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Leading L.A. Property Developer Extends Energy Services Contract with Veolia Energy

03/22/12  • Energy

Long-term energy agreement with Held Properties reflects the significant capital improvements Veolia Energy has made in its L.A. district energy networks.

LOS ANGELES, CA. - March 22, 2012Veolia Energy North America, a leading operator and developer of energy efficient solutions, has announced the successful extension of an energy service agreement with Held Properties for its 16 story building located at 1880 Century Park East in Los Angeles. Veolia Energy owns and operates the district energy networks that provide cooling to approximately 20 customers in downtown Los Angeles and Century City. Veolia Energy also provides energy plant O&M services to a number of Los Angeles area facilities, including a major motion picture studio and a large entertainment, retail and hotel complex.

As a founder of the central planned high-rise office, commercial, & residential development, Held Properties was instrumental in creating a unique property in one of the most desirable neighborhoods of Los Angeles. The innovative development included the initial construction of a district heating and cooling plant that serves chilled and high temperature water via a district energy loop encircling the high-rise properties of Century City.

"We are very pleased to continue our work with Held Properties," said Cyrille du Peloux, President and Chief Executive Officer of Veolia Energy North America." Veolia Energy is committed to the City of Los Angeles and we have invested significant capital into the upgrade of our district energy networks in downtown LA and Century City to better serve the growing needs of our customers."

Veolia Energy entered the downtown Los Angeles and Century City markets in December 2007, with the acquisition of the Trigen district energy business units. Today, Veolia Energy's district energy networks serve nearly 12 million square feet of space in downtown Los Angeles and Century City, which includes the building in partnership with Held Properties. Since acquiring the two Los Angeles-area networks, Veolia Energy has invested more than $10 million in equipment and infrastructure upgrades.Some of the major products and upgrades have included:

  • New high-efficiency, electric-driven chillers with state-of-the-art digital controls at both central plants
  • Pipe upgrades and new pipe installation
  • Chiller compressor overhauls
  • Cooling tower roof screen upgrades
  • Variable turbine drive chillers
  • Meter upgrades

Investments made by Veolia Energy have been designed to increase network reliability and ensure long-term cost competitiveness of the networks. The new ten-year contract with Veolia Energy ensures that Held Properties will receive competitively-priced chilled water for air-conditioning, thereby allowing the property managers to compete more effectively for office occupancy by freeing capital to utilize for tenant improvements and modernization. In addition to the Held Properties contract, Veolia Energy recently signed similar agreements with several other prominent Century City tenants including Century City Medical Plaza Tower and 1888 Century Park East.

Buildings that leverage the district cooling networks can optimize their commercial space, maintain building aesthetics, and avoid additional in-house operation and management. In addition, district energy customers contribute to the region's environmental sustainability by leveraging Veolia Energy's central chiller plant capacity and distribution networks instead of utilizing on-site equipment within each individual building.

Veolia Energy North America owns and operates the largest portfolio of district energy networks in the world, as well as the largest portfolio of district energy networks in the United States.

 

About Held Properties, Inc.

Held Properties, Inc. is a privately held, family-owned developer, owner and operator of premier office and medical office buildings in Southern California's most desirable submarkets. Founded in 1946, Held Properties measures its success by its strong commitment to expert development, attentive management and long-standing relationships of trust with its tenants and its business partners. Held Properties combines its considerable in-house resources with those of its strategic affiliates to ensure that the company is in tune with today's market and remains a forward-thinking leader in commercial real estate.

 

About Veolia Energy North America

Based in Boston, MA, Veolia Energy North America is a leading U.S. operator and developer of energy efficient solutions. The company is part of the Veolia Environnement companies in North America, with 30,000 North American employees. Visit the company's Web sites atwww.veoliaenergyna.com and www.veolianorthamerica.com.

 

About Veolia Environnement

Veolia Environnement (Paris Euronext: VIE and NYSE: VE) is the worldwide reference in environmental solutions. The company has operations all around the world and provides tailored solutions to meet the needs of municipal and industrial customers in four complementary segments: water management, waste management, energy management and passenger transportation. Veolia Environnement recorded revenue of $46.5 billion in 2010. www.veolia.com.

 

Press Contact:

Veolia Energy North America - Rowan Sanders
Tel: 617-849-6656
E-mail: rsanders@veoliaenergyna.com