Hines has agreed a 10 year green lease for a German office tenant.
The Fraunhofer Institute for Open Communication Systems FOKUS has signed the lease for nine floors totalling 16,000 sq m at its existing headquarters Atrium Charlottenburg, in Berlin, which is owned by Hines European Value Fund (HEVF 1).
Through the green lease, both the occupier and landlord will be required to use or manage the space in a particularly sustainable manner, including the collection and exchange of consumption data, promotion of sustainable energy sources, and consumption reduction. The goal is to "achieve the most sustainable, resource-conserving, and ecologically efficient property as possible".
Paul White, fund manager for the HEVF Series, said: “For us, green leases are a key driver in making real estate investments and rental use sustainable. This way, we are not only adding value to individual properties, but also implementing concrete measures to address the pressing challenge of climate change.”