Playa Vista Creative Office Campus, The Reserve, Realizes Substantial Water Savings Beyond LEED Gold Status
LABBC CASE STUDY
PROPERTY OWNER
Invesco Real Estate
PROPERTY TYPE
Office
SQUARE FEET
374,433
Sponsoring Organizations
9.6%
Energy Reduction Since Ownership
22.3%
Water Reduction Since Ownership
2021 Innovation Awards: Water Performance Finalist
“As part of the Invesco Real Estate ESG program, we evaluate our assets for capital projects and efficiency upgrades on an ongoing basis. The Reserve is an example of our commitment to operate our buildings as efficiently as possible while realizing cost savings and increased asset value.”
TOM HURST
Asset Manager, Invesco Real Estate
CHALLENGE
The Reserve, a nearly 400,000-square-foot creative office campus in Playa Vista, is a model of sustainable reuse. Owned by Dallas-based Invesco Real Estate, the former U.S. post office facility sits on an alluring 20-acre-site at the edge of a restored wetlands and wildlife preserve, just a short bike ride to the beach. Designed to support creativity, balance and wellness, the property achieved LEED Gold certification upon completion of its redevelopment in 2013.
Since purchasing the property in 2015, Invesco has completed several additional sustainability-minded upgrades at the property. Invesco recently updated its energy and emissions reduction targets to a 3% annual reduction through 2030 and 100% net zero emissions by 2050. The company’s overall goal is to continue to improve efficiency through operations and capital improvement projects such as a chiller retrofit at the Reserve.
With the onset of COVID-19 in early 2020, stay-at-home orders resulted in significantly reduced occupancy at The Reserve, and Invesco was compelled to refocus its ESG work on health and wellbeing to evaluate the property’s current practices.
STRATEGY
To build its ESG program and overcome sustainability challenges, Invesco works with third-party consultants Lord Green Strategies, as well as third-party property managers, investors and other stakeholders. With an eye toward further reducing water consumption and saving money at The Reserve, Invesco identified value in implementing a chiller retrofit.
Invesco completed this retrofit leading up to 2020, replacing a chiller compressor and installing additional controls to improve system efficiency between the chiller and cooling tower. In 2019, variable frequency drives were also installed on the condenser water pumps, allowing the property more control over reducing condenser water flow. Savings from these capital improvements and operational adjustments were realized in late 2019 and 2020.
In response to COVID-19, The Reserve completed a health and safety checklist to identify opportunities for improvement and possible eligibility for WELL and Fitwel certifications. Invesco created a COVID-19 re-entry task force to assess best practices in preparation for tenants’ return.
IMPACT
Invesco’s ESG work at the corporate level in 2020 included the creation of a health and safety checklist, publication of the fund’s fifth annual sustainability report, implementation of an ESG goals process into annual business plans and an increased focus on climate change resilience.
A silver lining to the building’s reduced occupancy came in the form of more easily realized—if temporary—energy and water reductions. The chiller retrofit and subsequent installation of variable frequency drives, however, will facilitate more lasting reductions. The Reserve saw a 16.5% decrease in water usage from December 2018 to February 2020, for an estimated savings of more than $15,000.
The Reserve has achieved ENERGY STAR certification every year since 2015 and plans to maintain that status moving forward. Other plans include upgrading outdated building controls and replacing the air handler filter rack for higher levels of filtration.
