Lauren Moss, senior vice president and chief sustainability officer at Vornado Realty Trust (NYSE: VNO), participated in a video interview at Nareit’s REITworks: 2023 Conference in Las Vegas on June 28-29.
Moss discussed the need for tenant collaboration and the central role it has always played for Vornado,
At the same time, the REIT’s goal of reaching carbon neutrality is a key factor driving tenant collaboration, Moss said. Commercial real estate owners only drive about 35% of energy use in any building and therefore depend on tenants to reach sustainability goals. Collaboration is “fundamental to everything that we do,” she added.
Moss also commented on the ways that landlords are working with tenants to reach their sustainability goals, emphasizing that the process starts from the very beginning, with the lease.
Meanwhile, Moss talked about the implications of compliance for landlords with New York City’s local law 97. She noted that there are “gradations of implementation,” adding that Vornado is determining on an individual basis how tenants are performing and the future implications.
Moss also stressed the importance of having a connection to the local utility company, or submetering company, “so you know how you are performing.”