Environmental, Social and Governance Policy Statement 

 

Our values

Silverstein Properties was founded in 1957 by Larry Silverstein, a visionary real estate entrepreneur from a humble upbringing. Our values reflect his values: integrity, energy, excellence, loyalty, grit and boundless optimism.

 

Our philosophy

Our strength and stability stems from the values that serve as our corporate touchstone. Our definition of success extends far beyond our bottom line. As a large real estate developer, owner and manager, we recognize our responsibility to contribute in a positive and meaningful way to our planet, our society and our communities, and to reinvest in the neighborhoods in which we operate.

 

Environmental

We are environmental pioneers, and have developed some of the healthiest, most energy efficient, sustainable and climate-friendly buildings in the country. As a responsible global corporate citizen, we have an obligation to do everything we can to address the climate crisis, and make the world a better place for our children, grandchildren and future generations. 

From managing existing buildings to developing new projects, Silverstein Properties is committed to incorporating environmen­tally-friendly practices throughout its business. In 1980, we installed the first co-generation system in a New York City office building at 11 West 42nd Street. After the 9/11 attacks, we set an industry standard by designing and building the first LEED-certified office building in New York City to the Gold standard. 7 World Trade Center was a pioneer in environmental responsibility, energy efficiency and quality of life, and the model for all of the subsequent towers at the new World Trade Center.

Silverstein Properties has proven its commitment to sustainable investment and building decarbonization efforts within its New York City portfolio over the past decade. All of our commercial properties in the City are LEED-Gold certified, including all three WTC office buildings under the LEED for New Construction and Existing Buildings: O&M programs. The company has adopted and embraced all the LEED sustainability policies for our residential and hotel portfolio. These policies include Green Cleaning, Indoor Air Quality Management, Solid Waste Management, Water Efficiency and Building Exterior and Hardscape Management.

All of our office buildings and our River Place residential building have received Energy Star Certification. Our goal is to continue to achieve Energy Star certification for our buildings on an annual basis. To that end, our team has undertaken energy efficiency retrofits and upgraded projects across our existing building assets.

We continue to work with our engineers, contractors, subcontractors and suppliers – as well as government agencies and leading environmental organizations – to develop and implement a variety of energy innovations, including LED lighting, high performance elevators, CO2-based demand ventilation, high efficiency heating and cooling systems, and fuel cells across various properties in its portfolio.

Silverstein Properties was recently selected by New York State as a partner in the “Empire Building Challenge,” a $50 million initiative to establish public-private partnerships with the State’s leading real estate developers to usher in the next generation of high-rise, low-carbon buildings to combat climate change. The Empire Building Challenge will accelerate New York’s progress toward reducing greenhouse gas emissions 85% by 2050 as outlined in the Climate Leadership and Community Protection Act.

We prioritize the creation of parks and public green spaces in our new developments. The company’s track record was recognized by the Urban Land Institute (ULI) New York in 2018 when the organization announced Larry A. Silverstein, chairman of Silverstein Properties, as the first recipient of ULI’s Visionary Leadership in Land Use Award. 

 

Social

We strive to be good neighbors, and to enrich all of the communities in which we live, work and build. We feel a responsibility to be sensitive, open and communicative to the people around us. We believe in giving back to our communities, reinvesting in the neighborhoods in which we operate, and supporting those in need. Philanthropy, goodwill and care for others less fortunate are integral to who we are.

Silverstein Properties has been a driving force behind the successful redevelopment of the World Trade Center since 9/11. It has been a long, complicated, but deeply fulfilling journey. We are immensely proud of our contributions, as well as our excellent working relationships with the Governors of New York and New Jersey, the Port Authority, EDC, LMDC and other stakeholders. We consider ourselves stewards of this special place and will continue to do everything we can to make it a success.

We believe that diversity of people leads to more innovative ideas, broader perspectives, and better approaches to our current business and to new challenges. Not only is having a diverse team the right thing to do, it’s the smartest way to run a business.

Diversity at all levels creates the opportunity for our organization to see and to hear new ideas, and it helps to create opportunities for innovation, growth and improved operational and financial performance. Fostering an equitable and inclusive environment will ensure that we attract and retain the best talent. Having different opinions, ideas and perspectives fosters a better understanding of our employees, customers, investors, vendors and ways of doing business.

We are committed to broadening our talent pool and seeking out qualified candidates from diverse and disadvantaged backgrounds. We want Silverstein Properties to be inclusive and accessible to people of color, women, members of the LGBTQIA+ community, and others who have historically faced unfair obstacles in the workplace.

We have launched a formal Diversity, Equity and Inclusion initiative made up of employees from every part of the company. The goal is to increase diversity and promote inclusivity at every level of the company, create safe spaces to talk about racism and intolerance, and foster a better understanding of our employees, customers, investors, vendors and ways of doing business.

We are partners with Paradigm for Parity, a coalition of CEOs, senior executives, founders, board members, and business academics who are committed to accelerating the pace of gender equity and achieving a new norm in corporate leadership. The mission is to create cultures in which all women and men have equal power, status, and opportunity, based upon merit.

We encourage and enable our employees to grow professionally and advance their careers, and we are passionate about continuing education. Larry Silverstein founded the NYU Real Estate Institute in 1967 with 30 students in a three-course curriculum. Today the NYU Shack Institute is the leading real estate school in the country with more than 700 students across four degree programs.

Our leadership, management team, and many of our executives and staff contribute their time and resources to organizations that are dedicated to higher education and medical research, meeting humanitarian needs and supporting the arts, and helping to revitalize Downtown New York.

Some of the many organizations we support include: the NYU School of Medicine, UJA-Federation, the Museum of Jewish Heritage in New York, National Jewish Health in Denver, the National 9/11 Memorial and Museum, the Battery Conservancy, City Harvest, New York Blood Center, SparkYouth NYC, and Covenant House, to name a few.

At the start of the coronavirus pandemic, Silverstein Properties joined a group of property owners to launch “Project Parachute” to help keep vulnerable New Yorkers impacted by the crisis in their homes. We also partnered with the Downtown Alliance on a “Small Business Rental Assistance Grant” program, which offered immediate assistance to storefront businesses that provided vital services to residents and essential workers in Lower Manhattan during the pandemic.

Arts and culture are woven into the fabric of every thriving city and are paramount to our company. We feel an obligation to support local artists and cultural organizations so that they continue to function and prosper. For 20 years, we have provided artists with studio space within many of our buildings, including a group that has been documenting the rebuilding of the World Trade Center.

In 2020, we launched Silver Arts Projects, a non-profit organization dedicated to supporting emerging artists. Today, 25 young artists work out of a studio on the 28th floor of 4 World Trade Center. The residency space is dedicated to art making, providing artists with customized studios and the tools, platform, and resources to expand their practices and further their careers. The floor also features community spaces for study and dialogue, and allows artists to collaborate while enjoying sweeping, 360-degree views of the New York City skyline.

This initiative, and the many others we support, extend our company’s history of supporting art and artists, and ensures they remain an integral part of the fabric of the neighborhoods in which we live and work.

 

Governance

Silverstein Properties is one of the country’s leading real estate management, development and investment companies. We have undertaken some of the world’s most iconic projects, cultivating a fantastic brand and sterling reputation in the process. We are a well-managed business with a strong governance structure. We proactively address environmental and social issues in everything we do.

We develop, own and manage large, complicated, long-term neighborhood-changing projects. From West 42nd Street to the new World Trade Center, we have been a force for progress throughout New York City for over 60 years. We take enormous pride in the quality of our work and the positive impact we have had. We are fueled by great people, extensive expertise, financial capacity and a proven track record for successful stewardship of unique, city-shaping projects.

We own and operate first-class buildings with a stable roster of commercial, residential and retail tenants. We believe that if we take care of our buildings, they will take care of us. Our operations, engineering, maintenance and cleaning staff pride themselves on keeping our buildings safe, impeccably clean, well maintained and in perfect order.

We are an active and diversified real estate investment and development firm. Over the past 10 years, we have added fee developer, lender and asset manager to our more traditional roles as equity developer, owner/investor and operator. These lines of business generate strong returns and reliable income streams, which further enable us to execute on our long-term growth strategy.

Internally, we have a management team of 24 executives who each lead a different business unit of the company. This group meets no less than monthly but interacts regularly. The management team is led by a leadership group made up of the Chairman, Vice Chairman, CEO and COO of the company. The leadership group meets no less than weekly. The CEO runs a weekly investment committee and a weekly strategy meeting which guides the company’s growth and expansion. The COO runs a weekly meeting with each business unit leader, and a monthly meeting with all of the business unit leaders, thereby ensuring coordination between the many different activities across the company.

We collaborate effectively with a wide array of public and private stakeholders to solve complicated problems. We frequently partner with government, community groups, business associations, neighbors, other developers, investors, local companies and non-profit organizations.

We thrive on teamwork and collaboration and believe that we all work best when we all work together. We promote innovation, creativity, imagination and initiative for the betterment of our company, our industry and our customers.

We foster an atmosphere of open and honest communication between our leaders, managers and employees, as well as our customers and partners. We listen to one another and we consider and respect all viewpoints, especially those that challenge our assumptions. We succeed when everyone around us feels empowered to share their thoughts, ideas and concerns.

We believe in developing and promoting technologies and programs that better serve our customers and company. We embrace change and welcome people and partners that seek to disrupt the status quo.

Silverstein Properties is recognized worldwide for the wonderful professionals who work here, as well as our history of treating people fairly and honestly. We expect our people to maintain high ethical standards, and we trust them to always do the right thing. Our reputation took a lifetime to build, and we protect it with care.