Tishman Speyer, HSBC and JLL selected as 2022 Green Lease Leaders by the Department of Energy’s Better Buildings Alliance and the Institute for Market Transformation

The Institute for Market Transformation (IMT) and the U.S. Department of Energy’s (DOE) Better Buildings Alliance selected HSBC Bank USA, N.A., Tishman Speyer and JLL as 2022 Green Lease Leaders. This recognition is for the recently finalized 265,000 foot lease at The Spiral, Tishman Speyer’s 65-story office tower that is rapidly nearing completion at 66 Hudson Blvd. in Manhattan. Launched in 2014, the Green Lease Leaders award sets national standards for what constitutes a green lease, while recognizing landlords and tenants who modernize their leases to spur collaborative action on energy efficiency, cost-savings, air quality, and sustainability in buildings.

Tishman Speyer and HSBC, with the brokerage representation and project development services of JLL, have achieved Platinum Recognition for the inclusion of legally binding environmental commitments and green initiatives in the lease, focusing on collaboration in all areas of sustainability. The commitments cover energy and water efficiencies, capital planning transparency, indoor air quality clauses and matters related to waste management, among other stipulations.

The Spiral, which is targeting a LEED Gold certification, will further HSBC’s sustainability efforts through an expected 60% reduction of the bank’s total energy consumption, a sustainable design experience, recycling and composting, adhering to NYC’s CO2 emissions guidelines, and offering SMART features throughout operations and management systems.

To receive this recognition, HSBC and Tishman Speyer qualified for credits in energy efficiency and sustainability best practices such as utility data tracking and sharing, cost recovery for capital improvements and sustainability training.

“The Spiral, and this green lease, delivers a new level of commitment to sustainable practices and design. The inclusion of lease language allowing for reallocation of carbon offsets between Tishman Speyer and HSBC was a first for us, and we see great value in replicating this approach in future deals,” said Jonathan Flaherty, managing director, global head of Sustainability and Building Technologies, Tishman Speyer.

“We are honored to be selected as green lease leaders alongside Tishman Speyer. A prerequisite for our new headquarter search was an office space that embodied our Banks’ larger sustainability ambitions. This recognition is a great proof point in our selection,” said Michael Privitera, US COO, HSBC.

“JLL is very proud to be part of the team leading this initiative. JLL’s commitment to Science Based Net Zero Targets extend beyond our own operations with a commitment to help our clients meet or exceed their own goals as well. This is an example of that effort and are very pleased to receive Platinum Recognition,” said Ron Lapointe project director, JLL.

One of the world’s largest banking and financial services firms, HSBC will occupy three of The Spiral’s podium floors, which feature virtually column-free space, as well as a dramatic double-height space spanning half of both the 29th and 30th floors. The unique design features a two-tiered outdoor terrace with lush landscaping and sweeping views of the Hudson River from New York Harbor past the George Washington Bridge.

Tishman Speyer has now successfully pre-leased 70% of the 2.8 million s/f office tower, with occupancy anticipated in summer 2022. Pfizer, a biopharmaceutical companies, will establish its global headquarters across 14 floors in The Spiral. Premier law firm Debevoise & Plimpton LLP has committed to 13 floors; AllianceBernstein has pre-leased another three-and-a-half floors; and Turner Construction also intends to create a new global headquarters across two floors.

This year’s Green Lease Leaders represent portfolios totaling nearly 2 billion s/f (sq. ft.) and comprise a diverse range of buildings from large and small commercial offices to industrial buildings to data centers. Altogether, Green Lease Leaders manage more than 5 billion s/f of commercial and government space across North America, representing a huge potential for growth in green leases. In the commercial sector alone, green leasing has the potential to affect 8 & of leased space nationwide. IMT estimates that green leases can help reduce utility bills by up to about 50 cents per s/f (22 %) in U.S. office buildings alone, and if all leased office buildings executed green leases, the market could reap over $3 billion in annual cost savings.