As covered by BizJournal’s July 28th article, funding green upgrades is made easier as the market shows the value of and desire for energy efficient real estate:
Earlier this year, Atlanta-based Jamestown Properties sold the 145,400-square-foot 799 Market St. in San Francisco, turning a nice 48 percent return from the $96 million it paid in 2012.
The building traded for a lofty $141.5 million or $973 per square foot, demonstrating the strong appetite for San Francisco office buildings as well as showcasing how a green retrofit drives up the value of a property.
Jamestown completed several upgrades to the property such as reducing its energy use by 35 percent, thereby bringing down operating costs.
“Energy efficiency is definitely a driver of value,” said Jacob Arlein, a partner with Stok, a San Francisco-based green building consulting firm, which worked on the 799 Market retrofit.
Sustainability advocates have been preaching for years about the benefits of making buildings greener, but now owners are latching onto the business case for sustainability upgrades. In the last year or two, the market has shifted as more financing options have emerged. Continue reading from BizJournals.com.