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NYC-Based Industrial Owner Pantheon Will Green Its Portfolio

New York City-based Pantheon Properties, which owns nine industrial buildings in the New York area (mostly in North Jersey, the image to the left is of a property in Bayonne) and Florida, will retrofit its portfolio to green standards over the course of the next twenty-four months. Moreover, it will now evaluate future acquisitions based on its ability to green the property in question. Senior Vice President David Maltby says that green “is the movement of the future and we wanted to be ahead of the curve as much as possible.”

What’s most interesting is that Pantheon has been dabbling in green retrofitting since 2005. It used a roof coating system from Intellicoat Technologies on an 850,000 square foot industrial building in Doral, Florida, which ended up saving it $0.82 per square foot in energy costs. (Intellicoat’s system reflects over 88% of UV rays, compared with the 65% mandated by USDOE). While Maltby did not disclose how much the coating system actually cost, in relation to the savings realized, he did say that “[t]he expense to put it on [was] relatively low in terms of the benefits you get from energy efficiencies.”

As part of its two-year green retrofit plan, Pantheon will also evaluate the potential for each of its buildings to accept other sustainable features. Lighting, windows, and power are all candidates for new green elements, according to Maltby, who also noted that the company is “working within the LEED certification framework. . . . It is our hope that most if not all [of Pantheon’s properties] will be LEED certified.”

850,000 square feet * $0.82 = the substantial sum of $697,000 in energy cost savings. Pantheon clearly recognizes the business case behind green buildings, and I’m looking forward to seeing what further green elements it incorporates into its properties this year. Moreover, I’m curious if Maltby’s “hope” that Pantheon’s properties will all be LEED certified ever materializes any further. LEED for Existing Buildings, for example, has been an extremely underutilized tool by the industry (only 178 projects registered, with 28, or 16%, receiving certification since the system’s introduction in 2004). I won’t speculate as to whether that’s a function of LEED-EB itself or some other factor, but Pantheon could be an interesting test case for the merits of LEED-EB, or even LEED in general, over the course of the next two years.

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