How ESRT’s Portfolio is Ready for the Future | Empire State Realty Trust
October 3, 2023
Empire State Realty Trust has adapted its portfolio against future risk with early investments in sustainability, energy efficiency, and indoor environmental quality across its diverse assets. With more than $1 billion in capital improvements, ESRT is poised to win against newer buildings as climate, economic, and cultural changes continue.
Find out how ESRT future-proofs its portfolio to keep tenants safe and healthy.
Since 2009, ESRT has reduced emissions at the Empire State Building by 54% and counting through its industry-leading retrofit project. The innovative project included renovation of the central chiller plant, on-site refurbishment of the building’s 6,500 windows, reflective insulation placed behind radiators, and regenerative braking technology added to elevators. ESRT’s portfolio is carbon neutral and works towards its goals of net zero carbon emissions at the Empire State Building by 2030 and throughout the portfolio by 2035.
ESRT’s buildings are equipped with premier indoor environmental quality measures which include active bipolar ionization air purification, MERV 13 filters, and low/no VOCs and Red List materials. These premier IEQ measures were successfully tested amid the recent 2023 Canadian wildfires.
Most of a building’s energy usage comes from tenant spaces. ESRT partners with tenants to meet mutual goals through education on sustainability performance; shared data on energy, waste, and IEQ; green lease provisions across 100% of the ESRT portfolio; and consultancy for customized, sustainable design and construction. Notable tenants like Nespresso, LinkedIn, and Starbucks partner with ESRT to create unique, energy efficient spaces. Through these superior partnerships, ESRT achieved Green Lease Leader Platinum recognition.
Best-In-Class Balance Sheet
Service driven operations and a best-in-class balance sheet make ESRT a reliable and trusted landlord. ESRT has no meaningful debt maturity or financing need until early 2025, no floating rate debt, and strong liquidity.
Flight to Quality
Fully modernized, energy efficient buildings that focus on providing our tenants with top tier amenities and a healthy environment at a lower price than the competition