NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) today announced that it has achieved a 5-Star Rating for the second consecutive year under the 2020 Global Real Estate Sustainability Benchmark (GRESB) assessment, as well as an overall score of 87, ranking Paramount among the top 20% of all respondents and ninth out of 55 listed office companies worldwide. The 5-Star Rating is the highest possible achievement under GRESB standards. Paramount’s overall score of 87 represented a two-point improvement versus the 2019 GRESB assessment, and was consistent with the Company’s goal for overall score improvement as laid out in its 2019 Sustainability Report.
Paramount first participated in the annual GRESB assessment beginning in 2015, at that time earning an overall score of 58 versus the average of 69. Since then Paramount has sought to consistently improve its sustainability performance under the assessment, increasing its overall score by 29 points, or 50% in just five years. Paramount achieved perfect scores in several key categories in 2020, including Building Certifications, Policies, Data Monitoring, Risk Assessment and Targets. Importantly, these achievements were realized in a year that saw the average score drop by 9% year-over-year across all participants, highlighting Paramount’s exceptional performance.
“We are extremely proud to receive these distinctions, as they affirm our dedication to sustainability and environmental efficiency,” said Albert Behler, Chairman, Chief Executive Officer and President. “We remain committed to managing the portfolio in a socially responsible and healthy manner, especially as we continue to navigate through the COVID-19 pandemic and work with our tenants to allow for a safe return to the office. These efforts not only benefit our communities and the environment, but also allow us to continue to attract and retain the best tenants which ultimately enhances the value of our portfolio.”
GRESB is the leading environmental, social and governance assessment for real estate covering a comprehensive set of key performance indicators, and is widely recognized as the most rigorous standard for over 450 listed property companies and REITs worldwide. Each year GRESB assesses and benchmarks ESG performance for real assets worldwide, guided by the factors that investors and the industry consider to be material for sustainable performance and emerging regulations.
Paramount’s commitment to sustainability has been recognized by numerous leading industry and environmental groups including GRESB, the U.S. Green Building Council, which developed and administers the Leadership in Energy and Environmental Design (LEED) rating system, Fitwel and Energy Star. Paramount holds the distinction of being the only public real estate company that boasts a portfolio of 100% LEED Gold or Platinum-certified buildings. Last year the Company also achieved Fitwel certifications as administered by the Center for Active Design at One Market Plaza, One Front Street and 300 Mission Street in San Francisco, and at 31 West 52nd Street in New York.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.