In Västerås, Sweden, just west of Stockholm, the nuclear technology company Westinghouse Electric Sweden AB recently signed a 10-year lease with the publicly traded Swedish property company Kungsleden AB. Kungsleden will renovate two buildings for Westinghouse that total 14,000 square meters of commercial and industrial space (pictured). Each had been vacant for nearly a decade and will be built out during 2012 for occupancy by the end of the year.
In a press release, Kungsleden characterized the transaction as a green lease, one where it “collaborates with its tenants to reduce environmental impact through decreased energy consumption.” Additional lease terms that would be of interest to us here at GRLEJ – other than an annual rent just north of $2 million – do not appear available.
Kungsleden’s portfolio includes 639 properties in 142 municipalities across central and southern Sweden, valued at SEK 26.5 billion. The company has been traded publicly on the NASDAQ OMX in Stockholm since 1999.
We’re starting to see an increase in press releases touting the environmental aspects of commercial real estate transactions – both domestically and abroad – which bodes well both for the commercial real estate market generally, and green leasing specifically, as we move ahead in 2012.