American Asset Trust, Inc.’s Hassalo on Eighth Development is First in the World to Receive Neighborhood LEED Green Building Certification
PORTLAND, OR, May 29, 2019 ‒ American Assets Trust, Inc. (NYSE: AAT) (the “Company”) announce today that its Hassalo on Eighth development in the Lloyd neighborhood of Portland, Oregon is the world’s first recipient of the LEED v.4 for Neighborhood Development (LEED v4 ND) Platinum Certification for its multi-block development. Hassalo on Eighth is the first project in the world to achieve this designation using the rating system developed by the U.S. Green Building Council (“USGBC”). The Company aims to set a new standard for future Portland development and hopes to inspire other developers with this beautiful eco-friendly design.
Located in the heart of Portland’s Lloyd neighborhood, Hassalo on Eighth transformed an existing asphalt parking lot into a thriving community, with three mixed-use residential buildings – The Elwood Building, Aster Tower and Velomor. This compact, high-density development, aligned with smart growth principles, consists of 657 housing units with approximately 50,000 gross square feet for retail and commercial use. A new pedestrian oriented pathway, lined with vegetation and water features, was carved through the development to better connect the buildings to the surrounding sidewalks. Green vegetated roofs were installed on the buildings, with rooftop garden and terraces providing residents with outdoor spaces to enjoy. The site vegetation helps reduce the heat island effect, improve air quality and reduce cooling loads in the buildings. Hassalo on Eighth is one of the first urban neighborhoods to treat and recycle 100% of wastewater generated onsite, using the Natural Organic Recycling Machine (NORM) as a neighborhood scale solution.
This vibrant and resilient Hassalo on Eighth community is also located within a bicycle network and is North America’s largest bike hub with secure bicycle parking for 900 bicycles. There are a wide range of retail, civic and community services on-site or within a short distance of the project, and convenient access to multiple existing public transportation options.
“Hassalo on Eighth helps us reimagine how our communities can be designed and reveals how green building strategies have the power to raise our quality of life,” said Mahesh Ramanujam, president and CEO at USGBC. “We applaud Hassalo on Eighth’s project team for leading the way when it comes to creating communities that use fewer resources and prioritize the health and wellbeing of its residents.”
Hassalo on Eighth achieved LEED (Leadership in Energy and Environmental Design) Platinum for implementing practical and measurable strategies and solutions aimed at achieving high performance in sustainable site development, community connectivity, resource efficiency, green infrastructure and buildings. It’s important to note that LEED v4 introduced more rigorous requirements for design and performance than previous LEED versions. For example, bicycle facilities require connectivity to a bicycle network rather than simply having bicycle parking and showers, and rainwater management has higher thresholds for stormwater management onsite. Hassalo on Eighth met and exceeded these requirements in earning the world's first LEED for Neighborhood Development v4 Built Platinum certification.
LEED is the foremost important program for buildings, homes and communities that are designed, constructed, maintained and operated for improved environmental and human health performance. The LEED v4 for Neighborhood Development program focuses on the sustainability of neighborhoods using an integrated set of smart growth, new urbanist, and green construction principles.
“The architecture and landscape design are intended to create a sense of community that is focused on eco-district strategies. With the vision of American Assets Trust, we put together a world class design team that understood the culture of Portland,” said Kyle Andersen, AIA, LEED AP, Design Principal at GBD Architects Incorporated. “The project serves to help diversify the existing commercial real estate, and be a catalyst to other development to help stitch the Lloyd neighborhood into the urban fabric. We are very proud and humbled to have been a part of this world class project with such a forward-thinking client.”
Wade Lange, VP, Regional Manager of the Company said, “We are proud of our achievement in earning the nation’s first LEED for Neighborhood Development v4 Built Platinum certification from the USGBC for Hassalo on Eighth. We are committed to the strong stewardship of our community and the environment. The vision and passion of not only our entire team, but all of our partners who worked alongside us to develop Hassalo on Eighth, share in this outstanding achievement.”
About American Assets Trust, Inc.
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The Company has over 50 years of acquiring, improving, developing and managing premier retail, office and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington and Hawaii. The Company's retail portfolio comprises approximately 3.1 million rentable square feet, and its office portfolio comprises approximately 2.7 million square feet. In addition, the Company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and over 2,112 multifamily units. In 2011, the Company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. For additional information, please visit www.americanassetstrust.com
About GBD Architects Incorporated
GBD is an interdisciplinary architecture and interior design firm dedicated to a sustainable built environment. Their staff of more than 90 is driven by a passion for creating beautiful, responsible spaces that respond to real human needs. GBD has been directly responsible for completing many of Portland’s most recent and significant urban design projects. They have completed large scale master planning and redevelopment projects in urban centers resulting in vibrant new neighborhoods across Portland including the Brewery Blocks, South Waterfront, Con-Way Blocks, and most recently, the Lloyd Neighborhood. Last year, the firm achieved its 50th LEED certified project – more than 11 million square feet of LEED certified office, residential, retail, medical, educational, performing arts and multi-use buildings across the west coast and beyond.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's annual report on Form 10-K filed on February 15, 2019 and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Source: American Assets Trust, Inc.
Investor and Media Contact:
American Assets Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer
# # #