Regions Midwest | Chicago
Nov 19, 2007
By: Adam Perrotta, News Writer
Green development and the greening of existing buildings has without a doubt been one of the major trends of late in the commercial real estate world. And earlier this month, a major milestone was reached with the world’s largest commercial building going green.
In early November, Chicago’s Merchandise Mart was awarded a LEED Existing Building Silver certification by the U.S. Green Building Council. The 4.2 million-square-foot behemoth was originally built in 1930 to serve as a national wholesale center for retailer Marshall Field & Co. in 1945, it was purchased by Kennedy family patriarch Joseph Kennedy. The property remained in the family for more than 50 years until it was bought by Vornado Realty Trust. The world’s largest building after the Pentagon, it hosts 20,000 visitors daily and has its own zip code.
Currently, the Merchandise Mart (pictured) is home to office and retail tenants in half of the building, with the other half is comprised of wholesale showrooms.
In addition, it is home to 16 annual trade shows and several consumer shows and events each year. And Chris Kennedy, president of Merchandise Mart Properties Inc.—the Vornado subsidiary that manages the facility—said that one of those conferences, the NeoCon World’s Trade Fair, a major industry event for commercial interior design and construction firms, was a major factor in the decision to earn LEED certification.
“As the home to NeoCon, for the past 15 years we’ve been running this conference relating to green design,” said Kennedy, “so there was a lot of pressure to walk the walk.”
Kennedy also noted that he got some fraternal pressure to go green from his brother, noted environmental lawyer Robert Kennedy Jr. “Every time I see Bobby he asks what we’re doing out here (to go green),” he said.
The process of earning the certification began in the summer of 2005 with an analysis of building practices, including equipment, construction practices and waste management. Once it was determined that LEED certification was in fact feasible for such a large facility, a formal submission was made to the Green Building Council. In early 2007, the new green programs were implemented.
Kennedy said that the certification was not only good for the environment, but made smart business sense as well. “In terms of (attracting and retaining) tenants, green is critically important. The tenants want LEED certification, and many of them are involved in the office interiors market and architecture, which has led the county in terms of adoption of green principles,” he said, noting that being housed in a green building is also a competitive advantage for tenant firms as far as attracting and retaining staff. “Today’s young people entering the workforce want to work in a sustainable environment, and they are off-put by anything wasteful … it’s a competitive advantage for tenants when they try to hire and retain staff.”
Kennedy commended the establishment of the LEED program, commenting that it “created a standard of rules for the game,” and that the competition to go green would bring out the best in owners and developers in the future.
By: Adam Perrotta, News Writer
Green development and the greening of existing buildings has without a doubt been one of the major trends of late in the commercial real estate world. And earlier this month, a major milestone was reached with the world’s largest commercial building going green. In early November, Chicago’s Merchandise Mart was awarded a LEED Existing Building Silver certification by the U.S. Green Building Council. The 4.2 million-square-foot behemoth was originally built in 1930 to serve as a national wholesale center for retailer Marshall Field & Co. in 1945, it was purchased by Kennedy family patriarch Joseph Kennedy. The property remained in the family for more than 50 years until it was bought by Vornado Realty Trust. The world’s largest building after the Pentagon, it hosts 20,000 visitors daily and has its own zip code.
Currently, the Merchandise Mart (pictured) is home to office and retail tenants in half of the building, with the other half is comprised of wholesale showrooms.
In addition, it is home to 16 annual trade shows and several consumer shows and events each year. And Chris Kennedy, president of Merchandise Mart Properties Inc.—the Vornado subsidiary that manages the facility—said that one of those conferences, the NeoCon World’s Trade Fair, a major industry event for commercial interior design and construction firms, was a major factor in the decision to earn LEED certification.
“As the home to NeoCon, for the past 15 years we’ve been running this conference relating to green design,” said Kennedy, “so there was a lot of pressure to walk the walk.”
Kennedy also noted that he got some fraternal pressure to go green from his brother, noted environmental lawyer Robert Kennedy Jr. “Every time I see Bobby he asks what we’re doing out here (to go green),” he said.
The process of earning the certification began in the summer of 2005 with an analysis of building practices, including equipment, construction practices and waste management. Once it was determined that LEED certification was in fact feasible for such a large facility, a formal submission was made to the Green Building Council. In early 2007, the new green programs were implemented.
Kennedy said that the certification was not only good for the environment, but made smart business sense as well. “In terms of (attracting and retaining) tenants, green is critically important. The tenants want LEED certification, and many of them are involved in the office interiors market and architecture, which has led the county in terms of adoption of green principles,” he said, noting that being housed in a green building is also a competitive advantage for tenant firms as far as attracting and retaining staff. “Today’s young people entering the workforce want to work in a sustainable environment, and they are off-put by anything wasteful … it’s a competitive advantage for tenants when they try to hire and retain staff.”
Kennedy commended the establishment of the LEED program, commenting that it “created a standard of rules for the game,” and that the competition to go green would bring out the best in owners and developers in the future.
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