Luxury Is Shifting Away From a Place of Excess, Says REIT COO

Source: Mansion Global — 

Anna Malhari is the chief operating officer of Veris Residential, a real estate investment trust, or REIT, with an environmentally conscious focus.

Veris is the recent rebrand of the Mack-Cali Realty Corp., as the brand pivots to multifamily properties, a safeguard way to recover from the pandemic. The firm established an ESG, or environmental, social and governance, committee in 2020, and has worked with the company’s board of directors and management team to incorporate environmental and social priorities into the company’s day-to-day decision making.

With a focus on the luxury multifamily real estate market, this REIT is planning to adopt technology to curb energy consumption in its buildings, like using smart-meter technology and reducing its carbon footprint (recently New York’s City Council banned the use of gas in new buildings, which will reduce fossil fuels).