Paramount Achieves GRESB 5 Star Rating for Sixth Consecutive Year

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Very Positive)

Tags

11/18/2024 - 04:15 PM

NEW YORK--(BUSINESS WIRE)-- Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it achieved a 5 Star rating in the 2024 GRESB Real Estate Assessment. This is the sixth consecutive year Paramount was awarded GRESB’s highest rating.

The Company was a top performer among over 2,200 global real estate participants and received “Sector Leader” status within the Office/Americas category. The GRESB Sector Leaders are distinguished as the best performers by sector, region, and nature of ownership from across the GRESB Assessments.

“Achieving GRESB’s highest accolades, outperforming the GRESB average score by 21%, and improving upon our 2023 score validates the effectiveness of our ESG strategy,” said Wilbur Paes, Paramount’s Chief Operating Officer, Chief Financial Officer, and Treasurer. “We balance incremental action with proactive preparedness to maintain a portfolio of high performing, energy efficient assets.”

Paramount also achieved an “A” on GRESB’s Public Disclosure rating, which is a secondary assessment issued by GRESB that evaluates data transparency and stakeholder engagement practices. By publishing accessible, quality data that is available to investors and shareholders, Paramount surpassed the GRESB global average score of “B.”

“Paramount’s score improvement in 2024 is impressive given a 23% increase in assets evaluated, coupled with investor-driven advances in methodology,” said Dan Winters, Senior Director for GRESB. “Consistent, high performance on GRESB year over year demonstrates Paramount’s ESG leadership, active management of investment risks and opportunities, and commitment to responsible operations.”

Additional details about Paramount’s ESG program can be found within the Company’s 2023 ESG Report and at pgre.com/sustainability.

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.

About GRESB

GRESB is a mission-driven and industry-led organization providing standardized and validated Environmental, Social and Governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by 170 institutional and financial investors to inform decision-making. For more information, visit GRESB.com.