Top California Office Landlords Form Consortium to Address Energy Issues
LOS ANGELES--(BUSINESS WIRE)--March 28, 2001-- Commercial Building Owners Representing Over 300 Million Square Feet Join Forces to Share Information and Advise State on Energy Challenges
California's largest commercial real estate owners, representing more than 300 million square feet of office space, have formed a consortium to work with the Building Owners and Managers Association (BOMA) to address the state's ongoing energy issues.
Spearheaded by Arden Realty, Equity Office Properties Trust, The Irvine Company and TrizecHahn Corporation, the consortium members include: The Shorenstein Company, Lowe Enterprises, Kilroy Realty Corporation, Maguire Partners, Douglas Emmett and Company, Tishman Speyer Properties, and Catellus Development Corporation.
The consortium's purpose is to share best practices in energy efficiency, pursue innovative solutions to reducing energy consumption and to advise the State of California on energy initiatives. The consortium is currently working with BOMA and state officials to craft an implementation plan that will provide concrete energy enhancement recommendations in real estate throughout California, including in the state's own buildings.
The consortium has established a four-phased agenda that will guide discussion in upcoming meetings, including:
- How the industry can improve its overall operational energy efficiency
- How landlords should advise their tenants to lower energy
consumption in the workplace and at home.
- What major energy solutions the commercial real estate industry
can provide to the State of California.
- How the consortium can leverage its significant ownership
position to positively impact long-term energy solutions.
Some of the participating firms have already invested several million dollars in energy initiatives, especially in the past two years, which have resulted in a savings of up to 30% in many buildings. Increasingly, landlords are also pursuing "distributed generation" -- on-site power generation such as fuel cells, microturbines and photovoltaic panels to test the viability of these new technologies. Certain members have been recognized for their conservation efforts by the Environmental Protection Agency (EPA), which grants Energy Star Awards to individual buildings that have excelled in maximizing energy use and maintaining superior environmental standards. Pursuing these and other solutions will be the consortium's focus in coming months.
About Arden Realty, Inc.
Arden Realty, Inc. is a self-administered and self-managed real estate investment trust traded on the New York Stock Exchange (ARI). Based in West Los Angeles, Arden is a fully integrated real estate company and the largest landlord of office buildings in Southern California. Arden has a portfolio of 142 properties in seven major markets comprising approximately 18.7 million square feet. The company's in-house operations include leasing, property and asset management, construction, development and re-development, and acquisition. For more information visit the company's Web site at www.ardenrealty.com.
About Equity Office Properties
Equity Office Properties Trust (NYSE:EOP) is the nation's largest publicly held office building owner and manager with a portfolio of 380 buildings comprising 98.9 million square feet in 24 states and the District of Columbia. Equity Office has an ownership presence in 37 Metropolitan Statistical Areas (MSAs) and in 103 submarkets, enabling it to provide a wide range of office solutions for local, regional and national customers. For more information visit the company's Web site at www.equityoffice.com.
About the Irvine Company
The Irvine Company is a privately held company based in Newport Beach, California. The company's growing portfolio of investment properties consists of approximately 28 million square feet of office, industrial, research and development buildings and retail centers in Orange County, Los Angeles, San Diego and the Silicon Valley as well as 26,000 apartments owned or under construction by the company. The company's holdings also include two hotels, five marinas and three public golf courses. For more information visit the company's Web site at www.theirvinecompany.com.
About TrizecHahn Corporation
TrizecHahn Corporation, one of the largest public real estate companies in North America, has ownership interests in and manages a high-quality portfolio of 77 U.S. office properties totaling 50 million square feet concentrated in the central business districts of seven major cities. It also has interests in retail/entertainment properties in the United States and Europe, a global technology center business, and several properties in Canada. The Company trades on the New York and Toronto stock exchanges under the symbol TZH. For more information visit the company's Web site at www.trizechahn.com.
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