Kodak Israel: We'll see return on green building in 3-5 years

Kodak Israel co-managing director Avi Waldman says, "The decision to build the Kodak center in Petah Tivka as a green building raised costs by 20%, but I believe that we'll see a return on the investment within three to five years."

Kodak Israel decided to move to new premises four years ago and occupied the new 26,000-square meter building in March 2007. Construction cost $50 million. The company sold the lot to developers - SGS Construction Company, Electra Ltd. (TASE: ELTR), and Prashkovsky Investments and Construction Ltd. (TASE:PRSK) - under a sell-and-lease-back deal. Kodak is renting the premises for 12.5 years with a 12.5-year option to extend. The company pays the going rate for rent plus a premium as a green building.

Waldman said, "The decision to build a green building was based on the realization that we'd save on operating costs while increasing workers' productivity� The air is cleaner, inorganic waste, rainwater, and water from air conditioning are recycled."

Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2008

Kodak Israel: We'll see return on green building in 3-5 years

Green construction raised the cost of company's new building by 20% to $50 million.