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US Real Estate Firms Plan Green Improvements

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US Real Estate Firms Plan Green Improvements

By - Friday 23 September 2011

A group of US real estate companies has come together to trail a programme in New York to help make the city's office space more environmentally-friendly. Comprising Goldman Sachs, Greenprint Foundation, Johnson Controls, Jones Lang LaSalle, Malkin Holdings, National Resources Defence Council, Vornado Realty Trust and YR&G, the firms aim to remove the financial barriers to retrofitting old commercial buildings.

The aim of the project is for tenants, landlords and owners to work together to help improve the sustainability of office space in the Big Apple, with the aim of rolling the system out across the rest of the US if it is successful. Goldman Sachs managing director of the Environmental Markets Group Kyung-Ah Park commented: "This partnership will help address the challenges of financing the conversion of commercial buildings to be highly energy efficient by providing a clear business case."

Earlier this month, the Royal Institution of Chartered Surveyors stressed that investors and commercial property owners need to take note of tenant demand for sustainable buildings, adding that the introduction of legislation to push change in this direction cannot be ignored and will have an impact on the industry.

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