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Business Observer Friday, Mar. 16, 2018 2 years ago

Chinese tower gains BOMA designation with local help

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The Building Owners and Managers Association International has bestowed its “Certificate of Excellence” on Shanghai Tower, thanks in part to some help from a local source.
by: Kevin McQuaid Commercial Real Estate Editor

The Building Owners and Managers Association International has bestowed its “Certificate of Excellence” on Shanghai Tower, thanks in part to some help from a local source.

Colliers International Managing Director John Scott was part of a three-person team from BOMA that traveled to the Chinese financial hub last year and in 2014 to advise the 128-story skyscraper's management on ways to improve operations.

Specifically, Scott gave Chinese officials — the government owns roughly half of the world's second-tallest building — tips on environmental sustainability and energy conservation, leasing and emergency preparedness.

On that last point, the Chinese are way ahead of the game: The $4 billion building has its own fire department, stationed every eight floors.

The 2,000-foot-tall building also boasts the fastest elevators in the world, at 46 mph; a unique “double skin” to reduce energy consumption and increase views; and a mechanism to reduce sway during periods of heavy wind.

The mixed-use project opened in 2016, which contains offices, a hotel and retail space, is currently about 63% occupied and will likely reach $12 billion in market value when fully operational and stabilized, Scott says.

“They're trying as hard as they can to bring the building their management tactics in line with best practices in the U.S. and other countries,” says Scott, president of BOMA's Florida chapter in 2003 and 2004 and a member of the international group's executive committee.

“Shanghai Tower is considered the pride of China, and it's really a unique monument to the country.”

Scott adds he expects the building's owners to attempt later this year to earn a “BOMA 360” award for stellar operation and submit Shanghai Tower for the group's “Building of the Year” competition.

Closer to home, Scott has assisted buildings like Tampa's 36-story Park Tower, now owned by a joint venture of Feldman Equities Ltd. and Tower Realty Partners, and Miami's Southeast Financial Tower with the BOMA 360 designation.

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