Manatt Real Estate Co-Chair Discusses Challenges of Older Buildings Going Green
"Green Retrofits: Modern Maintenance or Low-Hanging Fruit?"
GlobeSt.com
September 30, 2013 - Manatt's Michael Polentz, co-chair of the firms' Real Estate & Land Use Practice, spoke to GlobeSt.com about the challenges that existing structures face when trying to go green.
GlobeSt.com reports that since every new property today now generally meets at least the U.S. Green Building Council's LEED Silver level, existing building owners contemplating retrofits are feeling the pressure to go green. However, existing buildings face a few more challenges to going green than new buildings. For example, it is far more likely that there are codes and incentives for greening ground up new construction in states and localities than for existing buildings. Available capital is also a major concern.
Polentz told the publication that he has been trying to help clients through the maze of extra issues that surround creating green in older buildings. The tenants who can't move into a new building still want the flash and sense of responsibility that going green gets.
"Tenants are getting more and more sophisticated, and states such as California are joining the green fight, where there's now this requirement by brokers to look for sustainable options for their clients," Polentz said. "The problem is, nobody's come up with a perfect model to make it work. The LEED Existing Building certification process, for example, is based on points, so owners will more than likely spend money on the low-hanging fruit, what will get them the most points in the cheapest manner-not necessarily building in what is the most energy efficient."