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– Coretrust Office Properties Set New Standard for Healthy Building Technologies Across U.S., Validated by Tenant Leases & Independent Safety Science Leaders
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Dec 15, 2021, 14:23 ET
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LOS ANGELES, Dec. 15, 2021 /PRNewswire/ — Multiple state-of-the-art health and wellness technologies plus major operational improvements installed at its buildings by Coretrust Capital Partners, a major office landlord based in Los Angeles, is winning the hearts of tenants. The company has signed 200,000 square feet of new and renewed tenant leases in the past nine months at its properties, FourFortyFour South Flower in downtown Los Angeles, PASARROYO office campus in Pasadena, CA and 2 Liberty Place in downtown Philadelphia.
Companies Leasing Office Space in Healthy Buildings with Anti-COVID Technologies To Lure Employees Back to Work
"It is rewarding to see tenants leasing or renewing leases at rates that are above those available elsewhere because they see the value of the safe, healthy and stress-free workplaces we have created," said Thomas S. Ricci, Managing Principal and a founder of Coretrust. He noted that 70% of the leases are new with 30% renewals, all averaging 10-year terms.
"This is a flight to scientifically verified healthy office environments, a trend that is going to accelerate as companies recognize employees will be demanding safe workplaces in order to go back to the office," Mr. Ricci adds. "From its very beginning, Coretrust has sought the most superior building technologies for our properties to best serve the health and wellbeing of our tenants and visitors. The pandemic galvanized us to accelerate our efforts that were already underway to make our buildings best in class in health and wellness," Mr. Ricci states.
Coretrust is recognized as an industry leader in establishing smart and safe office health environments by reputable third-party global safety science organizations including UL and ISSA. Coretrust’s initiatives have been independently audited and validated by these organizations, resulting in its properties receiving the first-ever global UL Tier-2 Healthy Building Marks for Indoor Air Quality and Water Quality and one of the first large scale commercial office portfolios to receive ISSA’s Global Biorisk Advisory Council (GBAC) Star Certification and Well Building Institute’s Health and Safety Certification. In addition, all the Coretrust office properties have earned LEED Gold Certification from the U.S. Green Building Council and Energy Star Certification from the US Department of Energy.
"Employee health and safety are paramount to companies preparing for a return to the office in today’s environment and our industry is being transformed as buildings are equipped with state-of-the-art technologies and rigorous cleaning operations to assure occupants’ wellbeing," said Jeff Eckert, President of JLL’s U.S. office landlord representation business.
"Furthermore, tenants can verify an individual building’s health through independent third party certifications that use scientific evidence to judge indoor air quality, ventilation, water system safety, equipment room cleanliness, and deep cleaning and sanitizing. We are creating a new world of offices that are better and healthier for everyone," Mr. Eckert adds.
"Today we know of no other office owner that has the combination of sophisticated environmental technologies and stringent operational controls that Coretrust offers," Mr. Ricci points out.
Technologies and operating procedures at all Coretrust buildings achieve virtually medical-grade indoor air quality. A powerful in-air-duct Ultraviolet C Germicidal Irradiation air purification system, Biowall MAX from Sanuvox Technologies, delivers maximum air quality, reducing pathogens by 99.9%. Along with the addition of MERV-13, 14 and15 air filters, the HVAC system is virtually eliminated as a source of virus transmission. Coretrust pumps maximum levels of outside air ventilation into its buildings and has increased operating hours and numbers of fresh air purges. Further, equipment rooms are deep cleaned and air handling unit coils disinfected on a regular basis.
Elevators are at the top of customer anxieties because of the frequency of usage and close proximity of occupants, Mr. Ricci points out. Working with three major elevator companies, Otis, Fujitec and Mitsubishi, Coretrust addressed these concerns with completely modernized elevators at its buildings that have touchless destination dispatch systems, allowing tenants to use personalized access cards to call cars to their respective floors without touching buttons. To completely alleviate elevator fears, Coretrust maintains continuous air purification in the cabs through bi-polar ionization generators that sit atop or within the elevators. It is the only landlord in the U.S. to navigate complex governmental approvals and multiple elevator manufacturers’ concerns to install this innovative equipment.
Among the smart technologies at Coretrust buildings are ADIBOT UV-C Robots placed in high occupancy and/or sensitive areas at night to disinfect air and surfaces against COVID-19 and other harmful airborne pathogens. The ADIBOT UV-C robots, just introduced in early 2021, are the first to be deployed at any office building in the U.S. The robots are created and manufactured by UBTECH Robotics, a global leader in intelligent humanoid robotics and AI technologies.
The value of outdoor spaces such as plazas, terraces and gardens has been underscored by the pandemic and Coretrust has created more of these shared outdoor spaces in the past year. Shade and seating improvements along with WiFi and Distributed Antennae Systems (DAS) make it possible to use these spaces for socially-distanced dining, meetings, social gatherings and even fitness activities.
A major Coretrust innovation was hacking the curtain wall of the FourFortyFour tower to create a 1,000-square-foot loggia terrace that brings fresh air and sunlight into the 22,500-square-foot Workplace Innovation Lab on the sixth floor. Similar indoor loggia terraces are now being sought by tenants and we expect to build several of these in 2022, Mr. Ricci says.
Water quality is another element hard hit by the pandemic as many buildings have housed few tenants or have had significant portions of the building shuttered. Prolonged stagnancy increases the growth of microbiological organisms in plumbing systems and further tends to rapidly consume the disinfectant added to help keep water pure. Coretrust has instituted rigorous flushing of its water systems, installed touchless plumbing fixtures, replaced aerators throughout each building, and regularly tests water quality to ensure it meets highest drinking water standards.
Coretrust’s dedication to sustainability and safe building environments dates back to the late 1990s when its team developed the California Environmental Protection Agency headquarters in Sacramento holding the distinction for seven years as the world’s first and only high rise over one million square feet to be certified LEED Platinum. Since founding Coretrust seven years ago, its executives have continually improved on these environmental standards in their 2.5 million square foot office portfolio.
Coretrust believes its comprehensive commitment to health, wellness and sustainability distinguishes its properties as Smart, Safe and Beautiful and among America’s Best Workplaces, Mr. Ricci concludes.
About Coretrust Capital Partners
Coretrust Capital Partners, LLC ("Coretrust") is a Los Angeles-based private real estate operating company formed in 2014 by three original partners of Thomas Properties Group, Inc. (NYSE: TPGI). Coretrust, a Registered Investment Advisor, provides fiduciary investment management services to institutional clients in both co-investment and separate account vehicles targeting opportunistic, value-add, core plus and core strategies in the office sector. Coretrust targets acquisitions in major urban centers located in the West Coast, Southwest and the Mid-Atlantic regions. For more information visit www.coretrustcapital.com
Contact: Barbara Casey, 310.990-0750
SOURCE Coretrust Capital Partners
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