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Award-winning environmental and financial responsibility
Gerard Schumm
Senior Vice-President, Operations
Hand-in-hand with our core business initiatives were a number of noteworthy achievements that factored into our success.
Trizec’s energy program won the highest honor among REITs—the 2005 “Leader in the Light” Gold Award from NAREIT and the United States Environmental Protection Agency. This award recognizes company-wide operations that substantially improve energy efficiency and expense management.
Throughout the organization, we clearly grasp the importance of operating our properties in an environmentally and financially responsible manner. By administering energy conservation across our entire portfolio, Trizec reduced energy consumption by 15 percent since the inception of the program in 2000. The result is $16 million in annual savings and a reduction in carbon dioxide emissions of 690,000 tons per year—the equivalent of eliminating 125,000 vehicles from U.S. highways.
Driving greater revenue from current assets
Laura Longsworth
Vice President
Parking Operations
Parking operations have paved the way to a promising income stream for Trizec, and over the past several years, we made concerted efforts to tap into our existing properties and capitalize on attractive revenue-producing opportunities.
By operating parking structures as separate business entities, we intently focus on generating increased revenue. At the same time, Trizec is prudently managing resources and personnel to streamline operations and expenses. By maximizing space in parking structures, automating garage equipment and raising daily rates without sacrificing customers, we reduce costs and increase revenue. As a result of this resourcefulness, we exceeded our same-property parking income projections by almost 8 percent in 2005.
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January
- Announced the appointment of Brian K. Lipson as Executive Vice President & Chief Investment Officer
February
- Entered into a 380,000-square-foot, 15-year lease extension and expansion with prominent international law firm Fried, Frank, Harris, Shriver & Jacobson LLP at One New York Plaza
- Announced Morgan Stanley’s 450,000-square-foot sublease agreement with existing tenant, Wachovia Securities, at One New York Plaza, through December 2014
April
- Sold Shoreline Square, located in Long Beach, for $87.4 million
- Acquired 1200 K Street, N.W., a 12-story, 389,000-square-foot office property located in Washington, D.C., for approximately $190 million. The entire office portion of the building is fully leased to the Pension Benefit Guaranty Corporation through the end of 2018
- Commenced construction of Waterview, a one-million-square-foot, mixed-use development that will include two 300-foot high towers in Rosslyn, Virginia. The 633,000-square-foot, 24-story office building has been leased by The Corporate Executive Board for 20 years. Another 29-story tower will feature 136 condominium residences and a 155-room hotel. Waterview is jointly owned by Trizec, The JBG Companies and CIM Group
June
- Morgan Stanley agreed to sublease an additional 200,000 square feet at One New York Plaza, bringing their total presence at the property to approximately 650,000 square feet
July
- Acquired the prominent Figueroa at Wilshire, a 52-story, 1,039,000-square-foot office property located in the Central Business District of Los Angeles for $356.7 million
- Sold Metropolitan Square, located in St. Louis, for $165.8 million
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