December 13, 2023

Eagle Street Partners and CIM: A case study in fast-track efficiency

In March 2023, Eagle Street Partners deployed CIM’s PEAK Platform at 310 St. Vincent Street, a Grade-A commercial property in Glasgow. Thanks to CIM's proprietary machine learning algorithms, PEAK digitised the property within a speedy 16 days of signature.

Shortly after deployment, Eagle Street Partners realised a new level of operational efficiency, beginning with significant opex savings around utilities, marked by an 18% reduction in electricity. In addition to these striking early efficiency wins, the platform has enhanced visibility, improved monitoring of tenant conditions, enabled better stakeholder accountability, and boosted productivity. This is particularly compelling given the short period of time the platform has been live.

Partnership highlights

  • 18% electricity reduction
  • 187 zones monitored for ideal indoor environment conditions
  • 205 actions raised, at a 97% completion rate
  • 16 days speed to value

About Eagle Street Partners

Eagle Street Partners is a pan-European real estate investment and asset manager with offices in Dublin and London. They are focused primarily on the UK market, and other select European markets.

Eagle Street’s commercial property at 310 St. Vincent Street recently underwent extensive refurbishment, creating about 70,000 sq ft (~6,500 sqm) of premium office space, EPC A Rated, in the heart of Glasgow. The company works closely with their valued commercial property manager, Cowiesburn, to ensure success at the property.

“At Eagle Street, we believe there are significant savings to be achieved for our customers through active asset management. An ongoing search for efficiencies and a proactive approach led us to CIM’s PEAK Platform as a proven market leader. To date, we have achieved significant savings for our customers and CIM provides the data which allows us to be accurate and transparent from an ESG reporting perspective.” — Michael Purcell, Director of Asset Management, Eagle Street Partners

Improved operational efficiency maximises performance

Since deployment, the property has already observed tangible reductions in electricity consumption of more than 18%, achieved during a period of near-100% occupancy. At the heart of these efficiency wins is the PEAK Platform’s continuous intelligent monitoring powered by automated fault detection and diagnosis (AFDD), which will continue to unlock ongoing value. 

The platform is pinpointing faults and enabling a transition to data-driven maintenance while facilitating opportunities to optimise around temperature set points, control bands, optimum schedules, and overuse issues like out-of-hours operation.

With commercial property in the proverbial ‘hot seat’ as a major contributor to global greenhouse gas emissions, plus the rising cost of energy, these improvements are driving a multi-level win for Eagle Street Partners. The asset now has demonstrably improved energy efficiency performance, which enhances its value, reduces operational expenditure, and facilitates higher sustainability ratings.

Beyond energy consumption, the platform has delivered some great wins in other areas, demonstrated by the water example summarised below.

PEAK spots water leakage missed by water monitoring system

A spike in water consumption occurring outside of trading hours was picked up via PEAK's Rules Engine, triggering an alert. Initial suspicions gravitated towards the building's cleaning activity. However, further investigation revealed that a toilet bowl in the facility was producing a constant flow of water due to a failed cistern. The on-site Facilities Manager proceeded to resolve the issue, preventing any further flow-on effects stemming from the excessive consumption.

The more significant discovery, however, was that the building's dedicated monitoring system for smart water management had entirely missed the issue. The oversight highlighted a potential flaw in the adjacent system, which, if left unaddressed, could have led to more substantial problems down the line.

Transparency and visibility provide a bird’s eye view

One industry challenge many property owners share is maintaining high-level oversight across a building or portfolio’s operations. With millions of data points available, an analytics tool that can make sense of the information at hand is essential. At 310 St. Vincent Street, PEAK currently deploys its vast library of advanced algorithm-based rules across hundreds of equipment items and more than 1,000 sensors to ensure an in-depth view of the operational picture.

Reporting dashboards make all that data accessible to even non-technical users with actionable insights across all areas, including utility consumption, equipment performance, thermal comfort, and more.

“It’s a relief to know that there are clear processes in place to identify issues, find solutions, and mark when an issue is closed out. PEAK also stores a history of issues, so at the end of the year, we will know which items of plant are causing the most trouble.” — Michael Purcell, Director of Asset Management, Eagle Street Partners

Visibility also enables stakeholder accountability. Eagle Street works closely with Cowiesburn, their commercial property management partners, alongside BMS vendors and other contractors to keep 310 St. Vincent Street running smoothly. With deep insight into which actions are required and when, Eagle Street and Cowiesburn both retain real-time end-to-end visibility into ongoing issues and their resolution.

CIM’s PEAK Actions dashboard tracks team collaboration, progress, and completion rates to help drive a sense of ownership and enable greater visibility into the building’s day-to-day operations and maintenance schedule. Cowiesburn can also actively monitor and resolve any workflow gaps before they spiral into larger problems.

Collaboration drives improved workflows

With one central source of truth, every stakeholder who touches 310 St. Vincent Street retains visibility into actions that relate to their work and can collaborate seamlessly on open tickets. With automatic insight into both the source of an Alert and its resolution, onsite teams can ensure that Alerts are swiftly assigned to the right person alongside all the information they need to start work.

The PEAK Platform then facilitates real-time collaboration, with messages, images, and updates attached to each ticket for ongoing documentation. Issue identification and resolution now occupy a single shared workflow, streamlining the path to resolving open issues and ensuring overall efficiency from start to finish.

Stephen Gordon, Building Manager at Cowiesburn, notes that PEAK is also a delight to use, meaning that staff are actively engaged with it. Since onboarding, more than 200 actions have been raised with a completion rate of 97%. “It’s not just ‘another tool,’” says Stephen. “It’s an essential part of our day-to-day workflow.”

“PEAK has enabled us to pinpoint issues and how to resolve them. The amount of data and the ability to identify specific issues is a huge advantage.” — Stephen Gordon, Building Manager, Cowiesburn

Speed to value and a lasting partnership

Since seeing great strides within months of deploying PEAK at 310 St. Vincent Street, Eagle Street Partners have deployed PEAK at two other assets across their portfolio. Eagle Street and Cowiesburn have also become vocal advocates for CIM; Stephen contributed to a recent CIM webinar as a panellist, and Michael has kindly referred us to several of Eagle Street’s partners as potential collaborators.

We are thrilled to partner with these reputable firms and look forward to unlocking additional value throughout their portfolios.

Ready to transform your building operations? Unleash the power of the PEAK Platform and achieve best-in-class performance. Request a callback from our team today.

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