Green Lease Case Study: Pyramid Companies

Pyramid Companies, based in upstate New York, is the largest privately owned developer of shopping centers in the Northeast. The company owns and operates more than 17 million square feet of retail, entertainment, and restaurant property across New York and Massachusetts. Pyramid recently expanded its Carousel Center retail complex to include Destiny USA, a 1.3-million-square-foot addition recognized as the largest Leadership in Energy and Environmental Design (LEED) Gold certified project for Core & Shell Development in the United States.

Pyramid’s top-level commitment to sustainability is reflected in many of Destiny USA’s features, which include a two year green power purchase agreement, a rainwater harvest system, energy efficient lighting systems that include daylight harvesting and sensors, and a commitment to maintain a 75 percent or higher recycling rate. However, Pyramid recognized that despite its commitment to sustainability, its ability to influence how tenants build their spaces and use energy was limited under standard leasing agreements. To overcome this challenge, the company wrote and implemented green leasing language, and worked with tenants to provide tools and guidance to improve their spaces’ energy efficiency.

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