April 22, 2021

Empire State Realty Trust Joins New York State’s $50 Million Empire Building Challenge with Commitment to Carbon Neutrality

After Decade of Industry-Leading Energy Efficiency Successes at the Empire State Building, ESRT Charts Course to Reduce Emissions Across Entire 10.1 Million Square Foot Portfolio

NEW YORK (Apr. 22, 2021) – Empire State Realty Trust (NYSE: ESRT) joined other New York State real estate leaders to kick off The Empire Building Challenge, a $50 million state initiative to accelerate progress towards the reduction of 85 percent of greenhouse gas emissions by 2050. ESRT has announced a goal to achieve net-zero carbon emissions across its own 10.1 million square foot portfolio by 2035, with work that draws on past accomplishments and best practices from more than a decade of investment at the REIT-owned Empire State Building. This work continues to serve as the roadmap for others to develop their own strategies for a carbon neutral future.

“As a much-visited destination and integral part of New York City’s skyline, the Empire State Building has always stood as a symbol of the State’s greatness and we are proud to count it among the buildings being addressed as part of the Empire Building Challenge,” said Doreen M. Harris, president and CEO of the New York State Energy Research and Development Authority. “Empire State Reality Trust’s leadership through its commitment to decarbonization, is demonstrating that if you can advance energy efficiency solutions for a building of this size, you can also follow suit in other high rise buildings to foster clean work and living spaces for New Yorkers across the state.”

“The Empire Building Challenge is an honor that speaks to ESRT’s leadership in the development and implementation of innovative decarbonization strategies and technologies,” said Dana Robbins Schneider, senior vice president, director of energy, sustainability & Sustainability. “Our years of work have made the Empire State Building widely recognized as a technical trailblazer, and we look forward to continued efforts across our entire portfolio in the coming years to reach our target for net-zero emissions by 2035.”

In addition to its net-zero goal, ESRT recently announced in its 2020 Sustainability Report plans to target a 20 percent reduction of energy use intensity across the portfolio by 2024, and net-zero carbon emissions for the Empire State Building by 2030. ESRT has begun to develop and execute a roadmap with dozens of sustainability strategies to reach the aggressive goals tied to The Empire Building Challenge, which include measures like envelope improvements, HVAC upgrades, controls upgrades, and advanced technology overlays for performance optimization. Each of these measures will be individually and holistically considered based on past learnings, value proposition, innovation pilots, and ROI.

“Our $550 million retrofit work at the Empire State Building over the past decade reduced energy emissions by 40 percent, provided the real estate industry with a blueprint of what is possible in the built environment, and transparently demonstrated the financial ROI of these efficiency strategies,” said Anthony E. Malkin, ESRT chairman, president, and CEO. “As our work continues to inform future government policy and educate the larger industry, we take these important learnings to the rest of our buildings to implement the key strategies that will help us reach our

portfolio goals for carbon neutrality and yield a robust ROI for our shareholders.”

ESRT joins a select few real estate partners that seek carbon neutrality through investments in energy efficiency, electrification, energy storage, and retrofit projects that will employ skilled engineers, architects, and equipment managers to reduce on-site fossil fuel use and greenhouse gas emissions associated with building operations.

The first commercial portfolio in the Americas to achieve a WELL Health-Safety Rating, ESRT recently received ENERGY STAR Partner of the Year for achievements in energy efficiency; a GRESB 5 Star Rating and Green Star recognition for sustainability performance in real estate; and became a Fitwel Champion for healthy, high-performance buildings. As of January 2021, ESRT is also the nation’s largest 100% user of renewable wind electricity in real estate. More information about ESRT’s ongoing sustainability initiatives can be found online at https://www.esrtreit.com/sustainability/.


Brock Talbot btalbot@esrtreit.com | 212-736-3100