Boston's biggest property developer seeks green certification

"It's gotten to the point where not taking action is somewhat foolish.''

Citing market reasons -- the need to cut rising energy costs and to attract and maintain tenants who are increasingly environmentally conscious -- Boston's biggest property owner is seeking green certification for all of its 11 buildings in Boston (and 20 buildings in the area), which include Rowes Wharf, One Post Office Square, and 60 State Street. The move would add 50 percent to the city's green-building stock, moving it from 23 to 34.

That comment in the first paragraph? It comes from Greg Shay, president of Boston operations for Equity Office Properties Trust, which is pioneering its green move in Boston.

Here's more from Shay, as quoted by the Boston Globe's Casey Ross in today's article: "We're doing this from a social responsibility perspective, but it's also become necessary to maintain tenants." (Click here for the full article.)

The big deal here, as outlined by Ross, is that companies are looking to renovate existing buildings. The city has required green certification on new buildings, but environmental improvements are hamstrung by the rate of construction. Only one existing building, One Beacon, has met green certification (though a separate report today noted the 34-story building was for sale).

As a company, though Equity Office is not alone -- the owner of the Prudential Tower, Boston Properties Inc., also is putting green technology in its 11 million square feet of commercial space in Boston, Cambridge, and Waltham.

Of course, there is the walk-the-walk part here. Equity Office says it is starting with $4.7 million in upgrades to four buildings and will finish the rest in several years. It is worthwhile checking to see the follow through after today's flurry of good press.

But the company is talking a good game, moving beyond do-good/responsible-steward arguments. Here's how Ross concludes his piece:

Shay, of Equity Office, said the vast majority of large office tenants are asking about green technology during negotiations, and many are now listing LEED certification as a baseline requirement.

"We really find that you can get knocked out of the running if you don't have it," he said. "It's very difficult for anyone to argue that this is a social movement that's not here to stay. Green is not going anywhere, so you either adopt it or you're playing catch-up."

Readers, do you agree? Or not? Have your say in our comments section below.