A Bi-Weekly Update on Environmentally Sustainable Design, Construction and Maintenance News for Commercial Real Estate (Jan. 16-31)
GREEN LEAD is a column on environmental and sustainable design and construction, best practices for green building maintenance and operations, economic impact on developers and owners, new LEED and Energy Star building certifications, and trends in the Green Building movement.
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Latest Research on Green Real Estate Now Available
New Volume of The Journal of Sustainable Real Estate Presents Findings and Insights from Latest Scholarship in Green Real Estate Studies
The Journal of Sustainable Real Estate (JOSRE) recently released its third volume presenting the latest scholarship examining the impact of new ideas, market forces and regulations on the places where we work, shop, live and play.
This independent journal, the first of its kind in the United States, investigates the economics driving the green real estate market, the true costs -- both direct and indirect -- of implementing sustainable features in buildings, and the management strategies that support better user and owner decisions and best practices for the real estate investment industry.
The new volume includes a paper on the dynamics of green office buildings and rental rates by Das, Tidwell and Ziobrowski entitled Dynamics of Green Rentals over Market Cycles: Evidence from Commercial Office Properties in San Francisco and Washington DC. The study confirms that rental premiums for green office buildings exist, but that these premiums vary with market conditions.
The volume also includes one of the first studies on green industrial property by Harrison and Seiler, and a third report examining the correlation between walkability and residential values by Rauterkus and Miller, which suggests that well-located properties near amenities in denser urban areas tend to show less price volatility than those areas that are more car-dependent, further suggesting that price risk for consumers and lenders may be lowered with more attention paid to locational risk.
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President Pushes Agenda for a Greener America
State of the Union Addresses Building, Environment, Jobs Among Other Issues
As the nation tuned in to the President's State of The Union address on January 24th, many American's watched the President, listening for those buzzwords that interest them most. For instance, the word job was spoken 42 times in the 90 minute speech, and oil 10 times. The President mentioned energy a total of 23 times, built 12, and clean 9.
The ideas presented in the annual address to congress are summarized in an eight-page action plan titled Blueprint for an America Built to Last. "Tonight, I want to speak about how we move forward, and lay out a blueprint for an economy that's built to last -- an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values."
The President went on to add, "Of course, the easiest way to save money is to waste less energy. So here?s another proposal: Help manufacturers eliminate energy waste in their factories and give businesses incentives to upgrade their buildings. Their energy bills will be $100 billion lower over the next decade, and America will have less pollution, more manufacturing, and more jobs for construction workers who need them. Send me a bill that creates these jobs."
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Deutsche Bank Completes Solar Project Atop Americas' HQ
60 Wall Street Becomes World's Tallest Solar Panel Array
Deutsche Bank has completed and begun operation of a brand new, 122.4 kW solar photovoltaic (PV) system on the roof of its Americas' headquarters located at 60 Wall St. in New York City. The roof-mounted solar panel array will reduce the bank's electricity consumption and is expected to decrease its carbon emissions by 100 metric tons each year.
The 50-story, 745-foot-tall skyscraper is occupied solely by Deutsche Bank. The system, located on the south and east portions of the roof, is the largest in Manhattan and currently the highest elevated in the world, topping out at 737 feet above the ground. The 1.6 million-square-foot, class A office tower was built in 1988 in Manhattan's Financial District between William & Pearl Streets.
"We are firmly committed to being a leader in sustainability and innovation," said Seth Waugh, CEO of Deutsche Bank Americas. "This project is one part of a comprehensive global program to reduce the Bank?s consumption of fossil fuels and shift to more renewable sources of energy. Our goal is to neutralize the Bank?s global CO2 emissions by 2013."
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NAIOP Releases Solar Technology Reference Guide
Aaron Binkley Helps Make Sense of Solar
The Solar Technology Reference Guide, authored by Aaron Binkley with funding by the NAIOP Research Foundation, sets out to identify the product characteristics, benefits and limitations of a range of solar panels on the market today. The guide is designed to help contractors and project managers, owners, management professionals and others to answer their most pressing questions about which solar products are the best for their commercial buildings, and what are the pros and cons for the commercial property owner looking to install a solar array.
The 24-page guide covers a wealth of information, including a brief section about the author and the NAIOP. In the first few pages, readers can find an overview of the solar market and some basic info to get started. Other topics include construction and installation, long-term operational impacts, maintenance, access, roof wear and risks, cost savings and benefits to the environment. The unbiased report provides pros and cons to enable owners to overcome objections and make sound decisions about which solar products are best suited for their buildings. Though the report does not recommend one product over another, a comparison of the different products available on the market alerts owners to all the possibilities.
Some key take-aways from reading the guide include:
The report concludes, "As more states adopt solar programs, the solar industry in the United States is poised to continue its upward trajectory of growth. Combined with global growth in the scale of solar module manufacturing, costs for solar modules and equipment can be expected to continue to decline and drive even wider adoption. While established technologies compete for market share, new technologies are being researched and brought to market that promise higher efficiencies and novel form factors. Many of these will not be successful, but a few will succeed and have a transformative effect on the industry."
Phoenix Children's Hospital Completes New Energy Efficient Plant
Innovative Central Utility Plant Keeps Expanding Hospital Running Continually, Efficiently and Sustainably
Phoenix Children's Hospital, one of the largest children's healthcare facilities in the country, has completed a recent expansion, necessitating the need for a new central utility plant to keep the growing facility running reliably. The plant needed to be energy efficient, while ensuring no interruption in the delivery of medical care to the community.
The new plant includes variable speed drive chillers, high-efficiency condensing boilers, water-to-water heat pumps and sophisticated automation controls for mechanical and electrical systems. The new plant is expected to save the hospital $10.9 million in energy and operational costs over 15 years, compared to the conventional design. Johnson Controls has guaranteed to save the hospital $570,000 in energy costs and more than 5.6 million gallons of water every year.
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MRP Realty-Rockpoint Venture to Break Ground at 900 G St
By Randyl Drummer
In the face of somewhat weakening market for Washington, D.C. office space, a joint venture of MRP Realty and Rockpoint Group, L.L.C. will break ground on a nine-story, 112,000-square-foot office building 900 G Street NW in the Penn Quarter submarket this summer.
The building on the southwest corner of 9th and G Street NW will include glass curtain wall and target LEED Gold construction. The project will include nine-foot finished ceilings on floors two through seven, with 10-foot ceilings on penthouse levels.
Sustainable design features include a green roof that provides storm-water treatment, access to daylight and outward views. Additionally, the building will use 40% less water and 12% less energy than typical office buildings, while 75% of construction materials will be diverted from landfills.
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NAI Realvest Launches Energy Site Selection Team
Nod to Growing Alternative Energy Market and Need for CRE Space
NAI Realvest, one of Central Florida's largest, fully-integrated commercial real estate companies, has launched an Energy Site Selection Team to assist the growing field of alternative energy producers with locating suitable sites for solar, waste-to-energy and biomass production facilities in the state.
"The solar market is changing," said George Livingston, chairman at NAI Realvest, noting that alternative energy production is an increasingly important industry segment with huge growth potential.
Solar technology is advancing and the costs of residential and commercial solar panels are dropping, all while fuel costs are increasing, driving up the costs of gasoline and electricity. Even with the removal of government subsidies, the industry will continue to compete with fossil fuel producers for market share, and commercial real estate space.
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JPMorgan Chase Achieves LEED Platinum for Global HQ Renovation in NYC
1.5M-SF Bldg to Reduce Electric Consumption by 50%, Water by 1M Gallons
JP Morgan Chase has achieved LEED Platinum certification from the U.S. Green Building Council (USGBC) for the renovation of its 1.5 million-square-foot global headquarters at 270 Park Ave. in Manhattan, marking the world's largest renovation project to receive Platinum certification.
The renovation to the 50-story, class A office tower will allow the building to cut its electricity consumption by half compared to pre-renovation levels, as well as saving more than one million gallons of water a year. The Building Owners and Managers Association (BOMA) estimates that existing buildings contribute 50 to 80 percent of urban greenhouse gas emissions in the United States; the Chase Building is doing its part to reduce those numbers.
"This was the largest ?green? renovation of a headquarters building in the world, and we completed it while operating in the building," said Frank Bisignano, JPMorgan Chase?s chief administrative officer and CEO of Mortgage Banking. "We are extremely proud of the improvements made at 270 Park, which will substantially cut consumption and reduce greenhouse gas emissions. Achieving LEED Platinum status is not just a source of pride, it is very sound business."
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Hartz Mountain Announces Green Use for Green Field
Solar Array Opens in Hamilton, Partnership with EPA Leads to Greener New Jersey
Hartz Mountain Industries, owner and manager of approximately 200 commercial properties totaling more than 38 million square feet in the Northern New Jersey area, has come up with a new use for 65 acres in Hamilton Township. The firm has begun producing power at its new Hartz Solar Hamilton facility, an 8.5-Megawatt (MW), ground-based solar array near the intersection of I-195 and the NJ Turnpike.
The developer's first, this ground-based solar array was completed in December and consists of more than 30,000 solar modules, making it one of the largest in the state. Hartz contracted with Madison, WI-based RMT, Inc. to design and construct the array. The project was financed by TD Bank.
"The impetus for Hartz to develop the ground array was the economic and environmental benefits that stem from the investment in solar energy, including jobs, reduced air pollution, and long term energy security," says Emanuel Stern, president and chief operating officer of Hartz Mountain Industries, Inc.
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Epiphone Relocating HQ to Ameriplex Facility
By Kirstie Boatright
Epiphone, a subsidiary of guitar giant Gibson, leased 83,800 square feet in the AmeriPlex at Elm Hill industrial facility located at 1510 Elm Hill Pike in Nashville, TN.
The 135,800-square-foot industrial building was built in 2011. Built out to LEED standards, the building struck a chord with the guitar manufacturer, which identified sustainability to be an important factor in choosing this location.
Ronnie Wenzler of Cassidy Turley represented both the tenant and the landlord, Holladay Properties, Inc.
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