Office
Airport Square, Vancouver
A South Vancouver office tower with strong environmental credentials
About the building
275 Slater is a 20-story office building located in the heart of Ottawa’s central business district. The building, which was originally built in 1968, required significant capital expenditure and operational improvements, creating opportunities to enhance its sustainability performance and overall value for the LaSalle Canada Property Fund.
Investment rationale
275 Slater is located in the heart of the central business district in Canada’s capital and fourth-largest city. It benefits not only from its proximity to transport links and access to amenities, but also from a diverse tenant base that includes foreign embassies, industry advocacy groups, professional services firms, and ground-floor food and retail. Occupancy rate has historically been in the 85%-90% range, demonstrating the asset’s utility in the market and desirability for tenants wanting a highly efficient CBD location.
The LaSalle Canada Property Fund’s management team believes that the high occupancy and rent rates at 275 Slater result in large part from delivering sustainability performance that meets the expectations of top tenants in the market.
Improvement works
LaSalle’s Canadian Asset Management team designed a multi-year capital improvement strategy, focused on making the asset more sustainable and energy efficient.
Their focus areas were:
- Improving energy efficiency by retrofitting LED lighting across the garage and building; installing heating curtains and new fans to better circulate air; converting HVAC damper and louvers; and upgrading elevator controls.
- Improving water efficiency by installing variable speed drives on the domestic cold-water pumps, replacing humidifiers and installing low-flow toilets and auto faucets
- Installing six electric vehicle charging stations in 2023.
Recognition
275 Slater has achieved ENERGY STAR certifications annually since 2020, with a recent score of 77, placing it in the top 25% of comparable buildings across Canada. Additionally, it has obtained LEED Platinum certification, the highest level of recognition.
Please see the important information regarding ratings and certifications at the bottom of this page.
Gallery
275 Slater is part of the LaSalle Canada Property Fund portfolio
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Important information
The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.
Important information about sustainability
A decision to invest should consider all characteristics or objectives disclosed in the offering document. Please refer to the offering document before making any final investment decision.
Except where specified either in this webpage or any other documents, any ESG or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such ESG or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).
Information about 275 Slater’s ratings and certifications
- ENERGY STAR certification is issued annually if an asset meets requirements set by the US Environmental Protection Agency, which have also been adopted by Natural Resources Canada (NRC). LaSalle does not provide compensation to the US EPA or NRC to participate.
- LEED certification was issued in May 2021 by the Canada Green Building Council (CAGBC) with an expiration of May 2024. LaSalle provided compensation towards certification and registration fees to the CAGBC.
- WELL Health Safety Rating issued December 2023 with an expiration of December 2024. LaSalle provided compensation to IWBI for certification.