Program. Barings congratulates the TRS team on this important accomplishment.”
801 Tower has undergone an extensive modernization and repositioning program since Transwestern assumed management in 2014. The building achieved LEED® Gold status in 2017 and earned the BOMA 360 designation in 2020. It was also awarded BOMA Building of the Year – Southwest Region in 2020.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.