LOS ANGELES (June 25, 2019) – Hudson Pacific Properties, Inc. (NYSE: HPP) today announced that the Institute for Market Transformation (IMT) and the U.S. Department of Energy’s Better Buildings Alliance has recognized the company as a Green Lease Leader Silver designation.
Launched in 2014, Green Lease Leaders is the premiere real estate industry recognition program that shines a light on forward-thinking companies and practitioners who modernize their leases to spur collaborative action on energy efficiency and sustainability. This year, Green Lease Leaders represented portfolios totaling more than 500 million square feet, bringing the cumulative floor area of all Green Lease Leaders to over two billion square feet.
Joshua Hatfield, Executive Vice President of Operations at Hudson Pacific, said: “Our green leasing efforts are an integral component of our sustainability strategy. We pride ourselves on delivering win-win solutions that drive favorable environmental and financial outcomes for both our corporate tenants and key stakeholders. We are proud to be among those to meet the Green Lease Leaders standard of excellence.”
A green lease agreement ensures that both landlords and tenants invest in energy efficiency and sustainability improvements, creating benefits and cost savings for both parties. An IMT study estimates that green leases have the potential to reduce utility bills by up to $0.51 per square foot, or by 11-22%, in office buildings. Standard commercial leases have historically been a roadblock to more efficient buildings because they create a split incentive where only one party reaps the benefits of investing in building upgrades.
For the second year, Green Lease Leaders will recognize two levels of achievement—Silver and Gold. The Silver level recognizes establishment of foundational policies and business practices that encourage reduced energy and water consumption in leased spaces, while the Gold level builds on Silver level achievements, and recognizes execution of green leases and energy-efficient tenant buildouts.
The IMT and the U.S. Department of Energy’s Better Buildings will honor Hudson Pacific, along with additional Green Lease Leader honorees, at the 2019 BOMA International Conference & Expo in Salt Lake City, Utah.
For more information on the Green Lease Leaders program and this year’s recipients, visit greenleaseleaders.com.About Hudson Pacific Properties
Hudson Pacific Properties is a real estate investment trust that owns and operates more than 19 million square feet of office and studio properties. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP, and listed as a component of the Russell 2000® and the Russell 3000® indices. For more information visit HudsonPacificProperties.com.