NEW YORK, November 09, 2023--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE: PGRE) ("Paramount" or the "Company") announced today that it achieved a 5 Star rating in the 2023 GRESB Real Estate Assessment. Maintaining the highest GRESB rating for the fifth consecutive year is an impressive feat, especially given that survey participation increased in 2023 by 15% to include 2,084 listed and non-listed portfolios across 75 countries. Paramount was a top performer within both the Management and Performance scoring categories from the GRESB module.
"We are proud of the company’s 2023 results, as we outperformed the GRESB peer score by 6% and the GRESB average score by 18%," said Wilbur Paes, Paramount’s Chief Operating Officer, Chief Financial Officer, and Treasurer. "Our efforts to continue to raise the bar and our commitment to ESG is once again validated by our GRESB performance, and we will continue to explore opportunities to improve year after year."
Paramount also achieved the highest Public Disclosure level of an "A," surpassing the GRESB global average score of a "B." This secondary rating issued by GRESB measures how effectively an organization engages its stakeholders and publishes material ESG disclosures. The objective of this rating is to enhance transparency so that investment decisions are backed by high-quality data, an area where Paramount excels.
"Paramount’s 2023 scores are representative of the company’s alignment with a necessary transition to a more sustainable world," said Dan Winters, Senior Director for GRESB. "Using a consistent and rigorous methodology, GRESB is able to validate and benchmark the ESG performance of Paramount, its peers, and real estate portfolios globally to advance this transition."
Additional details about Paramount’s ESG program and goals can be found within the Company’s 2022 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.
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.
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