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Not Easy Being Green

New York
New York
October 15, 2008 Bisnow
Not Easy Being Green
Not Easy Being Green
When times are bad, we expect pricey LEED plans to get slashed. Then again, LEED perception is good, so lenders might be willing to shell out. Thoroughly confused, we visited Times Square to see Arent Fox's Stephen Del Percio, one of the first 10 lawyers in the U.S. to receive LEED accredited professional status, for predictions and suggestions.
  • Many developers anticipating anchor financial sector tenants may lose them to downsizing or sublease space (eg, French bank Natixis, whichtook former JPMorgan space 277 Parkafter the Bear Stearns meltdown, despite a rumored move to LEED Gold hopeful Eleven Times Square, saving approximately $30 PSF).
  • Every new commercial office project in Manhattan will likely apply for LEED certification thanks to tenant demand andFortune 500 mandates. But the latter may cause interestingliability in the future if a company signs a lease for a potential Gold building that's certified Silver after delivery. It's a hidden area of risk, and questions remain about who is to blame.
  • There's been an increase in reported claims on sustainable projects, as expectations and definitions do not match up.Some think LEED or Green Globes are standards, while others may be expecting specific green materials or building systems. The best way to align those expectations is a clear contractwith every provision reviewed and vetted.
  • Mayor Mike's PLANYC 2030task force may consider pushing green legislation on private projects, just like it did on public ones. Stephen disagrees with mandating green and suggestsincentives like special zoning variances. Otherwise, there's potential for industry-led opposition due to increased construction costs.
Not Easy Being Green
Remember, hiring Stephen will garner a point towards LEED certification, so it doesn't hurt to call. At least it will take his mind off the fact that he's number 350 on the waiting list for (the still undefeated) Rangers season tickets.
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Related Topics: Eleven Times Square, Stephen Del Percio, Bear Stearns, Green Globes