OWNING AND LEASING GREEN REAL ESTATE. istockphoto.com/borchee. November 2014 practicallaw.com

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1 OWNING AND LEASING GREEN REAL ESTATE istockphoto.com/borchee 32 November 2014 practicallaw.com 2014 Thomson Reuters. All rights reserved.

2 The green movement is a rapidly growing industry and there is ample evidence to prove that it is not simply a fad. Understanding this industry allows stakeholders to maximize the benefits available in owning and leasing green real estate, and more easily comply with the increasing number of federal, state and local green requirements and mandates. MICHAEL A. BEDKE PARTNER DLA PIPER LLP (US) Michael represents clients in all aspects of real estate and commercial financing work. His clients include institutional lenders, investors, national developers and retailers Thomson Reuters. All rights reserved. Practical Law The Journal Transactions & Business November

3 The green real estate movement is increasingly impacting today s real estate market. Simply put, whether those involved in the commercial real estate industry choose to go green, the green movement currently impacts almost every area of commercial real estate, including ownership, development and use. Understanding this rapidly growing industry allows those involved in the real estate market to maximize the benefits available in owning and leasing green real estate, and more easily comply with the increasing number of local, state and federal green requirements and mandates placed on real property. For owners, in particular, the benefits are not limited to monetary savings, but also include the increase in the value of their real estate. For example, lenders often consider green buildings to have greater value and tenants often are willing to pay higher rent for a green building than a non-green building in the same market. Opponents continue to argue that going green is too expensive with no acceptable return on investment. Others argue that green buildings are no more cost-efficient or environmentally friendly than non-green buildings. This misconception is due to a persistent focus on the high costs of construction and materials, instead of the long-term benefits in operations, maintenance and the overall increase in property value and demand. Despite the continuing perception that going green is a passing trend, there is ample evidence around the country that indicates that the green movement is not simply a fad. In fact, McGraw Hill Construction s Green Retail and Hospitality s Smart Market Report recently reported that more than half of all commercial construction in the US is predicted to be green by the end of The increase in retrofitting and developing of green buildings directly affects today s real estate market and stakeholders can no longer afford to discount its impact. Although those involved in every aspect of commercial real estate are increasingly recognizing the benefits and financial incentives of going green, developing a green property, leasing a green building or retrofitting an existing building to meet green standards can be an arduous and often complicated process. This feature is the first of a two-part article on the key considerations relating to going green in today s real estate market. Part One examines: The US green rating systems. State and local green mandates for new and existing improvements. Green incentives for owners, including zoning incentives and real property tax abatements. Financing-related opportunities for owners considering going green. Green leasing for both owners and tenants. Part Two of this article will appear in next month s issue and provides a more in-depth discussion on green leasing concepts, including negotiating key green lease agreement clauses. Those considering green initiatives (whether as a developer, owner, tenant or investor) should also consult with attorneys and consultants who specialize in green matters so that they can clearly navigate the myriad federal, state and local laws, regulations, 34 November 2014 practicallaw.com programs and incentives that may affect their property and impact their short- and long-term investment strategies, goals and actions. GREEN RATING SYSTEMS As green laws and requirements have been developed and implemented in building codes, zoning ordinances and other laws and regulations, rating systems have also been developed to provide a yardstick by which compliance with these mandates can be measured. Understanding how a project attains and maintains the desired rating and certification is a critical first step in determining the potential advantages of pursuing a green project. Green rating systems are used to measure and certify the sustainability of existing buildings and new developments, or the sustainability of specific elements of each. Most significantly, green ratings are often used as benchmarks to determine the types of benefits and incentives programs available to property owners and developers. With the in-depth guidance of an architect, general contractor or sustainability consultant, stakeholders can determine the best course of action to obtain the desired green rating based on the unique context of the individual project. The increased emphasis on sustainable development has given rise to a number of rating systems. The more popular rating systems include: Leadership in Environmental and Energy Design (LEED). Green Globes. ENERGY STAR. LEED was the first green rating system developed in the US. However, because of the high cost of attaining LEED certification, other ratings systems, including Green Globes and ENERGY STAR, developed in the US as alternatives to LEED certification. LEED LEED is a nationally recognized rating system that is by far the most cited domestic program. The LEED certification program was established by the US Green Building Counsel (USGBC) in LEED currently has nine unique rating systems for the design, construction, operation and maintenance of green buildings and interiors, homes and neighborhoods. LEED certification is determined by a points rating system. The number of points a building receives is based on the number and degree of LEED elements incorporated into its design. If a building receives enough points, it qualifies for one of the following four levels of LEED certification: Certified (40 to 49 points). Silver (50 to 59 points). Gold (60 to 79 points). Platinum (80 to 110 points). Initial first steps in obtaining LEED certification should include hiring a LEED Accredited Professional to advise stakeholders regarding the required steps to register a project with the Green Building Certifications Institute. Search Green Buildings: Emerging Laws and Practices for more on LEED certification, including a discussion on the process and costs involved Thomson Reuters. All rights reserved. Use of Practical Law websites and services is subject to the Terms of Use 2014 ( Thomson Reuters. All rights reserved. and Privacy Policy (

4 More than 58,000 commercial and institutional projects participate in LEED, comprising more than 10.7 billion square feet of construction space in all 50 states and more than 140 countries and territories. Though the LEED rating system is relatively new, the number of LEED-certified projects has grown greatly in recent years. According to the USGBC, more than 58,000 commercial and institutional projects participate in LEED, comprising more than 10.7 billion square feet of construction space in all 50 states and more than 140 countries and territories. Most of the federal government s incentive programs are tied to LEED (usually LEED Silver) certification. GREEN GLOBES Green Globes is an online green building rating and certification tool that is used both in Canada and the US. Though Green Globes initially started in Canada, it was brought to the US in 2004 by the Green Building Initiative (GBI), which is a non-profit organization that promotes green construction in the US. GBI adapted Green Globes for the US market as an alternative to the LEED rating system. Green Globes has certification modules for: Existing buildings. New construction and significant renovations. Commercial interiors. The Green Globes programs for both new construction and existing buildings are based on a 1000-point scale with criteria weighted according to their impact on the environment. Certification can range from one to four Green Globes with seven categories for new construction and six categories for existing buildings. Green Globes is structured as a self-assessment certification that can be performed in-house using a project manager and design team. The first steps for certifying both new construction and existing buildings include registering the project and completing an online questionnaire. After that, the process milestones are as follows for: New projects: design document review by a Green Globes certified thirdparty sustainability assessor; site visit by the certified assessor; final assessment report that includes accomplishments, recommendations, a final score and rating; and issuance of a recognition certificate. Existing buildings: site visit by a Green Globes certified third-party sustainability assessor; 2014 Thomson Reuters. All rights reserved. Use of Practical Law websites and 2014 Thomson All rights services is subject Reuters. to the Terms of Usereserved. ( and Privacy Policy ( final assessment report that includes accomplishments, recommendations, a final score and rating; and issuance of a recognition certificate. Search Green Buildings: Emerging Laws and Practices for more on the Green Globes rating system. ENERGY STAR ENERGY STAR was developed by the Environmental Protection Agency (EPA) and the US Department of Energy (DOE) in 1992 as a standard for the identification and promotion of energyefficient consumer products. ENERGY STAR has evolved to include energy-efficient equipment, appliances and devices for new homes, commercial buildings and industrial facilities. ENERGY STAR expanded to include commercial buildings in 1999 and industrial facilities became part of the program in ENERGY STAR continues to evolve rapidly in today s market as it continues to maintain its overall focus on identifying consumer products and, more recently, buildings that operate with greater energy efficiency and generate less greenhouse gases. The ENERGY STAR process includes third-party testing and certification requirements. ENERGY STAR measures energy performance of commercial buildings and industrial facilities on a scale of one to 100. Specifically, a building with an energy performance score of 75% or higher is deemed eligible for the ENERGY STAR certification. Search Green Buildings: Emerging Laws and Practices for more on the ENERGY STAR certification. GREEN MANDATES Even if an owner or developer is not interested in having its property certified as green compliant to take advantage of available incentive programs, its property may still be impacted by the green real estate trend. Now more than ever before, federal, state and local governments are introducing legal mandates that require owners of real property to develop, construct, improve, operate and possibly maintain their properties in an energy efficient and environmentally sustainable manner (see below Green Incentives). Practical Law The Journal Transactions & Business November

5 These mandates are commonly and collectively called green mandates and they are rapidly becoming part of the landscape in commercial real estate. Green mandates are the fastest growing source of green requirements because they are being increasingly introduced by state and local governments through various laws and requirements, including building codes, and zoning and planning ordinances. Green mandates vary greatly between jurisdictions in terms of their scope and the types of buildings they impact. Developers, architects, engineers and owners should be mindful of governmental compliance issues when developing real property. This area of the law is rapidly changing and unanticipated requirements can cause delays and impact a project s overall profitability. For example, the failure to comply with certain green mandates could result in a denial of a building permit or the issuance of a certificate of occupancy related to the project, which could ultimately delay the property s ability to produce income. While initially these green mandates only affected government owned (or funded) buildings, today there is a proliferation of green mandates affecting owners and developers of privately owned real estate. There are numerous examples that showcase this trend, including: Amendments to New York City s building code through the adoption of the Greener, Greater Buildings Plan (GGBP). Amendments to Chicago s building code through the adoption of the Green Matrix. NEW YORK CITY S GGBP New York City s GGBP is the most comprehensive set of energy efficiency laws in the US, targeting New York City s largest existing buildings, which constitute half of its built square footage and 45% of citywide carbon emissions. It is part of New York City s comprehensive sustainability plan, called PlaNYC, which aims to reduce carbon emissions by 30% by GGBP is comprised of four pieces of legislation: Local Law 85 New York City Energy Conservation Code. This law applies to all buildings. It sets energy-efficient standards for new construction and alterations to existing buildings. Local Law 84 Energy and Water Benchmarking. This law requires annual benchmarking of energy and water consumption with public disclosure. Local Law 87 Energy Audits and RCx. This law requires an energy audit and retro-commissioning of energy equipment in buildings every ten years. Local Law 88 Lighting Upgrades and Sub-metering. This law mandates that by 2025: zthe lighting in non-residential buildings be upgraded to meet the code standards; and zall large commercial tenants have their own sub-meters. The last three laws of GGBP apply only to large buildings, which are defined as either one building with at least 50,000 square feet or, if two buildings or more are located on the same tax lot or under the same condominium ownership, at least 100,000 square feet. There are exemptions for properties designated as national or state historic landmarks or that are eligible for the National Register 36 November 2014 practicallaw.com of Historic Places, which is the nation s official list of cultural resources worthy of preservation authorized under the National Historic Preservation Act of New York City landmarks or buildings located in Landmark Districts, however, are not exempt. CHICAGO S GREEN MATRIX Chicago has a sustainable development policy called the Green Matrix, which promotes and supports practices for environmentally responsible development of new residential, institutional and commercial buildings, and certain existing and landmark buildings. This policy: Outlines Chicago s sustainability standards and requirements and includes various incentives for projects, such as green roof construction, implemented by owners participating in Chicago s green permitting program. Promotes strategies that provide a higher level of stewardship of local water, air and land resources. Sustainability requirements include various levels of LEED, ENERGY STAR and Chicago green homes certification, as well as ASHRAE, which publishes standards and guidelines for energy efficiency that primarily pertain to heating, ventilation and air conditioning systems and frequently appear in building codes. GREEN INCENTIVES Green incentives are another tool that federal, state and local governments are using to encourage property owners to go green. These incentives allow property owners to derive benefits (both financial and otherwise) from developing and operating green real estate. Some examples of these green incentives include: Zoning incentives, such as increased floor area ratio (FAR). Tax credits, abatements and rebates. An expedited permitting and approval process. Lower operating costs, including insurance discounts. Enhanced reputation and higher value, allowing an owner to: zattract more like-minded, creditworthy tenants that are eager to demonstrate their commitment to sustainability; and zobtain more favorable financing. ZONING INCENTIVES Some local governments may permit a real estate project developed in compliance with green requirements to have extra floor area, extra height or other amenities that are not otherwise available to other non-green properties within the same zoning classification. Often these types of zoning incentives are combined with a community s other sustainability goals, including neighborhood planning priorities or other community issues, such as brownfield development. To qualify for certain zoning incentives, a project may be required to be both in a designated area and satisfy green requirements. Some specific examples include: An increase in FAR, which can increase the size of the owner s improvements on the property. For example: zin the Central Business District of Nashville, Tennessee, a project that certifies as LEED Silver may have a higher FAR than a project without that certification; and 2014 Thomson Reuters. All rights reserved. Use of Practical Law websites and services is subject to the Terms of Use 2014 ( Thomson Reuters. All rights reserved. and Privacy Policy (

6 in Ann Arbor, Michigan, a project incorporating green building technologies into its development plans may apply for a higher FAR than a similar building that does not include green building technologies in its plans. A decrease in required parking area for a project, which can significantly reduce building and maintenance costs for owners. Certain cities have transit-oriented developments (TOD). A TOD is an area with mixed-use buildings that traditionally has access to, and is within close proximity to, public transportation. Many cities, such as Chicago, San Francisco and Portland, Oregon have TOD policies that aim to increase the use of public transit and reduce dependency on cars. TAX CREDITS AND TAX OFFSETS Federal, state and local governments are increasingly adopting legislation that provides tax benefits associated with sustainable design and construction, renewable energy and energy conservation. Tax benefits offered can take many forms, including credits, offsets and rebates. At the federal level, the Internal Revenue Code (IRC) provides for an energy efficient commercial building tax deduction that is available to a variety of industries (including architects, engineers and contractors) involved in the construction or renovation of an energy efficient building (IRC Section 179D). The tax deduction is for an amount equal to the cost of the energy efficient building placed into service during the taxable year, subject to a cap. The DOE maintains a directory of tax savings available both nationally and on a state-by-state basis. There are also various state and local tax savings programs available to property owners and occupants. The advice of a wellversed local consultant can help ensure that an owner captures the most savings available where the property is located. the requirements for LEED certification, ranging from a 100% exemption for LEED Platinum to 10% for LEED Certified. Expansion of tax abatement programs, such as an amendment to a New York State law to include the installation of solar panels on New York City buildings. Sales tax offsets for an owner s investment in renewable energy and energy efficient equipment. For example, in California, Senate Bill 71 authorized the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) to provide a sales and use tax exclusion for advanced manufacturers and manufacturers of alternative source and advanced transportation products, components or systems. The program was recently expanded by Senate Bill 1128 to include advanced manufacturing projects. FINANCING-RELATED OPPORTUNITIES FOR GOING GREEN One of the main complaints many property owners and developers cite about going green is the increased cost of operating and developing green real estate. There is often an upfront cost for making upgrades to existing improvements that may deter stakeholders from taking advantage of the longterm incentives associated with going green. Green financing programs are increasingly available to owners interested in obtaining low-cost, long-term financing aimed at maximizing savings as early as possible while eliminating upfront costs for green upgrades to their buildings. Commonly used green financing includes: Property Assessed Clean Energy (PACE) financing. Small Business Administration (SBA) Green Loans. Green bonds. For example, in New York State both landlords and tenants may receive a tax credit based on the reduction of energy consumption and improvement of indoor air quality. Another example is in Philadelphia, Pennsylvania, where an owner may receive a credit against its Business Privilege Tax for up to $100,000 for participating in the city s Green Roof Tax Credit Program. The Capital Markets Partnership (CMP) has also developed Green Building Underwriting Investment Standards and has introduced a portfolio of investment mechanisms for green buildings. Certain other examples include: Interest rates. Tax abatements for green design and construction that are Upfront fees. tied to achieving certain LEED ratings. For example, in March 2009, The Philadelphia Code was amended to provide a ten-year tax exemption for costs of improvements that meet In addition, there is a growing trend for mortgage lenders to provide borrowers with beneficial financing terms when lending on green real estate. Such incentives may include reductions in: The costs associated with required operations and management and insurance escrows. Federal, state and local governments are increasingly adopting legislation that provides tax benefits associated with sustainable design and construction, renewable energy and energy conservation Thomson Reuters. All rights reserved. Practical Law The Journal Transactions & Business November

7 PACE FINANCING PACE programs provide financing to owners seeking to make energy efficient and renewable energy upgrades to their properties. PACE financing is an excellent way to increase a building s energy efficiency at a very low and manageable cost for owners because a PACE loan is repaid as a tax assessment that is charged annually for up to 20 years. PACE-enabling legislation has been adopted by 30 states and the District of Columbia. Search Moody s Highlights PACE Risk to CMBS Loans for information on a recent report by Moody s advising CMBS lenders to explicitly prohibit borrowers from taking out a PACE loan without their prior written consent. SBA GREEN LOANS The SBA recently introduced the SBA Green 504 Loan, which provides financing for small, mid-sized and large businesses. The financing available through this program is a governmentguaranteed second mortgage loan that is capped at $5.5 million for each project. An owner may take out multiple loans covering separate buildings with as little as 10% equity in each building. The loan is long-term and fully amortizing with below-market interest rates. To qualify for the loan, an owner must: Have a net (after-tax) annual income of no more than $5 million. Acquire or build one or more energy efficient buildings that: zhas a 10% reduction in energy consumption through the use of energy efficient lighting, windows or HVAC system, structurally insulated panels or other energy efficient method; or zproduces enough of its own renewable energy to reduce the building s energy consumption based on what it would have been without the improvements. Produce renewable energy or renewable fuels for others or for sale to the local utility. FINANCING THROUGH GREEN BONDS Another common type of green financing is funding through green bonds. Green bonds are fixed income, liquid financial instruments that are sold to raise funds dedicated exclusively to environmentally friendly projects and activities. Green bonds not only raise capital for green real estate projects, but also allow investors to support environmentally sound projects. The use of green bonds as a source of cheaper capital is still in the nascent stages in the US market. Green bonds are quickly gaining momentum, however, in the international arena through the World Bank Green Bonds (which has raised over $6.7 billion since 2008) and US state and local governments. A number of jurisdictions have had great success issuing green bonds to help finance and raise capital for environmentally conscious projects that impact existing and new developments, including: Massachusetts. The first state in the US to sell green bonds, Massachusetts sold $100 million of 20-year notes to finance the Accelerated Energy Program (AEP) and other energy efficiency and conservation projects. Demand for the bonds far outpaced supply as potential investors were ready to buy up to $1 billion in green bonds. 38 November 2014 practicallaw.com New York. The Green Jobs Green New York Program provides funding through the issuance of bonds to support sustainable community development, create opportunities for green jobs, and establish a revolving loan fund to finance energy audits and energy efficiency retrofits or improvements for the owners or occupants of residential, multifamily, small business and not-for-profit structures. District of Columbia. The District of Columbia Water and Sewer Authority offered $300 million of green bonds to help finance the construction of a drainage system to prevent excess rainwater and sewage from discharging into the area s rivers, called the Clean Rivers Project. California. California recently offered $2.3 billion of general-obligation bonds, including securities targeted at environmental projects. Real estate investment trusts (REITs) and other financial institutions are also beginning to privately issue green bonds, with great success, for environmentally conscious investors. For example: Regency Centers Corporation, a publicly traded REIT, completed the sale of a quarter billion dollars of ten-year green building bonds in the second quarter of The bonds will be used to build shopping malls that meet LEED standards. The bonds carried were non-secured and carried lower interest rates than for many other non-green building bond offerings by REITs. Bank of America issued a three-year, fixed-rate green bond in the amount of $500 million in the last quarter of The funds were used to finance green investments such as renewable energy and energy efficient projects. Vornado Realty, a publicly traded REIT, issued a five-year green bond in the amount of $450 million in the second quarter of According to the prospectus, the proceeds will be used to fund buildings and retrofits that meet certain criteria, including: zleed Silver, Gold or Platinum certification for new building developments; zany LEED certification level for existing buildings; zany LEED certification level for tenant improvement projects; zcapital projects that enhance energy efficiency, at buildings which currently are LEED certified at any level ; and zcapital projects at buildings not yet certified by LEED but which improve, based on a third-party engineering study, the operating and energy efficiency of a building by a meaningful amount. GREEN BUILDING UNDERWRITING INVESTMENT STANDARDS Capital Markets Partnership (CMP) is a non-profit and nonpartisan coalition of banks, investment banks, investors, insurers, governmental entities at all levels, countries and other private and public stakeholders. The primary purpose of CMP is to accelerate the introduction of green building and sustainable finance products. CMP has developed Green Building Underwriting Investment Standards, which provide consensus standards for the capital markets and green building industries. To help foster green building financing in the market, CMP has also introduced a portfolio of investment mechanisms for green buildings, including: Direct mortgages and construction and retrofitting loans for commercial and residential properties Thomson Reuters. All rights reserved.

8 Structured finance products. Pooled green real estate equity and debt funds and investments for public and private markets. GREEN LEASING FOR LANDLORDS AND TENANTS Although green issues impact all areas of commercial real estate, leasing appears to be at the forefront of the green movement. There has been much debate surrounding whether a green building (and therefore a green lease) is more or less attractive to potential tenants. However, as more government bodies require green compliance and more companies embrace sustainable energy usage, it seems clear that green leasing is here to stay. Green leasing concepts are emerging more frequently in leases for both newly developed and existing buildings. Driving factors for this growing market trend are fueled by the interests of both landlords and tenants. For example, owners want to maximize their green efforts by conforming their lease clauses to recoup and capture as much of their green improvement costs from their tenants as possible, while tenants want to ensure that the operating costs passed through to them are as low as possible (see below Motivation for Green Leases). Landlords and tenants who are informed about current practices and trends can maximize their ability to achieve the right combination of compliance, cost savings and sustainability for their leased properties. To understand these emerging trends, certain foundational starting points to consider include: Motivations for both landlords and tenants. How green leases are defined. Key lease provisions for both landlords and tenants. MOTIVATION FOR GREEN LEASES Unlike traditional building leases, green leases equitably align the financial and energy-savings incentives of building owners and tenants so that both parties can save money, conserve resources and achieve efficient building operations. Traditional building leases allocate energy use and operational costs between tenants and owners. Often, these leases are not structured to promote energy savings or to incentivize either party to reduce its energy usage. For example, under most gross leases, a tenant pays a set percentage of the building s total energy costs (regardless of its actual usage) based strictly on the square footage of the tenant s leased premises. Under this scheme, a tenant is not incentivized to limit its energy consumption because it will not realize any related cost savings under the lease. Under most net leases, building owners have no incentive to invest in energy saving building systems because the operating expenses are completely passed through to the tenants, who would therefore receive all of the financial benefit of energy efficient building systems, without having to share in the often more expensive upfront costs. Green leases, on the other hand, promote energy efficiency by creating lease structures which benefit both landlords and tenants equally Thomson Reuters. All rights reserved. Use of Practical Law websites and services is subject to the Terms of Use ( and Privacy Policy ( WHY LANDLORDS WANT GREEN LEASES Owners of real property have a variety of reasons for developing green property or retrofitting an existing building to include environmentally sustainable design elements. Green buildings typically have lower energy and operating costs which result in savings for landlords. Green buildings often have a certain cachet in the marketplace which allows a landlord to collect higher rents. WHY TENANTS WANT GREEN LEASES There is a real demand for green buildings among tenants in the market for new space. There are several factors that contribute to this demand, including: Reduced occupancy costs. Green buildings consume less energy and have lower occupancy costs. Lower occupancy costs mean lower overall operating costs, which can increase the tenant s profitability. Better employee morale. A number of studies tie improved indoor air quality, access to natural light, low-voc finishes and other aspects of green buildings to increased employee productivity. For example: za Michigan State University study found absenteeism due to allergies or asthma dropped by as much as 50% in green buildings; za University of San Diego survey found over 50% of tenants reported that employees were more productive after moving into a LEED or ENERGY STAR space, and 45% reported a decrease in sick days; and za University of California, Los Angeles study of 10,000 employees across 5,220 French companies found that companies that voluntarily adopt green practices and standards have employees who are up to 16% more productive. Corporate sustainability. Many Fortune 500 companies have sustainability objectives that are tracked and reported and an increasing number of these companies are committed to meeting these objectives. Enhanced image. Companies and their shareholders see value in being viewed as environmentally friendly. Good public relations can be a strong motivator to embrace sustainability. Investor groups, academies and pop-culture publications are all exerting pressure to go green. There is fierce competition among companies for the green spotlight. For example: znewsweek magazine publishes a Greenest Companies in America list; zthe Boston College Center for Corporate Citizenship and Reputation Institute generates the Corporate Social Responsibility Index, a ranking of companies perceived as doing a good job of operational stewardship and activities that consider the planet; and zcorporate Responsibility Magazine maintains a Best Corporate Citizens database. This feature is the first of a two-part article on owning and leasing green real estate. Part Two, appearing in next month s issue, will provide a more detailed discussion on green concepts in lease agreements, including information on negotiating key green lease clauses. For more on green real estate, and the online version of this article, search Owning and Leasing Green Real Estate. Practical Law The Journal Transactions & Business November