Crown Property Management has implemented WorkWell by Crown, a holistic engagement program focusing on sustainability and social initiatives.Provided
At Crown Property Management Inc., sustainability is built into the company from the ground up.
“As a property management company, especially given our size as a SME, Crown is a pioneer,” says Erica Lam, director, sustainability strategy.
“Everything we do doesn’t just benefit the environment, doesn’t just benefit the tenants, but also needs to be financially sustainable for our investors.”
Crown operates in the Greater Toronto Area and Ottawa, setting investment strategies for the properties within its funds and managing 10.3 million square feet of commercial properties under its property management entity.
“We’re different from most investment managers in that we’re vertically integrated,” says Emily Hanna, managing partner, investments, who is responsible for raising capital and established the environment, social and governance (ESG) platform.
This hands-on involvement from the ground up provides an intimate understanding of the operational intricacies and challenges faced at each level of the process.
“Our strategic approach to ESG evolved organically given our deep understanding of operations throughout the property ownership cycle,” says Hanna. “This meant that as ESG questions became front and centre from investors, I was able to address them in a more practical and nuanced manner.
“One of the most exciting opportunities of my career has really been understanding how this focus on ESG, and decarbonization in particular, will impact our business and the commercial real estate industry.”
There was no defined framework on how to lead this transformation, so a small group of “change agents” came together to put together an ESG plan at Crown, under Hanna’s oversight.
“We don’t just originate the ideas for a given asset, but we also choose the ones that have the greatest impact on ESG and the bottom line,” says Hanna.
Lam brings a unique perspective to guide sustainability initiatives, having previously worked as an environmental engineer for construction companies in Asia. That has given her the front-line experience for helping property managers get green certifications, finding ways for buildings to be more energy efficient to help with operational costs, and working with building operators to ensure energy efficient operating practices are implemented.
“The decarbonization planning across our portfolio is something I am very proud of,” says Lam. Through this process, Crown has been able to identify a lot of operational practices and relatively easy upgrades that have a big impact. “As one example, DDC – direct digital control – of the HVAC system or building automation system automatically adjusts the air flow throughout a building based on occupancy and the CO2 levels.”
A small group of four, including Lam and Hanna, have been leading the sustainability initiatives, supported by an ESG committee made up of champions from each department that meets quarterly. The concepts are gradually becoming embedded in the company culture, says Lam. In this way, ESG principles are not confined to a single team but are woven into the best practices of every department.
“It’s encouraging to see how everyone across the whole company has been working to understand what decarbonization and ESG mean for their roles,” she says. This is a more inclusive approach to ESG, allowing for innovative solutions and practices that might not emerge from a more siloed strategy. “As a result, a relatively small company like ours can punch above its weight.”
This has led to significant achievements, including top ratings in frameworks such as the Global Real Estate Sustainability Benchmark.
Hanna sees the opportunity to integrate the company’s decarbonization planning efforts within its broader repositioning strategies for properties.
“It is a forward-thinking approach that will add value for our investors and allow us to continue to be thought leaders in the industry.”
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Advertising feature produced by Canada’s Top 100 Employers, a division of Mediacorp Canada Inc. The Globe and Mail’s editorial department was not involved.