Canadian companies are well represented in this year’s inaugural platinum tier of the Green Lease Leaders program. The annual U.S.-based awards recognize landlords, tenants and specific leasing deals for adherence to energy efficiency, sustainability, accessibility and inclusion in the management and operation of commercial and multifamily buildings.
For 2022, six Canadian landlords are among the 46 to receive platinum, gold or silver accolades through the program, which is jointly sponsored by the U.S. Department of Energy’s Better Building Alliance and the Washington D.C. based Institute for Market Transformation. Notably, Dream Office Real Estate Investment Trust (REIT) is one of just eight landlords in the new platinum ranks.
TD Bank Group, likewise a platinum honouree, is one of the five tenants recognized this year. It also enjoys platinum standing in the team transaction category along with its confreres, Canderel Commercial Property Management and LaSalle Investment Management.
“Green leases are a common sense, proven solution to create high-performing buildings and improve our communities. We have seen that they not only reduce energy use, but also promote strong relationships between landlords and tenants,” maintains Lotte Schlegel, executive director at the Institute for Market Transformation.
To be recognized as a Green Lease Leader, landlords and tenants must comply with the program’s prerequisites for integrating energy efficiency requirements into their leases. They must also attain at least five credits from a range of optional measures largely focused on energy management, but with two credits tied to carbon intensity and to the establishment of social impact goals for health, resiliency, diversity and climate. Only participants that claimed the latter credit could quality for the new platinum level recognition introduced this year.
Canada’s four gold level landlords for 2022 include BentallGreenOak, Dream Industrial REIT, First Capital REIT and RioCan REIT. Triovest Realty Advisors achieves silver standing.
Just three Green Lease Leaders are recognized in the team transaction category, which drills down to the collaborative dynamic of the lease negotiating process. To qualify, applicants must represent at least two parties to the deal — i.e. landlord and tenant — and the lease must reflect at least two prerequisites and five credits from Green Lease Leader criteria for either landlords or tenants. For 2022, two platinum and one gold ranking arre bestowed.
Collectively, the 2022 Green Lease Leaders oversee or occupy nearly 2 billion square feet of space, representing a 23 per cent expansion from 2021. Each year’s field of Green Lease Leaders retains the designation for three years, equating to a total of 5 billion square feet of space currently recognized through the program.
“These leading organizations are driving lasting change by creating mutually beneficial agreements between landlords and tenants to pursue emissions reduction targets,” says Maria Vargas, director of the Better Buildings Initiative.
