Dan Egan, vice president for sustainability and utilities at Vornado Realty Trust (NYSE: VNO), joined REIT.com for a video interview at NAREIT’s 2017 Leader in the Light Working Forum at the Hilton Austin in Austin, Texas.
Vornado received the 2016 Leader in the Light Award in the Diversified category.
Egan commented on Vornado’s multi-year effort to build a database that allows the company to measure energy use in “meaningful ways.” By separating landlord and tenant consumption data, the database enables Vornado to do more creative projects, he noted.
Egan also said sustainability projects for Vornado’s office and retail assets require customized approaches. Retail uses energy as a large part of its revenue generation, and sustainability projects are often based on a design decision. Office sustainability initiatives, however, are based more on behavioral decisions, Egan noted.
As for tenant engagement, Egan explained that the best results usually occur as a result of relationships that Vornado develops with tenants occupying large spaces within the portfolio.
“If a tenant is approaching us…those are really the people you want to start with because it’s already an interesting conversation on the topic and will likely lead to solutions that you can use as best practices to repeat elsewhere,” he said.