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Wells Fargo Finances 12th LEED® Certified Building
Wells Fargo Finances 12th LEED® Certified Building
Published 08-17-06
Submitted by Wells Fargo & Company
"As part of our Company's 10-point environmental commitment, we're eager to support our customers as they build energy efficient buildings," said Paul Brumbaum, senior vice president and high-performance building advocate at Wells Fargo. "LEED buildings are both good business and good for the environment, and we strongly encourage this growing activity in our real estate lending businesses."
Most recently, Wells Fargo provided a $225 million first mortgage loan to affiliates of The JBG Companies for building and refinancing a 460,000 square-foot office complex in Washington, DC, a block north of the U.S. Capitol. The complex consists of 51 Louisiana Avenue, an existing 205,000 square foot Class A office building, and 300 New Jersey Avenue, a to-be-built 255,000 square foot Class A building, which is expected to earn LEED certification based on qualities such as:
The buildings will be connected with a ten-story glass atrium with sky bridges at multiple levels. The atrium and 300 New Jersey Avenue were designed by Lord Richard Rogers. Jones Day occupies 100 percent of 51 Louisiana and has signed a lease to occupy approximately 60 percent of 300 New Jersey Avenue.
"We commend Wells Fargo for advancing the green building movement," said Rick Fedrizzi, President, CEO & Founding Chair of the U.S. Green Building Council. "The Wells Fargo LEED buildings will serve as outstanding LEED examples in their communities and Wells Fargo's leadership will inspire other organizations to follow in their footsteps."
The other eleven LEED buildings Wells Fargo funded in the past few years are located throughout the US and range in financing from $11 million to $130 million and include high-rises, medical offices, service centers, apartments and condominiums.
Wells Fargo is a national leader in commercial real estate with more than $30 billion in originations annually and 40 offices nationwide. Wells Fargo provides lending, servicing, advisory, intermediary, and structured solutions to a broad spectrum of investors, developers, and public companies in the commercial real estate sector.
Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the highest credit-rated bank in the U.S., receiving an "Aaa" by Moody's Investors Service - its top credit rating - and "AA+" by Standard & Poor's Ratings Services.
