Category: Climate and Immigration

Senate Finance Committee Task Force Proposes Making Tax Deduction for Energy Efficient Buildings (sec. 179D) Permanent

Posted on by Trey Jackson

A bipartisan group of Senate Finance Committee policymakers this week recommended the tax deduction for energy efficient commercial buildings (section 179D) should become a permanent provision in the federal tax code.  Section 179D expired at the end of 2017.  ( BloombergTax , Aug. 13) 

Senate Finance Chairman Chuck Grassley (R-IA), right, and Ranking Member Ron Wyden (D-OR), left, set up five bipartisan task forces in May to consider long-term solutions for more than 40 temporary provisions in the federal tax code that repeatedly expire and come up for renewal.
  • Senate Finance Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR) set up five bipartisan task forces in May to consider long-term solutions for more than 40 temporary provisions in the federal tax code that repeatedly expire and come up for renewal.   
  • Three of the task forces released reports on Wednesday, addressing the areas of cost recovery (e.g., sec. 179D) and energy (e.g., sec. 45L credit for energy-efficient new homes).   In addition to recommending permanency for section 179D, the Cost Recovery Temporary Tax Policy Task Force led by Senators Mike Crapo (R-ID) and Ben Cardin (D-MD) noted that further improvements to the provision would accelerate its positive impact.
  • The reports refer to extensive comments from stakeholders, including The Real Estate Roundtable and industry coalitions.  The committee also posted further information about the temporary tax policies that the task forces examined.  
  • The task forces’ “thorough and bipartisan approach will form the foundation of the committee’s work to provide more certainty to temporary tax policy,” Grassley said. “The next step will be to put together a legislative package based on the proposals that the taskforces received, the areas of consensus among the taskforce members and continued bipartisan discussions.” (SFC news release, Aug. 13) 
  • In the House, the Ways and Means Committee on June 20 passed legislation to extend a host of expired and expiring tax credits through 2020, including section 179D.  (Markup of House Tax Legislation and Roundtable Weekly, June 21)  The Taxpayer Certainty and Disaster Tax Relief Act of 2019 (H.R. 3301) includes other provisions affecting real estate:  

    •  Credit for construction of new energy efficient homes (sec. 45L)

    •  Credit for energy efficient improvements to existing homes (sec. 25C)

    •  Exclusion of mortgage debt forgiveness (sec. 108(a)(1)(E))

    •  Deductibility of mortgage insurance premiums (sec. 163(h)(3)(E))

    •  New markets tax credit (sec. 45D)  

    •  Empowerment zone tax incentives (sec. 1391-97)

      Building Owners and Managers Association (BOMA) International President and Chief Operating Officer, Henry Chamberlain, testified before Ways and Means last year to support Section 179D’s permanence.  ( BOMA testimony -March 14, 2018)
    • Building Owners and Managers Association (BOMA) International President and Chief Operating Officer, Henry Chamberlain, testified before Ways and Means last year to support Section 179D’s permanence.  (BOMA testimony, March 14, 2018) 
    • On a separate track from extenders and 179D is an energy efficiency tax proposal urged by The Roundtable and a broad coalition of real estate and environmental organizations.  The groups urge House and Senate tax writers to establish an accelerated depreciation schedule for a new category of Energy Efficient Qualified Improvement Property installed in buildings – or “E-QUIP” – with a 10-year cost recovery period (Coalition E-QUIP Letter, May 8) 
    • Roundtable President and CEO Jeffrey DeBoer stated, “The purpose of establishing a new E-QUIP category in the tax code is to stimulate productive, capital investment on a national level that modernizes our nation’s building infrastructure while helping to lower greenhouse gas emissions.”  (Roundtable Weekly, May 10) 

    When Congress returns on September 9 from summer recess, additional changes to the Ways and Means extenders bill may be made as it moves to the House floor, and then to the Senate.  However, passage of spending bills to fund the government beyond September 30 are considered must-pass legislation.  Whether an extenders bill can be attached to an FY’20 appropriations bill is uncertain at this time.    

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    ULI Reports on Climate Risks; NYC Sets Aggressive GHG Targets on Buildings

    Posted on by Trey Jackson

    A recent report from the Urban Land Institute (ULI) and Heitman LLC explores current methods for assessing and mitigating climate risk in real estate. 

    Climate Risk and Real Estate Investment Decision-Making explores current methods for assessing and mitigating climate risk in real estate.

    • Climate Risk and Real Estate Investment Decision-Making  concludes, “An eventual downward repricing of higher-risk assets will be the market’s way of redirecting capital to locations and individual assets where it is expected to be better insulated from these particular risks. This process will be painful for investors who are caught off guard, but those who are prepared have the potential to outperform.”  (CNBC, April 9 and ULI news release, Feb. 5 )
    • The New York City Council this week approved a set of bills that set greenhouse gas (GHG) emission caps for many different types of buildings, along with fines for those who do not meet the caps. (New York Times, April 17 and Politico Pro, April 18)
    • Real Estate Board of New York (REBNY) President John Banks responded that the organization is fully supportive of the City’s carbon emission goals, but the Council is leading New York in the wrong direction.  “The legislation is not an energy efficiency measure. With so many exemptions and carve-outs, we will be confronted with the fact that our city is off-track from meeting its ambitious 40 percent carbon reduction goal by 2030,” Banks said.  (REBNY, April 16 and April 18)
    • Commercial building owners and operators, including several members of The Real Estate Roundtable, were recognized last week at the annual ENERGY STAR Awards for demonstrating national leadership in cost-saving energy efficient solutions.  The U.S. Environmental Protection Agency and the U.S. Department of Energy awarded 183 ENERGY STAR partners for their outstanding contributions to public health and the environment.  The award winners also include Fortune 500 companies, schools, retailers, manufacturers and home builders.  (EPA news release, April 9)
    • The Roundtable and its Sustainability Policy Advisory Committee (SPAC) continue to work with lawmakers on sound policy issues that promote energy efficiency – not only to achieve better building performance, but to spur innovation, create construction jobs that cannot be exported, and enhance the country’s energy security through a more resilient building stock.  (The Roundtable’s 2019 Policy Agenda Energy Section) 

    In this session of the U.S. Congress, climate-related policy is expected to play a role in any major tax, infrastructure, energy, or disaster-relief legislation, as the political parties seek to stake out their respective positions before the 2020 election. (Stanford News, April 17)

    Roundtable Submits Recommendations to Improve ENERGY STAR Scoring Models; EPA Seeks Additional Feedback from Building Owners

    Posted on by Trey Jackson

    The Real Estate Roundtable on Nov. 26 sent recommendations to the U.S. Environmental Protection Agency (EPA) to improve the agency’s ENERGY STAR scoring methods, which rate a building’s energy efficiency performance.  (Roundtable Letter and Recommendations)

    The  Real Estate Roundtable on Nov. 26 sent recommendations to the U.S. Environmental Protection Agency (EPA) to improve the agency’s ENERGY STAR scoring methods, which rate a building’s energy efficiency performance.  (Roundtable Letter and  Recommendations)

    • Nearly 35,000 buildings and plants – representing more than 5 billion square feet of commercial space – have earned EPA’s ENERGY STAR.  Pension funds and other institutional investors frequently rely on the label as a market signal for well-managed assets with smaller carbon footprints.  Business tenants also seek to locate in ENERGY STAR-certified buildings to lower their utility expenses.
    • Last August, EPA announced the first updates to its ENERGY STAR scoring models in over a decade.  Initial analyses by The Roundtable’s Sustainability Policy Advisory Committee (SPAC) and other stakeholders indicated that EPA’s new models produced arbitrary scoring results.  Offices over 500,000 square feet in size, and buildings located in colder climates requiring more heating throughout the year, appear to have sustained the most significant ENERGY STAR score declines.
    • Roundtable President and CEO Jeffrey DeBoer in October told the Wall Street Journal, “Revisions to ENERGY STAR are much needed and very important.  However, to be truly effective the data sources and projections relied upon in the revision must be transparent and reflect industry leading practices.” (Wall Street Journal, Oct. 9)
    • The Roundtable’s Nov. 26 summary and  recommended changes to EPA’s scoring methods seek to ensure a level-playing field for the ENERGY STAR label – so that buildings of all sizes located in varying climate zones across the country are rated fairly.  
    • EPA has requested additional data from owners and managers to test its methods on specific buildings and portfolios.  Stakeholders interested in working with the agency to assess how particular properties have fared since new ENERGY STAR scores were released last August should consult EPA’s website, “How to Respond to Data Requests in Portfolio Manager.” 

    EPA plans to wrap-up its review period and resume issuing ENERGY STAR building labels by next spring.

    EPA to Commence Review Period of New ENERGY STAR Building Scores; Office, Industrial Certifications Temporarily Suspended Pending Further Analysis

    Posted on by Trey Jackson

    Last month the Environmental Protection Agency (EPA) announced the first updates to its ENERGY STAR scoring models in over a decade, as the agency moved from 2003 to 2012 data for its foundation to rate buildings.  (See Roundtable Weekly, Aug. 17.)  EPA announced yesterday that it will commence a “review period” to solicit stakeholder feedback on these recent ENERGY STAR score updates.  Certifications for office, industrial, and certain other building categories will be temporarily suspended during this review period.

    EPA announced yesterday that it will commence a “review period” to solicit stakeholder feedback on recent ENERGY STAR score updates.  Certifications for office, industrial, and certain other building categories will be temporarily suspended during this review period.

    • ENERGY STAR is the key federal label that rates and compares U.S. buildings’ energy performance.  Currently, EPA lists 34,625 buildings and plants, representing more than 5 billion square feet of commercial space across the country, as ENERGY STAR certified.  Through initial analyses of Sustainability Policy Advisory Committee (SPAC) membership, The Roundtable  learned that the application of the new 2012 data appears to result in materially different outcomes on scores depending upon building size, geography, and source of heating, and these outcomes were inconsistent.  RER on behalf of the industry highlighted the issues to the EPA, and the EPA responded with the announced review period.
    •  “The review period will help us ensure that the models are working as intended to deliver energy performance metrics that empower … the business case for owning and operating energy-efficient buildings,” the agency stated.  During the review period, EPA and real estate stakeholders will have the opportunity to assess variables such as a building’s size, location, and fuel mix, to fully consider if these and other factors have had an indiscriminate impact on the new scoring models.
    • “We commend EPA in taking this step toward transparent decision making so our industry can recommend any necessary, data-driven changes to ENERGY STAR’s updated scoring models ,” said Roundtable President and CEO, Jeffrey D. DeBoer.  “The Roundtable and our Sustainability Policy Advisory Committee look forward to partnering with EPA during its review period.”
    • Other federal agencies, state and local governments, and non-governmental organizations frequently rely on ENERGY STAR’s tools and rating system for their own programs related to building energy efficiency.  EPA advised it will “coordinate with program implementers and policymakers that leverage the ENERGY STAR score on the appropriate use of the new metrics during the review period.”

    The review period and temporary suspension of ENERGY STAR building certifications do not apply to multifamily, data center, hospital, senior care communities, and manufacturing facilities, according to EPA.

     

    EPA Gathers Feedback from Building Owners During “Review Period” for New ENERGY STAR Scoring Models

    Posted on by Trey Jackson

    The Environmental Protection Agency continues the temporary suspension of ENERGY STAR building certifications, after assessing feedback from a number of building owners and stakeholders. Last month, the EPA announced it would commence a “review period” to solicit building owners feedback on recent ENERGY STAR scoring models, in response to the new model announced in August, which would unfairly downgrade some already certified ENERGY STAR buildings. (Roundtable Weekly, September 14)

    The EPA continues the temporary suspension of ENERGY STAR building certifications, after assessing feedback from a number of building owners and stakeholders.

    • ENERGY STAR is the key federal label that rates and compares U.S. buildings’ energy performance.  Currently, EPA lists 34,625 buildings and plants, representing more than 5 billion square feet of commercial space across the country, as ENERGY STAR certified.  Through initial analyses of Sustainability Policy Advisory Committee (SPAC) membership, The Roundtable learned that the application of the new 2012 data appears to result in materially different outcomes on scores depending upon building size, geography, and source of heating, and these outcomes were inconsistent.  RER on behalf of the industry highlighted the issues to the EPA, and the EPA responded with the announced review period.
    • “Revisions to ENERGY STAR are much needed and very important,” said Roundtable President and CEO, Jeffrey DeBoer. “However, to be truly effective the data sources and projections relied upon in the revision must be transparent and reflect industry leading practices. (Wall Street Journal, Oct. 9)
    • During the review period, EPA and real estate stakeholders have the opportunity to assess variables such as a building’s size, location, and fuel mix, to fully consider if these and other factors have had an indiscriminate impact on the new scoring models.  “EPA is looking into concerns raised by industry that score changes for some buildings are different than expected,” said an EPA spokeswoman. (Wall Street Journal, Oct. 9)

    “We commend EPA in taking this step toward transparent decision making, and are focused intently on assisting during this review period,” said DeBoer. The Roundtable’s Sustainability Policy Advisory Committee will continue working with the EPA during the remainder of the review period.

    New ENERGY STAR Building Scores Available August 27

    Posted on by Trey Jackson

    The Environmental Protection Agency (EPA) announced this week that long-anticipated, updated ENERGY STAR scores that rate and compare U.S. buildings’ energy performance will be available on Monday, August 27.  [EPA website]

    The EPA currently lists 34,226 commercial buildings and plants located in all 50 states as ENERGY STAR-labeled – representing 4.95 trillion square feet of space.

    • EPA currently lists 34,226 commercial buildings and plants located in all 50 states as ENERGY STAR-labeled – representing 4.95 billion square feet of space.  This number of “top of class” assets is expected to decrease, as average building “scores” will drop in light of updates to metrics in ENERGY STAR’s Portfolio Manager energy usage benchmarking tool.   
    • For most types of buildings, an ENERGY STAR score (registered on a scale of 1 to 100) is based on the Commercial Buildings Energy Consumption Survey (CBECS), conducted periodically by the U.S. Department of Energy. The latest CBECS data, which forms the base for the new EPA scores, became available in 2016.  Prior to the update, for years ENERGY STAR scores have reflected data collected in 2003. 
    • EPA’s move to update its building scores has been in the works for several years and has been a continual focus of The Roundtable’s Sustainability Policy Advisory Committee (SPAC).  Many Roundtable member companies own and/or operate ENERGY STAR properties, and market their ratings to attract an increasingly Millennial-dominated workforce.  Pension funds and other institutional investors also rely on the label as a signal for well-managed assets with smaller carbon footprints.   

      EPA’s annual Top Cities list shows which metro areas were home to the  most ENERGY STAR certified buildings  in the previous year.

    • “We have to face the facts: ENERGY STAR building certification will likely be much harder to achieve,” said Tony Malkin, Chairman and CEO of Empire State Realty Trust, and chairman of The Roundtable’s SPAC.  “The U.S. commercial real estate industry has made huge strides, and those strides are reflected in the new data set about to be deployed by the EPA.  ENERGY STAR has always been a mark of highest achievement.  With more efficient buildings in the data set, there will be a reduction in the number of buildings which qualify on a relative basis.”  
    • “There are new technologies and practices, as well as inducements, such as ENERGY STAR for Tenants on which RER worked hard to put in place, which justify capital investments in buildings to reach even higher levels of performance, encourage greater collaboration between commercial landlords and tenants, and create thousands of well-paying retrofit construction jobs that cannot be exported,” Malkin continued.  (See Roundtable Weekly, June 15, 2018.)      
    • EPA reports that Portfolio Manager will be down on Sunday, August 26. New ENERGY STAR building scores, with updated Portfolio Manager metrics, will be available on Monday, August 27.  EPA encourages ENERGY STAR users to documents their current scores now – and their new scores starting August 27.  

    EPA’s recommendations for how to prepare for the upcoming changes and webinars about the new metrics are available online.

     

    EPA Recognizes Roundtable Members with “ENERGY STAR for Tenants” Award for High Performance Office Spaces

    Posted on by Trey Jackson

    The Environmental Protection Agency (EPA) on June 12 announced the first-ever federal government awards for energy efficiency in leased office spaces. Many Roundtable members and their tenants are recognized among the award’s inaugural winners.  (EPA list of tenants and landlords) 

    SPAC Chairman Tony Malkin (Chairman and CEO,  Empire State Realty Trust ) stated, “This is a great example of the Roundtable at work. We took best industry practice, formulated policy around it, and worked with staff and members of Congress to develop legislation for the good of the economy, our industry and the environment.”

    • Originally envisioned by The Roundtable’s Sustainability Policy Advisory Committee (SPAC), EPA’s ENERGY STAR for Tenants program has been long-supported by the industry.  After the enactment of the 2015 “Tenant Star” law, EPA was tasked with piloting the branding program for energy-efficient tenant spaces that met certain design criteria.  (Roundtable Weekly, June 30, 2017) 
    • SPAC Chairman Tony Malkin (Chairman and CEO, Empire State Realty Trust) stated, “This is a great example of the Roundtable at work.  We took best industry practice, formulated policy around it, and worked with staff and members of Congress to develop legislation for the good of the economy, our industry and the environment.  At the same time, our Sustainability committee worked with the Department of Energy and the EPA within their structures, rules, and regulations for years to create a new label for energy efficient tenant spaces, to complement existing programs that award whole-building efficiency.  This voluntary program will lead to a significant increase in cost-saving leased spaces as companies vie for EPA’s tenant label in the future.” 
    • Roundtable President and CEO Jeffrey DeBoer noted the national value of the new federal recognition program. “Without any tax credit or subsidy, EPA’s new seal of approval can motivate tenants and landlords across the country to demonstrate their commitment to energy efficiency in leased commercial building space.  As EPA’s new office space program expands, CRE leaders  will have more opportunities to distinguish their buildings for investors, tenants, and the Millennial workforce who place a premium on sustainable assets.”  
    • To earn the label, applicants must verify how they drive energy efficiency in five key areas in the design and construction of high performance leased spaces.     (EPA Documents and Tools for Tenants) 
    • As funding for the federal ENERGY STAR program also affects the new EPA Charter Tenant program, a Senate Appropriations subcommittee on Tuesday affirmed the Trump Administration’s recommendation to continue ENERGY STAR program funding for FY2019 (starting October 1, 2018).  For the agency’s programs overall, the Senate panel recommended that appropriations be maintained at the status quo for the next fiscal year.  (The Hill, June 12) 

    The 2018 ENERGY STAR Charter Tenants program was a focus during today’s SPAC’s meeting in Washington, which included presentations from EPA and other key federal agency officials.

    The Roundtable and 16 Real Estate, Insurance and Contracting Organizations Urge Passage of Infrastructure Expansion Act to Counter Inequities in “Scaffold Law”

    Posted on by Trey Jackson

    The Real Estate Roundtable, Associated General Contractors, and 16 U.S. organizations representing the contracting, insurance and real estate sectors today urged the House Judiciary Committee and key congressional offices to swiftly pass the Infrastructure Expansion Act of 2017 (H.R. 3808), sponsored by Rep. John Faso (R-NY).  (Coalition Letter, Jan. 19)

    According to the  coalition letter  , the Infrastructure Expansion Act seeks to provide is a 21st century solution to ameliorate the harsh impact of an outdated 19th century law, which is restraining modern interstate commerce and economically burdening transportation projects that cross state lines.

    H.R. 3808 is a common sense tort reform effort aimed at correcting inequities from New York State’s outdated “Scaffold Law.”  Passed during the Industrial Revolution – long before the advent of Federal and state Occupational Safety and Health Administration and workers’ compensation laws – the Law holds property owners, employers, and contractors fully liable for all fall-related injuries at building and infrastructure construction sites. 

    As a result, courts have interpreted the New York law to subject property owners and contractors to “absolute liability.”  Under this standard, the costs of injuries from commonplace painting, cleaning, remodeling, and construction activities are completely borne by property owners and contractors, even if they do not directly employ the injured worker.  The Scaffold Law also deems property owners and contractors as absolutely liable for height-related incidents, without regard to whether the worker caused the accident and intensified his or her own injuries.  Under this standard, even an inebriated worker who stumbles and falls at a project site is not held accountable to the extent his intoxicated state caused his own injuries.  (Roundtable Weekly, Oct. 27, 2017) 

    The House bill counters the absolute liability standard by specifying that lawsuits against property owners and contractors for injuries associated with slips, falls, and “gravity-related risks” at Federally-assisted projects should instead be held to a “comparative negligence” standard.  When workers proximately cause their own injuries, comparative negligence factors such self-inflicted harm to proportionately limit damages awarded by judges and juries.  H.R. 3808 fosters the comparative negligence legal standard adopted by the overwhelming majority of courts, legislatures, and legal scholars across the United States. 

    According to the coalition letter, the Infrastructure Expansion Act seeks to provide is a 21st century solution to ameliorate the harsh impact of an outdated 19th century law, which is restraining modern interstate commerce and economically burdening transportation projects that cross state lines.  

    Rep. John Faso (R-NY) introduced the  Infrastructure Expansion Act of 2017 (H.R. 3808)  , intended to counter New York State’s “Scaffold Law.”

    Among specific examples offered in the letter showing the economic impacts of the Scaffolding Law is  the Gateway Program, a Department of Transportation-assisted rail tunnel project of overwhelming national significance.  The New York law is estimated to drive-up costs by as much as 300 million dollars for this project, which will modernize the power grid, update a century-old tunnel inundated by Superstorm Sandy, and help eliminate a train “bottleneck” in the Northeast Corridor that contributes $50 billion to US GDP annually.  H.R. 3808 can help reduce the substantial added costs from insurance coverage, excessive litigation pay-outs, and project delays for interstate infrastructure construction like Gateway. 

    “On the heels of a major federal infrastructure initiative, Rep. Faso’s bill is welcome news – enacting it would drive down costs of proposed infrastructure projects like the vital Gateway tunnel project between New York and New Jersey, said John Banks, President of the Real Estate Board of New York.  (See REBNY Newsroom, Oct. 25, 2017).  

    Additionally, the Infrastructure Expansion Act of 2017 does not diminish or alter Federal or state OSHA obligations, nor does it foreclose “no-fault” workers’ compensation. 

    The coalition letter addressed to House Judiciary Committee Chairman Bob Goodlatte (R-VA) and Ranking Member Jerrold Nadler (D-NY) concludes that H.R. 3808 “… simply makes property owners, contractors, and workers accountable for their own choices and conduct at construction sites benefitting from Federal taxpayer dollars. We encourage swift passage of the ‘Infrastructure Expansion Act.'”

    Real Estate Roundtable Applauds House Vote on Bill to Spur Energy Efficiency in Leased Commercial Space

    Posted on by Trey Jackson
    (WASHINGTON, D.C.) — The Real Estate Roundtable commends today’s House passage of “Tenant Star” legislation that will foster energy efficiency in leased commercial space, thus addressing a critical piece of the energy efficiency equation in commercial buildings, and helping to curb greenhouse gases while boosting innovation and the U.S. economy.

    With Tenant Star already cleared by the Senate on March 27, the legislation can now be sent to the White House for President Obama’s anticipated signature.

         The bill authorizes the U.S. Environmental Protection Agency (EPA) and Department of Energy (DOE) to create a voluntary “Tenant Star” program modeled after the highly successful, market-based ENERGY STAR program. Once it is signed into law — and implementing guidelines are written — “Tenant Star” will provide national branding recognition to property owners and tenant teams that design, construct and operate highly energy efficient spaces within commercial buildings.

         The House-passed bill tracks legislation long championed by Senators Rob Portman (R-OH), Jeanne Shaheen (D-NH), Kelly Ayotte (R-NH) and Michael Bennet (D-CO)  in the upper chamber (“Tenant Star” also cleared the Senate as an amendment to Keystone XL pipeline legislation earlier this year).  The key House sponsors, Reps. David McKinley (R-WV) and Peter Welch (D-VT), previously won overwhelming House passage (375-36) in March 2014 and pursued approval again today to ensure that both sides of Capitol Hill passed “Tenant Star” in the same congressional session.

         Empire State Realty Trust (NYSE: ESRT) Chairman, President and CEO Anthony E. Malkin, who chairs The Roundtable’s Sustainability Policy Advisory Committee (SPAC), said, “Tenant Star is a voluntary program — with no federal mandate or cost — that will encourage commercial tenants and landlords to design and construct leased spaces in office buildings to achieve high levels of energy performance.”

         With office tenants often accounting for over 50 percent of the energy consumed in an office building, he explained, “Tenant Star will encourage office tenants to incorporate into the construction of their leased premises common sense, cost-effective measures that yield excellent returns on investment over short pay-back periods.” 

         Added Malkin, “Tenants will favor landlords whose buildings can support such installations. Broad adoption will save businesses billions of dollars on energy costs in the coming years. The reduced consumption will afford savings in future capital outlays for energy generation and related infrastructure.”

         Real Estate Roundtable President and CEO Jeffrey D. DeBoer said, “‘Tenant Star’ is a ‘triple win’ that will spur the economy by creating jobs, enhancing energy security, and preserving our environment by cutting greenhouse gases. It will boost innovation in the real estate sector and go a long way toward ensuring that our country’s commercial and multifamily stock — and the separate spaces leased within them — are at the vanguard of advances in technology and energy conservation. The ‘Tenant Star’ program will allow building owners to attract financiers, investors, and tenants in the increasingly competitive national and global markets for real estate.”

     

         The Real Estate Roundtable supports legislation that encourages energy efficiency and energy production as components of an “all of the above” national energy policy.

    “We look forward to our continued work with Congress and the Obama Administration to ultimately sign ‘Tenant Star’ into law,” DeBoer said. “Meanwhile, we continue working to advance broadly supported measures that  strive to balance economic growth with complementary polices to foster environmental stewardship.” 

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    About The Real Estate Roundtable: The Real Estate Roundtable brings together leaders of the nation’s publicly-held and privately owned real estate ownership, development, lending and management firms with the leaders of national real estate trade associations to jointly address key national policy issues relating to real estate and the overall economy. Collectively, Roundtable members’ portfolios contain over 12 billion square feet of office, retail and industrial properties valued at more than $1 trillion; over 1.5 million apartment units; and in excess of 2.5 million hotel rooms.  Participating trade associations represent more than 1.5 million people involved in virtually every aspect of the real estate business.
     
    About Empire State Realty Trust:  Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous office building. Headquartered in New York City, the company’s office and retail portfolio covers 10.0 million rentable square feet, as of Dec. 31, 2014, consisting of 9.3 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Conn., and two in Westchester County, N.Y.; and approximately 728,000 rentable square feet in the retail portfolio.