Erika Morphyis co-editor of Debt and Equity Journal, from whichthis article is excerpted.

San Francisco—More than a year after it announced a $1billion, five year commitment for green building, Wells Fargo& Co. has financed 13 buildings that will undergo theLeadership in Energy Efficiency and Design (LEED)certification program, a voluntary standard developed by theU.S. Green Building Council for high-performance,sustainable buildings. It has financed a total of about 20 to 30environmentally beneficial buildings or sustainable developments,says Paul Brumbaum, senior vice president and high-performancebuilding advocate at Wells Fargo.

"The program has been very much a success," he says. Heattributes its performance to more than just Wells Fargo's efforts.In general, he says, green building is at a tipping point. It isabout to become part of mainstream commercial real estatedevelopment. With about 5% of commercial development now followinggreen or environmental standards, Brumbaum is likely correct.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.