Law Firm Inks 'Groundbreaking' Green Lease
April 5, 2011
By: Paul bubny

Law firm WilmerHale has signed on for five floors at Silverstein Properties Inc.’s 7 World Trade Center in what’s described as the first leasing deal in the city to incoorporate a newly devised green template. The lease language devised by the Bloomberg administration and commercial real estate industry leaders is intended to overcome one of the key hurdles property owners face in retrofitting their properties for sustainability: the so-called “split incentive,” in which landlords bear the cost of energy-efficiency improvements but tenants reap virtually all the savings benefits. ...

... WilmerHale’s 210,000-square-foot lease entails the law firm sharing the costs to make sustainability improvements to the space, by counting its utility savings over the length of a projected payback period instead of the useful life of the improvements. The idea is to shorten the amount of time it takes for the property’s owner to recoup the costs, thus removing a disincentive that Bloomberg said 60% of building owners identified as major obstacle toward their making retrofits. ...

... A Studley team including chairman and CEO Mitchell Steir, executive managing director Howard Nottingham and EVP David Goldstein represented WilmerHale in its relocation from 399 Park Ave. SPI SVPs Roger Silverstein and Jeremy Moss represented the building ownership, along with a CB Richard Ellis team of global chairman Stophen Siegel, EVP Peter Turchin and senior financial analyst Christie Harle.

Link to article