Bank of America Tower: Redesigning Skyscrapers

5 Pages Posted: 21 Oct 2008

See all articles by Andrea Larson

Andrea Larson

University of Virginia - Darden School of Business

Anne Eckhoff

University of Virginia - Darden School of Business

Abstract

This is a minicase, one of 10 in a set of short cases written to illustrate the business benefits companies realize through adopting sustainable business strategies. This minicase describes Bank of America's new headquarters building in New York City focusing on the "green" or sustainable design features used and anticipated benefits.

Excerpt

UVA-ENT-0092

Bank of America Tower: Redesigning Skyscrapers

Why invest to build a more sustainably designed place of business? One answer used to be “because it's the right thing to do.” In 2007, however, knowledge that sustainable design is a healthier and more profitable approach has moved into the mainstream.

An excellent example of this new reality was Bank of America's new corporate headquarters due for completion in 2008. New York City was to host a highly visible testament to the innovation and creativity possible through sustainability thinking or what many call a triple-bottom-line approach. In 2006, the banking industry was part of a worldwide commercial migration toward “green” construction, which was part of the growing strategic attention being paid by capital providers in developed countries to “clean” investments more broadly. For example, U.S. banks, following their European counterparts, had begun to reward businesses by offering more favorable borrowing terms and penalizing those that took unnecessary environmental and human health risks. Bank of America (BOA) was recognized as an early adopter of sustainability practices, receiving the 2005 Corporate Climate Champion award in the Global Warming Solutions Conference held in New York City. BOA's commitments:

· Reduce heat-trapping gases from its operations by 9% by 2009

· Maximize investment through energy and resource efficiency at facilities in 29 states domestically and throughout its offices internationally

. . .

Keywords: Innovation, entrepreneurship, sustainable business, sustainability, triple bottom line, natural environment, environmental, ecology, ecological, strategy, implementation, financial returns

Suggested Citation

Larson, Andrea and Eckhoff, Anne, Bank of America Tower: Redesigning Skyscrapers. Darden Case No. UVA-ENT-0092. Available at SSRN: https://ssrn.com/abstract=1278406

Andrea Larson (Contact Author)

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

HOME PAGE: http://www.darden.virginia.edu/faculty/larson.htm

Anne Eckhoff

University of Virginia - Darden School of Business

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

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