Country for PR: United States
Contributor: PR Newswire New York
Friday, September 23 2022 - 06:35
Empire State Realty Trust Reaches Carbon Neutrality for Commercial Portfolio
NEW YORK, Sept. 23, 2022 /PRNewswire-AsiaNet/ --

--Additional 100% Offset of Non-Electric Usage Through Preservation Support of 
9k Acres of Biodiverse Forest

--ESRT previously offset electricity with 100% renewable wind power throughout 
the portfolio

Empire State Realty Trust, Inc. ( ) (NYSE: ESRT) 
announced today that it achieved carbon neutrality for its 9.9 million square 
foot commercial portfolio through a combination of its industry leadership in 
building energy-efficiency retrofit work and a new three-year agreement with 18 
Reserves and ACT ( 
). The new agreement supports the preservation of close to 9,000 acres of 
biodiverse forest that will offset 100% of ESRT's non-electric fossil fuel 

ESRT's continued leadership in sustainability and energy efficiency has already 
reduced greenhouse gas emissions at the Empire State Building by 54% and the 
entire commercial portfolio by 43%. ESRT recently published the "Empire 
Building Playbook: An Owner's Guide to Low Carbon Retrofits ( 
)" -- co-developed with NYSERDA and supported by other NYC-based landlords and 
the Clinton Global Initiative -- to guide building owners in the steps to 
achieve carbon neutrality through emissions reduction with less dependence on 
offsets and a proven return on investment.

"As legislation, market demand, and climate change risk push real estate owners 
to meet emissions reduction requirements, companies need to seek out more 
advanced ways to offset their current usage while they work to reduce 
emissions," said Anthony E. Malkin, chairman, president, and CEO at Empire 
State Realty Trust. "ESRT continues to innovate and implement ways to serve as 
a destination for high quality tenants and benefit investors with considerable 
savings and returns. This partnership with 18 Reserves and ACT supports efforts 
to conserve and protect carbon-sequestering forest on behalf of ESRT and our 

ESRT views offsets as a tool for emissions mitigation as it actively works 
towards energy efficiency and reduction in operational emissions within its 
portfolio. In partnership with a more renewable grid, ESRT is on track to 
achieve its target of net zero emissions with 80% reduction in operational 
emissions at the Empire State Building by 2030 and throughout its entire 
commercial portfolio by 2035, and the remaining 20% covered by qualified 
offsets. ESRT includes 100% of direct emissions (scope one), indirect emissions 
(scope two), and indirect downstream leased assets emissions (scope three) as 
part of their definition of carbon neutrality and commitments to emissions 
reductions, offsets, and disclosure as all these areas are crucial to achieve 
carbon neutrality. 

The 9,000 acres of preserved, biodiverse forest, owned by the Department of 
Forestry and located near Cleveland, Ohio, will fully offset ESRT's steam and 
natural gas usage. This initiative complements ESRT's current offset of all 
electricity usage with wind renewable energy credits (RECs) at the Empire State 
Building since 2011 and throughout the portfolio since January 2021 in a 
long-term partnership with Green Mountain Energy. The 2021 contract made ESRT 
the nation's largest user of 100% green power in real estate (source ( 
) ).

"We are focused on our target to reduce operational emissions 80% by 2030 at 
ESB and 2035 for the entire commercial portfolio," said Dana Robbins Schneider, 
ESRT's SVP, director of energy, sustainability, and ESG. "While we implement 
measures to achieve this target in partnership with the grid and through 
ROI-driven projects such as our 3.4MW solar canopy, 8.2MW battery, and 80 EV 
charging station project in Westchester, NY, we have committed to offset the 
remaining fossil fuel emissions associated with our portfolio through 
accredited and impactful sources."

ESRT regularly invests in and implements measures to reduce the environmental 
impact of its portfolio and transparently publicly shares its industry-leading 
practices in energy efficiency, emissions reduction, healthy buildings, and 
indoor environmental quality.

"Our portfolio remains an attractive offering for tenants whom flight to 
quality means healthy, energy efficient buildings at an accessible price 
point," Malkin added. More information about ESRT's leadership in 
sustainability can be found online ( 

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages 
office, retail and multifamily assets in Manhattan and the greater New York 
metropolitan area. ESRT owns the Empire State Building, the World's Most Famous 
Building, and Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1 
attraction in the U.S. and #3 attraction in the world, the newly reimagined and 
iconic Empire State Building Observatory. The company is a leader in healthy 
buildings, energy efficiency, and indoor environmental quality and has the 
lowest greenhouse gas emissions per square foot of any publicly traded REIT 
portfolio in New York City. As of June 30, 2022, ESRT's portfolio is comprised 
of approximately 9.2 million rentable square feet of office space, 700,000 
rentable square feet of retail space and 625 residential units across two 
multifamily properties. More information about Empire State Realty Trust can be 
found at and by following ESRT on Facebook ( 
), Instagram ( 
), Twitter ( 
) and LinkedIn ( 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of 
the Federal securities laws. You can identify these statements by our use of 
words such as "assumes," "believes," "estimates," "expects," "intends," 
"plans," "projects" or the negative of these words or similar words or 
expressions that do not relate to historical matters. You should exercise 
caution in interpreting and relying on forward-looking statements, because they 
involve known and unknown risks, uncertainties and other factors which are, in 
some cases, beyond ESRT's control and could materially affect actual results, 
performance or achievements. Such factors and risks include, without 
limitation, (i) the current public health crisis and economic disruption from 
the COVID-19 pandemic, (ii) a failure of conditions or performance regarding 
any event or transaction described above, (iii) environmental uncertainties and 
risks related to climate change, adverse weather conditions, rising sea levels 
and natural disasters; and (iv) accuracy of our methodologies and estimates 
regarding ESG metrics and goals, (v) tenant willingness and ability to 
collaborate in reporting ESG metrics and meeting ESG goals, (vi) impact of 
governmental regulation on our ESG efforts, (viii) and other risks and 
uncertainties described from time to time in ESRT's and ESROP's filings with 
the SEC, including those set forth in each of ESRT's and ESROP's Annual Report 
on Form 10-K for the year ended December 31, 2021 under the heading "Risk 
Factors." Except as may be required by law, ESRT and ESROP do not undertake a 
duty to update any forward-looking statement, whether as a result of new 
information, future events or otherwise. 

SOURCE: Empire State Realty Trust, Inc.

CONTACT: Empire State Realty Trust: Brock Talbot, +1 347-804-7863,