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THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
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Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
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Neighboring to the most pleasant square of Istanbul
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Green Law for Real Estate_Green Legal Matters 2010_10-9-2010
1. 1
Green Legal Matters Conference
New Orleans, LA
Green Law for the Real Estate Practice
Jon F. “Chip” Leyens, Jr.
Steeg Law Firm, LLC
New Orleans, LA
jleyens@steeglaw.com
504.582.1231
Robert C. Newcomer
The Lang Legal Group LLC
Atlanta, GA
rnewcomer@langlegal.com
404.320.0990
2. 2
Green Legal Matters Conference
New Orleans, LA
Green Law for the Real Estate Practice
Green Building:
Sustainability
Environmental impact and economic
opportunity
Rating systems and legal opportunity
Government Mandates and Policy:
Local
State
Federal
Model Green Building Codes:
Standard 189.1
International Green Construction Code
3. 3
Sustainability
“To meet the needs of the present without
compromising the ability of future
generations to meet their own needs.”
Green building is the practice of creating
structures and using processes that are
environmentally responsible and resource-
efficient throughout a building's life-cycle
from siting to design, construction,
operation, maintenance, renovation and
deconstruction.”
14. 14
LEED-NC (v3)
Sustainable Sites
1 prerequisite + 14 credits = 26 possible points
Water Efficiency
1 prerequisite + 3 credits = 10 possible points
Energy & Atmosphere
3 prerequisites + 6 credits = 35 possible points
Materials & Resources
1 prerequisite + 8 credits = 14 possible points
Indoor Environmental Air Quality
2 prerequisites + 15 credits = 15 possible points
Innovation in Design
6 (bonus) points
+ REGIONAL PRIORITY
4 (bonus) points
__________________________________________
8 prerequisites and 110 possible points
15. 15
Four Levels of
LEED Ratings:
Green Buildings
worldwide are certified
with a voluntary,
consensus-based
rating system.
USGBC has four
levels of LEED.
16. 16
LEED: “Certification” Process
Register project
Prepare/Submit application:
“LEED Online”
Prerequisites and each (eligible) credit
Regional Priority Credits
Credit interpretations and rulings (CIRs)
Respond to questions and submit any
supplemental information requested
Certification (or Denial with Appeal Review)
22. 22
U.S. Office Rental Rates:
“Green” v. “Brown” Performance
Market Bifurcation in 2010 . . . ?
2009 | 2010 | 2011 | 2012 | 2013
|
2002 | 2003 | 2004 | 2005 | 2007 | 2008 |
CLASS A
CLASS B
AverageRentsPSF
23. 23
By default, “non-green” buildings will
become known as BROWN buildings
Less demand
Lower rents
Higher operating cost
_______________________________________
= Decreased value
Go GREEN or go home
24. 24
Green Law for the Real Estate Practice
Government Mandates and Policy:
Local
City of Atlanta (proposed)
State
Federal
25. 25
Green Law for the Real Estate Practice
Green Legislative Mandates:
“Certified”
Register project
Pay fees
Document compliance
Prerequisites
Sufficient Credits
Supplement information
= Certified
“Certifiable”
Define:
What must be done?
Determine:
Who decides?
How is decision made?
= ???
26. 26
Green Law for the Real Estate Practice
Model Green Building Codes:
Standard 189.1
January 2010
USGBC, ASHRAE and IES
International Green Construction Code
March 2010 (v. 1.0)
v. 2.0 comment period open (Nov. 2010 release?)
Movement toward integration
27. 27
Integrated Design
Each system affects the functioning of the
others and all systems must be harmonized
to perform together effectively.
Optimize performance and minimize cost.
Integrated design teams meet early and
often during design and construction.
Legal issue: Allocate and document
responsibility for all tasks and
manage YOUR client’s risk.
28. 28
Robert C. Newcomer The Lang Legal Group LLC
rnewcomer@langlegal.com Atlanta, Georgia
http://www.linkedin.com/in/robertnewcomer 404.320.0990
Commercial Litigation
Business, environmental and real estate law
LEED-AP (since 2008)
Sustainable Building Taskforce (since 2008)
Urban Land Institute:
Technical Assistance Program, Co-Chair
Sustainability Committee
(former Co-chair, Community Assistance)
Green Chamber of the South:
Inaugural Director, Board Secretary
EduKalb, Inc.
Inaugural Director, Board Treasurer
29. 29
Construction
Negotiation of green requirements in
contract documents with architect and
contractor
AIA, DBIA & ConsensusDocs all have green riders
&/or clauses
Be careful that design professional does not warrant
green certification; warranties not covered by
professional liability insurance
Coordination among consultant pursuing
certification and all other parties involved in
the design, engineering and construction
process
30. 30
Insurance
Property Insurance
Additional coverage for builder’s risk and
completed structure policies
Increased cost of certain green systems and
building commissioning costs
Liability
Some coverage available if building does not
meet green certification requirement
31. 31
What is a “green” lease?
No single answer
Is a “green lease” a “red herring”?
Depends on:
What is a “green” building
What does each party want to achieve by
entering into a “green” lease
Cost Savings
Image
Corp. requirement
Government or contract requirements
32. 32
Lease Basics
Premises (that’s the easy part?)
Hard Part
Who does what?
How is it paid for?
What happens if you don’t do what
you’re supposed to do?
33. 33
Some Provisions to Consider in a
Green Lease
Applicable Law (and applicable rating system?)
Operating Expenses
Maintenance & Repairs
Alterations
Use Clause
Operating Hours
Landlord Services
Utilities
Casualty
Default
Work Letter
Rules & Regs
34. 34
You have to be Gross to be Green?
Difference between a gross lease and a net
lease
The argument that only a gross lease can
be green
Problems with the argument
Market considerations: If landlord can’t recover $,
landlord won’t spend $
Net lease gives landlord way to pay for
improvements
Tenants look at triple net costs when evaluating
space – landlord still has incentive to reduce
operating costs
Triple net leases are not perfectly efficient – landlords
don’t pass through all operating costs
35. 35
How to “green” a lease
Current approaches to “greening” a
lease
Add green language to existing lease clauses
Use of a green rider
36. 36
Green Issues Under Existing Leases
Significant portion of green issues for
next few years will be dealt with
through existing leases (or extensions
of existing leases)
37. 37
Existing Lease Issues
Applicable laws
If a new law mandates green standards,
who bears the cost - can landlord pass
through to tenant?
What if a new law mandates energy
conservation measures, but tenant has 24/7
operations or other high energy
consumption use?
38. 38
Existing lease issues (cont’d)
Operating expenses and capital
expenditures
Landlord decides to install a roof-top garden
Nice amenity and might save energy costs, reduce
stormwater run-off or produce water for irrigation
Justified in charging tenants for capex?
Consider the nature of a “green” expenditure and
thus whether it can it be passed through to tenants:
Is it capital?
Is it routine O&M? Can increased costs or “green”
materials be passed through?
Marketing expense in touting green measures?
What is effect of “comparable building” standard?
39. 39
Existing lease issues (cont’d)
Utilities
How is consumption measured/paid for?
Who pays if going green requires metering?
Can the landlord impose charges for above (or
above-“green”) average consumption?
Alterations
Manner of performance (ventilation, disposal, etc.)
and materials, fixtures, equipment can be important
for green rating
LEED, Energy Star or similar criteria may apply to
alterations, though not to original
Additional cost to tenant, and if so what can it do?
40. 40
Existing lease issues (cont’d)
Maintenance
Can the landlord impose new “green”
requirements with regard to the tenant’s
space?
What if the landlord’s new green program
materially increases the cost to maintain
common areas – can the increase be passed
through to the tenant?
Rules and Regulations
Can the landlord amend to impose green
operating requirements on tenants; if so,
what are remedies for a violation?
41. 41
Some Hypotheticals
Tenant in a multi-tenant office building installs
waterless urinals and low flow toilets in its bathrooms.
Who gets the benefit?
The building owner wants to install a roof-top garden.
What happens?
The brokers entered into an LOI that promises the
tenant that the new building to be constructed will be
green. What do you do?
The local jurisdiction enacts a green retro-fit code.
Do you have to retro-fit your form lease (e.g., in
order to “properly” allocate costs between landlord
and tenant)? Is the new retro-fit code an
“environmental law”?
42. 42
Some Hypotheticals
The tenant wants to install solar panels on
the roof. What do you do?
Your client tells you that they need a green
lease form. What do you do?
Your client tells you that they have to start
leasing green space. What do you do?
Your client wants to use its renewal
allowance to do a green retrofit of its
existing space. How do you make sure that
your client gets the full benefit of any cost
savings (operating costs, tax credits, etc.)
attributable to the retrofit?
43. 43
Additional Sources
ADDITIONAL SOURCES
Brooks, S. Michael. “Green Leases and Green Buildings.” American Bar
Association Section of Real Property and Trust and Estate Law, Probate &
Property Magazine (November/December 2008): 22-26.
California Sustainability Alliance, Green Leases Toolkit, www.sustainca.org
Connall Jr., Desmond D., Jeffrey A. Moerdler, and Eric Mullen. “Get Your
Tenants to Comply with Your Building’s ‘Green’ Standards.” Commercial
Lease Law Insider. www.commericalleaselawinsider.com, June 1, 2003.
Costa, Anthony E., Samuel J. Morris, III, and Sam Hunter. “Green Lease
Policies and Procedures for Lease Acquisition.” Memorandum to Assistant
Regional Administrators, PBS, Regional Realty Service Officers, December
27, 2007. (GSA Green Building Requirements)
http://159.142.162.71/gsa/cm_attachments/GSA_DOCUMENT/RSL2007-
12_R2-y08-l_0Z5RDZ-i34K-pR.pdf
EPA’s Green Buildings. http://
www.epa.gov/greeningepa/projects/index.htm (website regarding United
States Environmental Protection Agency’s green leasing initiatives).
44. 44
Additional Sources
Grais, Ronald B. and Kristen M. Boike. “Evolving Model Leases – A
Comparison of the BOMA and REALpac Green Leases.” Emerging Issues
Commentary, Lexis Nexis Database, October 2008.
Grais, Ronald B. and Kristen M. Boike. “Green Leasing – The Changing
Environment of Leasing.” Emerging Issues Commentary, Lexis Nexis
Database, June 2008.
Green Lease Guide for Commercial Office Tenants,
http://www.investa.com.au/Common/Pdf/Sustainability/GreenLeaseGuide.pdf
Milian, Rudolph E. The Retail Green Agenda: Sustainable Practices for
Retailers and Shopping Centers. New York: International Council of
Shopping Centers, 2008.
Natural Resources Defense Council (lease energy-saving work product
expected Spring 2009).
Real Property Association of Canada. http://www.realpac.ca
Teitelbaum, Steven A. BOMA’s Guide to Writing a Commercial Real Estate
Lease, Including Green Lease Language. Washington, D.C.: Building
Owners and Managers Association International, 2008. www.boma.org
U.S. Green Building Council. http://www.usgbc.org