Unico Properties LLC, a real estate investment and operating company and its investment partner CIGNA Realty Investors, announced this week that it has two new tenants in the Commonwealth Building in downtown Portland -- which recently received a major green makeover.
Both tenants required so called "green leases."

The 215,000-square-foot, 15-story office tower, located at 421 S.W. Sixth Ave. in downtown Portland, will serve as the new home for Northwest Energy Efficiency Alliance and Green Building Services.

NEEA signed a long-term, full-floor lease for approximately 20,000 square feet and GBS signed a long-term lease for approximately 10,000 square feet. The expected move-in date is September.

“Knowing that Unico was committed to green and sustainable practices that matched our own values was a critical factor in our decision,” said Susan Hermenet, director of corporate planning and business operations for NEEA.  “It was important to find a location where we could be absolutely certain the building owner would be a continued partner in furthering our goals of maximizing energy efficiency in our region. We found that partner with Unico.”

Unico and CIGNA have invested $9 million to renovate the building, which is slated for an Energy Star label and LEED for Existing Buildings certification in 2010.

The Commonwealth Building’s location and green amenities encourage alternative commuting with the recent addition of light rail on the transit mall, the bus service and the designated bike lanes on Stark Street; the building also provides secured bike storage, showers and lockers for tenant use and a light rail stop at the building’s entrance. Unico also plans to expand its space dedicated to bicycle parking and bicycle storage and it will increase the number of on-site showers and lockers available for tenant use.

The building also features a new state-of-the-art HVAC system that allows NEEA and GBS to sub-meter their space to save as much energy and cost as possible.  Large, seven-foot windows on three sides of each floor provide ample daylight and lesser energy requirements.

“It’s inspiring and exciting to see businesses in our market experiencing sustained growth, especially in this economy," said Brian Pearce, Unico’s general manager for its Portland portfolio. "It’s an honor for us to attract top-tier tenants like NEEA and GBS with whom we share a strong commitment to sustainability. We’re thrilled to be able to provide a beautiful and historic space for them while ensuring our green management practices touch every aspect of our building operations.”  

Both NEEA and GBS required green lease provisions which contractually bind both the tenant and landlord to choose green products and practices. Green leases are relatively new in the Portland market and they include practices such as using green cleaning products and low- or no-VOC paints, recycling and composting, and following strict sustainability LEED Commercial Interiors (LEED-CI) guidelines for tenant improvement projects. Unico has been an early-adopter in offering and providing green leases.

“A green lease is a vehicle for a landlord and a tenant to operate together to manage the building in a sustainable way,” added Pearce. “Although Unico does many of these things voluntarily, we want our tenants to know that sustainability is not an option for us – we are fully committed to it.”

The Commonwealth Building is approximately 75 percent leased. In addition to NEEA and GBS, two other tenants focused on sustainability and environmental issues recently leased space at the Commonwealth Building: the National Fish and Wildlife Foundation and IMAGINiT Technologies, a RAND Worldwide Company, which is a leading provider of design and engineering solutions to the building, architecture, manufacturing, and engineering industries.

Element Power, a global renewable energy company which chose Portland as its North American headquarters, is a current tenant at the Commonwealth Building. Element Power, in partnership with Unico, recently achieved LEED-CI Gold at the Commonwealth Building.  LEED-CI is the green benchmark for the tenant improvements.