When it comes to green or eco-friendly commercial real estate buildings, New York City is behind the eight ball. Very few buildings in the city are green and/or LEED certified, mostly due to the fact that most office buildings in the city are old, not new, and the cost of retrofitting an old building to make it green is extremely expensive. What are you to do if you’re a tenant that believes in the importance of going green? Request a green lease.
“Company executives are leaving millions of dollars on the table when making decisions about office space and facility locations,” says Debra Stracke Anderson, CCIM, SIOR, Chairman of the Board of Directors for the International Tenant Representative Alliance (ITRA), during its 2010 Corporate Real Estate Symposium for corporate executives recently held at the Beverly Wilshire Hotel in Los Angeles. “Today’s challenging economic conditions require corporate executives to be innovative in containing costs and maximizing the value of their real estate, an important part of which is taking advantage of every incentive offered by states, regions and countries.”
Green is most certainly the new black – and everyone who can afford to go green is doing so. Note: the key phrase in that sentence is “everyone who can afford to go green” – that’s right, folks, going green can be pretty expensive, especially when it’s commercial real estate that you’re talking about. Below, we highlight some things you need to understand about green buildings -and what LEED certification means for you.
Debra Stracke Anderson CCIM, SIOR, President and CEO of Sloan Street Advisors / ITRA, announced that the company represented a confidential government client in leasing 120,000 square feet of office space located at 7700 Hubble Drive in Greenbelt, Maryland, a suburb of Washington, D.C.
Hard-charging Pellion Technologies, an MIT-bred launch focused on the emerging battery industry, has given a welcomed jolt to 625 Mount Auburn St., the longtime headquarters of Star Market now available as multi-tenanted office and research use. Owner KBS Real Estate has secured Pellion for nearly 10,000 sf in the 133,000 sf building that sits midway between Harvard and Watertown Squares.
After a decade in the South End, a growing voice recognition company has moved over to the Hub’s eclectic Back Bay district, taking down 2,500 sf at 607 Boylston Street. Debra Stevens of ITRA/Stevens Group represented Plum Voice in negotiating terms with the landlord, 607 Bolyston Associates, an entity owned by developer Stuart Pratt that was represented by NAI Hunneman Commercial Co. SVP Chris Gotfredson and Stuart Pratt Jr.
A Good Guy Guarantee is a limited personal guarantee that, once signed, legally enables your landlord to pierce the corporate veil and legally go after you personally only in the event that you stop paying rent and refuse to vacate the space.
Purchasing and leasing office space is much like everything else in life – it helps to have a professional on your side.
Martin Levy, CEO of ITRA / Martin Levy Commercial, announced that the company represented Serena Software Europe Limited, a highly valued client of ITRA / Hume Myers Tenant Counsel, Portland, Oregon, in leasing 20,000 square feet of office space located at Abbey View, Everard Close, in St. Albans, Hertfordshire, England for a fifteen year term. The building is owned by Threadneedle Property Investments Ltd. Mr. Levy represented Serena Software Europe Ltd. in the transaction.
TeleCom City is a fading memory, but 200 acres set aside for that ill fated business park straddling Everett, Malden and Medford will soon accommodate promising life sciences company Progenika in a 9,000 sf deal that seems to validate the tri-town revitalization campaign launched more than a decade ago in partnership with New York entity Preotle Lane.