The company, headed by Chairman and CEO Richard S. Ziman, is renown for finding new ways to wring profits from its buildings. In the mid-1990s, it was one of the first REITs to aggressively market its rooftops to telecommunications companies that needed space for their satellite dishes.

Now, California's widely publicized energy crisis is providing new fuel for one of Arden's latest technology initiatives: The effort to make its buildings more self-sufficient when it comes to their power needs.

The sky-high utility bills many building owners have received over the past few months is "a sobering reminder that our region still faces serious shortages of electricity, gas and water," Robert C. Accomando, Arden's First VP/Asset Management, tells GlobeSt.com. Rather than simply complaining about their soaring bills, Accomando says building owners should instead capitalize on emerging technology to "lead some major energy initiatives that can provide a short-term hedge and long-term relief" from rising power costs.

Arden is practicing what Accomando is preaching. For example, the REIT will soon install natural gas engines at seven of its Southland buildings through a partnership with Century City-based RealEnergy Inc. The engines essentially are miniature power plants, and are capable of supplying up to 30% of each property's power requirements.

Earlier this year, Arden also launched one of the largest solar photovoltaic systems in the Western Hemisphere through a partnership with the California Public Employees Pension System and pension fund advisor RREEF. Arden SVP Robert Peddicord tells GlobeSt.com that such alternative energy systems won't just save the REIT money and help the environment, they could also lead to an important new source of revenue for the company.