Project Owner/Developer: British Columbia Investment Management Corporation
Development Manager: QuadReal Property Group
Property Manager: QuadReal Property Group
LEED Consultant: WSP Canada Inc.
Mechanical Engineer: Smith & Anderson
Electrical Engineer: Smith & Anderson
Structural Engineer: Stephenson Engineering
Landscape Architect: Janet Rosenberg & Studio
General Manager: Michael Manuel
Contractor/Builder: Eastern Construction
Located in Toronto’s Financial District, 200 King Street West is home to a number of large national and multi-national tenancies. In October 2016, the 472,000 square foot, Class A office building achieved LEED EB:O&M Platinum certification.
Owned and managed by QuadReal Property Group (QuadReal) on behalf of British Columbia Investment Management Corporation (bcIMC), the certification of this building forms part of bcIMC’s ongoing re-investment plan for its properties, targeted at modernizing and future-proofing its portfolio while enhancing QuadReal’s ability to provide best-in-class premises to its tenants.
The following case study was written using responses previously provided for a LEED Spotlight in March 2017, and is the result of an interview with QuadReal’s Dr. James Gray-Donald, VP Sustainability, Enterprise Resources & Innovation.
Choosing LEED strengthens commitment to sustainability
The certification of 200 King includes a major renovation to its lobbies, common areas, and outdoor plaza. It also featured fully modernized elevators, equipped with direct dispatch technology, and an expanded bicycle parking facility with direct access to new tenant change rooms and showers.
“LEED was initially chosen for 200 King as it is a leading global standard for both sustainable development and operational practices,” says Dr. Gray-Donald. “Having developed a number of LEED certified buildings across the country, it was a natural extension to employ LEED to reinforce bcIMC and QuadReal’s commitment to sustainable investment and management practices for its existing property portfolio.”
LEED certification achieves results for all stakeholders
Being stewards of pension fund capital, responsible property investment is one of QuadReal’s core values, closely aligned with the values of many of their tenants, investors, and surrounding communities. They believe that a sustainable approach to their management practices allows them to achieve the best results in a responsible manner for all stakeholders.
“For the tenants, sustainable management practices employed within the premises they occupy form an important part of their own corporate CSR goals and objectives,” says Gray-Donald.
As part of QuadReal’s service delivery promise, their Enterprise Resource & Innovation (ERI) Group actively seek out opportunities to work with their tenants to realize ESG goals within the framework of their organizational policies.
“For our client, sustainable management practices form a fundamental objective under bcIMC’s Responsible Investment Mandate. At all levels of the QuadReal organization, we seek out opportunities to invest, develop, and manage based on this core operating philosophy,” says Gray-Donald. “For the communities we invest in, QuadReal’s long term approach to its management ensures we develop and operate responsibly while respectfully adding to the urban fabric of the neighborhoods we invest in.”
Sustainable development maximizes property performance
QuadReal believes that sustainable development and operational practices can be closely aligned with their organizational goals and objectives.
With respect to their goal of maximizing risk-adjusted returns for their clients, they believe that responsible investing and management forms a major part of driving operational efficiencies and sensibly allocating capital in order to maximize the performance of their properties.
“A recent study of Canadian and US properties (Green Certification and Building Performance: Implications for Tangibles and Intangibles by Avis Devine and Nils Kok), including long-term data from our own portfolio, found that LEED certified buildings in Canada earned up to a 10 per cent rental rate premium compared with similar non-certified buildings. While there are often other factors that influence property performance, we believe that sustainable management practices do ultimately contribute to higher incomes and higher values relative to the broader market,” says Gray-Donald.