ULI Greece & Cyprus: Study Tour at “Green Plaza” building complex

On 17 February, ULI Greece & Cyprus organised a study tour of “Green Plaza”, a 18,030m² GBA iconic building complex in Marousi. The event was attended by 46 members and non-members of ULI, eager to understand the effects of a green redevelopment on investment value. The property was initially built in 1991, and has since been a landmark asset with excellent visibility and accessibility. In 2014 its current owner, Grivalia Properties, decided to upgrade it.  The objective was to give the asset a new lease of life as well as upgrade it in terms of energy efficiency, aiming for a LEED Certification for Core & Shell (a special version applied to assets intended for lease), a first for the Greek Market.

Prior to the tour, Liana Kyriopoulou, Grivalia’s technical director, presented the rationale behind their decision to redevelop: upgrading the work space of its tenants, protecting the environment and the community, as well as maximising of the long-term value of the asset. Kyriopoulou gave an overview of the various levels of LEED certification, along with the sustainability specifications imposed during the entire cycle of the complex redevelopment. These include a wide range of factors, from a clean building site and minimal nuisance during the construction phase, to advanced thermal insulation, central air conditioning replacement and installation of external movable blinds to reduce solar radiation and achieve energy consumption savings. She then analysed the main benefits of sustainability, highlighting the increased productivity and satisfaction levels for occupiers, the reduction in the cost of utilities, the attenuated light pollution and the implementation of extended commissioning program that secures effective building system operation.

Giannis Kollias, Grivalia’s Technical Manager, then took the floor and proceeded to analyse the technical aspects of the project. The approach taken in redesigning the external area aimed to ensure a seamless flow to the main entrances of the buildings. Green roofs on the terraces of all three are not only  accessible by the occupiers, they also serve to improve the micro climate of the complex, reduce the noise pollution and amplify the thermal insulation of internal spaces. The fire safety standards had been improved with the creation of new fire proof compartments and the upgrade of the fire detection system, while the air conditioning had been modernised with the use of autonomous VRV systems. In addition to that, an important element of the upgrade was the installation of an automated Building Management System, able to secure effective management of equipment and early detection of malfunctions.

The presentation was concluded by Katerina Kalfamanoli, Grivalia’s commercial manager, who made a reference to the services offered to tenants, including maintenance services to common electromechanical installations and infrastructure, landscape and green roof maintenance, as well as 24/7 security, elevator maintenance and an on-site building manager. Kalfamanoli also emphasised the increased level of interest from corporate occupiers. Tenants seem content to a premium on the market rent for the area, in recognition of the increase quality of space and services offered, justifying Grivalia’s decision to upgrade Green Plaza.

At the end of the presentation, all participants had the opportunity to visit all areas of Building B of the complex., The event concluded with a networking reception.