Advancial Tower in Uptown has new owners! This is a high-rise office tower adjacent to the new Klyde Warren Park. New ownership can be a great thing. Changes brought by visionary owners can make a positive impact on tenants and the neighborhood. The new owners of the Advancial Tower plan to add sustainable practices to the building. What does that mean? Sustainable practices are sometimes known as green retrofitting.
Doug Gatlin, Vice President of the Green Building Council in Washington D.C., says “…Green retrofits are any kind of upgrade to an existing building that is wholly or partially occupied to improve energy and environmental performance, reduce water use, and improve the comfort and quality of the space in terms of natural light, air quality, and noise - all done in a way that it is financially beneficial to the owner.”
Sounds like a great idea, but do these savings trickle down to the tenants? Typically, major capital improvements to a building are paid by the landlord and don’t get passed through to the tenants. But do tenants care about the whole “green” movement. In 29 years in the commercial real estate business, I’ve never had a tenant ask to be in a “green” building.
So here are my questions: Do you care if your building is “green”? Would you be willing to pay more for a “green” building?