Vornado Realty Trust achieves 100% LEED certification for its entire portfolio, demonstrating leadership in sustainability and green building practices.
Quiver AI Summary
Vornado Realty Trust has achieved a significant milestone by becoming the first major real estate owner to obtain 100 percent LEED certification for its entire 26.1 million-square-foot portfolio of in-service buildings. This certification, awarded by the U.S. Green Building Council (USGBC), recognizes Vornado's commitment to sustainability through improved design, construction, and operational practices that promote environmental and human health. With 24.8 million square feet across 25 buildings earning LEED Platinum or Gold ratings, Vornado leads the real estate industry in sustainable practices, focusing on technology, resilience, and health in real estate management. The announcement highlights Vornado's longstanding dedication to responsible development and energy efficiency, further solidifying its reputation as a sustainability leader, particularly with regards to its redevelopment of THE PENN DISTRICT in Manhattan.
Potential Positives
- Vornado Realty Trust achieved 100 percent LEED certification across its entire portfolio, setting a precedent as the first major real estate owner, operator, and developer to do so in the United States.
- 24.8 million square feet of Vornado’s buildings have received the highest LEED Platinum or Gold ratings, showcasing a high standard of sustainability in its operations.
- Vornado's achievements were recognized by notable entities, including the U.S. Green Building Council and Nareit, enhancing the company's reputation in the sustainability sector.
- The company's commitment to sustainability and collaboration with tenants offers a competitive advantage and long-term value creation for investors and the community.
Potential Negatives
- The announcement of 100% LEED certification, while impressive, may draw scrutiny on whether this effort sufficiently addresses ongoing concerns about the company's long-term sustainability practices and resilience against external economic factors.
- The mention of potential risks from increased interest rates and inflation could concern investors about the company's financial stability and future performance, indicating uncertainty in an already volatile market.
- Despite the accolades, the release does not discuss any potential challenges faced during the transition to sustainability, which might suggest that the company is downplaying difficulties that could impact future credibility and performance.
FAQ
What is Vornado Realty Trust's recent sustainability achievement?
Vornado has achieved 100% LEED certification across its entire portfolio of in-service buildings, making it the first major real estate company to do so.
How many buildings did Vornado submit for LEED certification?
Vornado submitted its entire 26.1 million-square-foot portfolio for review, resulting in 25 buildings receiving high LEED ratings.
What are the benefits of LEED-certified buildings?
LEED-certified buildings improve environmental and human health, enhance quality of life, and lower global carbon emissions through sustainable practices.
How does Vornado demonstrate its commitment to sustainability?
Vornado demonstrates its commitment through smart infrastructure improvements, tenant partnerships, and pursuing sustainable technologies and best building practices.
What recognition has Vornado received for its sustainability efforts?
Vornado received Nareit's inaugural 2024 Sustainability Impact Award and a Platinum rating from ModeScore for its redevelopment of THE PENN DISTRICT.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VNO Insider Trading Activity
$VNO insiders have traded $VNO stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $VNO stock by insiders over the last 6 months:
- RUSSELL B JR WIGHT sold 2,000 shares for an estimated $89,727
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$VNO Hedge Fund Activity
We have seen 190 institutional investors add shares of $VNO stock to their portfolio, and 156 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BROOKFIELD CORP /ON/ removed 9,357,436 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $368,682,978
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- PRINCIPAL FINANCIAL GROUP INC added 2,286,997 shares (+428.3%) to their portfolio in Q3 2024, for an estimated $90,107,681
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- BAMCO INC /NY/ added 1,912,359 shares (+inf%) to their portfolio in Q3 2024, for an estimated $75,346,944
- CITADEL ADVISORS LLC added 1,762,476 shares (+127.2%) to their portfolio in Q3 2024, for an estimated $69,441,554
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Full Release
THE PENN DISTRICT
Vornado’s 10 Million SF Campus
NEW YORK, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO), along with the U.S. Green Building Council (USGBC), today announced that it has become the first major real estate owner, operator and developer to achieve 100 percent LEED® certification across its entire portfolio of in-service buildings.
Developed by USGBC, LEED (Leadership in Energy and Environmental Design) is the most widely used green building rating system in the world. Through design, construction and operations practices that improve environmental and human health, LEED-certified buildings are helping to make the world more sustainable, offering a better quality of life, while also lowering global carbon emissions.
Over the past two years, Vornado has submitted its entire 26.1 million-square-foot in-service portfolio for USGBC review and recertification. On the basis of those reviews, Vornado became the first owner and operator in the nation to achieve 100% LEED certification, with 24.8 million square feet across 25 buildings achieving the highest LEED Platinum or Gold ratings.
Vornado, whose portfolio is concentrated primarily in New York City with additional premier assets in San Francisco and Chicago, has long been a pioneer in sustainability, driving higher standards in the real estate industry and beyond. The company’s decades-long commitment to responsible development has earned Vornado an unmatched reputation across all aspects of sustainability—from design, construction and retrofits to maintenance, operations and tenant improvements. Vornado has also built an impeccable track record collaborating with major tenants across its portfolio to reduce consumption through the implementation of submetering, real time monitoring of energy use, and a host of other energy curtailment measures.
“At Vornado, we are focused on the next frontier of sustainable real estate, including programs that concentrate on technology, resilience and health,” said Michael Franco, President and Chief Financial Officer, Vornado. “We are dedicated to consistently being at the forefront of sustainability by making smart infrastructure improvements, investing in sustainable technologies, employing best practices for building operations and establishing partnerships with our tenants. This creates lasting value for our investors, tenants, employees and communities. We are appreciative of the U.S. Green Building Council for developing clear benchmarks and providing owners and operators with the tools and support owners need to achieve them.”
“USGBC applauds Vornado for this impressive achievement, the first of its kind in the United States at this large scale,” said Peter Templeton, President and Chief Executive Officer, U.S. Green Building Council. “Vornado is maximizing performance and sustainability across its entire portfolio, demonstrating the benefits and value of green building and setting an example for the entire real estate industry. USGBC is proud to partner with Vornado and looks forward to building on this success.”
“Vornado has been a leader in the NYC Carbon challenge since Day 1, and they see first-hand how efficiency and energy upgrades make for more attractive offices, modernized buildings, and healthier environments,” said Mayor’s Office of Climate & Environmental Justice Executive Director Elijah Hutchinson. “The city is launching new resources to help buildings enter this cleaner future and comply with Local Law 97, like the GreenHOUSE Fund to support affordable housing, the J-51 tax incentive to support low and moderate income co-ops and condos, and a new expanded NYC Accelerator, which is set to launch later this year to help all building owners connect to resources and get Local Law 97 done.”
This milestone further reinforces Vornado’s status as a leader in sustainability. Most recently, Vornado was recognized with Nareit’s inaugural 2024 Sustainability Impact Award for its redevelopment of THE PENN DISTRICT, its 10 million-square foot campus on Manhattan’s West Side. Also in 2024, THE PENN DISTRICT received the first-ever U.S. certification and Platinum rating globally from ModeScore, a sustainability assessment tool, in recognition of Vornado’s success transforming the area into a greener, more accessible, and more connected commercial hub.
For more information on Vornado’s sustainability leadership, read its 2023 Sustainability Report
here
.
About Vornado Realty Trust
Vornado is a fully integrated real estate investment trust (“REIT”) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with 100% of our in-service offices buildings LEED certified and over 95% certified LEED Gold or Platinum.
CONTACT
Thomas J. Sanelli
(212) 894-7000
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2023. Currently, some of the factors are the increased interest rates and inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/298eb899-a4d3-46dd-af8a-b6ba1d697a68
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