||Based upon a dataset of LEED and Energy Star labeled commercial office properties and their non-certified counterparts, this paper investigates the effects of eco-certification on the capitalization rates of commercial office properties. Hedonic regression analysis is used to determine whether premiums in rent and sales price associated with eco-certified properties translate into lower capitalization rates versus their non-certified counterparts. The results suggest that overall, eco-certified properties have capitalization rates that are 650 basis points lower than their non-certified counterparts. Additionally, those properties with only a LEED or Energy Star label also exhibit lower average capitalization rates. Surprisingly, however, those properties that possess both the LEED and Energy Star labels are evidenced to have higher capitalization rates than non-certified properties.