New Economics of Commercial Real Estate Is in Retrofit
San Diego Business Journal-- In a quest to discover a new economic proposition, at least one major office building owner has connected the dots. Hines Interests LP has transformed the formerly “Class B” office building known as Golden Eagle Plaza at 525 B St. in downtown San Diego into an arguably Class A superstar.
How did they do this? They took a still well-located, 22-story office building, refurbished it with a new lobby, elevators, controls and systems, replaced the cooling tower, put on a new roof, upgraded the lighting and HVAC system, and performed numerous exterior repairs, including redoing the curtain wall, and they achieved the new standard of LEED certification.
... Is it a precursor of things to come? Dr. Norm Miller, professor at the Burnham-Moores Center for Real Estate at the University of San Diego, has been conducting studies on the value of sustainability. To answer the question, “Does green pay off?,” he conducted what is believed to be the first systematic analysis of property data to document the income premium associated with “green buildings.” (Full Story)
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