WilmerHale signs unconventional lease incentivizing energy efficiency at 7 WTC

April 05, 2011 01:18PM

From left: Larry Silverstein, Michael Bloomberg and William Perlstein

WilmerHale, the law firm that signed on for 210,000 square feet of office space at 7 World Trade Center, signed a unique lease with Silverstein Properties to share in the costs — and benefits — of energy-efficient construction of the building. Mayor Michael Bloomberg was on hand for the lease signing, along with Silverstein CEO Larry Silverstein and William Perlstein, WilmerHale’s co-managing partner. “This agreement between Silverstein Properties and the law firm WilmerHale breaks new ground in the field of energy conservation — and we expect it will be a pioneering model for commercial leases,” Bloomberg said. “This is part of our broad campaign to increase the energy efficiency of large buildings all across the city.” The Mayor’s Office of Long-Term Planning and Sustainability crafted the language for the lease, in hopes of encouraging cooperation among the real estate community. Rather than forcing the owners to cover the entire cost of making a building more energy efficient, the lease counts energy cost savings over a long term period and shortens the time it takes for Silverstein properties to realize the financial benefits of going green. TRD

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