IMT Joins U.S. DOE, BOMA, NRDC, Others to Launch First Green Leasing Library

March 26, 2012 | IMT

Washington, D.C.–March 26, 2012–Today, IMT’s green leasing program manager Adam Sledd, along with Steve Teitelbaum–a lead author of the BOMA model lease–and speakers from the U.S. General Services Administration (GSA), officially introduced greenleaselibrary.com, an unprecedented online resource to help the commercial building sector implement "green leases.”

In a webinar with 300+ attendees, Sledd and his fellow panelists provided guidance and strategies for using green leases, and explained how the new library will act as an important central resource for landlords, tenants, and brokers.

Green leases align the financial and energy incentives of building owners and tenants to save money, conserve resources, and ensure the efficient operation of buildings. Until now, searching for information about green leasing has often proven to be arduous due to key resources being scattered throughout the web. The new website is a group effort by U.S. DOE, GSA, BOMA, the Rocky Mountain Institute, IMT, NYU Schack Institute of Real Estate, and the Natural Resources Defense Council, who represent diverse stakeholders in the real estate and energy efficiency communities.

As a hub for those seeking information about green leasing, the website will consolidate important information for many audience types.

Leases for commercial buildings specify how energy costs will be divided between building tenants and owners. The typical standard lease divides responsibility for capital and operating expenses in a manner that fundamentally misaligns the incentive for most energy efficiency improvements, usually by slowing payback time or creating savings for only one party.

“The two main barriers to green leasing right now are a lack of knowledge among real estate professionals and unwillingness to change existing practices. We believe that the new website is an ideal step forward in addressing those issues,” said Sledd.

Unlike a traditional lease, a green lease encourages the parties to work together through the construction and occupancy phases, and create opportunities for both parties to reduce operating expenses.
As an ongoing project, greenleaselibrary.com will update its library regularly as more information becomes available.

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About the Green Lease Library: The Green Lease Library is the result of collaboration between the Energy Department's Commercial Real Estate Energy Alliance (CREEA) and other organizations, including the U.S. General Services Administration, Rocky Mountain Institute, Natural Resources Defense Council, the Institute for Market Transformation, NYU Schack Institute of Real Estate, and Building Owners and Managers Association International.

About IMT: The Institute for Market Transformation (IMT) is a Washington, DC-based nonprofit organization dedicated to promoting energy efficiency, green building, and environmental protection in the United States and abroad. Much of IMT’s work addresses market failures that inhibit investment in energy efficiency. For more information, visit http://www.imt.org

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