I'm thinking not a plumbing item also. It's a new construction, commercial building, and there are around 10 of these on the roof. I don't have any more information other than what you see.
I thought about that as well, but lighting rods are usually placed on the parapet wall and connected directly to the building steel, but architects do pretty dumb stuff.
Doesn't look capped to me, looks like a concentric vent cap with something extra. try sticking your hand around the termination if its a space for air to flow could be a vent for an appliance and possibly something for an HVAC unit.