Situation

Nuveen Real Estate is one of the largest real estate investment managers in the world, with a global sustainability strategy that addresses environmental, social and governance issues. Cushman & Wakefield is an international leader in commercial real estate services, with a dedicated Energy, Infrastructure & Sustainability team, including Fitwel Ambassadors and WELL Accredited Professionals located globally.

Nuveen Real Estate has worked with Cushman & Wakefield on energy efficiency and wellbeing programmes across a number of its portfolios. There is growing evidence that designing and managing properties for both energy efficiency and wellbeing performance can impact organisational performance, operational efficiency and ultimately asset value.

For Nuveen Real Estate’s first Fitwel certification, the team chose the Steward Building, a 5,300m2 office and retail building in Spitalfields, London E1. Nuveen Real Estate’s Central London Office Fund bought the Steward Building in 2011, before redeveloping it. The building’s BREEAM Excellent sustainability features and location in the heart of Spitalfields made it a strong candidate for Fitwel. Nuveen Real Estate sold the building to Al Rashed in early 2019.

Actions

Cushman & Wakefield’s Fitwel Ambassadors, WELL Accredited Professionals and Facilities Managers worked together to complete an initial Fitwel gap analysis in the Steward Building. This resulted in several additional initiatives being implemented, including:

• New signage to promote the use of stairwells.
• More plants and greenery in common areas.
• Displays to advertise local amenities, including fitness facilities and restaurants.
• New building policies such as green procurement, considering factors such as pollutant releases and waste generation when purchasing products and materials for the building.

The team also aligned existing health and wellbeing initiatives in the Steward Building with Fitwel strategies and uploaded evidence to the Fitwel portal. These included:

• Access to natural light indoors and operable shading.
• Stairwell accessibility.
• 38 bike spaces, a ratio of 1 per 15 occupants, along with showers and lockers.
• Water bottle refilling stations on each floor.
• Beautiful restorative garden within 500m of the building.
• Pedestrian pathways linking to nature and separated from motor vehicles.

The Steward Building achieved a Fitwel Two Star rating, scoring 105 out of 144 potential points. Cushman & Wakefield and Nuveen Real Estate are now exploring Fitwel opportunities in additional buildings.

Financial

As an existing high-specification, well-managed building, the Steward Building was already incorporating a number of Fitwel strategies. Additional improvements implemented through the Fitwel process were relatively low-cost, with the main expenditure relating to improvements to signage across the building and biophilic design including new plants and greenery.

For Fitwel fees, visit the Fitwel website.

Benefits

• Demonstrating to occupiers and investors the Steward Building’s wellbeing credentials, providing a robust benchmark with a Fitwel Two Star rating.
• Improving engagement with occupiers, who have responded positively to the changes in the building, particularly the promotion of the stairwells.
• Increasing occupier awareness of surrounding outdoor spaces, including the restorative garden, outdoor seating, shops and fitness facilities, by installing displays and updating the occupier handbook.
• Supporting the building management team in improving the space for occupiers, for example through greenery and policy improvements.
• Increasing marketability and responding to changing occupier demand. Since Fitwel certification has been pursued, there have been no vacancies in the building and this will continue to be monitored. Research demonstrates that buildings that prioritise wellbeing lease more quickly.