Vancouver, B.C., January 18, 2024: KingSett Capital, Crestpoint Real Estate Investments Ltd. (in joint venture with Vestcor Inc.) and Reliance Properties Ltd., co-owners of Arthur Erickson Place on West Georgia Street in downtown Vancouver, today announced that the iconic building has achieved the Zero Carbon Building – Performance (ZCB) Standard™ certification from the Canada Green Building Council (CAGBC). This certification marks an important milestone for the co-owners of Arthur Erickson Place, the building’s tenants, and the City of Vancouver as a meaningful step towards reaching their overall sustainability and net-zero goals.
Achieving ZCB Performance certification for Arthur Erickson Place demonstrates the building’s energy efficiency and the investment its co-owners have made to minimize carbon emissions from its operations. The three-year decarbonization process, which began in 2022, involved an innovative retrofitting of the 363,000 square-foot 26-storey commercial building. The process is expected to be complete in 2025, at which point Arthur Erickson Place will have reduced its carbon emissions by 97 per cent.
Arthur Erickson Place’s new sustainable mechanical upgrades and features include optimized HVAC controls as well as new electric boilers, heat pumps, air handling units, a rooftop beehive installation to promote biodiversity and a spacious outdoor plaza. The achievement demonstrates the commitment by the building’s owners to create pathways to a net-zero future while creating a safe and healthy work environment for their tenants.
The decarbonization of Arthur Erickson Place will result in:
- The reduction of carbon emissions from the building by 97% by 2025.
- A 40% reduction in the building’s energy consumption.
- The equivalent of removing approximately 140 gas-powered cars from the road each year.
- Ensuring the building exceeds its individual requirement to meet the Global Paris Agreement’s goal of limiting the rise in global temperature to 1.5C.
- Further validation of the business case for fuel switching and electrification in Canada.
Executive Commentary
“This achievement for Arthur Erickson Place is an important milestone in KingSett’s decarbonization program. It strengthens a key asset in our portfolio and advances our value enhancement strategy. In collaboration with our partners, we continue to demonstrate that complex, deep carbon retrofits of iconic buildings like Arthur Erickson Place and the Royal York Hotel can be done in a way that is economically viable and environmentally impactful.”
Rob Kumer, CEO, KingSett Capital
“Earning the ZCB Performance Standard certificate for Arthur Erickson Place demonstrates Crestpoint’s commitment to improving the communities in which we live, invest and operate. Retrofitting AEP took tremendous creativity and innovation. We’re excited to share this success with our partners, tenants and with the City of Vancouver, which is an important market for Crestpoint.”
Kevin Leon, CEO, Crestpoint Real Estate Investments Ltd.
“This project is particularly special to Reliance Properties because we’ve called Vancouver home for over 50 years and are constantly striving to enhance the tenant experience. Attaining Zero Carbon Building Performance certification for this building contributes to the health and well-being of our tenants and towards a sustainable future, which is something we are incredibly proud of.”
Jon Stovell, President, Reliance Properties Ltd.
About KingSett Capital
Founded in 2002, KingSett Capital is a leading Canadian private equity real estate firm that co-invests with institutional and ultra-high net worth clients to deliver sustainable, premium risk-weighted returns. KingSett manages $18 billion in assets across its Growth, Income, Urban, Mortgage, Residential Development and Affordable Housing strategies.
In recognition of its commitment to sustainability, KingSett was ranked #1 globally in the 2023 Global Real Estate Sustainability Benchmark (GRESB) Survey for Development in its Residential Non-Listed peer-group and 2nd in the North America Diversified Office/Residential Non-listed peer-group for Standing Investments. As a leader in the industry, KingSett remains dedicated to moving the real estate sector forward and seeking new investment opportunities in a wide range of real estate properties, developments, joint ventures, and mortgage lending.
About Crestpoint Real Estate Investments Ltd.
Crestpoint is a real estate investment and asset management firm founded in 2011 with over $9.9 billion in assets under management. The Crestpoint team is comprised of over 40 real estate investment professionals based in our head office in Toronto. With properties located from coast to coast in Canada, Crestpoint’s current portfolio is comprised of over 320 buildings and over 35 million square feet with exposure to the office, industrial, retail and multi-family sectors.
Crestpoint is an affiliate of the Connor, Clark & Lunn Financial Group Ltd. (“CCLFG”), a multi-boutique investment manager that provides a broad range of traditional and alternative investment products and services to individuals, advisors and institutional investors. Today, CCLFG and its affiliates, including Crestpoint, collectively manage over $110 billion in assets and have close to 700 employees.
About Reliance Properties Ltd.
Reliance Properties Ltd. is focused on enhancing the urban experience in Vancouver through creative solutions to development challenges.
Reliance Properties is a privately owned company that has been contributing to Vancouver’s architectural heritage for more than fifty years. From Coal Harbour luxury to award-winning heritage restorations, Reliance continues to create innovative residential and office developments designed to enhance the urban experience.
Reliance provides proactive management and maintenance for all its properties and provides in-house leasing, maintenance, architectural and tenant improvement services. The company focuses on developing long-term tenant relationships and today, many Reliance tenants have been with the firm for over thirty years.
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For more information, please contact:
Trina Hiscock, [email protected]
(416) 669-8105