New York City-based Time Equities Inc. has become one of the first real estate firms in the nation to establish a sustainable design department.
At the time of the announcement, CEO Francis Greenburger said in a prepared statement that "environmental deterioration is easily the most ominous threat the world faces, and the real estate industry can have an enormous impact on the planet's health. We believe it's our responsibility to develop and invest in real estate with a keen eye on the impact to the environment."
The new department will catalogue various sustainable design techniques, such as those put forth by the US Green Building Council, and determine which measures are appropriate for the services and investment company's existing properties and new developments, Greenburger tells Real Estate Forum. "Green design travels a wide spectrum of areas and one has to decide what is the best mix of elements to include in any given project," he says.
Time Equities' green design team will address issues such as greenhouse gas emissions, conservation of natural resources, deforestation, pollution and disposal of hazardous waste for the company's approximately 19.4 million sf of office, industrial and retail properties throughout the US, Canada and Europe.
"As I watched more and more green design occurring in construction in New York City, I began to think about how we could effectively implement it in our renovations and ground-up developments," says Greenburger. The chief executive says he was called to action after attending the recent Clinton Global Initiative conference where global warming, green principals and sustainable design were central themes.
Greenburger notes that Time Equities already utilizes green practices within many of its projects. For example, the Schermerhorn House, a 217-unit affordable housing development currently under way in Downtown Brooklyn, NY, is being constructed with non-toxic sustainable materials.
Time Equities is presently conducting a search for an in-house director for the newly created department
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