Des Moines based Meidh Corporation punched another hole in the myth that LEED is expensive, achieving LEED Platinum for its most recent client at a total cost of 16 cents per square foot. The total cost includes all process modifications, capital costs, USGBC fees, and Meidh consulting fees. This new mark breaks the former record set by Meidh of 21 cents per square foot.
“It is rewarding to know that we can prove what we claim,” says Chris Draper, Meidh CEO. “With our suite of Meidh Tech tools, this project required less than three hundred property management hours and pays ownership back in one and a half years. With the right team using the right tools, we’ve proven that sustainability is profitable.”
The 550 South Hope property is a more than 600,000 square foot, 1990s high rise office building located in Downtown Los Angeles. Owned by Principal Real Estate Investors and managed by LBA Realty, 550 South Hope is the first LEED Existing Building to achieve Platinum certification in Los Angeles. Compared to other buildings, the property uses 40% less water and reduced its energy and Greenhouse Gas emissions by over 50%. For less than a $100,000 investment in the LEED process, the property recorded more than a 21% reduction in operational costs.
With the 550 South Hope property, over 50% of Meidh client properties have achieved LEED Gold or higher with 10% achieving LEED Platinum. Meidh typically takes 8 months to complete a LEED EBOM project that produces a payback averaging 7 months, cost reductions averaging up to 25%, and a rental premium between 10% to 25% for multi-tenant buildings.
“It is exciting to work with a world-class asset management team like Principal Real Estate Investors,” says Draper. “We’re excited by their commitment to sustainability, and proud that we have been able to make that commitment profitable.”