Vornado Realty Trust Sets New Sustainability Standards in REITs

Vornado Realty Trust Leads the Way in Sustainability

Vornado Realty Trust has made significant strides in establishing itself as a pioneer in sustainable real estate development. With a remarkable achievement recently announced, the company has become the first major real estate owner, operator, and developer to attain 100 percent LEED certification across its entire in-service portfolio. This noteworthy milestone comes in collaboration with the U.S. Green Building Council (USGBC) and highlights Vornado's commitment to promoting environmental health and sustainability in the ever-evolving landscape of real estate.

Understanding LEED Certification

LEED, which stands for Leadership in Energy and Environmental Design, is recognized as the most widely used green building rating system across the globe. Developed by the USGBC, LEED focuses on improving building design, construction, and operational practices that contribute positively to environmental and human health. Buildings certified under LEED not only ensure a better quality of life for their inhabitants but also contribute to the reduction of carbon emissions worldwide.

A Comprehensive Review of Vornado's Portfolio

Over the course of two years, Vornado submitted its entire 26.1 million-square-foot portfolio for review and recertification by the USGBC. This extensive commitment resulted in Vornado earning certification for its entire portfolio, encompassing 24.8 million square feet across 25 buildings that achieved the prestigious LEED Platinum or Gold ratings. This unprecedented accomplishment sets a new benchmark for sustainability in real estate.

Sustainability Practices and Collaborations

Vornado’s emphasis on sustainability extends beyond mere certification. The company is known for maintaining high standards in real estate development, construction, retrofitting, and ongoing operations. Collaborating with significant tenants throughout its portfolio, Vornado has undertaken numerous measures to reduce energy consumption. Initiatives include submetering energy usage, real-time monitoring systems, and various energy curtailment strategies, all aimed at increasing efficiency and decreasing carbon footprints.

Future Focus and Technology Integration

Vornado is keenly focused on the next stages of sustainable development, which emphasizes the integration of technology, resilience, and health in its real estate practices. Michael Franco, the President and CFO of Vornado, expresses a dedication to leading sustainable real estate efforts through smart infrastructure improvements and investments in innovative technologies. Vornado aims to establish best practices in building operations and cultivate partnerships with tenants, ensuring long-lasting benefits for investors, communities, and the environment.

Community Support and Initiatives

Local officials have recognized Vornado's leadership in sustainability. Elijah Hutchinson, Executive Director of the City’s Office of Climate & Environmental Justice, commends Vornado for its proactive measures to enhance building efficiency and energy upgrades, contributing to healthier workspaces and modernized structures. The city is taking significant steps towards supporting building owners in adhering to Local Law 97, launching programs and funds that facilitate compliance with sustainability standards.

Acknowledgements and Recognitions

This achievement not only solidifies Vornado’s reputation but also underscores its dedication to sustainability. The company has recently been honored with Nareit’s inaugural Sustainability Impact Award for its transformative work on THE PENN DISTRICT, a sprawling 10 million-square-foot development on Manhattan’s West Side.

A Global Leader in Sustainability Certification

In addition to this accolade, THE PENN DISTRICT received a groundbreaking U.S. certification and Platinum rating from ModeScore, recognizing Vornado's extensive efforts to create a greener commercial environment. These accolades are testament to Vornado's unwavering commitment to enhancing sustainability and creating a positive impact within the industry.

Frequently Asked Questions

What is LEED certification, and why is it significant?

LEED certification by the USGBC signifies that a building meets rigorous standards of sustainability and environmental stewardship, benefiting both occupants and the planet.

How large is Vornado’s certified portfolio?

Vornado Realty Trust boasts a portfolio of 26.1 million square feet that has received LEED certification, illustrating its commitment to sustainable practices.

What are some examples of Vornado's sustainability practices?

Vornado implements energy submetering, real-time monitoring of energy use, and various energy-curtailment measures to enhance efficiency and sustainability.

What awards has Vornado recently received for its environmental efforts?

Vornado was awarded Nareit’s inaugural Sustainability Impact Award for its redevelopment work on THE PENN DISTRICT among other recognitions.

How does Vornado plan to continue its sustainability efforts?

Vornado is focused on incorporating advanced technologies, enhancing resilience, and promoting health in its portfolio to ensure continued sustainable growth in the future.

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