Hines CalPERS Green Development Fund (HCG) Created with +$120 M Equity Investment
In case you haven't noticed, Hines is one of those smart real estate companies that is leading the way in sustainable real estate. They're committed to sustainable building and I recently blogged a quote from Hines Chairman + Founder Mr. Gerald D. Hines where he said "sustainability has become a key component of development." Well, it looks like they're throwing more money at that philosophy, and I think this press release should be a wake up call to all those developers out there that are just throwing up non-green buildings, willy nilly.
Hines announced the closing of a Hines CalPERS Green Development Fund (HCG), which is capitalized with +$120 Million. This equity investment will allow the development of more than $500 M in high performance, sustainable office buildings throughout the United States, certified through the LEED-CS (Leadership in Energy and Environmental Design Core and Shell Program). What's even more significant than the amount of money that will be invested in green building development, is the fact that CalPERS is the nation's largest pension fund. This is really going to accelerate the tipping point in green development because CalPERS is such a huge player.
Hines Senior VP and fund manager said, "We have long tried to persuade tenants that there are significant bottom-line benefits to sustainable development and build out. Fortunately, the green movement is gaining steam as the public become more conscious of its benefits. The real estate industry is finally ready for green." I couldn't agree more. If you can't tell, this is a big damn deal.