CORPORATE SUSTAINABILITY REPORT 2025
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
TABLE OF CONTENTS
Introduction
Corporate Citizenship
Letter from Our Leaders
Corporate Citizenship
4
43
Company Profile
Areas of Focus
5
44
Awards and Achievements Our Approach to Sustainability Strategies and Components Goals for Quantifiable Improvement Integrated Building Performance
Colleagues
6
45
Benefits
7
47
Succession Planning and Professional Development
8
48
Tenants
9
49
Community Engagement
10
51
Industry Participation Leadership in Innovation
11
Governance and Transparent Reporting
12
Environmental
Board and Management Oversight
56
Stakeholder Engagement Transparent Disclosure Risk and Crisis Management
Targets and Performance
57
14
Sustainability Guidelines and Policies
59
17
Energy Performance
60
18
Resilience
Data-Driven Performance
61
21
Green Finance Business Ethics
Innovation
63
23
ESRT Version 2.0
64
24
Human and Labor Rights
GHG Emissions Performance Roadmap to Building Efficiency
65
30
Occupational Health and Safety
65
31
Water Performance Waste Performance
32
Appendices
34
High Performance Healthy Buildings
36
About this Report
67
Biodiversity
38
Technology and Innovation Partners
67
Tenant Engagement
40
GRI Content Index
68
ISSB Index Data Tables
72
78
Forward-Looking Statements
82
Third-Party Verification
83
2 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
INTRODUCTION
4 5 6 7 8 9
Letter from Our Leaders
Company Profile
Awards and Achievements Our Approach to Sustainability Strategies and Components
Goals for Quantifiable Improvement 10 Integrated Building Performance 11 Industry Participation 12 Leadership in Innovation
3 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Letter from Our Leaders
Company Profile
Awards and Achievements
Our Approach to Sustainability
Strategies and Components
Goals for Quantifiable Improvement
Integrated Building Performance
Industry Participation Leadership in Innovation
Letter from Our Leaders
ENERGY STAR certified. Several ESRT properties were awarded the ENERGY STAR NextGen certification, a new recognition that identifies the nation’s most energy efficient buildings. We encourage you to read of our work in policy with federal, state, and local government. ESRT continues to perform, set new objectives, and achieve them, and do all of this with focus on our priorities. We hope you enjoy this report as much as we enjoy the challenge and accomplishment it represents.
We are pleased to share our 2025 Corporate Sustainability Report. Sustainability is how we do what we do, as well as a distinguishing feature of our company that creates and preserves value. In this report, we discuss recognition of our work by leading institutions like the Global Real Estate Sustainability Benchmark (GRESB) that ranked ESRT number one in management among all companies in the Americas and awarded us the top GRESB 5-Star rating and an “A” in public disclosure for the sixth consecutive year. We discuss how sustainability is a central component to our acquisition underwriting analysis. We discuss how we value transparent reporting and disclosure. We discuss how we apply our proven processes to make decisions based on data and science, implement measures to drive positive performance improvement, and deliver measurable returns on investment. We discuss how we proactively engage with our tenants to align with our sustainability objectives and aid in the measurement, reporting, and achievement of their sustainability goals.
Ours is the first commercial portfolio in the Americas to achieve and maintain the International WELL Building Institute’s (IWBI) WELL Health-Safety Rating across 100% of our portfolio and one of the first to have our rating renewed five times. We are dedicated to the advancement of scientifically validated approaches to deliver healthy buildings and indoor environmental quality (IEQ) to boost tenant and colleague well-being. We continue to pilot new and innovative technologies to position our assets to exceed global IEQ health and wellness standards. We drive inclusion and accountability with safety and respect for every ESRT community member. 100% of our NYC commercial portfolio and 92% of our entire portfolio is
Onward and upward.
Dana Robbins Schneider SVP, Director of Energy and Sustainability
Anthony E. Malkin Chairman and CEO
Christina Chiu President
4 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Company Profile
Letter from Our Leaders
Awards and Achievements
Our Approach to Sustainability
Strategies and Components
Goals for Quantifiable Improvement
Integrated Building Performance
Industry Participation Leadership in Innovation
Company Profile Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused real estate investment trust (REIT) that owns and operates a portfolio of modernized, amenitized, and strategically positioned office, retail, and multifamily assets.
29 Properties
Priorities
9.5 million rentable square feet
Manage the Balance Sheet
Lease Space
Markets
Sell Observatory Tickets
OFFICE 7.6 million rentable square feet RETAIL 0.8 million rentable square feet
Achieve Our Sustainability Goals
Identify Growth Opportunities
Empire State Building Observatory named #1 Top Attraction in New York City in Tripadvisor’s Travelers’ Choice Awards: Best of the Best Things to Do for fourth consecutive year
MULTIFAMILY 743 units
5 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Awards and Achievements
Letter from Our Leaders
Company Profile
Our Approach to Sustainability
Strategies and Components
Goals for Quantifiable Improvement
Integrated Building Performance
Industry Participation Leadership in Innovation
Awards and Achievements
Published The Empire Building Playbook
Ranked First in Management of all Companies in the Americas
Certified Great Place to Work 2023-2025
Ranked as one of Newsweek’s 2025 Most Responsible Companies
An Owner’s Guide to Deep Energy Retrofits
Platinum recognition 2021-2025
DOE Better Buildings Partner since 2018
Validated targets since 2022
Partner since 2021
100% of NYC commercial office portfolio ENERGY STAR or NextGen certified*
Empire State Building EBv5 Platinum
100% portfolio is WELL Health-Safety and Equity Rated*
Fitwel Champion
First LEEDv5 Platinum building in New York State
86% of NYC portfolio certified*
First in Americas
* Representative of assets owned for the full fiscal year.
6 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Our Approach to Sustainability
Letter from Our Leaders
Company Profile
Awards and Achievements
Strategies and Components
Goals for Quantifiable Improvement
Integrated Building Performance
Industry Participation Leadership in Innovation
Our Approach to Sustainability ESRT’s sustainability strategy is backed by data-based initiatives that mitigate the environmental impacts and risks of our buildings.
ESRT is a global leader in proven technical and economic solutions for energy efficiency. We are a model for the successful implementation of comprehensive, innovative, and effective sustainability policies, stakeholder engagement, and transparent reporting. We have reduced energy consumption by 49% and emissions by 57% at the Empire State Building since 2007. Across our commercial office portfolio, we have reduced energy consumption by 39% and emissions by 48% since 2009. Based on our proactive efforts, we anticipate compliance with Local Law 97 (LL97) through 2034.
In partnership with the New York State Energy Research and Development Authority (NYSERDA), we authored and continue to update The Empire Building Playbook: An Owner’s Guide to Low Carbon Retrofits. This free online playbook charts a path for landlords, tenants, and service providers to target energy efficiency with a framework for measurement and verification (M&V) on energy and economic payback performance, based on our groundbreaking work at the Empire State Building and our portfolio. Our expertise and commitment in these areas provide the foundation to deliver sustainable and healthy buildings across our portfolio and to share best practices to drive positive change across NYC and globally.
In the execution of our strategy, we prioritize accountability and financial performance, as well as the health and well- being of ESRT’s colleagues, tenants, and the communities where we operate. Our efforts and results heighten our properties’ competitive position in the marketplace and protect and enhance stakeholder value.
7 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Strategies and Components
Letter from Our Leaders
Company Profile
Awards and Achievements
Our Approach to Sustainability
Goals for Quantifiable Improvement
Integrated Building Performance
Industry Participation Leadership in Innovation
Strategies and Components
Goals
Policies and Oversight
Tenant Engagement
Our goals and targets are ambitious and supported by independently verified data. We focus on six categories for our portfolio: energy, emissions, water, waste, healthy buildings, and green building certifications. For energy and emissions reporting we use a 2007 baseline year for the Empire State Building and a 2009 baseline year for the rest of our portfolio to ensure we meet or exceed our company targets, such as alignment with GRESB, Science Based Targets Initiative (SBTi), U.S. Department of Energy’s Better Buildings Challenge, and NYSERDA’s Empire Building Challenge.
Our Board of Directors oversees our sustainability strategy, which is developed and executed by our Sustainability Committee, composed of senior leaders from various departments and led by our director of energy and sustainability. Our sustainability policies and codes of conduct apply to all our colleagues, tenants, and vendors. We carefully develop and continuously refine our policies and standards to guide impactful action and ensure performance and progress against our targeted goals align with and exceed industry best practices.
We proactively support our tenants to measure, report, and achieve their sustainability targets through data, ROI-driven design and guidance, and actionable recommendations for energy, emissions, water, waste reduction, and IEQ or health and well-being. When our tenants choose an ESRT building, our in-house sustainability team helps them meet their own sustainability goals and provides comprehensive plans, data, and resources such as the Sustainability Tenant Toolkit.
Certifications
Data-Driven Performance
Verified Disclosure
Certifications for our sustainability work include a GRESB 5-Star rating; the highest GRESB Management Score of all companies in the Americas; the highest GRESB Disclosure Score; ENERGY STAR NextGen; WELL Health-Safety Rating; and Fitwel Champion. The Empire State Building has maintained its Leadership in Energy and Environmental Design (LEED) Existing Buildings: Operations and Maintenance (EBOM) Gold certification since 2011, and in 2025 achieved LEED EBOM v5 Platinum. ESRT was selected in a competitive process to participate in the LEED EBOMv5 beta pilot due to our continuous leadership in energy and environmental performance.
ESRT continuously measures, manages, verifies, and evaluates performance against our targets and publishes this data annually. We use data management platforms, technologies, calibrated models, and third-party verification to provide advanced analytics and insights that inform and improve our performance. We partner with a leading energy advisory firm to review energy supply, demand, risk, and pricing to plan accordingly for energy supply procurement and current and future renewable sources.
We strive to serve as a model for the successful implementation of comprehensive, innovative, and effective energy and sustainability policies, stakeholder engagement, and transparent reporting. ESRT reports in alignment with the Global Reporting Initiative (GRI), International Sustainability Standards Board (ISSB), and UN Sustainable Development Goals (SDGs). ESRT’s emission reduction targets are validated by SBTi. We report our environmental data in accordance with the World Resources Institute’s (WRI) GHG Protocols.
8 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Goals for Quantifiable Improvement
Letter from Our Leaders
Company Profile
Awards and Achievements
Our Approach to Sustainability
Strategies and Components
Integrated Building Performance
Industry Participation Leadership in Innovation
Goals for Quantifiable Improvement
Energy
Water
Waste
Healthy Buildings
Corporate Citizenship
Emissions
Target 30% reduction in water usage by 2035
Target 75% waste diversion rate by 2035
Maintain the highest standards for indoor environmental quality (IEQ)
Focus on colleague total well-being across physical, mental, and financial dimensions
Target 50% reduction in energy use intensity by 2035 across the portfolio
Target 80% operational emissions reduction at the Empire State Building by 2030 and the portfolio by 2035
Maintain carbon neutrality across the portfolio
Target 2% reduction in water usage year over year
Target 5% reduction in waste generation year over year
Continue IEQ real-time sensor rollout
Monitor and enhance supply chain engagement
Target 20% reduction in energy use intensity by 2030
Maintain 100% tenant spaces sub-metered
Achieve validated SBTi targets
Maintain real-time water metering and management software across the portfolio
Maintain organic composting program across the portfolio
Conduct annual air and water quality testing to meet or exceed rigorous standards of WELLv2, Fitwel, and LEEDv5
Engage and enhance our community through meaningful volunteerism and educational initiatives
Perform waste audits at 100% of buildings annually
9 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Integrated Building Performance
Letter from Our Leaders
Company Profile
Awards and Achievements
Our Approach to Sustainability Strategies and Components
Goals for Quantifiable Improvement
Industry Participation Leadership in Innovation
Integrated Building Performance We integrate sustainability into every aspect of our business. Our groundbreaking work delivers long-term value for our shareholders, tenants, colleagues, and the communities where we live and work. Through our design standards, operational practices, and targeted energy efficiency roadmap, ESRT is the industry-leading model for energy efficiency and how to achieve sustainability goals.
Design and Construction Design and construction of new spaces and renovations provide ESRT with significant opportunities to drive energy efficiency, promote sustainability, and create healthy spaces. We have implemented rigorous standards for sustainability and indoor environmental quality (IEQ) during the construction and design phase, as outlined in our High Performance Design and Construction Guidelines. ESRT creates spaces that are designed to support the health, productivity, and well-being of our occupants and aligned with the most advanced international standards, which include LEEDv5 and WELLv2.
Property Management Asset operations are an active part of ESRT’s commitment to provide top- tier healthy and sustainable spaces for our tenants. Our property management and engineering teams work together to maintain ESRT’s Sustainability Guidelines , which were designed to drive consistent, exceptional performance at each property. These standards include portfolio-level goals and priorities along with asset-level standards, resources, and responsibilities. Our property managers host annual tenant town halls that highlight each building’s energy performance, sustainability initiatives, and resources for our tenants to implement within their own spaces.
Acquisitions: Restoration and Reuse
Leasing and Tenants We work with tenants at every stage of our relationship to integrate shared priorities and customize initiatives that support their sustainability goals and drive building performance. ESRT leases include green lease clauses, which require transparent energy, water, waste, and emissions data to be tracked and shared, and implementation of tenant fit-out standards. ESRT received the highest recognition as a Platinum- certified Green Lease Leader. In 2025, we worked with more than 150 tenants to help achieve their sustainability and energy performance goals through design, construction, commissioning, and ongoing operations.
ESRT assesses environmental criteria across the full lifecycle of our buildings. We apply our high performance building approach when we evaluate potential acquisitions and investments. Guided by impact, risk, and resource conservation, we retrofit and operate our buildings to reduce energy usage, emissions, water consumption, and waste generation. We consistently consider the modernization of existing buildings to reduce risk and achieve advanced performance levels.
10 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Industry Participation
Letter from Our Leaders
Company Profile
Awards and Achievements
Our Approach to Sustainability
Strategies and Components
Goals for Quantifiable Improvement
Integrated Building Performance
Leadership in Innovation
Industry Participation ESRT shares our advanced sustainability expertise through industry cooperation, policy engagement, publication of our detailed case studies and models, and collaborative implementation of effective practices. We actively engage in industry organizations, working groups, partnerships, and initiatives to gather and share information that will shape sustainability-related industry standards and government policy. ESRT’s Chairman and CEO Tony Malkin is a board member of the Real Estate Roundtable (RER) and Chair of its Sustainability Policy Advisory Committee. He has served as a member of the Climate Mobilization Advisory Board of the New York City Department of Buildings, the Urban Land Institute (ULI), the Board of Governors of the Real Estate Board of New York (REBNY), and the Partnership for New York City’s Innovation Council. In 2025, he received the Building Owners and Managers Association’s (BOMA) Henry J. Muller Achievement Award that recognizes individuals who have substantially improved or had a major impact upon the New York skyline. SVP, Director of Energy and Sustainability Dana Robbins Schneider serves on the Mayor’s Sustainability Advisory Board, RER Sustainable Policy Advisory Committee, New York City’s 2025 Energy Conservation Code Committee (NYCECC), Urban Green Board of Directors, ULI Think Tank Committee, and REBNY Sustainability Committee. She has been a LEED Fellow since 2016. Dana served on the NYC LL97 Technical Pathways for Commercial Buildings and Economic Working Groups and served maximum terms on the USGBC LEED Steering Committee and USGBC Technical Advisory Group for IEQ.
NYC Energy Conservation Code Committee and Sustainability Advisory Board ESRT’s SVP, Director of Energy and Sustainability Dana Robbins Schneider was appointed to New York City’s Energy Conservation Code Committee in 2025. The committee’s work is an effort by the NYC Department of Buildings (DOB) to update the city’s energy code to strengthen energy standards and maintain the city’s leadership in sustainability. In 2022, Dana Robbins Schneider was appointed to New York City Mayor’s Sustainability Advisory Board to help inform the city’s PlaNYC strategy. Achievements over the past year include the release of “Getting 97 Done,” a comprehensive plan to reduce energy usage from large buildings with technical and financial assistance. ESRT is the only REIT represented on the board. “I share the knowledge I have been privileged to gain in 25 years in this field to drive continued partnership and effective policy, informed by successful practice, to deliver on the Mayor’s vision for a sustainable New York City,” Dana said of her appointment. “My goal is to prove the technical and economic case to decarbonize the built environment and deliver a healthy city, innovation, and job creation for all New Yorkers.”
Sustainability Committee
Member since 2011
Board of Directors
Commitment Maker
Partner
New York City Energy Conservation Code Committee
Mayor’s Sustainability Advisory Board
Real Estate Sustainability Committee
Commitment Maker
Member
Innovator
LL97 Advisory Board and Commercial Buildings Working Group Co-Chair
Fellow Steering Committee IEQ Technical Advisory Group Selected for v5 beta program
Tenant Energy Optimization Program Think Tank New York Bureau of Subject Matter Experts
Board Member and Sustainability Policy Advisory Committee Chair
DOE’s Better Buildings Initiative
11 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
INTRODUCTION
ENVIRONMENTAL
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Leadership in Innovation
Letter from Our Leaders
Company Profile
Awards and Achievements
Our Approach to Sustainability
Strategies and Components
Goals for Quantifiable Improvement
Integrated Building Performance
Industry Participation
Leadership in Innovation ESRT’s thought leadership explores new tactics and technologies in the real estate market to provide data for decisions and a blueprint for action. We routinely and methodically assess progress toward our objectives. We leverage a variety of technologies, automation platforms, and real-time data to gain a comprehensive understanding of consumption and performance, identify opportunities for improvement, and validate the impact of measures we implement.
ESRT’S EMPIRE BUILDING CHALLENGE PROJECTS FOCUS ON:
ESRT was an original participant in the NYSERDA Empire Building Challenge, which supports dialogue among real estate, engineering, and technology providers to identify and implement innovative solutions that reduce energy usage in high-rise buildings. ESRT was the first company to be awarded the newly updated NYSERDA Real Time Energy Management (RTEM+) incentive in 2022 to support the advanced management and reduction of tenant energy use through cutting-edge strategies and initiatives. In 2024, ESRT received incentives from Con Edison’s Clean Heat Statewide Heat Pump Program to advance the adoption of efficient electric heat pump systems within our buildings. We also partnered with NYSERDA to secure an incentive to support our groundbreaking geothermal study at the Empire State Building in 2025.
• Advanced building management system (BMS) upgrades and optimization • Energy recovery systems • Steam efficiency and reduction technologies • Partial electrification through water- and air-source heat pumps for heating and cooling and pilot heat pump systems for domestic hot water
Our portfolio is a dynamic living laboratory that enables us to explore and evaluate new and evolving technologies that will propel our industry forward. We manage risk in our portfolio through the implementation of physical and operational resilience techniques in each building, and we amplify and distribute that information in an open-source manner so that others can benefit from our experience.
Empire Building Playbook In April 2022, we published the Empire Building Playbook: An Owner’s Guide to Low Carbon Retrofits. Co-developed with NYSERDA, the innovative guide outlines the step-by-step process for existing commercial buildings to develop a pathway to energy reduction with positive financial returns. Based on insights and successes gained through real-life case studies of large, complex buildings, the resource is openly available online. In 2024, ESRT and NYSERDA expanded the Empire Building Playbook and launched The Retrofit Playbook for Large Buildings to demonstrate further the business case for energy efficiency at large commercial and multifamily buildings and to enhance scalability and educational tools so more owners can leverage our tools and lessons. To scale this model, we convened other leading multifamily owners in New York City along with a manufacturer’s consortium to partner on the necessary development and scale of technologies. As we advance our analysis and implementation of deep energy retrofits across the portfolio in 2025, we continue to partner with NYSERDA and Con Edison to advance the modernization and performance of our buildings and to share these lessons, technologies, and tools openly throughout New York City, New York State, and around the country.
These partnerships between technology innovators and the state’s real estate leaders will advance scalable decarbonization solutions
that reduce emissions from high-rise buildings while growing the clean energy economy.”
Doreen M. Harris NYSERDA President and CEO
12 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
ENVIRONMENTAL
INTRODUCTION
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
ENVIRONMENTAL
14 Targets and Performance 17 Sustainability Guidelines and Policies 18 Energy Performance 21 Data-Driven Performance 23 Innovation 24 ESRT Version 2.0 30 GHG Emissions Performance 31 Roadmap to Building Efficiency 32 Water Performance 34 Waste Performance 36 High Performance Healthy Buildings 38 Biodiversity 40 Tenant Engagement
13
EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
ENVIRONMENTAL
INTRODUCTION
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Targets and Performance
Sustainability Guidelines and Policies
Energy
Data-Driven Performance Innovation ESRT Version 2.0 GHG Emissions
Roadmap to Building Efficiency
Water
Waste Healthy Buildings Biodiversity Tenant Engagement
Targets and Performance In the U.S., residential and commercial buildings consume approximately 40% of energy and 74% of electricity produced annually. 2 At ESRT, we define and act upon building performance standards to drive global and local energy reduction, improve occupant health and productivity, bolster our competitive position, and mitigate risk. We are committed to lead at city, state, national, and global levels, and our work supports this leadership. In 2025, ESRT conducted an in-depth goals and targets exercise to ensure our objectives were ambitious, supported by independently verified science-based data, and focused on economic returns and measurable results. We focused on six categories for our portfolio: energy, emissions, water, waste, health and well-being, and green building certifications. ESRT submits to GRESB annually and is globally recognized with the highest scores in management, leadership, policy, reporting, stakeholder engagement, targets, tenants and community, data monitoring and review, and building certification categories. For energy and emissions reporting we use 2009 as a baseline year for our portfolio and 2007 for the Empire State Building, to ensure that our goals meet or exceed our existing commitments. Our reporting boundary includes 27 properties owned and controlled by ESRT for the full calendar year of 2025.
UN SDGs Alignment
Energy
• Target 50% energy use intensity reduction by 2035 from 2009 baseline year • Target 20% energy use intensity reduction by 2030 as part of our participation in the DOE’s Better Building Challenge from a 2018 baseline year • Maintain 100% of tenants submetered
2025 PROGRESS
GOAL 50%
Energy Use Intensity 3 (kBtu/ft 2 )
115
energy use intensity reduction by 2035
98.1
56.2
57.2
54.9
49.2
ON TRACK
0
2009
2023
2024
2025
2035
2 https://www.energy.gov/topics/buildings-energy-efficiency 3 Representative of office assets owned for the full calendar years.
14 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
ENVIRONMENTAL
INTRODUCTION
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Targets and Performance
Sustainability Guidelines and Policies
Energy
Data-Driven Performance Innovation ESRT Version 2.0 GHG Emissions
Roadmap to Building Efficiency
Water
Waste Healthy Buildings Biodiversity Tenant Engagement
Greenhouse Gas Emissions
• Target 80% operational emissions reduction at the Empire State Building by 2030 from 2007 baseline year and across the portfolio by 2035 from 2009 baseline year, provided grid reductions occur in this time frame and as justified by economic results • Maintain carbon neutrality across portfolio • Meet the New York State Empire Building Challenge • Achieve validated SBTi targets
2025 PROGRESS
GOAL 80%
Greenhouse Gas Emissions Intensity 4 (kgCO 2 e/ft 2 ) 8.31
9.5
reduction by 2030 for the Empire State Building and by 2035 for portfolio
5.4
5.3
5.2
1.7
ON TRACK
0.0
2009
2023
2024
2025
2035
Water
• Target 30% water intensity usage reduction by 2035 from 2018 baseline year • Target 2% water usage reduction each year • Maintain real-time water metering and software across the portfolio
GOAL 30% reduction in water intensity by 2030
2025 PROGRESS
Water Use Intensity 4 (m 3 /ft 2 )
0.09
0.076
0.052
0.044
0.042
0.041
ON TRACK
0.00
2018
2023
2024
2025
2035
Waste
• Target 75% waste diversion rate by 2035 • Target 50% waste diversion rate by 2027 • Target 5% waste generation reduction annually • Perform waste audits at all commercial buildings quarterly • Maintain building-wide organics composting program across portfolio
GOAL 75% waste diversion rate by 2035
2025 PROGRESS
Waste Diversion 5
85
75%
44% 44%
43% 39%
ON TRACK
10
2018
2023
2024
2025
2035
4 Representative of NYC office assets owned for the full calendar years. 5 Representative of NYC office and multifamily assets owned for the full calendar years.
15 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
ENVIRONMENTAL
INTRODUCTION
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Targets and Performance
Sustainability Guidelines and Policies
Energy
Data-Driven Performance Innovation ESRT Version 2.0 GHG Emissions
Roadmap to Building Efficiency
Water
Waste Healthy Buildings Biodiversity Tenant Engagement
Healthy Buildings
• Achieve WELL Health-Safety Rating for 100% of portfolio annually • Conduct comprehensive annual indoor air and water quality tests at all properties that meet or exceed LEEDv5 and WELLv2 standards • Install MERV 13 filters in 100% of ESRT units • Maintain ASHRAE 62.1 or better ventilation for the portfolio • Maintain Fitwel Champion accreditation
GOAL 100% of portfolio WELL Health-Safety Rated
2025 PROGRESS 100% of portfolio WELL Health-Safety Rated 6
ACHIEVED
75% of portfolio’s square footage Fitwel certified by 2025
82% of portfolio’s square footage Fitwel certified 6
ACHIEVED
Green Building Certifications
• All eligible buildings are ENERGY STAR certified • Maintain Empire State Building LEED EBv5 O&M Platinum certification • Participant in USGBC LEEDv5 beta study • Selected member of NYC Mayor’s Sustainability Advisory Board and NYCECC Advisory Committee and LL97 District Steam Decarbonization working group
2025 PROGRESS 100% of NYC office portfolio ENERGY STAR certified 6
GOAL 100%
of NYC office portfolio ENERGY STAR certified
ACHIEVED
85% of portfolio ENERGY STAR certified
93% of portfolio ENERGY STAR certified 6
ACHIEVED
6 Representative of assets owned for the full fiscal year.
16 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
ENVIRONMENTAL
INTRODUCTION
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Sustainability Guidelines and Policies
Targets and Performance
Energy
Data-Driven Performance Innovation ESRT Version 2.0 GHG Emissions
Roadmap to Building Efficiency
Water
Waste Healthy Buildings Biodiversity Tenant Engagement
Sustainability Guidelines and Policies Our initiatives and processes set forth our steps and methods to meet our sustainability goals. We have developed stringent and comprehensive Sustainability Guidelines, High Performance Design and Construction Guidelines, Occupational Health and Safety Policy,
Environmental Management System
Sustainability Guidelines, policies, and procedures to reflect our advancement toward our energy and engineering targets and included specific guidelines for our commercial and multifamily properties. Our Vendor Code of Conduct requires our suppliers’ disclosure of their environmental impact. ESRT integrates our energy and sustainability criteria into the due diligence and underwriting process for potential acquisitions through property condition assessments, Phase 1 environmental site assessments, and other custom sustainability evaluations, such as opportunities to retrofit.
ESRT’s Environmental Management System (EMS) is ISO 14001: 2015 international standard and ISO 50001 certified. The EMS helps formalize the sustainability strategy of our environmental and energy management systems.
and Vendor Code of Conduct to ensure that our supply chain — from service providers to purchased goods — is held to the highest standards of ethics and sustainability performance. To ensure that our policies are understood and successfully executed across the portfolio, we educate and engage our operations team, colleagues, service providers, and tenants. In 2025, we updated our
OUR SUSTAINABILITY GUIDELINES PROVIDE REQUIREMENTS AND RECOMMENDATIONS FOR THE FOLLOWING: • Biodiversity in an Urban Environment in alignment with the Taskforce on Nature-Related Financial Disclosures (TNFD) • Energy Management • Green Cleaning • Indoor Environmental Quality (IEQ) • Integrated Pest Management • Low VOC Emitting and No Red List Materials • Occupational Health and Safety • Physical and Transitional Risk Resilience • Sustainable Procurement • Tobacco-Free and Smoke-Free Environment • Vendor Code of Conduct • Waste Management • Water Quantity and Quality Management
17 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
ENVIRONMENTAL
INTRODUCTION
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Energy
Targets and Performance Sustainability Guidelines and Policies
Data-Driven Performance Innovation ESRT Version 2.0 GHG Emissions
Roadmap to Building Efficiency
Water
Waste Healthy Buildings Biodiversity Tenant Engagement
Energy Performance
We focus our efforts on ROI-driven energy-efficiency strategies, cutting-edge technology, and advanced analytics to achieve portfolio-wide quantifiable performance improvements.
2025 Energy Consumption (MWh) 7
Energy Reduction Projects in 2025 • Building Management System advanced upgrades across portfolio • ASHRAE Guideline 36 high performance controls sequence for optimal performance • Master Systems Integrator energy analytics and optimization development and implementation across portfolio • Tenant spaces designed and constructed to ESRT 2.0 efficient standards, which include variable refrigerant flow, energy recovery ventilator, and heat pump source technologies • New efficient high zone chiller at Empire State Building • Heat exchanger installations at Empire State Building • Heat pump installations completed at Empire State Building, 250 West 57th Street and 111 West 33rd Street, as end-of-life chiller replacement projects
100% of portfolio electricity has been offset through the purchase of Green-e certified wind power RECs 100% of non-electric energy usage has been offset through the preservation of 47,000 acres of biodiverse forest in New York State
35,061 Steam
Oce: 35,061 Multifamily: 0 Retail: 0
93,030 Electricity
158,523 MWh
30,433 Natural Gas and Fuel Oce: 17,242 Multifamily: 12,816 Retail: 375
Oce: 82,610 Multifamily: 5,297 Retail: 5,123
Like-for-Like Energy Use Intensity 7 (kBtu/ft 2 ) NYC Office
2.4% decrease in energy consumption compared to 2024 when normalized 8
2.6%
58.3
57.2
56.2
55.0
consumption compared to 2024 when absolute 7 increase in energy
2022
2023
2024
2025
7 Occupancy increased by 11% at the Empire State Building and 8% across the office portfolio year on year in 2025 compared to 2024. The NOAA Central Park NYC data center reported Heating Degree Days (HDDs) increased by 18% and Cooling Degree Days (CDDs) increased by 7% from 2024 to 2025. This increase in occupancy, HDDs, and CDDs contributes to increased energy usage and emissions. The consumption data above represents the utility usage of ESRT’s total portfolio — office, retail and multifamily — that was owned for the full 2025 calendar year and Metro Center, a CT office building disposed on December 22, 2025. Empire State Building data does not include broadcast consumption. Data is absolute and is not normalized for weather, occupancy, tenant typology, or other variables that impact utility usage apart from efficiency initiatives. Like-for-like metrics represent ESRT’s NYC office properties owned for the full calendar years of 2022 to 2025. 8 Data is normalized for weather, occupancy, tenant typology and other variables that impact utility usage.
18 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
ENVIRONMENTAL
INTRODUCTION
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Energy
Targets and Performance Sustainability Guidelines and Policies
Data-Driven Performance Innovation ESRT Version 2.0 GHG Emissions
Roadmap to Building Efficiency
Water
Waste Healthy Buildings Biodiversity Tenant Engagement
100% of our NYC commercial office portfolio and 93% of our entire portfolio are ENERGY STAR or ENERGY STAR NextGen certified.
We leverage advanced analytics to monitor energy performance in real time. Our energy data is tracked in ENERGY STAR Portfolio Manager and Abisko as well as in our demand management and Integrated Management System (IMS) software tools. To cross-check and validate our data, we use hardware, such as utility-grade real-time meters and advanced system submeters, along with software-based tools and our customized MSI.
100% of our portfolio actively partners with the New York Independent System Operator (NYISO) and Con Edison through our participation in Demand Response and demand management programs. Demand Response programs reduce our energy consumption, lower operational costs, and alleviate pressure on our electric grid to prevent blackouts and brownouts and minimize the use of inefficient peaker plants that serve New York City. As our electricity is sourced from the grid, our participation is critical to enhance grid stability and support broader energy resilience efforts.
Real-time energy management (RTEM) enables us to identify and realize cost and energy savings opportunities. We collaborate with NYSERDA to implement RTEM incentives that support a range of initiatives that include controls upgrades, submetering, chiller plant optimization, tenant energy management, tenant air handling unit efficiency, advanced lighting controls tied into the BMS, plug load monitoring and controls, and ongoing services that leverage predictive analysis and diagnostics such as continuous digital commissioning and fault diagnostics detection (FDD).
Energy Performance Management
Performance Evaluation
Real-Time Energy Management Implementation
Renewable Energy
Peak Demand Reduction and Grid Resilience
Tenant Engagement
Since January 2022, we have offset 100% of our NYC office electric usage through the purchase of Green-e certified Renewable Energy Credits (RECs). Since January 2011, the Empire State Building has purchased RECs to offset 100% of the electricity used in the building. In 2025, ESRT purchased a total of 89,095 MWh of RECs that covered 100% of the NYC portfolio. Additionally, our partnership with the Empire Riverlands Forest Project offsets 100% of our non- electric fossil fuel usage, such as steam and natural gas, through the preservation of more than 47,000 acres of biodiverse forest in New York State.
We perform energy audits, retro- commissioning, and measurement and verification to monitor and trend the performance of our energy reduction measures. Over the past five years, 100% of our properties have undergone comprehensive energy audits. These are Investment Grade Audits that exceed the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) Level 4 guidelines, which serve as the basis of our ESRT 2.0 roadmaps for each building.
We collaborate closely with our tenants and align operational goals with tenant behavior to drive ROI-based energy efficiency initiatives and maximize savings. Through consistent communication of best practices, energy dashboards, and performance updates, we drive measurable reductions in energy consumption and operating costs that increase tenant satisfaction and advance our sustainability goals.
19 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
ENVIRONMENTAL
INTRODUCTION
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Energy
Targets and Performance Sustainability Guidelines and Policies
Data-Driven Performance Innovation ESRT Version 2.0 GHG Emissions
Roadmap to Building Efficiency
Water
Waste Healthy Buildings Biodiversity Tenant Engagement
Advisory and Partnership In addition to our industry-leading deep energy reduction analyses, which inform our ESRT 2.0 plans at both the whole building scale and within tenant spaces, we partner with policymakers at the city, state, and federal levels to drive a resilient and affordable grid. Our strategy to achieve these goals is to continue to implement and enhance these measures, evaluate emerging technologies, and scope opportunities for on-site or community-based renewable energy generation and storage, where viable. Our commitment to reduce energy consumption in our buildings is based on a critical tenet of the NY Climate Leadership and Community Protection Act (CLCPA) and LL97. To meet legislated climate targets, buildings must achieve a 50% reduction in energy usage in conjunction with a CLCPA-compliant renewable energy grid. We have proven and promoted the technical and economic case for investment in energy efficiency throughout our portfolio since 2007, when New York City began its environmental leadership under Mayor Bloomberg. ESRT’s participation includes work on city, state, and federal policy and legislation, as listed on the right.
New York City
• NYC Green Codes Task Force (for the development of PlaNYC, LL84, LL85 (which established NYCECC), LL86, LL87, LL88) • New York City Energy Conservation Code Committee • 80x50 Technical Working Group for LL97 and PlaNYC • Climate Mobilization Act LL97 Advisory Board; Co-Chair; Working Groups for Commercial Buildings and Economics and Steam Decarbonization • NYC Mayor’s Sustainability Advisory Board • Urban Green Council Board of Directors • Member of NYU and NYC Economic Development Corporation’s Decarbonization Task Force • New York Energy Consumers Council Advisory Board • NYSERDA Empire Building Challenge (inaugural cohort) • Con Edison New York State Clean Heat Program • Con Edison Strategic Energy Partnership • The Real Estate Board of New York Sustainability Committee • Authors of the commercial and multifamily editions of the Empire Building Playbook • NYSERDA Empire Building Challenge Manufacturers’ Consortium • NYSERDA incentive program support includes RTEM+, Flexible Technical Assistance (FlexTech), and the Empire Building Challenge • The Clean Fight judge • ULI NY Subject Matter Expert Committee • DOE’s Better Buildings Challenge • ENERGY STAR advisory and ENERGY STAR for Tenant Spaces enabling legislation • RER SPAC Chair, working with the DOE and EPA to inform federal policy with successful practice • ULI Think Tank Committee
New York State
Federal
20 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
ENVIRONMENTAL
INTRODUCTION
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
Data-Driven Performance
Targets and Performance Sustainability Guidelines and Policies
Energy
Innovation ESRT Version 2.0 GHG Emissions
Roadmap to Building Efficiency
Water
Waste Healthy Buildings Biodiversity Tenant Engagement
Data-Driven Performance ESRT continuously measures, manages, and evaluates performance against our defined goals. We use data management platforms and technologies that provide advanced analytics and insights to inform and improve our operational performance. We align our strategy with industry-recognized frameworks and standards, which include GRESB, GRI, WRI, and ISSB, to ensure transparency and evaluate progress. We utilize hardware such as advanced sensors and submeters along with software platforms that produce key insights and analytics of BMS data to provide real-time energy management, interval meter data, peak load management, optimization and automation of mechanical, electrical, and plumbing (MEP) systems, and energy and water consumption across the portfolio.
Technologies and Platforms Implemented • Commercial portfolio-wide BMS controls updates to advanced ASHRAE High Performance Guideline 36 and Tridium Niagara open protocol systems with customized sequences of operations • Smart building automation that translates real-time data to impact operational, sustainability, and compliance objectives • Measurement & Verification (M&V) in real time with weekly reports and reviews
• RTEM+ software, hardware, and controls to enhance integration of tenant systems into advanced building controls and the optimization of energy usage • Tenant Energy Management (TEM) platform • Artificial-intelligence-based software to detect and mitigate unnecessary water usage and potential leaks • Real-time indoor air quality sensors to monitor trends and report values, which include readings of PM 2.5 , PM 10 , CO 2 , TVOCs, CO, temperature, and humidity
• Real-time meters for whole building usage and for each service, for all major submetered systems, and for all tenant spaces
21 EMPIRE STATE REALTY TRUST 2025 CORPORATE SUSTAINABILITY REPORT
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