Minimizing Inefficiency -> Maximizing Value
Unlocking Real Estate Value
In 2016, Hines took over as Property Manager of 1861 International Drive, a 169,000-square-foot office building in Tysons Corner, Virginia. As customary, Hines met with each tenant to learn about their experience in the building. The new team heard several stories of poor building conditions, inadequate HVAC services, and how the previous manager was unresponsive to tenants’ needs. A maintenance analysis discovered the building was grossly overconsuming energy and the mechanical systems were in disarray. At the time, only 21% of the tenants planned to renew their leases. Hines took immediate action to build relationships with the tenants and restore the building’s mechanical systems.
As of 2019, energy consumption has been reduced by 33% from 2016, and 74% of the tenants have renewed, expanded, signed LOIs or expressed intentions to remain in the building. Meanwhile, the engineering team is striving to achieve an ENERGY STAR® certification for the building.