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Paramount Achieves GRESB 5 Star Rating for Fourth Consecutive Year
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Paramount Group, Inc. (NYSE: PGRE) achieved a 5 Star rating in the 2022 GRESB Real Estate Assessment, placing it in the top 20% of 1,820 global entities. Despite a 20% growth in participation, Paramount maintained its market-leading performance and surpassed the average GRESB score by 16 points. Additionally, Paramount received an 'A' for its Public Disclosure Survey, indicating high transparency in ESG disclosures. This recognition reflects the company's commitment to ESG principles, which are central to its business strategy and growth.
Positive
Achieved a 5 Star rating in the 2022 GRESB Real Estate Assessment, placing it in the top 20% globally.
Surpassed the GRESB average score by 16 points.
Received an 'A' for the Public Disclosure Survey, indicating high transparency in ESG disclosures.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it achieved a 5 Star rating in the 2022 GRESB Real Estate Assessment. This is the highest GRESB rating that distinguishes Paramount’s ESG performance in the top 20% among the 1,820 entities that responded globally. Benchmarked against 150,000 assets across 74 countries, these results demonstrate Paramount’s position as a leader in the real estate industry.
Paramount was able to maintain its market-leading performance despite a 20% growth in participation and a drop in average GRESB score within the Americas region during the 2022 assessment cycle. Additionally, Paramount outpaced the GRESB average score by an impressive 16 points, as the company rose to the top within both the Management and Performance scoring categories.
GRESB also administers a Public Disclosure Survey that measures organizational transparency of material ESG disclosures. Paramount achieved the highest Public Disclosure level of an “A,” surpassing the Global Average score of a “B.”
“ESG is a core priority for the future of our business and a key driver of growth,” said Wilbur Paes, Paramount’s Chief Operating Officer, Chief Financial Officer, and Treasurer. “We are proud to have achieved another year of outstanding GRESB scores that demonstrate our dedication to ESG leadership and the efficacy of our strategy.”
“Paramount’s 2022 results reflect the impactful steps taken to operate its portfolio in a way that is sustainable and socially responsible for the long-term,” said Dan Winters, Senior Director for GRESB. “GRESB verifies the measurable progress Paramount is making toward advancing its ESG objectives year after year.”
Additional details about Paramount’s ESG program and goals can be found within the Company’s 2021 ESG Report and at https://www.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 140 institutional and financial investors to inform decision-making. For more information, visit GRESB.com.
