The SL Green leadership team is consistently raising the bar for commercial office space and the tenant experience. We are committed to thoughtfully maximizing value for our shareholders while keeping environmental, social, and governance principles at the forefront of our business strategy.
A message from our Chairman & Chief Executive Officer.
We began 2021 with an eye towards the future and for SL Green, it was a milestone year. Our efforts precipitated the long-awaited revival of East Midtown with the introduction of One Vanderbilt’s sustainable office space, a chic fine dining experience at Le Pavillon, a welcoming public plaza, and a cultural destination at Summit One Vanderbilt. We relocated our headquarters to One Vanderbilt and welcomed thousands of new faces to the building.
“The principles of Environmental, Social, and Governance (ESG) are integral to our success.”
Chairman & Chief Executive Officer
One Vanderbilt represents the next generation of sustainable development and has been recognized with Urban Land Institute New York’s “Award for Excellence in Development” and Commercial Observer’s “Smart Building of the Year” award. It offers an unparalleled combination of amenities, innovative office design, state-of-the-art technology, and the highest levels of sustainability and wellness. These features enabled One Vanderbilt to achieve both LEED v3 and LEED v4 status, designating it as the only project in the world to hold both ratings simultaneously. It is also on track to be the first large-scale development project to achieve WELL Platinum certification.
We are excited for SL Green’s next chapter of sustainable development as One Madison joins the ranks of One Vanderbilt. One Madison presents a unique development opportunity to transform a historical asset into a modern icon. This marquee building offers a combination of a thriving neighborhood, best-in-class amenities, more than an acre of green space, and convenient access to public transportation. As part of our commitment to providing safe and healthy office environments to our tenants, this project will integrate best practices deployed at our existing buildings as part of our portfolio-wide IWBI WELLTM Health-Safety Rating.
These projects demonstrate our forward-looking approach to the built environment and enhance our existing portfolio, which is governed by our ESG principles. We recognize ESG as a value driver and continue to meet stakeholder demand for enhanced transparency. This year, we disclosed our approach to climate risk management by publishing our first standalone TCFD report, addressing climate resilience. Our status as an industry leader in ESG reporting is validated by our performance on GRESB, where we achieved a 5-Star Rating, marking us as one of the most sustainable real estate companies globally.
As the largest owner of commercial office space in New York City, we acknowledge the importance of managing climate change and reducing emissions. In alignment with New York City and State climate goals, we have voluntarily committed to reducing energy use and carbon emissions. These decarbonization efforts will have a lasting and meaningful impact on our environment and an economic benefit that is realized through the operating lifecycle of our properties. Our efforts have put us in a favorable position to comply with Local Law 97. This is a testament to the commitment and expertise of our best-in-class team.SL Green’s continued success is driven by our employees. We understand the role Human Capital Development plays in ESG performance, and we are committed to attracting and retaining a highly skilled workforce by fostering an environment that meets the health, wellness, and social needs of all employees.
As a homegrown New York City company, SL Green plays a key role in the community, supporting a variety of causes. Our campaign to address food insecurity through Food1st, in partnership with Chef Daniel Boulud and local restaurants, has made a resounding impact. Food1st has provided over 700,000 meals in New York City since inception, and we are proud to continue this effort.
As we define our ESG goals for the upcoming year, we are committed to disclosing a plan for achieving carbon neutrality. We will also continue to focus on increasing the diversity of our workforce, with ethnic and racial minority hiring. I am confident that our prioritization of ESG will continue to influence our success and maintain our stature as an industry leader. I am proud of our reputation as a responsible corporate citizen, and we will continue to deliver sustained value to all stakeholders.
Chairman and Chief Executive Officer
SL Green Realty Corp.
A message from our team.
When we released our last ESG report in December 2020, we were turning the corner on an unprecedented era in New York City. At the start of 2021, we outlined clear objectives to enhance our ESG program to address stakeholder demand, recognizing the integral role it plays in all businesses.
The interconnected nature of ESG is best evidenced by One Vanderbilt, our trophy asset in New York City that fuses environmental performance with social benefits. One Vanderbilt optimizes building performance, integrates the public and private realm, provides an unsurpassed urban experience, and has revitalized East Midtown. It offers office, retail, and experiential spaces that exemplify sustainable design.
As we shift our attention to our next major redevelopment project at One Madison, it remains our priority to promote energy efficiency and emissions reduction while maintaining a high degree of safety, cleanliness, and wellness for all building occupants. Our high standard for building health is validated by our achievement of the WELL Health-Safety Rating across our entire managed portfolio earlier this year.
Looking more broadly at SL Green’s ESG program, we have been focusing on enhancing our reporting and transparency. Our management team actively engages with stakeholders on material ESG topics and this drives the focus areas of our annual reporting. This year we published our first standalone TCFD report to address our climate risk management and disclosed the results of our 1.5°C-aligned climate scenario analysis. We expanded our GRI disclosures from the Core to Comprehensive level. We also enhanced our SASB disclosures with additional narratives to provide detailed insight on our reporting processes.
Another priority for our ESG team is addressing carbon neutrality. After exceeding our existing portfolio-wide target of 30% emissions reduction by 2025, we are adopting more stringent voluntary targets. SL Green aligned with the Urban Land Institute (ULI) Net Zero by 2050 goal of carbon neutral building operations and has committed to setting a Science-Based Target for greenhouse gas emissions reduction. This decarbonization commitment highlights our proactive approach to mitigating transition risks.
Beyond our own operations, we encourage ESG best practices in our supply chain to mitigate environmental and social risk factors. As an industry leader in ESG, we are committed to continue being an exemplar of positive change for our peers, our tenants, our suppliers and our community.
“We are committed to continue being an exemplar of positive change.”
Senior Vice President and Director of Sustainability
Our stakeholders can count on us, and we lead by example in environmental, social, and governance leadership among real estate investment trusts.
“By managing our energy in real-time, we’re able to communicate with the Grid, our tenants, and ConEd, and equip our engineering staff with the ability to be responsive to the dynamic needs of New York City.”
Senior Vice President and Director of Engineering
“Central to SL Green’s mission to improve the city in which we invest is a conscious effort to minimize our carbon footprint.”
Assistant Director of Sustainability
“Operating with the highest sustainability standards and maximizing efficiency while ensuring tenant comfort is always the primary goal.”
Chief Engineer of 11 Madison Avenue
“Over the past two decades, we have focused on market-leading sustainability initiatives by developing standardized operating procedures, completing energy efficiency projects, and implementing cutting edge technologies to maximize peak performance. As best-in-class operators, we remain committed to creating the most sustainable footprint to reduce energy consumption and minimize environmental impact.”
Senior Vice President, Operations
“We recognize that the materials we procure during construction have a large impact on SL Green’s overall carbon footprint. We are committed to implementing responsible sourcing practices in partnership with our suppliers to uphold our responsibility to our tenants and the city.”
Senior Vice President, Construction
We’re delivering real results for the people under our roofs and, through our energy-efficiency initiatives, we’re providing extra value.