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Burnham-Moores Center for Real Estate University of San Diego Master of Science in Real Estate Presentation. Bullitt Center April 30, 2013 Thomas Bobo Justin Farrar Zabrina Johal. Please do not quote or use this presentation without appropriate recognition. Thank you!.

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Burnham-Moores Center for Real EstateUniversity of San DiegoMaster of Science in Real EstatePresentation

Bullitt Center

April 30, 2013

Thomas Bobo

Justin Farrar

Zabrina Johal

Please do not quote or use this presentation without appropriate recognition. Thank you!


The greenest commercial building in the world
The Greenest Commercial Building in the World”

  • GOAL: revolutionize how commercial buildings are designed and built and eventually turn a profit

  • Opened on April 22, 2013—Earth Day!

  • Living Building Challenge

  • Located at 15th Avenue and East Madison Street

1 MILE

Burnham-Moores Center, MSRE Program, University of San Diego



Major players
Major Players

  • Owner – Bullitt Foundation

    • Established in 1952 by Dorothy S. Bullitt

    • Inherited 28% of the King Broadcasting Stock in 1989

    • Devoted to protecting and restoring the environment of the Pacific Northwest

    • Leases half of the top floor (6th)

  • Architect – The Miller Hull Partnership

    • Established in 1977

    • Emphasis on socially responsible and human public architecture

    • Diverse assortment of projects

    • Reputation is based on simple, innovative and authentic designs

  • Developer – Point 32

    • Delivers quality buildings, strong financial returns, and pride of ownership

    • Leases the entire 4th Floor

Burnham-Moores Center, MSRE Program, University of San Diego


The bullitt center worth every penny for tenants with similar intrinsic values
The Bullitt Center: Worth Every Penny for Tenants with Similar Intrinsic Values

“We aren’t making the move due to dollars and cents, but because we want to be part of something pioneering that reflects our values.”

- Bullitt Center Tenant

  • Bullitt Center Drivers

    • State of the art demonstration

    • Goal: build the greenest possible building ever built

  • “A little pricey”

    • Construction costs added up to $355/sf ($55/sf more than typical)

    • Slightly less than most new building downtown

      • Located 1 mile east of downtown – far removed from amenities

    • Does not appeal to the typical tenant

  • Appeals to first-of-a-kind adopters with “green” values

Burnham-Moores Center, MSRE Program, University of San Diego


Multi tenant 50 000 s f office building
Multi-Tenant 50,000 S.F. Office Building Similar Intrinsic Values

  • The building was preleased and open to the public

  • Tenants started moving in March 2013

  • Multi-tenant – 80% leased

Burnham-Moores Center, MSRE Program, University of San Diego


Project realization
Project Realization Similar Intrinsic Values

  • Bullitt Foundation

  • Education partners: University of Washington and Cascadia Green Building Council

  • Department of Planning and Development

  • New Market Tax Credits

  • US DOE and Pacific Northwest National Laboratory

  • Tenants

  • Still seeking philanthropic partners to fully realize the vision – Center for Energy and Urban Ecology and McGilvra Place Green Infrastructure

Burnham-Moores Center, MSRE Program, University of San Diego


Awards and Certifications Similar Intrinsic Values

  • Projected to meet the Living Building Challenge

    • Site, water, energy, health, materials, equity and beauty

    • Performance-based and evaluated after one year of operation

  • 2012 Forest Stewardship Council Design & Build Award

    • Use of sustainable lumber

  • 2012 Seattle AIA Award

    • Best in sustainable design

  • LEED Platinum

Burnham-Moores Center, MSRE Program, University of San Diego


Challenges
Challenges Similar Intrinsic Values

Burnham-Moores Center, MSRE Program, University of San Diego


Design
Design Similar Intrinsic Values

Burnham-Moores Center, MSRE Program, University of San Diego

All image sourced from Bullitt Building official blog


Composting toilets
Composting toilets Similar Intrinsic Values

  • Phoenix Composting Toilets from Advanced Composting System of Whitefish, Montana

  • Saves water, energy, and eliminates nutrient release into the watershed

  • Unique to commercial buildings

Burnham-Moores Center, MSRE Program, University of San Diego


Solar energy
Solar Energy Similar Intrinsic Values

Seattle

Annual rainfall: 38.6 in

Cloudy days: 225

Rainy days: 150

Burnham-Moores Center, MSRE Program, University of San Diego


Daylighting
Daylighting Similar Intrinsic Values

False color imaging of a photo taken inside

a physical model of the level 2 mezzanine

provides visualization of luminance levels

and the influence of a skylight.

Daylighting analysis of early atrium scheme

showing limited daylight effects on levels 5&6

Burnham-Moores Center, MSRE Program, University of San Diego


Interior lighting effects ceiling height

N Similar Intrinsic Values

Interior lighting effects: ceiling height

Orientation

11’6” ceiling height

14’2” ceiling height

77% of floor has daylight levels below the 2% daylight factor

38% of the floor area has daylight levels below the 2% daylight factor

39% increase

Burnham-Moores Center, MSRE Program, University of San Diego


Rainwater cistern
Rainwater cistern Similar Intrinsic Values

  • City of Seattle

    has not approved

    treated rainwater

    to be used as a

    potable source.

  • Ownership of rainwater is contentious issue.

Burnham-Moores Center, MSRE Program, University of San Diego


Pop quiz
Pop Quiz Similar Intrinsic Values

  • Water Capture:

    • Seattle has a higher annual rainfall (measured in inches) than how many of these cities?

      • Boston

      • Atlanta

      • Nashville

      • NYC

      • New Orleans

      • Houston

Burnham-Moores Center, MSRE Program, University of San Diego


Pop quiz answer
Pop Quiz: Answer Similar Intrinsic Values

Source: Denis Hayes interview, NOAA

Burnham-Moores Center, MSRE Program, University of San Diego


Water cost
Water Cost Similar Intrinsic Values

  • Seattle: Less than a penny a gallon

    • Off-Peak (Sept 16 – May 15) = $4.50 / CCF

    • Peak (May 16 – Spet 15) = $5.72 / CCF

Source: Seattle Public Utilities District

Burnham-Moores Center, MSRE Program, University of San Diego


How well has the project worked
How well has the project worked? Similar Intrinsic Values

  • “This is a market rate project”

    • Absorption was in line with expectations

    • 80% occupied at opening

  • Core & Shell costs = $18.5 Million

    • That’s $355/sf

    • “More of a warm shell”

    • Plan to “normalize” costs

      for comparison

Burnham-Moores Center, MSRE Program, University of San Diego


Energy reduction
Energy Reduction Similar Intrinsic Values

Burnham-Moores Center, MSRE Program, University of San Diego


Energy uses
Energy Uses Similar Intrinsic Values

Burnham-Moores Center, MSRE Program, University of San Diego


Benefits
Benefits Similar Intrinsic Values

  • White roof = 15% cooling load savings

  • Solar = “Net Metering”

    • 30% Federal grant toward PV purchase

    • Federal Tax Credit for up to 30% of installation cost of PV system

    • 100% rebate on

      Sales & Use Tax

      for installation

Burnham-Moores Center, MSRE Program, University of San Diego


Bullitt center solar energy
Bullitt Center Solar Energy Similar Intrinsic Values

Burnham-Moores Center, MSRE Program, University of San Diego


Electricity prices
Electricity Prices Similar Intrinsic Values

2011: 6.72 cents/kWh

Burnham-Moores Center, MSRE Program, University of San Diego

2011 Rate Source: Seattle Seattle City Light


National payback forecasts on pv
National Payback Forecasts on PV Similar Intrinsic Values

20-30 Years

Burnham-Moores Center, MSRE Program, University of San Diego


Summary
Summary Similar Intrinsic Values

  • “If the building is still the highest-performing one of its kind 10 years from now, the experiment will have failed.” –Denis Hayes

  • Reaching for Living Building Challenge

    • 12 months to prove it

Burnham-Moores Center, MSRE Program, University of San Diego


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