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July 8, 2008
Richard Lawson
The City Paper (Nashville, TN)
Increasingly across the country, the “green” trend in commercial real
estate is extending beyond government tenants.
Corporate America has begun to add eco-friendly to its criteria for
space. At some point, having “green” office space could be a factor in luring a
corporate relocation.
“We’re hearing it more and more especially build-to-suits,” said Jeff Hite,
director of business recruitment. So
far, Hite said, it hasn’t been a factor in whether or not a company chooses
Nashville. “It probably will be in the
next three to five years,” Hite said.
Brokers said inquiries about eco-friendly space come more from companies outside
Nashville than from inside. Corporate America’s space tends to be for regional
or divisional offices. Such operations have tended to go into multi-tenant
buildings developers build on speculation and are the least likely to be
“green.”
James Trone, a broker with Nashville Commercial/Cushman & Wakefield, said
such a tenant is looking like The Pinnacle at Symphony Place. “(Green) is one of the big items they check
off,” said Trone, who is helping leased the building for the developer. “They
have asked me about it at length.”
Freeman Webb is constructing an office building in Bedford Commons in Green
Hills that is shooting for the gold LEED certification. The building has 40,000
square feet available for lease.
Brokers said the developer is asking $32 per square foot for gross rent. The
base rent is $25. Those rents are about $7-$8 higher than other new space
downtown or in Cool Springs.
Trone said The Pinnacle, which is shooting for silver LEED, is seeking the same
in rent. The spread covers the operating
expenses for the office building. The figures are conservative because it’s
based on the expenses that traditional buildings have now. There’s no
experience locally with a “green” multi-tenant building on which to base
figures.
“We’re not lowering expenses until we see the first year,” Trone said. “We’re
already starting to see some savings on Pinnacle.” One area, for example, is in water
consumption as the building rises.
Freeman Webb’s building will lease more because of location than for being
eco-friendly, said Crews Johnson, a broker with Colliers Turley Martin
Tucker. “You don’t see a lot of
Corporate America in Green Hills,” Johnson said. He said the tenants will be
local companies wanting new space in Green Hills because the executives live
nearby and there isn’t a lot of available space in that area.
“Green is a bonus,” he said.
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July 1, 2008
CNN Money
Davis Marcus Partners, one of New
England’s most active real estate development and investment companies,
unveils its new 161,222 sq ft, three story, Class A office building located at
40 Danbury Road. Set within the 33 acre landscaped office campus at Wilton
Corporate Park, this state of the art building is located at the center of
Fairfield County’s Route 7 corporate corridor.
"Forty Danbury Road is the only new Class A office building in Fairfield
County designed to meet the U.S. Green Building Council’s Gold LEED
(Leadership in Energy and Environmental Design) certification and has been
designed with judicious use of proven green technologies and great
consideration for environmental sustainability," notes David Fiore, senior
vice president for Davis Marcus Partners. The direct benefits of the LEED
certification will translate into reduced operating costs, conservation of
natural resources, energy efficiency and superior working environment for
tenants.
Fiore adds that the building has been delivered ahead of schedule and
Louis Dreyfus Corporation, presently located at 20 Westport Road, will be the
first tenant occupying the entire top floor of 40 Danbury Road totaling 57,000
sq ft.
James Fleming, vice president of Louis Dreyfus Corporation states, "Our
team is very excited about our move to 40 Danbury Road. Wilton Corporate Park
offers our employees an outstanding business environment thanks to the
extensive on-site amenities, thoughtful design, and the developer’s commitment
to environmental responsibility."
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June 26, 2008
CoStar
Transwestern's Tom Boeck was appointed to the board of directors of
the Atlanta chapter of the U.S. Green Building Council (USGBC), the
green building nonprofit that created the LEED program.
He will also serve on the organization's Advocacy Committee, which
lobbies the benefits of sustainable real estate in the state of
Georgia.
Boeck, a commercial construction expert, is a senior vice president
of Transwestern's "Value of Green" sustainability team. He joined the
firm last fall with the Greg O'Brien and Adam Slackman, the other two
members of the sustainability team. He served as a vice president with Koll Development Co. before
forming Sustainable Office, a green real estate consulting group, with
O'Brien and Slackman.
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June 25, 2008
Rocky Mountain News
The Building Owners and Management Association (BOMA) International and
the Clinton Climate Initiative on Monday said they have lined up $5
billion in financing sources to provide one-stop shopping to make
commercial buildings throughout the U.S. and the world more energy
efficient.
The Energy Performance Contract Model was unveiled at a
press conference by BOMA International at its annual meeting being held
at the Colorado Convention Center.This is how the deal could work, said Brenna S. Walraven, chairwoman
and CEO of BOMA International and managing director of USAA Real Estate
Co.
An owner gets a loan to retrofit their building and is guaranteed
energy savings of $100,000 per year. In exchange, the owner signs a
deal with an energy service contractor for $90,000 per year. The owner pays the contractor with the energy savings and gets to
pocket the extra $10,000 it saves in energy costs. If the saving goals
aren't met, the energy service contractor has to write a check to the
building owner.
The owner doesn't need a lien against the building to pay for the
upgrades, because it is basically leasing the state-of-the-art
equipment over a number of years, before the equipment is assigned to
the building owner. The new energy assets, such as a chiller, are used
as collateral for the loans, not the building itself. And the agreement
can be transferred to a buyer, if the property is sold.
Tenants are rewarded with lower energy costs and the owner can
eventually sell the building for more money because of the state-of-the
art equipment. "The only risk is that it is not understood," Walraven said. "It's not like your changing the lightbulbs," she said.
The lenders who initially have agreed to kick in $1 billion each are
Deutsche Bank, JPChaseMorgram, Citibank, UBS, AB AMRO. The banks will
work with energy finance specialist, Hannon Armstrong. The agreements are "non-exclusive," so building owners can go work with other banks and energy service providers.
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June 23, 2008
Greener Buildings
LONDON, UK -- The worldwide property industry faces great financial
risk if it doesn’t take steps to improve its environmental performance,
according to a new report. “Building Responsible Property Portfolios,” which was submitted to a
United Nations environmental conference last week, said investors could
influence property fund managers to make portfolios greener, Reuters
reported. It advised investors to follow the Principles for Responsible
Investment to avoid facing diminished returns on property assets that
aren’t environmentally friendly.
"We operate in an industry where investors, occupiers, constructors,
and developers each blame the other for the lack of positive action in
improving the environmental footprint of new and existing buildings,"
said Paul McNamara, co-chair of the U.N. Environment Program Finance
Initiative (EPFI) Property Working Group.
Investors stand to gain financially from greener property
portfolios, which typically enjoy lower operating costs and higher
tenant rents.
Gary Pivo from the University of Arizona wrote the report under the supervision of the U.N. (EPFI) Property Working Group.
"Our report highlights the wide range of opportunities that exist
for institutional investors who want to take positive action and apply
the Principles for Responsible Investment to their property assets,"
McNamara said.
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June 20, 2008
Mortgage News Daily
The National Association of Home Builders (NAHB)
urged Congress this week to move forward on legislation to improve
energy efficiency and sustainability in housing without driving costs
above manageable levels.
Jerry Howard, NAHB executive vice president and CEO testified before a House Financial Services Committee hearing on H.R. 6078, the Green Resources for Energy Efficient Neighborhood Act (or the GREEN Act) of 2008.
The GREEN Act, sponsored by Rep. Ed Perlmutter, (D-CO) provides incentives to lenders
to provide lower interest loans and other benefits to consumers who
build, buy, or remodel their homes or businesses to improve energy
efficiency.
In addition the law would require Fannie Mae and Freddie Mac to
finance energy efficient and location efficient mortgages such as
buildings located near mass transit.
In prepared remarks for the Committee, Rep Perlmutter said that his
bill's goal is to create a market for energy efficient and location
efficient mortgages by making the GSE's, FHA and HUD eager to collect
them.
This would be accomplished by amending the charters for Fannie and Freddie to buy, sell, service and otherwise deal in energy and location efficient mortgages
and amending the Home Mortgage Disclosure Act to require data
information for the number of and dollar amount of mortgages of
single-family and multi-family housing which meet these standards.
HR 6078 would also require the FHA to insure $1 billion worth of energy efficient homes.
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June 19, 2008
CoStar
In
a preview of the energy and climate change debate brewing between
Senators John McCain and Barack Obama, advisors to the presidential
campaigns met at the 2008 Energy Efficiency Forum last week in
Washington, DC, to stake out positions on reducing the nation's energy
intensity and achieving greater efficiency.
For both camps, that meant addressing commercial real estate, an
energy-intensive sector that has flown under the radar of federal
policymakers as the price of oil dominates energy conversations.
Speaking for Senator Obama, Jason Grumet, executive director of the
National Commission on Energy Policy, said buildings represent a
"tremendous opportunity" for energy efficiency gains. "We have to
invest in our infrastructure. We are not going to have safe and secure
energy for the 21st century if we're trying to build it on 20th century
infrastructure," he said.
On behalf of Senator McCain, former Virginia Governor George Allen,
now an advisor to the campaign, said "it makes a great deal of sense in operations to look at those
life-cycle costs in facilities, whether it's lighting, whether it's the
construction materials, whether it's the heating and cooling systems or
the water usage."
Even as energy and climate change have emerged as hot
campaign issues -- both candidates gave major speeches this week on
environmental initiatives -- the national discussion on
energy-efficient buildings remains somewhat understated.
For instance, a global report last year on buildings and climate
change by the UN Environment Programme's Sustainable Building and
Construction Initiative found that awareness of energy use in buildings
is "still lagging behind."
"The challenge to achieving energy efficiency, and reduced climate
change impact, in buildings is ... usually not a lack of access to
technical solutions, but a lack of signals to the building sector
stakeholders to adopt such solutions," the report said.
Either an Obama or McCain administration could change that. Senator
Obama has called for national energy efficiency goals in buildings and
a $150 billion investment in clean energy to lift the economy, while
Senator McCain has proposed stronger sustainable mandates on government
space, which could create new energy efficiency markets in the private
sector and drive down the costs of green products and materials.
Both candidates favor a cap and trade policy to limit greenhouse
gas emissions and create government revenue that would be reinvested in
research and development for clean energy initiatives such as renewable
power and sustainable buildings.
The U.S. government currently spends $193 million annually on green
building research, constituting just 0.2% of all federally funded
research, according to a 2007 white paper published by commercial real
estate services firm CB Richard Ellis.
As green building momentum accelerates, there's a role for
lawmakers to encourage the trend, said Brenna Walraven, chairman of the
Building Owners and Managers Association (BOMA) International and
executive managing director of national property management with USAA
Real Estate Co., who spoke at the Forum.
"Not all legislators understand our industry's potential role to be a key part of the solution," she told CoStar News
in an email this week. But, she said, "when we've gone to the Hill to
discuss our ideas, they've been well received ... I think there is a
growing appreciation for our value to this discussion."
Indeed, signs of federal interest in sustainable buildings are
increasing. Several industry groups, including the U.S. Green Building
Council and building code developer ASHRAE, recently testified before
Congress on the merits of green building. The Energy Independence and
Security Act (EISA) of 2007, signed into law by President Bush in
December, created several funding mechanisms for green building
research and established a new Energy Star guideline for much of the
government's leased space.
And in the absence of strong federal leadership, mayors and
governors have taken the lead, enacting local green building standards
in cities as large as Boston, Los Angeles, Dallas and Washington, DC.
The timing of increased government involvement could be critical to
pushing real estate's greening trend over the hump. Despite major
strides over the past year, sustainability remains far from mainstream
within the industry. Less than 1 percent of buildings in CoStar Group's
commercial property database of more than 44 billion square feet have
received the U.S. Green Building Council's LEED certification or EPA's
Energy Star label, the nation's most popular "green building" tags.
And in many smaller real estate markets, where the drivers of
sustainability -- large corporate tenants and national property
developers and investors -- are less present, demand for sustainable
space is often nonexistent. "In local commercial real estate
advertising, green has not really showed up as a factor," said Wes
Tator, an advisor with Grubb & Ellis|Coldstream Real Estate
Advisors in Portsmouth, NH, and one of the area's few LEED-Accredited
brokers.
To that end, Walraven, a natural collaborator who helped usher in
the green building era at BOMA with popular outreach programs like the
BOMA Energy Efficiency Program (BEEP) and the 7-Point Challenge,
anticipates a working relationship with the next president -- whoever
he is.
"Federal focus on these issues absolutely will increase, regardless
of who is our next president. We all saw what happened with the auto
industry and their hard, expensive 'fight' against improving auto
energy efficiency standards," Walraven said, calling it "very
detrimental" to that industry. "We're more progressive and believe we
have a huge opportunity to create a win-win strategy and be a key part
of the solution."
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June 17, 2008
Winston-Salem Journal
 The Piedmont Triad Research Park (PTRP) is a 240 acre research campus east of downtown Winston-Salem, NC. The
PTRP is is an innovative mix of
business, research, education, residences, retail and recreation being developed by owner Wake Forest University Health Sciences using the LEED rating system.
"Sustainable-development practices are consistent with the mission
and values of our tenant population," said PTRP president Doug Edgeton. "Our effort to be
better stewards of the environment and create a sustainable place
further reinforces PTRP as a place where innovation lives."
According to an article in the Winston-Salem Journal, about 859 people work at the research park, which has 39 tenants.
Among the companies are 31 that are not affiliated with Wake Forest
University Health Sciences. There are
eight Wake Forest programs at the park, including the Wake Forest
Institute for Regenerative Medicine.
According to the PTRP website, the decision to integrate sustainable development concepts into the
Master Planning follows a benchmarking
study of other research parks and large-scale developments under the
direction of Dan Fogel, an Associate Dean at Wake Forest University
Babcock Graduate School of Management, and by Workplace Strategies
Inc., a local facility planning and design firm. The benchmarking study
demonstrated the opportunity for PTRP to incorporate green design and
construction practices.
Edgeton said that the LEED certification "dovetails" into
requirements for a 60-acre, mixed-use project being pursued by PTRP
officials and Baltimore-based developer Struever Bros. Eccles & Rouse . This portion of the park will transform 1.1 million square feet of
R.J. Reynolds Historic Tobacco Warehouses into a sustainable, urban live-work-play
community with Wake Forest University Health Services as the primary driver.
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June 16, 2008
Greener Buildings
Why should investors put their capital to work in the green building sector?
- Smart Niche Investing: One of the best ways to
hedge risk in a an economic downturn is by turning to niche investing,
and the green building segment offers tremendous potential for robust
risk-adjusted returns in a new real estate cycle characterized by
softening prices and weaker credit availability.
- Supply and Demand:
We can already see this eco-power by looking at supply-demand ratios,
which have pushed rental rates in green buildings above those in
non-green structures.
- The Retrofit Revolution: As
noted above, legions of existing buildings will have to be retrofitted
to conform and comply with 21st century environmental standards. Only 7
percent of LEED applications currently come from existing buildings.
But this will rapidly change -- especially with the declining cost of
green building materials and sweeping global initiatives like the
Clinton Foundation’s multi-billion-dollar program designed to retrofit
old buildings around the world.
Responsible property investing is definitely new -- and largely
untested on a broad scale -- but it offers surprising clarity amid the
uncertainty in a tumultuous market.
We know sustainable real estate will improve the environment in a
very significant way; we know it will enhance the overall economy and
contribute to prosperity; and we know tenants value green environs more
than ever and are willing to pay for them. The only question is whether
smart capital will underwrite the promise and potential of eco-building.
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June 13, 2008
Lexis Nexis Environmental Law Center
In
this Emerging Issues Commentary, the first in a series of articles on
green leasing, Ronald B. Grais and Kristen M. Boike of Jenner &
Block's Chicago office provide an introduction to the challenges and
nuances of creating a lease for space within a green building. Along
with discussing basic green building concepts, they explain why
attorneys should think differently when drafting or negotiating a lease
for space within a green building. Given that green lease documents
have not yet become standard in the United States, Mr. Grais and Ms.
Boike identify several factors to consider when drafting a green lease
including the type of space being used, the number of tenants in the
building, and whether the space is in a new or existing building. They
also discuss green leasing and the landlord-tenant relationship and
provide insight into some of the terms and provisions that attorneys
will typically negotiate in a green lease.
“In this series of articles, the terms green building and
sustainable building will be used interchangeably to refer to buildings
that incorporate some or all of the following characteristics: (1) a
reduction of their environmental impact by minimizing their use of
water, energy, and non-renewable resources; (2) a comfortable and
healthy indoor environment; (3) a location that allows access via
public transportation or other alternative transportation methods; and
(4) a development process that reduces traditional construction waste.
After incorporating some or all of the above characteristics, many
green building owners seek certification to establish how green their
building is,” they write.
“A handful of certifications are available to identity a building as
green. The three most widely used in the United States are LEED, Green
Globes, and ENERGY STAR. . . .,” they write. “The number of green
buildings in the United States continues to increase each year. For
example, the value of green building construction starts will exceed
$12 billion this year and is projected to increase to $60 billion by
2010. This shift is happening, in part, because of the expanding
awareness of a buildings impact on the earth’s resources; in the United
States, buildings account for 39% of total energy consumption, 71% of
electricity consumption, 39% of CO2 emissions, 30% of raw material use,
30% of waste in landfills, and 12% of our potable water consumption. .
. .
“With the increase in green building, the real estate community must
recognize the changes and challenges arising from green buildings and
must rethink the documents that have traditionally governed real estate
transactions in a non-green building world,” they say. “One such
document is the lease. While drafted at the onset of a lease term, the
lease document will govern the roles, responsibilities, and long-term
relationship between the landlord and tenant, which, depending on the
lease term, could extend five, 10 or even 20 or more years. When
leasing space in a green building, all involved parties should consider
how the lease document will reflect the nuances of green building,
including the operations and maintenance of the building throughout the
lease term.
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June 12, 2008
Commercial Investment Real Estate
Green Grounds: Sustainable landscaping can save money and the environment
By Margie Holly
Commercial
property owners and managers know that maintaining a building’s
exterior grounds can be a significant balance-sheet factor. Increasing
curb appeal through landscaping can impress current and potential
tenants as well as boost a property’s market value. Building a
relationship with a commercial landscape contractor who specializes in
design, irrigation, and horticulture consulting can help property
owners and managers identify and execute cost-saving measures to
improve property appearance and value.
Reduce Water to Increase Cash
Implementing
an effective irrigation system is the first step toward saving money
through landscaping. Depending on a property’s prior water usage, the
use of proper irrigation techniques often saves property owners 20
percent to 40 percent annually on water bills, according to
www.irrigation.org . Landscape contractors can help determine a
property’s most-effective irrigation system and maintenance process.
Existing
irrigation systems always should be analyzed before a new system or
renovation is implemented. The audit of the existing system will
identify common problems such as water spraying onto sidewalks, old and
faulty nozzle heads, and inefficient nozzle-head placement and size. In
the long run, these problems can result in significant water loss.
Simply removing or replacing outdated sprinkler heads can result in
water savings of 5 percent to 20 percent. Once the current system has
been reviewed, a landscape contractor can provide guidance as to which
irrigation system best meets the property’s needs. Some options are
discussed below.
Drip Irrigation. This popular
system uses “drippers” to maximize moisture levels in the soil by
slowly applying water directly to plants’ roots. This process limits
the amount of water lost due to sun or wind because the appropriate
moisture level is focused directly in the soil where growth occurs.
Microsprinklers. These are used
to disperse water over plants covering wide, large, or odd-shaped
areas. These sprinklers are spread farther apart than drippers,
dispersing water over a larger area.
Smart-Water Application Technology.
This approach uses sensing equipment that adjusts water application to
accommodate conditions such as slopes and soil density. SWAT provides
just enough moisture to maintain a healthy landscape without wasting
water.
Following the audit of the current system and
implementation of the new system, property managers should design a
seasonal inspection plan to maximize efficiency and minimize water
usage. Landscape contractors can assist in determining any necessary
changes.
Overall, efficient irrigation systems not only reduce
water waste, they also prevent plant loss. Over- or under-watering can
kill plants, which are costly to replace. Installing a well-managed
irrigation system helps to minimize this risk.
The Right Plants
The
plant material used in the landscape for a commercial property also is
an important cost-saving factor. A horticulturist can help to determine
which type of landscaping is the most appropriate and efficient for a
property based on factors such as climate, property size, and location.
As the landscape is developed, the landscape contractor can identify
plants that will prosper on the site. It’s wise to choose
climate-appropriate plant materials and to consider factors such as sun
exposure, natural rainfall, and soil type. Knowing the
evapotranspiration rate, the rate at which a plant uses and loses
water, is very helpful in determining which plants will thrive. Plant
diversification also is important to promote the increase of beneficial
organisms while decreasing pest problems.
After plant types are
determined, there are additional ways to save using ongoing maintenance
practices. Hand pruning plants when possible creates a natural
appearance while minimizing the use of gas-powered equipment. Mulching
around plants and trees also decreases the need for mowing and line
trimming, as well as preserves soil moisture. These minimal efforts
maximize energy consumption while reducing costs.
A long-term
maintenance plan is key to protecting a property’s landscape.
Throughout the landscape’s life cycle, regular inspections help
identify any needs for updates or improvements. For healthy turf,
regular soil testing will determine the need for soil amendments, which
could help reduce dependency on fertilizers as well as excessive
irrigation.
A well-planned landscape, irrigation system, and
maintenance schedule maximizes a property’s value. By working closely
with a landscape contractor, property managers and owners not only
maintain visually appealing surroundings, but they also can reduce
water waste, energy consumption, and costs.
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June 11, 2008
Charleston Regional Business Journal
Some of the strategies used in these projects include:
• Job site recycling.
• Insulation upgrades.
• Dual-flush toilets.
• Low-flow faucets.
• Low-VOC (Volatile Organic Compounds) paints and sealants
• Cork or bamboo flooring.
• EnergyStar appliances.
• Tankless water heaters.
• Native, drought-tolerant plants, eliminating the need for an irrigation system.
• Pedestrian and bicycle paths incorporated into the design
According to Elias Deeb, project manager for Oak Terrace Preserve, “We’re
starting to reach the tipping point where the objection that it costs
too much doesn’t fly anymore,” Deeb said. “There’s so much you can do
that makes a difference without spending a lot of money.”
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June 10, 2008
Georgia Wind Working Group
Savannah area residents have an excellent upcoming opportunity to learn about wind energy at the. . .
Public Forum on Wind Energy
June 25, 2008
7:00- 9:00 PM
Oatland Island Wildlife Center
Agenda Topics
Wind Energy Resources in Georgia
Benefits of Wind Energy
Wind Energy Concerns
Wind Energy Technologies
Wind Project Development
Panelists & Participants
Chris Gentle, Oatland Island Wildlife Center
Mary Hallisey Hunt, Georgia Tech's Strategic Energy Institute
Georgia Wind Working Group
David Attaway, Georgia Environmental Facilities Authority
Liz Philpot, Southern Company
Liz Kress, Santee Cooper
Glen Mauney, Wind Energy Consulting & Contracting
Mary Carr, Southern Alliance for Clean Energy
A 30 minute presentation will be followed by a question & answer session w/ the panel -All are welcome!
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June 9, 2008
FTC, Sustainable Life Media
The Federal Trade Commission is planning to host a public workshop on
July 15, 2008, to examine developments in green building and textiles
claims and consumer perception of such claims. The FTC has already looked at the marketing of carbon offsets and green packaging claims as part of the agency's regulatory review of its "Guides for the Use of Environmental Marketing Claims," commonly known as Green Guides .  
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June 5, 2008
CoStar News
Buildings account for 39 percent of total U.S. energy consumption
-- more than the transportation sector -- and 71 percent of the
nation's electricity.
The United States Green Building Council (USGBC ) is working on making improvements to its Leadership in Energy and Environmental Design (LEED ) Rating System that push for greater energy efficiency and greenhouse gas reductions.
Expected to be launched in January 2009, LEED 2009 will increase the value of credits in
those categories, which many believe are devalued in current point
allocations. Right now, potentially high-dollar credits associated with
the most environmental impact, such as efficient HVAC systems and green
roofs, are valued roughly the same as lower impact credits for features
like bike racks and carbon dioxide detectors.
Re-weighting credits proposed under LEED 2009 is intended to
encourage users to choose more environmentally significant options in
order to achieve certification, rather than opting for the easiest and
least expensive credits.
The timing of the changes, which come as LEED has established
itself as the industry's green building standard, is no accident. According to a report by real estate investment manager RREEF,
USGBC certified as many LEED projects in a 17-month span in 2006 and
2007 as it did in the first six years of LEED's existence. The
Washington, DC-based nonprofit has a backlog of more than 10,000
individual projects totaling 3.5 billion square feet registered for
LEED certification according to its latest count, with "dozens more
signing up everyday," USGBC said.
USGBC's
membership has increased 10-fold to nearly 15,000 member organizations
and 91,000 individuals in that time.
Click Here for Full Story
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June 4, 2008
National Real Estate Investor
This article from Matt Hudgins at National Real Estate Investor looks at banks getting into sustainable real estate game . . .
According to the article, Wells Fargo has loaned more than $1.7 billion for about 35 LEED projects,
including construction loans and some permanent financing. The bank’s
green lending program stems from a growing interest in sustainability
on the part of its long-standing customers, according to Paul Brumbaum,
senior vice president in environmental finance at Wells Fargo’s San
Francisco office. “In some markets it has become almost de rigueur that
you’re building to green standards if you’re doing a Class-A product,”
he says.
Currently, most green real estate lending is done by community banks across the country who offer incentivized construction loans and mortgages for
borrowers using environmentally responsible design. Savannah's own United Community Bank announced a green construction loan program last summer. The bank is offers property owners, qualified builders and general
contractors a 25 basis point reduction in construction financing for
any commercial or residential project that achieves LEED
(Leadership in Energy and Environmental Design) certification from the
U.S. Green Building Council or EarthCraft certification from Southface
Energy Institute.
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June 2, 2008
Sustainable Life Media
 Citigroup has earned LEED pre-certification for a green
interior design that can be applied across many bank branches.
Citi's is the first commercial interior design to earn LEED certification under the U.S. Green Building Council's Portfolio Program
for multiple retail locations. The Portfolio Program, currently in
pilot phase, focuses on integrating green building design and practices
across multiple retail locations.
New CitiFinancial branches in Austin, Texas, and Flint, Mich., and
the Citibank financial center in Warrington, Penn., are the first to be
certified in this pilot program. An additional 27 CitiFinancial and
Citibank branches were designed with the same features and are in the
process of pursuing LEED certification, according to Citi.
To take an online tour of a LEED-certified Citi branch, click here .
Last week, Office Depot earned LEED pre-certification for its prototype design of a chain of green stores.
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May 29, 2008
Sustainable Life Media
Kraft has netted a LEED Gold green-building certification
for its 800,000-square-foot distribution center near Chicago - the
largest such facility to earn the rating so far.
The certification is another feather in the cap for ProLogis, the
warehouse operator that built the facility last year (Kraft currently
leases the property). In January, the company vowed to earn LEED certification for all its new constructions in the U.S.
ProLogis currently has nine more warehouses up for LEED review and
8.3 million square feet in the U.S. under design or construction to
meet LEED standards, according to managing director Jack Rizzo.
AMB has a LEED-Silver certified distribution center in Savannah and Melaver, Inc. is currently working with DP Partners to earn LEED certification for another dc near the port.
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May 20, 2008
Wall Street Journal reporter, Gwendolyn Bounds, chronicles her adventures in eco-kitchen remodeling in THIS informative article from the WSJ Online.
Bounds decided to do a green renovation after reading that a recent study of real-estate listings in Seattle found that certified green homes sold for an 11% premium psf and sat on the market for a quarter less time. She goes on to say. . .
"As more new-home builders go eco, owners of existing houses
must adapt or become edificial dinosaurs. As much as 20% of new
construction will be green by 2012, according to a study released this
week by McGraw-Hill Construction."
Although Bounds goes all out and takes a really long time to complete her kitchen remodel, she suggests five simple, low cost ways to green a remodel . . .
Low Voc Paint: Most major brands of paint and home
improvement stores now sell paint with low no volatile organic
compounds (gaseous pollutants). It costs a few more dollars, but you
don’t get headaches from the smell.
Insulation: Any time a wall is down, add layers.
It’ll cut back energy bills and make room temperature more comfortable
year-round. Here are four types of insulation considered particularly “green.”
Appliances: When you replace, look for the Energy Star
label. These appliances use technologies that consume 10–50% less
energy and water than standard models. Nearly every major maker at
every price point has an Energy Star make.
Cabinets: In addition to smaller eco-lines like Neil Kelly and Breathe Easy there are at least 107 mainstream kitchen cabinet makers who incorporate a good number of health and eco features. Here’s a list .
Light: Light-emitting diodes; compact fluorescents; halogens. Put what you can on dimmers. Read more about the technology HERE.
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May 19, 2008
This coastal marshlands resource system is costly, if not
impossible, to reconstruct or rehabilitate once adversely affected
by man. It is important to conserve this system for the present and
future use and enjoyment of all citizens and visitors to our
state. Activities and structures in the coastal marshlands must be
regulated to ensure that the values and functions of the coastal
marshlands are not impaired and to fulfill the responsibilities of
each generation as public trustees of the coastal marshlands for
succeeding generations. (Code 1981, § 125281, enacted by Ga. L.
1992, p. 2294, § 1.)
A Coastal Marshlands Protection Act permit is required for any
project which involves removing, filling, dredging, draining or
otherwise altering any marshlands. Once a permitted project is
constructed, it can be maintained without a permit as long as
maintenance does not alter natural vegetation or topography of the site. (O.C.G.A. § 12-5-286(a))
Today, the Georgia Supreme Court hears arguments in a dispute regarding Cumberland Harbour, a 1,014-acre gated subdivision (with 1,200 proposed homes) built across from the Cumberland Island National Seashore on a peninsula surrounded by marshlands.
In 2005, Cumberland Harbour developer, the Land Resource Cos., was granted a state permit to build two marinas and three community docks over public marshlands/waterbottoms. This would create the largest marina complex in Georgia with more than 17,500 linear feet (approx. 3.5 miles) of floating docks.
The Cumberland Harbour project has been tied up in court ever since, with opponents (represented by the Southern Environmental Law Center) arguing that state regulators granted the marina permit without considering the potential negative impacts to the marsh caused by polluting stormwater runoff from the entire development (including homes built on the peninsula's uplands).
The central issue before the Court is whether development on land, rather than just in the marsh itself, is covered by the Coastal Marshlands Protection Act. In 2006, an
Administrative Law Judge and the Fulton County Superior Court said
yes. In 2007, the Georgia Court of Appeals said no.
One way or the other, the State Supreme
Court decision on this matter will have a significant impact on Coastal
Georgia development.
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May 14, 2008
Georgia Governor Sonny Perdue signed HB 670 yesterday which provides a range of tax incentives for
renewable energy and energy efficiency. Short summary of incentives
follows . . . you can read the whole thing HERE
Energy
Efficiency
Energy
Star Certified
Geothermal heat
pump systems ------$100,000
Energy
Efficient Projects -
-
Lighting
Retrofit Projects. 'Lighting retrofit project' means a lighting retrofit system
that employs dual switching (ability to switch roughly half the lights off and
still have fairly uniform light distribution), delamping, daylighting,
relamping, or other controls or processes which reduce annual energy and power
consumption by 30 percent compared to the American Society of Heating,
Refrigerating, and Air Conditioning Engineers 2004 standard. ------$0.60psf
w/ maximum of $100,000
-
Energy
Efficient Buildings. 'Energy Efficient building' means for other than
single-family residential property, new or retrofitted buildings that are
designed, constructed, and certified to exceed the standards set forth in the
American Society of Heating, Refrigerating, and Air Conditioning Engineers 2004
standard (ASHRAE 90.1.2004) by 30 percent. ------The sum of the cost
of energy efficient products installed during construction at $1.80 psf, w/
maximum of $100,000
Renewable
Energy
Solar Photovoltaic Panels
Solar Thermal Systems
Wind Systems
Biomass Facilities
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May 13, 2008
Greener Buildings News
MADISON, Wis. -- The majority of measures associated with gaining
LEED-Existing Building status include low or no costs, according to a
survey of LEED-EB owners and managers.
In "The Economics of LEED for Existing Buildings," the nonprofit Leonardo Academy looks at the costs of implementing LEED-EB and how operating costs compare to other buildings.
The Academy sent surveys to all LEED-EB buildings, 53 at the time of
the survey, and received 23 responses. Building owners and operators
were asked to identify which LEED-EB measures were low/no cost actions
and which had significant costs.
More than 70 percent of measures in each of the credit categories of
sustainable sites, materials and resources, water efficiency and indoor
air quality were labeled as low/no cost. About 60 percent of measures
in each of the credit categories of innovations and energy/atmosphere
were also identified as low/no cost. The white paper includes a
breakdown of all LEED-EB credits and how many respondents consider each
one to be low/no cost.
Among prerequisites, which include erosion and sedimentation control,
asbestos removal or encapsulation, ozone protection and minimum water
efficiency, only one prerequisite, building commissioning, was not
named by a majority of respondents as low/no cost.
The overall cost of LEED-EB ranged from nothing to $6.46 per square
foot for the 14 respondents that supplied such information, with the
average cost hovering around $2.43 per square foot. Included in the
report is a look at the different costs associated with each level of
certification, including staff time, labor, consulting and fees.
Fewer respondents provided information on their operating costs. Of the
11 that did, seven had lower operating expenses per square foot than
the average operating cost from a Building Owners and Managers
Association report.
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May 2008
The American Lung Association has released a new report on the nationwide "State of the Air." The report measures levels of ozone, short-term particle pollution and long-term particle pollution.
High concentrations
of ozone, created when pollution (nitrogen oxides and hydrocarbons) reacts with sunlight at the earth's surface, harm lung function and
irritate the respiratory system.
Short term spikes in particle pollution last from several hours to several days, whereas long-term long-term particle pollution is constant. Particle pollution is caused primarily by dirt and the burning of fossil fuels and increases the risk of heart attacks, strokes, hospitalization for asthma, damage to the lungs and premature death.
Here are some of the report's major findings with additional regional data. You can read the whole thing HERE .
Nearly one-third of the U.S. population—31 percent—live in areas with unhealthful levels of ozone.
Atlanta (#12) and Birmingham (#22) made the 25 most polluted by ozone; Savannah & Brunswick, cities that receive beneficial ocean breezes, made the least polluted by ozone list
Over one quarter of the people in the United States -over 81.4 million Americans- live in an area with unhealthful short-term levels of particle pollution.
Birmingham has the 5th most unhealthful short-term levels of particle pollution
One in six people in the United States -nearly 50 million Americans- lives in an area with unhealthful year-round levels of particle pollution.
Birmingham (#4), Visalia (#5), Atlanta (#6), Macon (#12), Augusta (#21) all made the 25 most polluted by long-term particle pollution
SPARE THE AIR
Carpool, Walk, Bike, Take Public Transportation as much as possible
Avoid Burning Wood, Leaves or Trash
Avoid Two-Stroke Engines -lawnmowers and leaf blowers can pollute the air more than cars
Purchase Green Power -the process of converting coal into energy produces high levels of fine particulates
Tell your
U.S. Senators and Representatives to keep the Clean Air Act strong!
Urge them not to support proposals to weaken our air quality law. Visit
www.lungaction.org to see how
you can make a difference.
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May 2008
WHITE PLAINS, N.Y. -- Starwood will launch in July a green hotel brand
that will only use LEED guidelines in July, with more than 20 scheduled
to open by the end of next year.
The first ELEMENT hotel will open in Lexington, Mass., in July before
the brand surfaces in the Las Vegas, Houston and Baltimore areas. The
first location served as a testing ground of sorts for green building
techniques that have been incorporated into a road map for future
locations.
"With the launch of ELEMENT, we're creating a new way to build hotels
and guest experiences through the lens of environmental
responsibility," said Starwood CEO Frits van Paasschen. "By testing and
refining ELEMENT in our own laboratory, we are developing an
economically responsible LEED-certified hotel concept that is
accessible to developers and designed to be replicated, promising a
more sustainable future."
Based on the first test location, Starwood has determined that LEED
certification can be achieved with hardly a cost premium, which can be
recouped within a few years.
Geared toward longer-term travelers, ELEMENT hotels will sport
appliances and features that consume a minimum of electricity and
water. Hybrid-driving guests will received priority parking. Natural
lighting and low VOC carpets and paints made from recycled content will
be used, as well as filtered water to curtail bottled water consumption.
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Lexis Nexis Environmental Law Center
May 1, 2008
NEW
YORK — The Environmental Defense Fund (EDF) and Kohlberg Kravis Roberts
& Co. L.P. (KKR) today announced a "Green Portfolio" partnership to
measure and improve the environmental performance of companies within
KKR's U.S. portfolio. The partnership is the first of its kind between
a private equity firm and an environmental organization.
KKR has committed to work with EDF to develop a set of analytic tools
by which companies can assess and track improvements on a series of
environmental metrics. These tools will enable managers to
cost-effectively improve efficiency, reduce waste and address
environmental impacts, such as greenhouse gas emissions, the use of
toxic substances, waste generation or water consumption.
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April 29, 2008
Building Design and Construction
One school a day. That’s the rate America’s schools are registering
for the U.S. Green Building Council’s (USGBC) LEED certification
program for green schools, signaling their intent to build and operate
schools that are more energy and water efficient, which will save
taxpayers money. Green schools also have significantly improved indoor
air quality, and that results in healthier kids.
The State of Ohio is one community that’s leading the way. Hundreds of
new and renovated schools are set to meet higher energy efficiency and
environmental standards through the Ohio School Facilities Commission’s
adoption of the LEED for Schools Rating System as part of its school
design standards. When the Commission did the math, it determined it
could save $1,415,529,914 in taxpayer money over the next 40 years by
reducing the energy consumption of school buildings.
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April 30, 2008
The International Standards Organization (ISO) is developing international energy management standards to serve the
global marketplace. From Environmental Design + Construction Magazine . . .
"The standard will provide all types of organizations and companies a
practical and widely recognized approach to increase energy efficiency,
reduce costs and improve their environmental performance by addressing
both the technical and management aspects of rational energy use. The
standard is intended to be broadly applicable to various sectors of
national economies, including utility, manufacturing, commercial
building, general commerce, and transportation sectors, and therefore,
could have influence on as much as 60 % of the world’s energy demand."
ISO, a network of the national standards bodies of 157 countries, is
the world's leading developer of international standards for business,
government and society. It has a current portfolio of more than 17,000
standards for almost every sector of economic activity and technology,
from traditional activities such as agriculture and construction,
through mechanical engineering, to information technologies,
nanotechnologies, the environment, services, health, safety, security
and managerial best practice.
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Each year, the American Institute of Architects Committee on the Environment choses exemplary green building projects based on a wide variety of metrics including community connectivity, energy efficiency and length of purpose. This year's AIA/COTE top 10 projects include condos, the first carbon-neutral designated building as well as schools and educational centers from coast to coast.
The Lavin-Bernick Center for University Life at Tulane University in New Orleans is pictured left. The existing building was
stripped, expanded by a third and redesigned 14 months after Hurricane
Katrina on a modest budget at $189 per square foot. The building
includes systems for thermal zoning, variable shading, moving air and
cooling.
HERE'S THE ENTIRE TOP 10. FOLLOW THE LINKS TO READ MORE ABOUT EACH PROJECT.
Aldo Leopold Legacy Center (The Kubala Washatko Architects, Inc.) Cedarburg, WI
Cesar Chavez Library (Line and Space, LLC) Tucson, AZ
Discovery Center at South Lake Union (The Miller|Hull Partnership) Seattle, WA
Garthwaite Center for Science and Arts, Cambridge School of Weston (Architerra, Inc.) Boston, MA
Lavin-Bernick Center (VJAA) Minneapolis, MN
Macallen Building Condominiums (Burt Hill with Office dA) Boston, MA
Nueva School Hillside Learning Complex (Leddy Maytum Stacy Architects) San Francisco, CA
Pocono Environmental Education Center (Bohlin Cywinski Jackson) Wilkes-Barre, PA
Queens Botanical Garden Visitor & Administration Center (BKSK Architects) New York, NY
Yale University Sculpture Building and Gallery (KieranTimberlake Associates, LLP) Philadelphia, PA
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Friday May 9, 2008
3 p.m.
River Club -3 Martin Luther King Jr. Blvd. Savannah, GA
Sustainable Stewardship: Promoting the Preservation Ethic to Combat Climate Change
Lecture by Patrice Frey
Patrice Frey is the director of sustainability research for the
National Trust for Historic Preservation. She joined the National Trust
after several years working in the field of community development and
urban research.
See the full list of historic preservation events and lectures sponsored by SCAD and the Historic Savannah Foundation throughout the month of May HERE and HERE .
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April 23, 2008
CoStar Group
CoStar Group 's Sasha Pardy talks retail industry trends with Tipton Housewright, AIA who manages Dallas-based Omniplan's retail architecture practice. Housewright is a LEED AP and a principal at Omniplan whose extensive list of
big-name developer clients include:
Macerich/Westcor, General Growth Properties, CBL & Associates, Allegiance Development and Westfield.
TOP TRENDS:
De-malling
Mixed-Use Developments
Developments that blend with the local culture and surroundings
Amenities such as: wi-fi, common areas, green space and children's play areas
Sustainable Design
On Sustainable Design in retail development Housewright has the following to say . . .
"We've always believed that 'green' doesn't have to come at a huge
premium -- you can do a sustainable design for little or no additional
money. Sure, you can push the envelope for very high levels of
sustainability that start to impact your budget, but we have done
projects where LEED didn’t really add a premium to the project."
"A lot of our clients and retailers want to do the right thing as
they have become more aware of the issue and know their customers
understand it and are aware of sustainable building and they want to
respond to that.People aren't going to forget about green building because they're
tight on money -- We're past that; we turned that corner three to four
years ago. It’s just a good long-term strategy in terms of their
operating cost, position in the marketplace, and perception with the
customer, just all around. Plus, over the next few years we're going to
see more and more requirements on the part of municipalities and states
and lenders to build sustainably. There's already a lot of educational
institutions requiring LEED buildings, and its working it way into the
private sector. Virtually every new project that we're writing a
proposal for right now is to be a green project."
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April 22, 2008
Savannah Morning News
In its Earth Day edition, the Savannah Morning News has an article about three local businesses: RPM Autoworx, Low Country Luxe and Structured Green that have built business models around environmental responsibility.
In the case of RPM Autoworx, the owners' seven year old son talked to his parents about what he was learning in school about recycling and the environment. As a result, not only did his parents make changes at home, but they also decided to build their auto repair shop on Chatham Parkway using the LEED rating system.
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April 18, 2008
San Francisco Chronicle
An article in the San Francisco Chronicle explores the gray area of green product seals and claims. Over the past two years, tags such as "earth friendly," "all natural," "sustainable," and just plain "green" have increasingly appeared on everything from soap to buildings.
Meanwhile, some individual companies are creating their own seals that have the potential to confuse shoppers even further. SC Johnson announced earlier this year that it is adding a Greenlist logo to bottles of Windex. To average consumers, Greenlist might look
like an independent third-party seal of approval - but it is an
internal environmental protocol developed by SC Johnson itself. Environmentalists have praised SC Johnson for using its Greenlist
protocol over the past decade to reduce the number of potentially
harmful chemicals in its products. But they said that displaying the
logo without explanation could be misleading to consumers.
Melaver | Mouchet recommends the Leadership in Energy and Environmental Design (LEED) rating system. LEED is an independent third-party seal of approval developed by the United States Green Building Council to provide a standardized set of environmentally responsible building practices, processes and performance criteria. You cannot fake a LEED certified building. As more and more companies get on the green bandwagon, we think it is all the more important to have a seal that actually means something.
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More
CFOs are recognizing the financial benefits their companies can realize
through “green” initiatives, according to a survey of 175 finance
executives, conducted by CFO Research on behalf of Jones Lang LaSalle.
Regulatory
compliance, energy efficiency or carbon footprint, and greening
operations are CFOs’ current priorities in sustainability efforts, the
survey found. More than half of the finance executives said that their
companies are “very likely or “somewhat likely” to boost revenue, cut
operating costs, and improve returns and shareholder value as well as
employee retention through sustainability. The most-often cited
benefits were reduced risk (“very” or “somewhat” likely to produce
benefits at 78 percent of companies), enhanced brand and reputation (77
percent), customer retention (72 percent) and improved employee health
and productivity (68 percent).
The greatest barriers to
incorporating sustainability into financial strategy included the
inability to measure the effects of sustainability on shareholder value
(ranked among the top three challenges by 46 percent of respondents),
the inability to document the effects on financial performance (37
percent) and the lack of standard decision-making frameworks that
consider environmental factors (36 percent). The least significant
challenge was organization resistance, ranked among the top three
barriers by just 20 percent of respondents.
Although most
finance executives acknowledged that their own role in driving
sustainability was limited, the survey results point to a tremendous
opportunity for CFOs to guide their companies to sustainable strategies
that bring financial success, says Lauralee Martin, global COO and CFO
at Jones Lang LaSalle. “Most CFOs believe sustainability can lead to
cost savings, increased revenues, greater customer retention and a
competitive advantage,” she said, “so clearly this is an opportunity
that cannot be ignored.”
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Savannah Morning News
February 1, 2008
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Read more...
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Clara Fishel Joins Melaver Mouchet
Savannah Business Report & Journal
November 26, 2007
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Read more...
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Four New Tenants at Abercorn Common
Savannah Morning News
September 27, 2007
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Georgia Commercial Properties Magazine
A Southeast Real Estate Business Publication
Savannah: Revitalizing an Historic City
Broker Feature: Anthony Wagner
August/September 2007
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Beautifying DeRenne
Editorial by the Publisher
Savannah Morning News
August 20, 2007
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Read more...
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Commercial Hub Still in Midtown, Southside
Rhett Mouchet Speaks to Tourism & Leadership Council
Savannah Morning News
August 17, 2007
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