(Stephen Schwarzman with a little "green" behind him)
Though these developments may not have made huge headlines, there are certainly a few important takeaways from this article:
1. Whether it's from
the "goodness of their hearts" or not, this certainly paints a very
clear picture that sustainability and energy efficiency are increasingly
important metrics in today's real estate investment climate. Though Blackstone's
decision to undergo this policy change is likely driven by their investors,
it's clearly an important enough mandate that they decided to implement it.
2. What's also interesting here, is that Blackstone has taken a
rather agressive approach to their sustainability efforts, specifically by
setting a target of "annual cost savings estimated
to exceed 10% of total energy costs." Many companies usually set very general and broad goals.
3. A potential extra benefit for Blackstone is that this effort
could help clean up it's image- the way Wall Street firms are being
scrutinized, a little good press never hurt anyone.
-AB
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