2023 SSI Report - Full

2023 Sustainability and Social Impact Report

Introduction

Company Overview

Table of Contents

About EQ

Our portfolio encompasses properties occupied by approximately 1,200 customers across major US markets, including Atlanta, Boston, Chicago, Los Angeles, Miami, New York, San Francisco and Seattle.

Introduction 2

Company Overview

4

From Our Leadership

5

Collaborating with Our Customers

6

2023 Highlights

7

Our Sustainability and Social Impact Approach

Environmental Sustainability

7

Identifying Material Issues

21

Our Approach

22

Decarbonization

Social Impact

25

Sustainable Design and Construction

9

Contributing to Our Communities

25

Using Water Responsibly

12

Spotlight: Willis Tower Amplifies its Social Impact

26

Waste Reduction and Recycling

14

potlight: U.S. Bank Center Seattle S – Reimagining the Office

16

Our People

17

Diversity, Equity and Inclusion

18

Spotlight: Vendor Diversity

19

Health and Wellness Support

EQ Office is a US office operating company wholly owned by Blackstone, offering best-in-class expertise across acquisitions, asset management, leasing, redevelopment and property operations. We aim to provide inspiring workplace destinations that blend the best of work, home and hospitality for our customers.

26

Spotlight: Donating and Recycling Electronics

27

Spotlight: Environmental Stewardship at Willis Tower

28

Building Resilience and Risk Management

Governance 30

Seattle

Company Governance

30

Sustainability and Social Impact Governance

31

Cybersecurity and Data Privacy

Boston

San Francisco Denver Nashville Los Angeles Atlanta

San Diego

San Antonio

About Our Report

EQ Office

2023 Sustainability and Social Impact Report

31

Data Collection and Verification

31

Standards

New York

Chicago

Miami

2

Introduction

About EQ

OneTeam

Our guiding values are centered around a philosophy we call OneTeam. Based on the belief that we aspire to be part of something bigger than ourselves and we are at our best when we work together, OneTeam drives collaboration, innovation and knowledge sharing.

It's a path for each person at EQ to be united by our shared purpose, ultimately allowing us to apply best practices across departments and regions, extend our positive impacts into communities and integrate our foundational principles. OneTeam guides us in doing better by operating together.

07 Work Hard & Have Fun

06 Never Be Complacent

Our Purpose

EQ Office

2023 Sustainability and Social Impact Report

Together, we strive to create economic value for our customers, our partners, our stakeholders and the communities in which we operate. We foster connections, strengthen the social fabric and adaptive capacity of a community, advance local employment and contribute to community well-being—sustainably and equitably.

01 KRT - Kindness, Respect, Trust

OneTeam

05 Merit

02 Accountability

03 Integrity 04 Transparency

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Introduction

From Our Leadership

I am excited to share EQ Office’s 2023 Sustainability and Social Impact Report. Over the past year, we have made great strides in building and implementing our Sustainability and Social Impact vision, which reflects our team’s enduring commitment to this work.

Photo Credit: Brian Marcus, Fred Marcus Studios

2023 Sustainability and Social Impact Report

In addition, we are making more concerted efforts to embed sustainability and social considerations into core business functions, including our acquisitions processes.

And I’m thrilled to share that as part of our continued focus to make a positive impact in our communities, we became an official corporate member of CoreGiving, an organization dedicated to eliminating child hunger by providing nourishing meals to children and families.

As the office sector continues to evolve at a rapid pace, EQ is becoming even more versatile and agile to better collaborate with and generate value for our customers. Our Sustainability and Social Impact initiatives reinforce these aims, pushing to create inspirational workspaces for our customers, while contributing economically and culturally to the communities where we operate.

As we continue to evolve our business to meet the changing needs of our customers, we are simultaneously developing our next Sustainability and Social Impact strategy looking to 2030. This strategy will include targets and roadmaps that expand our focuses on decarbonization, positive social outcomes that go beyond traditional philanthropy, and an enhanced diversity, equity and inclusion platform. And, critically, our new strategy will center on collaborating with our stakeholder network— particularly customers and vendors—to extend the positive impact and accomplish common goals.

Here are some highlights from 2023 Sustainability and Social Impact initiatives designed to add value to customers and other stakeholders:

From Our Leadership

EQ Office

We are driven by a foundational set of values that define what we stand for, coalescing around the philosophy of OneTeam, the desire to be bigger than ourselves and a belief that we ultimately do better when we operate together. I am exceptionally proud of the ways our people have come together in the spirit of OneTeam to advance our Sustainability and Social Impact outcomes in 2023.

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Over the last year, we reduced our Scope 1 and 2 greenhouse gas (GHG) emissions by approximately 8%

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Approximately 53% of our square footage was powered by renewable energy compared to 49% the previous year

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We enhanced our GHG emissions tracking and methodology, enabling more comprehensive progress reporting

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Thanks to the collaborative efforts of EQ employees and our customers, we saw a 28% year-over-year increase in events (to over 450) that included community benefits

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We donated more than 190,000 square feet of space to nonprofits and community partners and our team members volunteered over 2,300 hours to our local communities (an 18% increase year-over-year)

The groundwork we have laid over the past few years has given us a great foundation, but it is only the beginning.

We have continued building on our momentum from 2023, positioning us for lasting results and even greater impact for our employees, customers and the communities we strive to enrich. We look forward to teaming with these groups and other partners as we pursue opportunities to concurrently benefit business and society.

Lastly, our Sustainability and Social Impact initiatives would not be possible without the hard work and commitment of our EQ team. I’m constantly inspired by their desire to make an impact for one another, our customers and our communities.

Alex Vouvalides CEO

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Introduction

Collaborating with Our Customers

Collaborating with Our Customers Q&A with Abrielle Rosenthal, Chief Sustainability Officer and Managing Director, TowerBrook, and Samantha Sims, SVP, Sustainability and Social Impact EQ Office

Photo Credit: Brian Marcus, Fred Marcus Studios

SS: As the first mainstream private equity firm to have attained certification as a B Corporation, how has TowerBrook leveraged this achievement to advance Environmental, Social and Governance (ESG) progress?

AR: We work to integrate Responsible OwnershipTM principles into every stage of the investment process, which not only advances sustainable value creation, but also provides the foundation for our ongoing environmental and social progress. In addition, being a B Corp attracts like-minded employees, partners and management teams who share our values, and the B Corp community can provides opportunities to exchange ideas for change, transparency and accountability.

SS: We certainly appreciate that approach. In an effort to provide customers with healthy and sustainable workplaces to offer their employees, Park Avenue Tower has a WELL certification and a variety of decarbonization measures aligned with TowerBrook’s B Corp status.

SS: What role does industry cooperation play in your ESG progress?

EQ integrates Sustainability and Social Impact into our engagement with customers, aligning with their own environmental and social priorities and supporting their goals where relevant.

One of our customers in Park Avenue Tower in New York City, TowerBrook Capital Partners L.P., is a purpose-driven investment management firm. TowerBrook’s Chief Sustainability Officer and Managing Director, Abrielle Rosenthal, recently spoke with Samantha Sims, EQ’s SVP of Sustainability and Social Impact, to discuss opportunities to elevate environmental and social outcomes through partnerships in the workplace.

EQ Office

2023 Sustainability and Social Impact Report

AR: A significant one. Across the private equity landscape, many of us have been tackling the same environmental and social challenges, but with different approaches. To help address this, we became founding members of the ESG Data Convergence Initiative (EDCI), which brings investment managers and limited partners together to align on best practices and consistency in reporting ESG metrics. The EDCI has identified seven core metrics covering emissions, net zero and renewable energy, as well as diversity, worker safety, hiring and employee engagement. The EDCI has grown to over 450 signatories—from small funds to global managers—who all agree to collect, measure and report on these standard metrics across portfolio companies, which can incentivize change and ultimately move market practice.

SS: This collective approach to advancing environmental and social solutions resonates with EQ as well. How can workspace partnerships like ours complement purpose-driven work?

AR: Tenants benefit when they collaborate with their neighbors throughout a property. To support this, building owners and managers could convene ESG-focused networking groups where office managers share knowledge, such as about diverse suppliers or efficiency initiatives, and build community to elevate everyone’s environmental and social performance.

SS: We agree that the network effect is powerful.

It’s one reason our buildings offer a variety of common spaces where tenants can gather, along with fitness centers providing yoga and meditation groups, and even places where members of the public can enjoy the space, like the Skydeck at Willis Tower in Chicago and Cedar Hall at Seattle’s US Bank Center, with its shops, restaurants and artwork all open to the public.

SS: To that end, what role does community play in your workspace and your ESG initiative?

AR: We are an investment manager that puts social purpose at the heart of our investments, so taking an active role in building connections within our firm and with local communities echoes and reinforces our culture. We also empower team members to suggest and implement ideas for environmental and social benefit. One way we support this is simply by being together in a welcoming office workspace that promotes partnership with each other, and with EQ. We also organize events for our team such as volunteering together for organizations supported by our Foundation, as well as health and wellness activities such as fitness classes held at the gym in the building.

SS: Yes, over the last few years, it has become clear people are craving community. So finding more ways for our offices to enable connections, and nurture camaraderie and collaboration is a top priority.

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Introduction

2023 Highlights

2023 Highlights Social Impacts – Our Communities

28%

190k+

in community engagement events at the property level

of space donated to nonprofits and community partners

YEAR-OVER-YEAR INCREASE

SQUARE FEET

200+

2.3k+

EQ EMPLOYEE VOLUNTEER HOURS

Environmental Sustainability Impacts

STUDENTS

benefited from our support through YouthBuild

OF EQ EMPLOYEES IDENTIFY AS WOMEN

higher than the commercial real estate industry average of 37%1

EQ Office

2023 Sustainability and Social Impact Report

100%

OF EQ ASSET MANAGEMENT AND INVESTMENT ANALYSTS

participated in the Blackstone Analyst Accelerator Program

53%

in absolute Scope 1 and 2 GHG emissions

powered by renewable energy, including onsite solar power and renewable energy credits

YEAR-OVER-YEAR DECREASE

Social Impacts – Our People

65%

8% 53%

OF CONSTRUCTION WASTE

diverted from landfill

1

OF SQUARE FOOTAGE

27%

LARGEST

in tons of electronics recycling and additional product recycling and reuse

Willis Tower remains the largest building in the United States to earn the Leadership in Energy and Environmental Design (LEED) Platinum designation

YEAR-OVER-YEAR INCREASE

LEED PLATINUM

According to a 2020 study conducted by Commercial Real Estate Women (CREW) Network, “36.7% of all professionals in commercial real estate are women.”

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Introduction

Our Sustainability and Social Impact Approach

Our Sustainability and Social Impact Approach Aligned with our deep-rooted commitment to deliver extraordinary workspaces and experiences to our customers, our environmental and social impacts are core to our work.

Identifying Material Issues

Identifying Material Issues

In 2023, we undertook a materiality assessment to review the priority of issues to our key stakeholders, including employees and customers. This exercise identified the most significant sustainability and social impact topics affecting our operations and long-term success based on stakeholders’ perspectives, while providing important information to create our new strategy within the context of current trends, risks and opportunities.

The materiality assessment demonstrated consistent perceptions among our stakeholders that EQ has a responsibility to play a role in issues affecting commercial real estate, particularly related to climate adaptation, community resilience and economic vitality.

This work also informs forthcoming quantitative, time-bound targets that will be central to our new strategy.

We believe that driving business success concurrent with meaningful sustainability and social outcomes will deliver greater value to our key stakeholders through this time of significant market transition. This includes offering best-in-class workspaces to our customers, as well as embedding social and environmental considerations into our team culture and operations. And in turn, this enables us to attract and retain the best talent, which is critical for our success.

We first formalized our commitments to Sustainability and Social Impact in 2020 when we set goals to track our progress. We delivered on these goals and shared performance updates in our 2021 and 2022 Sustainability and Social Impact Reports.

To address constantly evolving environmental and social challenges, we are developing a new Sustainability and Social Impact strategy and goals aligned with our OneTeam foundation and our priorities.

EQ Office

2023 Sustainability and Social Impact Report

We support the United Nations Sustainable Development Goals (UN SDGs) and have built our Sustainability and Social Impact platform to align with specific goals most relevant to our business.

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Overview

Our dedication to social impact is rooted in aims to enrich local economies linked to the interests of our employees, customers, partners, vendors and other stakeholders.

Introduction

Social Impact

We focus on three primary areas:

Environmental Sustainability Governance Community Engagement EQ Office

2023 Sustainability and Social Impact Report

Diversity, Equity and Inclusion (DEI)

Health and Wellness Support 8

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Contributing to Our Communities

Contributing to Our Communities Our social impact initiatives are designed to amplify our efforts to create and operate inspiring workplaces that blend the best of work, home and hospitality. Our team’s passion for volunteerism and philanthropy is complemented by community engagement initiatives that have both societal and business benefits.

2023 Highlights

28% increase in community engagement events 2

450+ community engagement events 3

2.3k+

Photo Credits: Anna Munzesheimer

volunteering hours

190k+ We also leverage our properties to facilitate community convenings with customers and their employees. In 2023, we increased our community engagement events over the previous year, hosting more than 450 events attended by more than 15,000 tenant participants. Events included peer networking, professional development, educational sessions, art and music, community health and DEI-related celebrations, as well as donation drives and volunteering.

EQ Office

2023 Sustainability and Social Impact Report

Volunteering We encourage employee volunteerism through initiatives such as full-time EQ employees receiving eight hours of paid time off each year to volunteer.

We also track our collective volunteer contributions and recognize employees who go above and beyond in terms of community service. In 2023, our employees volunteered more than 2,300 hours on behalf of nonprofit organizations.

SQUARE FEET

of space donated to nonprofit organizations and community partners

To maximize our employees’ dedication to their communities, we offer a matching program of up to $1,000 per year for each employee to donate to a credible nonprofit organization of their choosing.

$1.1m+ raised for the Shirley Ryan AbilityLab through an annual event at Willis Tower

2 3

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In 2023, EQ properties’ community engagement events included donation drives; volunteer events; educational events; peer networking and professional development events; diversity, equity and inclusion-related events; art and music events; and community health events. This is a 28% year-over-year increase.

Community engagement events include mentorship sessions, professional development workshops, property tours and education forums.

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Contributing to Our Communities

In-kind Donations

Season of Giving

We seek to leverage our core competencies, particularly managing great gathering spaces, to benefit community groups and nonprofit organizations.

During the EQ Season of Giving, our employees and customers are encouraged to volunteer and donate through facilitated events in all cities where we operate. 2023 activities included:

In 2023, Willis Tower donated over 91,000 square feet to the Shirley Ryan AbilityLab, the American Red Cross and The Simple Good. Also during the year, our 350 N Orleans property donated almost 5,400 square feet of office space to LadderUp. We held several nonprofit fundraising drives in 2023, including for school supplies, clothing, furniture, equipment and technology.

Our donation drives collected: • • •

Literacy Kits

Reducing Plastic Use

Through the nonprofit Love Letters for Literacy, EQ employees created literacy kits for preschoolers in need. These handmade packets comprised alphabet flashcards, a letter from the volunteer and a list of educational games.

The Fill it Forward Challenge encouraged sustainable behavior by rewarding employees for reusing their water bottles. The team activity also reduced single-use plastic and encouraged hydration and wellness. Employees used a QR code to track each water bottle reuse. Every scan resulted in a donation to the nonprofit, DigDeep.

Care Packages Properties held events to assemble care packages for the unsheltered or recently housed, resulting in more than 500 care packages being distributed to local communities.

6,700+ items of school supplies 800 clothing items ~8,150 pieces of technology or equipment

Photo Credits: Anna Munzesheimer

Expanding Our Philanthropy with CoreGiving Electronics Donations in Los Angeles

113

COMPUTER DEVICES

for people in need, resulting in over 11,000 pounds of electronic waste diverted from landfill

EQ Office

2023 Sustainability and Social Impact Report

470+

INTERNET CONNECTIONS

at low-or no-cost donated through partnership with Human-IT and in collaboration with customers

EQ joined CoreGiving as a corporate member in 2024 because we believe in its dedication to eliminating child hunger. CoreGiving’s goal is to provide more than 20 million meals to food-insecure households and dedicate over 10,000 hours of hunger-relief volunteer service each year. EQ has previously been involved with the annual CoreGiving Day and Brackett Battle fundraising campaign. As part of our commitment, our CEO, Alex Vouvalides, has also joined CoreGiving’s Board of Directors.

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Contributing to Our Communities

Extending Social Impact through Partnerships

Nonprofit or Program

In 2023, we continued to support a host of nonprofits that serve communities.

Skydeck Ticket Donations and Tours provides free tickets and tours for a variety of groups and events

Nonprofit or Program

2023 Highlights

Bianco Gallery creates opportunities for under-represented communities in commercial arts

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3,000 square feet of office space in the Seattle metro area donated to Bianco Gallery

Blood Drives

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Willis Tower in Chicago has held American Red Cross blood drives for 20 years; in 2023, the property donated a combined total of 165,000 square feet across 23 blood drives attended by 1,000+ customers, employees and EQ volunteers 2,200 square feet of office space in the Los Angeles metro area donated to UCLA Health for blood drives

•

Children’s Holiday Donation Drives

•

Donated 400+ gifts to BOMA (Building Owners and Managers Association), 400+ toys to New York Cares and 150+ toys and books to Toys for Tots in Los Angeles, New York, San Diego and Seattle with our customers

2023 Highlights • • • •

1,200+ tickets donated to visit Skydeck at Willis Tower Subsidized youth visits in concert with Chicago Public Schools and Big Brothers Big Sisters Donated 115+ employee hours to building tours Worked with the Chicago Architecture Center on educational events for children and families, including popular behindthe-scenes engineering tours

SkyRise Chicago annual fundraising event supporting the Shirley Ryan AbilityLab, which provides care to stroke, spinal cord injury and traumatic brain injury patients

• • • • •

Willis Tower event at which people climb 105 flights of stairs 1,750 participants $1.1+ million raised to advance rehabilitation and research $14.6 million total raised since SkyRise began in 2009 60,000 square feet of space donated at Willis Tower

TechBridge provides software and technology training for nonprofits

•

3,700 square feet of office space in the Atlanta metro area donated to TechBridge

•

17,000 square feet of space in the Chicago metro area donated to The Simple Good

Kids in Need Foundation creates equitable learning environments in under-resourced communities

•

Donated 1,250+ school supplies, including backpacks, in partnership with our customers

The Simple Good empowers youth to become activists through art, mindfulness and social-emotional learning

•

5,400 square feet of office space in the Chicago metro area donated to LadderUp

Wallis Annenberg PetSpace strengthens the bond between humans and animals

•

LadderUp provides free financial services to low-income people

7,000 square feet of space in the Los Angeles metro area donated quarterly to Wallis Annenberg PetSpace for pet adoption events

YouthBuild champions opportunity youth as they reclaim their education, gain job skills, and become leaders in their communities. YouthBuild USA is the nonprofit support center for 280+ YouthBuild programs around the world

•

Multi-year support, with 2023 grant contributing to improved outcomes for 200+ students and training to 350+ YouthBuild program leaders Events hosted by EQ included mentorship sessions, professional development workshops and property tours Professional clothing drive in Los Angeles School backpack drive in New York resulted in 4,000+ donated supplies 2,400 square feet of office space donated in Seattle metro area General contractor for redevelopment of US Bank Center in Seattle hired a candidate from YouthBuild

Ladies for Ethnic Advancement and Dignity (LEAD) promotes the academic and social development of inner-city youth Problem Library facilitates mentorship and creative education in visual arts for high school students

EQ Office

•

•

1,100 square feet of office space in the Los Angeles metro area donated to LEAD for six professional development workshops

760 square feet of office space in the San Franscisco Bay Area donated to Problem Library

2023 Sustainability and Social Impact Report

• • • • •

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Spotlight: Willis Tower

Spotlight: Willis Tower Amplifies its Social Impact

Women of Willis For the fifth year running, EQ hosted a panel discussion and workshop featuring expert speakers in honor of International Women’s Day. Over 145 customers attended and were offered free professional headshots by a woman-owned photography company. This forum has transformed into a regular networking community, engaging over 700 professionals who convene on topics such as workplace equity.

Willis Tower is a beloved fixture in Chicago, visited by millions of people each year. In 2023, EQ further enriched the neighborhood by organizing and hosting events to engage tenants and the community in learning, networking, fundraising, art and volunteering.

Highlighting Local Artists and Craftspeople

To celebrate Willis Tower’s 50th anniversary, EQ procured A Chicago Story, a temporary art exhibition curated by Elevation Worldwide, a local, minorityowned firm known for immersive art experiences and community engagement. A tribute to Chicago’s storied skyline and Willis Tower’s place in it, the three-month event featured local minority artists.

“Community is at the heart of everything we do at Willis Tower. Throughout the year, we are committed to diverse social programming innately rooted in creating a positive impact to our neighborhood, city and beyond. From customer-exclusive programming to wellness fairs to art pop-ups, our team champions this work through countless dynamic initiatives.”

Kirsten Ekdahl Hull The exhibition grew out of EQ’s Art of the Neighborhood initiative, which fosters art programming to support Chicago’s vibrant arts community. EQ employees at Willis Tower also organize an annual holiday market, now in its fourth year, that features local, minority-owned and small businesses and artisans selling special gifts.

EQ Office

2023 Sustainability and Social Impact Report

Photo Credit: Bianco Artists

SVP, Portfolio Management, EQ Office

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Spotlight: Willis Tower

Willis Tower Skydeck The iconic Willis Tower serves as an anchor in Chicago by preserving and promoting local culture, providing enriching experiences for the public and giving back to the community. Just one of the many ways the property does this is through the Skydeck. This tower offers spectacular views as well as the Ledge, a glass balcony extending four feet outside the tower’s 103rd floor at over 1,350 feet in the air.

Chicago’s tallest building and one of the tallest in the world, Willis Tower is popular with locals and visitors alike, who flock to its restaurants and shopping and especially to the Skydeck. In 2023 alone, the Skydeck saw an estimated attendance of almost 1.2 million, including visitors from every state and 160 countries. These visits supported more than 100,000 jobs during the year, according to Choose Chicago Research & Analysis.4

“Skydeck is a place of pride for Chicago, just like Willis Tower itself, honoring the history and culture of our city. It is also a memory maker for our visitors and an awe-inspiring experience that makes them happy, which is why we work hard every day to be good caretakers of this unique landmark, whether through tours for youth groups, fundraisers, volunteering, teambuilding or special events.”

Randy Stancik General Manager, Skydeck Chicago, Willis Tower, EQ Office

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EQ Office

2023 Sustainability and Social Impact Report

Choose Chicago Research and Analysis measures the number of direct jobs supported by including those related to lodging, food & beverage, transportation, facility management, AV, retail, recreation and security.

Photo Credits: Anna Munzesheimer

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Spotlight: U.S. Bank Center Seattle

Community Engagement Events

Spotlight: U.S. Bank Center Seattle – Reimagining the Office In 2023, EQ completed the renovation at U.S. Bank Center, located in the heart of Seattle’s Central Business District. The project reimagined the iconic building’s public spaces to be more inviting.

The property promotes community engagement with events throughout the year. A recent series focused on food and featured minority-owned vendors and local small businesses that provided customers with a range of experiences, including cooking classes. One of the pop-up vendors has since become a permanent business in Cedar Hall, providing additional exposure for this small business entrepreneur.

“U.S. Bank Center functions as a downtown anchor, especially to the vital Pike-Pine Corridor, serving our customers and the public alongside the city’s own efforts to bring people back to this part of the city.

We are proud to be able to contribute to the economic vitality of downtown Seattle.”

Amy Baker

1 million

General Manager, U.S. Bank Center, EQ Office

SQUARE FEET

of commercial office space, retail and amenities on 44 stories

100k+

SQUARE FEET

of retail intended for local, regional and national users on three levels

100

TRANSIT SCORE

99 walk score, 75 bike score from Walk Score

30+

PIECES OF ART

Community Meeting Place

Walkable and Bikeable

At the heart of the building is Cedar Hall (pictured to the lower right), an inspiring street-level public experience and communal meeting place for art, culture and retail. Cedar Hall offers a place to gather, eat, shop and play in an indoor-outdoor experience. Upstairs, a state-of-the-art Montessori-based childcare center helps tenants and members of the public manage work/life balance.

Within walking distance of Seattle staples like Pike Place Market, the building has been rated 99 by Walk Score. It earned a 100 transit score, with light rail just one block away, and a bike score of 75. The building also has a bike commuter center that offers premium bike storage, showers, locker rooms and a self-use bike repair station. Electric vehicle charging stations are available in the below-ground garage.

Photo Credit: Hannah Rankin, SkB Architects

A Celebration of Local Artists The U.S. Bank Center Public Art Collection is an accessible art experience in the heart of downtown. The permanent art installations are from local artists with a personal connection to the city, and 60% were created by individuals who identify as ethnic minorities or are part of local indigenous cultures. The exhibitions were curated to celebrate diversity and inclusion in a colorful and multidimensional way.

100% local artists 60% ethnic minorities or members of indigenous cultures

EQ Office

2023 Sustainability and Social Impact Report

Photo Credit: Jenna Lynn, Jenna Lynn Photography

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Spotlight: U.S. Bank Center Seattle

Art Stewardship

Art Stewardship EQ’s social impact commitment comes to life by supporting local art. Public art—whether visual or performing—enhances the lives of our customers, neighbors and team members and invites community members to experience our buildings.

At our EmeryTech property in Northern California, an art project scheduled for completion in 2024 will highlight the neighborhood’s flora and fauna through a colorful mural. Supported by an Emeryville Public Art Grant, this and other area murals are also intended to foster creativity and limit graffiti.

In 2023:

Photo Credit: Kyle Johnson, Bianco Artists

100% of art exhibitions were from local artists5

Photo Credit: Jenna Lynn, Jenna Lynn Photography

“U.S. Bank Center is very much an institution. When we repositioned it, we also reimagined the office, bringing to life the future of work with a blend of hospitality and creative spaces so that all people, whether tenants or visitors, are drawn into a place where they feel comfortable in the setting.”

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5

new art exhibitions across our properties

properties installed temporary art exhibitions

55%

11

of permanent art exhibitions promoted DEI

permanent art exhibitions installed

Zach Zaborowski SVP, Pacific Northwest, EQ Office

5

EQ defines a local artist as being within 100 miles of a given EQ location.

Photo Credit: Aesthetic Digital Media

EQ Office

2023 Sustainability and Social Impact Report

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Our People

Our People We strive to position our employees for success in terms of both professional development and personal well-being, while promoting inclusion and collaboration. OneTeam is our core philosophy and foundation centered around seven values that reinforce our ability to do better and achieve more when we operate together and with an inherent mutual respect for each other.

Well-being EQ’s benefits programs are designed to enable the well-being of our employees and their families.

In addition to traditional medical, dental and vision benefits for full- and part-time employees who work 30 hours or more each week, we offer health savings and flexible spending accounts and a suite of family benefits. This includes parental leave, adoption assistance, fertility reimbursement and caregiver support. We also ensure that EQ employees have access to medical coverage outside their home state should needed services and care not be available nearby.

We continue to highlight mental health support services to our team members through our medical plans and virtually accessible platforms such as HeadspaceCare. Our employee assistance program provides confidential access to expert consultants, research and referral services, as well as professional counselors to help with personal, childcare, elder care, financial, legal or other everyday issues.

We believe these and other benefits enable our employees to be successful by helping them manage their life circumstances outside of work.

EQ Office

2023 Sustainability and Social Impact Report

We also offer 401(k) retirement savings and income protection plans, such as short- and long-term disability, accident, life and accidental death and dismemberment and critical illness coverage.

Additional benefits include help finding quality care for children and elders through Bright Horizons, managing a family’s work/school/life balance and gaps in coverage, helping with college applications, coordinating care for older adults and even finding a dog walker.

Our personal time off program includes 15 company holidays, along with summer half-Fridays and a paid volunteer day. Additionally, our employees have access to the fitness centers and wellness programs offered in our properties.

Professional Development Training and education—whether formal or on-the-job —enable critical professional development. Training programs available to EQ team members are designed to provide learning opportunities specific to an individual’s role or function.

In 2023, all EQ employees participated in training on topics such as cybersecurity and harassment prevention. We offered bystander intervention and other specialized training in some areas, in keeping with our commitment to safety and security.

We want our team members to be able to build rewarding careers at EQ, so additional career develop­ ment offerings are based on employee roles, growth plans and goals. These include coaching and mentor­ ship, educational assistance and career planning.

Another formal training example is EQ’s involvement in the Blackstone Analyst Accelerator Program, which is available to full-time financial analysts within Blackstone’s real estate portfolio companies. This 12-month hybrid learning experience consists of an accelerated development curriculum, mentorship, networking and other professional development opportunities that serve to fast-track careers in the real estate industry. In 2023, 100% of EQ’s asset management and investments analysts participated in this program.

All employee growth and development plans start with performance reviews and discussions with managers to align on career goals. An in-house training catalogue covering various topics and skills is also available to employees. Company reimbursement and financial assistance for professional certifications and degrees further support employee development.

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Diversity, Equity and Inclusion

Diversity, Equity and Inclusion

Representation

EQ has long worked to create welcoming and respectful spaces for our employees. We value the different perspectives and individuality of each unique team member, recognizing that when our employees represent and understand different perspectives, they enhance the services and insights we offer customers and business operations. Respect for each other is essential in our culture, and everyone is empowered to be themselves. This mindset fosters support for diversity in terms of gender, race and ethnicity as well as populations such as the LGBTQ+ community and individuals with disabilities or neurodivergences.

Our Diversity, Equity and Inclusion (DEI) initiatives start in our own offices and extend throughout our recruiting efforts, business networks, vendor relationships and broader communities. In addition, we track industry best practices and resources, leveraging the learning, insights and resources available through our ownership and broader network.

In 2023, in keeping with our broader Sustainability and Social Impact strategy development and transition, we began to update our DEI program.

This included mapping out a multi-year strategy with increased executive engagement through new governance structures. When rolled out, the new framework will focus on:

•

Cultivating a fair and equitable work environment for an inclusive and engaged workforce

•

Building a diverse, high-performance workforce by improving recruitment and professional development processes

•

•

6 7 8

2023 Sustainability and Social Impact Report

Year

Female

Racial and Ethnic Minority Representation8

Male

Other

Year

Racial and Ethnic Minority Representation

Entire Company

Entire Company 2021

64%

36%

0%

2021

25%

2022

63%

37%

0%

2022

27%

2023

65%

35%

0%

2023

28%

Director and Above

Director and Above7 2021

42%

58%

0%

2021

13%

2022

50%

50%

0%

2022

17%

2023

52%

48%

0%

2023

16%

Manager and Below

Manager and Below 2021

73%

27%

0%

2021

31%

Extending accountability with impact measures to track progress

2022

68%

32%

0%

2022

30%

2023

71%

29%

0%

2023

34%

Reviewing key human resources tools for inclusivity, such as job descriptions

•

Deploying training that builds awareness of DEI issues Recognizing individual employee efforts

EQ aligns with the U.S. Equal Employment Opportunity Commission’s reporting by sex, which include categories of female, male and non-binary.

EQ’s director and above representation is a total count of all individuals within the company who oversee an aspect of the organization, specifically people with job functions classified as “director,” “vice president,” “senior vice president,” and “executive.” This figure includes all promotions and terminations during the year.

EQ aligns with the U.S. Equal Employment Opportunity Commission’s definitions of race and ethnicity categories, which include Hispanic or Latino, White, Black or African American, Native Hawaiian or other Pacific Islander, Asian, American Indian or Alaska Native, and two or more races. Racial and ethnic minority representation statistics include all employees in the aforementioned categories except those identifying as White.

EQ Office

Gender Representation6

Fostering relationships with external partners through our vendor diversity programming

•

•

Gender and ethnicity representation data is one indicator to inform plans and goals. We share this information in the interest of transparent stakeholder communications. While there have been some positive developments, this is an important area for further improvements, which will factor into our future Sustainability and Social Impact strategy.

OneTeam in Action Zachary Thomas, Operations Coordinator at Willis Tower, was the first recipient of the BOMA/ Chicago Foundation’s Reginald L. Ollie Inclusion and Outreach Scholarship from the LGBTQ+ community. The scholarship is designed to support professional development of an individual working in commercial real estate who is a member of historically underrepresented group.

Photo Credit: Kirstine Walton, Organic Headshots

Ayrika Ng, Director of Investments, was awarded the Developing Leader of the Year award by the Commercial Real Estate Development Association (NAIOP) during its Annual Best of the Bay Awards in 2023. Among other activities with the organization, Ayrika helped create the ARGUS Certification Scholarship Program on behalf of the Inclusion, Diversity, Equity and Accountability Committee.

Photo Credit: Olivia Smartt, Olivia Smartt Photography

17

Social

Spotlights: Vendor Diversity

Business Diversity for Economic Impact

McFarlane Douglass: Elevating the Beauty of Willis Tower

Our conviction that diverse perspectives and experiences strengthen business and customer offerings also applies to vendor engagement. Our teams have increased the number of small businesses owned by women and members of racial and ethnic minorities within our vendor base. We maintain internal standards to facilitate inclusive hiring of vendors and regularly track and evaluate these engagements across our portfolio.

McFarlane Douglass & Companies is a family-owned landscaping and commercial decorating company celebrating its 40th anniversary in 2024. The certified minority business enterprise started small, delivering plants from the basement of its founder, Douglas Giebel. The company has serviced Willis Tower for two decades, providing interior plants, exterior landscaping, holiday decor and more. Among other projects in 2023, McFarlane Douglass provided winter wonderland installations in multiple lobbies and community spaces.

Spotlight: Vendor Diversity

“We are humbled to have the opportunity to work at Willis Tower because it’s such an iconic building. We’re also grateful for the partnership with EQ. They view our displays as a gift to their tenants, which encourages us to be even more creative in our designs.”

Pamela McNamara Vice President of Operations McFarlane Douglass & Companies

Cookies With Tiffany: Welcoming the Community When Tiffany Lewis launched Cookies with Tiffany during the COVID-19 pandemic, she was motivated by one mission: to bring people together through the nostalgia of a cookie. Now, Tiffany operates a regular pop-up location at U.S. Bank Center in Seattle, serving her warm, small-batch cookie creations.

As a woman-owned business, Tiffany believes the cookie is a metaphor for community, something meant to be cherished and shared with others, whatever their background. Cookies With Tiffany is also committed to using local ingredients when feasible, and to giving back through donations to local hospitals.

Evergreen Electric Supply: Supporting the Tenant Experience Evergreen Electric Supply has provided lighting and electrical supply for about 10 years at Willis Tower, supporting building updates, new tenant spaces and retrofits. Evergreen also maintains the building’s LED lighting, ballast and electrical supply, including fixtures, occupancy sensors and other systems. In 2023, the certified women-owned business played a central role in the Willis Tower 33rd floor tenant lounge renovation, a challenging project in a building that dates to 1973.

“I feel it’s my duty to bring people together, and EQ helps me do this by making such a beautiful space available. There is something so special about this building, including the team, and we have a common commitment to welcoming the community with an inviting and cheerful experience. I’m grateful to play a part in activating Cedar Hall, the building, and the downtown neighborhood through something that’s delicious, approachable and community-focused.”

“Since my mother started this business in 1986 selling fuses and batteries, lighting and its technologies have evolved so much that lighting is now central to any workspace. It’s unique and personal. We are grateful for the chance to shine on the Willis Tower stage and respond to whatever this flagship property needs.”

Tiffany Lewis

Colleen Kramer

Founder, Cookies With Tiffany

President & Owner, Evergreen Supply

EQ Office

2023 Sustainability and Social Impact Report

18

Social

Health and Wellness Support

Heath and Wellness Support Our property teams foster wellness through building management, benefits, events and other forums as a top priority.

WELL Health-Safety Rating (HSR) Operations We continue to pursue WELL HSR certifications, a safety rating for facility operations and management.

The certification is third-party-verified, informed by the WELL Building Standard. In 2023, we earned the WELL HSR certification at 19 properties in key markets, including Boston, Chicago, Los Angeles, Miami, New York, San Diego, San Francisco and Seattle.

Photo credit: Hannah Rankin, Hannah Rankin Photography

In 2023:

19

WELL HSR CERTIFICATIONS

at the property level and 34 at the building level, covering 15.9m+ square feet

28

PROPERTIES

covering 21.8m+ square feet, included a fitness center9

100%

of properties with air quality testing had results meeting ASHRAE10 Standard 62.1 (2019) limits11

97%

~1,500

100%

of properties are less than 1,000 meters from public transportation

onsite and virtual fitness classes were held for employees and tenants

of properties have common areas that offer social and community interaction

78%

of properties offer healthy eating options on site

Fitness and Exercise We manage on-site gyms throughout most of our portfolio and subsidize gym memberships and fitness classes for our employees and customers. In 2023, we increased our offering with 35% more fitness classes than in the prior year,12 which reflects increased tenant engagement and office attendance. Some of our properties also offer outdoor greenspace for gatherings and community-based wellness programming.

Wellable We continue partnering with Wellable to provide health and wellness solutions across our portfolio. The platform offers personalized wellness programs and virtual and in-person sessions for meditation, yoga, Pilates, boxing and bootcamps. In 2023, more than 1,000 people participated in virtual sessions across 25 properties.

Air Quality Management Our property teams proactively monitor indoor air quality and conduct regular testing, aligned with WELL HSR’s test for temperature, relative humidity, total volatile organic compounds, ozone, carbon dioxide, carbon monoxide and particulate matter with a diameter of 10 micrometers. Additionally, many of our properties have installed Minimum Efficiency Reporting Value (MERV) filters of level 13 or higher to filter particulate matter and ensure compliance with air quality standards and recommendations from ASHRAE.

9 10 11 12

EQ Office

2023 Sustainability and Social Impact Report

Fitness centers are located at 78% of properties representing 88% of square footage (over 21,809,900 sf) within EQ’s 2023 portfolio.

ASHRAE, the American Society of Heating, Refrigerating and Air-Conditioning Engineers, is a professional organization that seeks to advance the design and construction of systems that control a building’s temperature, humidity, air quality and ventilation.

ASHRAE Standard 62.1 assesses ventilation, air filtration and other factors that determine if a building’s indoor air quality (IAQ) is acceptable for human occupants or is associated with adverse health effects.

In 2023, EQ provided over 1,461 in-person and virtual fitness classes, compared to over 1,081 classes held in 2022.

37 19

Environmental Sustainability

Overview

Our commitment to reducing our impact on the environment is paramount to our business. Our focus on promoting a lowcarbon economy, optimizing the efficiency of our day-to-day operations and working across our ecosystem of business partners underpins our sustainability approach.

Introduction

We primarily activate our commitment through:

Social Impact

Environmental Sustainability

Decarbonization, including energy efficiency, renewable energy and reducing GHG emissions

Implementation of green building principles and use of certified facilities

Water conservation and responsible use

Governance Waste reduction and recycling

EQ Office

2023 Sustainability and Social Impact Report

Active engagement with our customers

20

Environmental Sustainability

Our Approach

Our Approach

Customer Partnerships

Across our portfolio, we are committed to effective environmental management and performance in keeping with the expectations of our customers, employees and other key stakeholders, as well as in alignment with emerging regulations at the federal, regional, state and city level.

We collaborate with our customers to reduce energy consumption, manage resource use and waste generation, along with other compliance, efficiency, educational and data management practices. We also offer green lease14 clauses in new and renewal leases, which can support a customer’s own sustainability goals and help meet regulations in the US and European Union. Our properties also partner with customers to facilitate sustainability education events, electronics recycling drives, beach clean-ups, farmers markets and related activities.

Reducing our environmental impact is enacted by incorporating sustainability considerations into our daily operations, including management, maintenance and construction. This is thanks to the dedication of our Engineering and Property Management teams who continually look for opportunities to make adjustments that increase energy efficiency, help mitigate the effects of climate change, reduce water use, manage waste outputs and maintain indoor air quality standards. Property-specific environmental risk assessments further support our operations and preparations for changing conditions by measuring our risk and resilience levels related to natural disasters, hazardous materials, contamination and unexpected geopolitical events. We actively work to identify opportunities to reduce energy consumption and GHG emissions at the building level through operational adjustments and capital improvement projects.

14

Green leases are standard lease agreements that are characterized by having clauses and requirements related to Sustainability and Social Impact (e.g., energy, water and waste management, metering, social initiatives, etc.).

Examples of our environmental sustainability initiatives include:

•

•

Energy and Emissions - Installing energy-efficient building upgrades and creating a plan to reduce GHG emissions when a new asset is acquired

•

Waste Minimization - Implementing recycling and composting

•

Creative Reuse - Reusing or repurposing products and spaces whenever possible

•

Vendor Diversity and Engagement - Working with suppliers and procuring materials that benefit local economic development and culture

Resources - Evaluating ways to reduce the use of natural resources in daily building operations

•

Green Construction - Implementing EQ’s Green Pre-Construction Checklist13

13

EQ’s Green Pre-Construction Checklist includes the local sourcing of materials (within 500 miles of a building), use of materials associated with lower emissions, use of energy-efficient materials in interiors, use of local cultural materials (i.e., site-specific historic elements), prioritization of lowering operating costs through environmental capital improvements and application of vendor waste diversion policies and tracking practices.

EQ Office

2023 Sustainability and Social Impact Report

21 41

Environmental Sustainability

Our Approach

Decarbonization

2023 Environmental Performance Overview:

43%

53%

of leases in place included sustainabilityrelated clauses, representing 30% of the square feet in our portfolio15

of our portfolio offers composting programs, with three additional EQ assets launching food waste composting in 2023

~60%

31%

of EQ's square footage is LEED certified16

of properties underwent air filtration upgrades Photo Credit: Bianco Artists

43%

19

Decarbonization

of vendors hired for construction projects utilized EQ’s Green Pre-Construction Checklist

Real estate plays a significant role in global carbon emissions, making it essential to pursue decarbonization through energy reduction, operational improvements, optimized material use, efficiencies and the adoption of clean energy sources.

27%

58%

Our commitment to decarbonization is our priority since GHG emissions represent our primary environmental impact and therefore our greatest opportunity to accelerate progress and support resilience.

year-over-year increase in tons of electronics recycling and additional product recycling and reuse19

of properties have electric vehicle charging stations available for employees and customers

ENERGY STAR certifications,17 covering 26% of the square feet in our portfolio18

15 16 17 18 19

EQ Office

2023 Sustainability and Social Impact Report

Green lease clauses are associated with over 7,340,700 square feet in our 2023 portfolio.

LEED certifications are associated with over 14,253,300 square feet in our 2023 portfolio. 15% of LEED certified square footage earned new or renewed certification in 2023.

To be certified as ENERGY STAR, a building must meet strict energy performance standards set by the US Environmental Protection Agency (EPA) and earn an ENERGY STAR score of 75 or higher.

ENERGY STAR certifications are associated with nearly 6,462,700 square feet in our 2023 portfolio.

Additional product recycling and reuse includes the collection of paint, Styrofoam, lamps, bulbs, batteries and other materials that require non-traditional waste disposal.

22

Environmental Sustainability

Decarbonization

Greenhouse Gas Emissions

Enhanced Data Collection and Analysis

In 2022, we measured and reported our GHG footprint for the first time. Since then, we have established our GHG emissions baseline and extended the measurement of relevant Scope 3 categories—adding two more categories, for a total of three in Scope 3. Now we are working to set targets with corresponding plans across Scopes 1, 2 and 3 aligned with best practices in climate science and stakeholder needs.

At the same time, we are upgrading our data management and reporting capabilities around utilities and GHG emissions, a critical step.

We continue to focus on extending data collection and refining methodologies in line with regulations and customer needs.

As we further build out our decarbonization program, we remain committed to transparently reporting our GHG emissions footprint and annual electricity use and implementing new technologies where feasible.

In 2023, we have expanded our Scope 3 data collection and reporting to include category 5 (waste) and category 7 (employee commuting), as well as refined our methodology in calculating category 13 (downstream leased assets). We also expanded Scope 1 emissions to include secondary fuel consumption data from onsite generators, equipment, refrigerants and mobile sources.

202220and 202321GHG Emissions Footprint Absolute

Description

2023 GHG 2022 GHG Emissions Emissions Absolute Absolute (metric tons (metric tons CO2e)21 CO2e)20

Like-for-Like22 Year-22 OverYear23 Change

2022 GHG 2023 GHG Emissions Emissions Absolute Absolute (metric tons (metric tons CO2e) CO2e)

Intensity23 (Like-for-Like) YearOverYear Change

2023 GHG 2022 GHG Emissions Emissions Absolute Intensity (kgCO2e/ft2) (kgCO2e/ft2)

2023 GHG Emissions Reduction

YearOverYear Change

Scope 124

Direct emissions

4,764

6,821

43%25

1,776

1,861

5%26

0.090

0.095

5%27

Scope2627228

Indirect emissions

49,464

42,807

-13%

44,908

40,896

-9%

2.28

2.08

-9%

Scope 1 & 2

Combined total of direct and indirect emissions

54,228

49,628

-8%

46,685

42,757

-8%

2.37

2.17

-8%

Scope 3 Category 529

Waste

-

2,205

-

-

-

-

-

-

-

Scope 3 Category 730

Employee commuting

-

183

-

-

-

-

-

-

-

Scope 3 Category 1331

Downstream leased assets

112,048

103,626

-8%

105,922

96,272

-9%

5.38

4.90

-9%

Despite the increase in data collected, we decreased Scope 1 and 2 emissions in 2023.

Scope 1 and 2 emissions, which represent our direct emissions and purchased energy, respectively, decreased year-over-year by about 8% due to increased operational efficiencies implemented by our Operations team.

Photo credit: Chris Ozer

Total

20 21 22 23 24

166,276

155,643

-6%

152,607

139,029

-9%

7.76

7.07

-9%

EQ’s 2022 GHG emissions footprint aligns with the Environmental Protection Agency’s (EPA) Emissions and Generation Resource Integrated Database (eGrid2021).

The eGrid factors are used to convert electricity consumption data into associated greenhouse gas emissions.

EQ’s 2023 GHG emissions footprint aligns with the EPA Emissions and Generation Resource Integrated Database (eGrid) released in January 2024 (eGrid2022).

The eGrid factors are used to convert electricity consumption data into associated greenhouse gas emissions.

Like-for-like calculations compare year-over-year performance of properties owned with available data in 2022 and 2023. The like-for-like analysis excludes properties bought or sold throughout the reporting period. The analysis also excludes categories of scope 1 and scope 3 emissions that were added to the inventory in 2023 and not accounted for in 2022.

In alignment with the US EPA’s Energy Star Portfolio Manager standards and calculations, our measure of square footage used to calculate intensity is characterized by the gross floor area of each building, excluding parking and garage spaces.

Scope 1 emissions are direct GHG emissions that occur from sources that are owned or operated by EQ, e.g. emissions generated by EQ-owned or operated boilers, furnaces.

In 2023’s GHG emissions footprint, Scope 1 was expanded to include secondary fuel data from gas-powered equipment and on-site generators, as well as refrigerants.

EQ Office

2023 Sustainability and Social Impact Report

25 26 27 28

29 30 31

In 2023, EQ enhanced its GHG Inventory methodology to include additional energy sources for inclusion in Scope 1 emissions. These new sources of Scope 1 emissions account for 4,450 MT of CO2e, or 65% of Scope 1 emissions in 2023.

Increase can be attributed to expanded occupancy.

Increase can be attributed to expanded occupancy.

Scope 2 accounts for the GHG emissions generated through EQ’s off-site energy procurement from energy that is purchased or otherwise brought into the organizational boundary of the company. This inventory reflects location-based accounting for Scope 2 emissions, which uses the average emission factor of the electricity grid from which our facilities purchase power.

Market-based accounting, which considers the impact of renewable energy purchases, is not included in this report.

In alignment with the GHG Protocol, Scope 3 category 5 represents emissions from the third-party disposal and treatment of waste from EQ’s direct operations and construction projects.

In alignment with the GHG Protocol, Scope 3 category 7 represents emissions from the transportation of employees between their homes and EQ Office worksites.

In alignment with the GHG Protocol, Scope 3 category 13 represents emissions from the operation of assets owned by EQ and leased to other entities.

23

Environmental Sustainability

Decarbonization

Energy Efficiency

Renewable Energy

We reduce energy consumption through design, technology and operational strategies. Improving energy efficiency has numerous benefits—from lower energy costs and better environmental outcomes to improved comfort for our building occupants.

Energy reduction and clean energy projects are implemented through a variety of tactics, such as upgrading and installing high-efficiency equipment and appliances like heating and air conditioning systems, LED lighting and solar arrays. The ENERGY STAR Portfolio Manager platform allows us to track, assess and benchmark our current and historic utility consumption for each building. Our Operations team leads day-to-day building management and capital improvement planning while ensuring ENERGY STAR compliance.

In 2023, we carried out a variety of environmental capital improvements across our portfolio,  including: •

Building management system upgrades and installations33

•

High-efficiency equipment and appliance installations

•

Heating, ventilation and air conditioning system upgrades

•

LED lighting upgrades, with new LED lights installed across five properties

•

Modification to energy-efficient elevator cars

Green lease agreements with our customers can also lead to energy and emissions reductions through requirements related to energy management, metering and the purchase of clean energy. In 2023, energy audits conducted at several properties covered 25% of our total square footage.32 2022 and 2023 Energy Consumption

32 33

2022

2023

Year-Over-Year Change

Electricity Consumption (kWh)

349,413,324

331,269,228

-5%

Electricity Intensity (kWh/sf)

15.62

13.41

-14%

Coverage (sf)

23.1 m

24.7 m

Portfolio Coverage (%)

97%

100%

The square footage of properties that conducted energy audits in 2023 equates to about 6,239,000 square feet.

Building management systems, also referred to as building automation systems, are automatic centralized controls of a building’s heating, ventilation and air conditioning (HVAC) systems. This also encompasses energy management systems, whose functionalities expand beyond facility management to forecast and adjust energy demand in a building.

EQ Office

2023 Sustainability and Social Impact Report

We focus on opportunities to adopt additional renewable energy sources, particularly the feasibility of onsite solar installations and renewable energy credits (RECs).34

6.2MWh

774k+kWh 20–55%

projected solar energy generation at several California assets in our 2023 portfolio

of solar energy generated at EmeryTech, covering 52% of electricity consumption in 2023

53%

97.5m+kWh

of square footage in our portfolio was associated with the procurement of RECs and onsite renewable energy in 2023

procured by RECs in 2023, representing 45% of total electricity consumption from EQ-paid utility bills35

34 35

projected energy load reduction at each building associated with future solar projects

EQ purchases Green-e certified renewable energy credits through a direct utility provider, which procures energy from wind farms across the United States. RECs are procured to cover electricity bills within EQ’s operational control and percentage of electricity consumption covered by RECs refers to EQ paid electricity bills rather than whole building data.

These figures exclude certain tenant and retail spaces which are represented in our whole building energy consumption values.

24

Environmental Sustainability

Sustainable Design and Construction We are committed to applying green building practices, reducing embodied carbon through material selection, designing for energy efficiency and implementing features that encourage sustainable behaviors and operations. This includes prioritizing the use of local materials that avoid GHG emissions and benefit local economies through their purchase and installation.

In 2023, 40% of our onsite construction projects used locally sourced materials such as carpet, glass panels, wood, ceiling tiles, laminate sheets, drywall, concrete and more.36 EQ provides Green Construction Guidelines to help property teams evaluate the environmental management practices of prospective vendors before selection. The guidelines cover a variety of sustainable procurement suggestions, such as selecting vendors with recycling policies, implementing energy and water efficiency, choosing local materials and those with lower volatile emissions diverting waste during construction and using native plants and local cultural materials, among others.

Where relevant, we pursue certifications that validate the sustainability performance of our buildings, including LEED. As of the end of 2023, there were 16 LEED certifications across our properties, covering 58% of the square feet in our portfolio.

Sustainable Design and Construction

Using Water Responsibly

Urban Beekeeping

72%

When designing new or renovated spaces, we work to integrate natural elements and preserve existing ecosystems. By incorporating nature into built environments, we create healthier, more sustainable and more human-centered places that respect natural systems.

EQ has brought these nature-based experiences to locations across the US since 2019. Today, we have 20 honeybee hives at 13 EQ locations, supporting approximately one million honeybees that collectively pollinate 151 square miles.

Honey harvested from onsite beehives is shared with customers and employees in local offices, and educational events are hosted throughout the year to help employees and customers learn about the role of pollinators in urban landscapes.

Photo Credit: Jenna Fernandez

of EQ properties have high-efficiency water fixtures, such as low-flow faucets, toilets and urinals37

Photo Credit: Jenna Lynn, Jenna Lynn Photography

Using Water Responsibly Heating and cooling systems, restrooms, landscaping and restaurants all consume water in office buildings.

We aim to optimize the use, treatment and disposal of water in and around our buildings and infrastructure.

We aim to promote responsible use of natural resources and health and resilience of the environments we occupy.

We continually evaluate opportunities for conservation, such as through efficient landscape design and irrigation.

In 2023, three of our properties representing almost a quarter of our square footage conducted water audits to identify additional opportunities for water savings.38 Also in 2023, several properties completed water conservation upgrades, including occupant sensors for water fixtures, leak detection and flood stop systems, drip and smart irrigation systems and drought-tolerant and low-water landscaping.

36

EQ aligns with standards set by the U.S. Green Building Council in LEED v.2009 for the definition of local materials, which includes those sourced or manufactured within 500 miles of the property.

EQ Office

2023 Sustainability and Social Impact Report

37 38

EQ aligns water reduction initiatives with municipal water efficiency standards through monitoring and reporting at our properties and installing low-flow fixtures throughout our portfolio. For properties undergoing capital improvements, we install lowflow bathroom fixtures wherever feasible.

2022 and 2023 Water Consumption 2022

2023

Year-Over-Year Change

287,788,176

285,198,333

-1%

Water Intensity (gallon/sf)

12.09

11.58

-4%

Coverage (sf)

23.8 m

24.6 m

Porfolio Coverage (%)

99.7%

99.7%

Water Consumption (gallons)

High-efficiency water fixtures are associated with 26 out of 36 properties, representing 84% of square feet within our 2023 portfolio.

Water audits were conducted at 21% of the square footage in our 2023 portfolio, which equates to about 5,148,000 sf.

25

Environmental Sustainability

Waste Reduction and Recycling

Waste Reduction, Reuse and Recycling

Waste Reduction and Recycling Our team is committed to increasing waste diversion rates to reduce waste sent to landfills. We do so through recycling, composting, material reuse and donation programs within our direct operations and construction projects.

We conduct regular waste audits, prioritize vendors that support our waste reduction goals and partner with local government entities and customers to ensure we avoid as much waste as possible. In 2023, waste audits conducted at several properties covered 21% of our total square footage.

Recycling Events In keeping with our focus on customer engagement, we continue to provide recycling, educational and community forums. At properties in Atlanta, Boston, Chicago, Denver, Los Angeles, Nashville, New York, Orange County, San Diego, San Francisco and Seattle, we held recycling events that collected more than 35 tons of furniture and other goods for repurposing and recycling. We collected over 310 tons of electronics for upcycling and safe disposal, as well as other non-traditional waste39 for recycling, a 165% yearover-year increase.

2022 and 2023 Waste Diversion and Recycling

2022

2023

Year-Over-Year Change

Total Waste Recycled (metric tons) 40

4,633

3,114

33% decrease

Total Waste Composted (metric tons)

408

603

48% increase

Total Waste Sent to Landfill (metric tons)

5,769

5,598

3% decrease

Total Waste (metric tons)

10,810

9,316

14% decrease

Waste Diversion Rate (%)

47%

40%

14% decrease

Direct Operations In 2023, we diverted more than 3,700 metric tons of waste from landfills in direct property operations and construction projects—about 40% of our total waste generated in 2023.

Of the total waste generated by our direct operations, 35% was recycled, including e-waste, and 9% was composted.

Spotlight: Donating and Recycling Electronics

We further expanded composting programs in 2023, with 53% of properties providing composting programs, despite the challenges associated with composting in some municipalities. During the year, 603 metric tons of waste were composted, a 48% increase over 2022.

Playa District, a 33-acre campus in Los Angeles composed of office tenants and retail centers, works with Human-I-T to donate electronic items that would otherwise go to waste.

With collections twice a year, Playa District donated more than 13,500 pounds of electronics during 2023.

Human-I-T creates equitable access to opportunity by providing devices, internet access, digital skills training and tech support for in-need communities, while helping businesses divert technology from landfills.

Photo Credits: Kyle Johnson, Bianco Artists

53%

of EQ properties offer composting

EQ Office

2023 Sustainability and Social Impact Report

39 40

Non-traditional waste includes lamp and battery recycling, Styrofoam collection, paper shredding, paint disposal and others.

Total waste recycled includes waste generated in direct operations and from construction projects. The 33% year-over-year decrease in waste recycled is largely due to a 36% decrease in construction waste generated from 2022 to 2023.

Human-I-T refurbishes donated devices before distributing them to local communities.

Any items that cannot be refurbished are responsibly recycled.

Photo Credit: Daniel Peter, Bianco Artists

26

Environmental Sustainability

Construction Waste Reduction We aim to minimize the negative environmental effects of waste from construction by reducing materials and using sustainably produced raw materials. As we consider ways to apply more sustainable innovation and support a circular economy, we diverted 53% of construction waste from landfill in 2023. We worked to ensure waste was recycled consistent with EPA’s guidelines for the Sustainable Management of Construction and Demolition Materials through the diversion of waste from landfill, recycling and reuse of materials when applicable.

Spotlight: Environmental Stewardship at Willis Tower

Spotlight: Environmental Stewardship at Willis Tower Located in the heart of downtown Chicago, Willis Tower stands as the largest building in the US to earn LEED Platinum certification, having implemented numerous environmentally-friendly attributes.

•

Energy Efficiency - overall energy consumption at Willis Tower decreased over 13% since 2022, enabled by state-of-the-art upgrades to the main chiller plant, installation of LED light fixtures and sensors and other initiatives:

•

Modernizing the building automation system and increasing control points to over 80,000, which optimizes automation strategies and allows for real-time consumption monitoring

•

Installing high-efficiency fans and water-cooling media for several existing cooling towers

•

Reconditioning of three existing chillers to increase efficiency by about 30%

•

Implementing adaptive reuse of the secondary riser system improved resiliency of the tenant condenser water system

•

EQ Office

2023 Sustainability and Social Impact Report

Modernizing the elevator system to improve tenant wait times by 30% and enhance energy efficiency by 28%

•

Renewable Energy - Committed to multi-year procurement of renewable energy credits to cover energy use beyond reductions

•

Water Conservation - Low-flow, high-efficiency sink faucets, toilets and urinals save more than 11 million gallons of water annually

•

Recycling - Paper, plastics, cardboard, metals, electronics, glass, batteries and mercurycontaining light bulbs are collected for recycling, along with a building-wide compost program

•

Biodiversity Support - Installed a “Bird Box” system in 2023 as part of The City Birds Project, which aims to identify bird species flying over the Chicago wilderness region, build biodiversity awareness and inform conservation efforts

These and other initiatives aimed at conserving energy have also reduced operating costs significantly.

Throughout 2023, Willis Tower worked with 13 diverse vendors on these improvements, including womanowned, minority-owned, certified small business and veteran-owned businesses.

27

Environmental Sustainability

Energy Excellence Award Thanks to these and other efforts, the Willis Tower Engineering team earned the ComEd 2023 Energy Excellence Award for Commitment to Energy Efficiency and Sustainability. EQ also recognized two employees, Steve Antoniazzi and Tom Padgham, with our Sustainability Leader of the Year Award.

Together, they implemented programming that lowers the building’s electrical consumption from 13MW to 8MW. Steve trained the Willis Tower team on how to best start up and shut down the building to lower consumption during critical hours. Tom designed and delivered an effective adaptive re-use project by creating connections to a secondary condenser system.

Building-Wide Composting Since launching a building-wide compost program in 2023, Willis Tower now composts in over 20 locations throughout the building and collects about 30 metric tons of compostables during the year. The program’s compost was

Construction Waste Reduction

graded 98% clean by a third-party waste management provider.

The property team credits its success with five customer training courses and workshops and the creation and rollout of a composting handbook that includes specific guidance and educational resources. Plans are underway to promote the handbook across EQ properties.

Recycling Willis Tower recycles paper, plastics, cardboard, metals, electronics, glass, batteries and mercurycontaining light bulbs. The building achieved a landfill diversion rate of over 41% in 2023. It also provides staff and customers with opportunities to recycle electronics twice a year. In 2023, a total of 1.9 metric tons of electronics were recycled. A partnership with Green Grease also allowed the building to recycle over 15,800 pounds of cooking oil and grease from onsite restaurants.

Recycling from the building was also graded 95% clean by a third-party waste management provider.

Building Resilience and Risk Management

Building Resilience and Risk Management Doing our part to help ensure the health, safety and security of people who work in or visit our properties is a longstanding priority. This includes proactively identifying, assessing and mitigating potential risks, implementing preventive measures, adhering to defined safety protocols in the event of an emergency and training employees on safety and security at work.

We recognize the critical importance to our customers of working in buildings that unfailingly maintain a healthy and safe environment in a resilient property.

Our building risk management and emergency preparedness plans are informed by regular third-party external audits conducted across our organization and property portfolio, as well as at the individual property level. These audits evaluate overall operational compliance, emergency and safety procedures, energy management, indoor air quality and the conditions of our assets. The plans also consider each property’s unique location and building composition.

We continually optimize building resilience.

Every EQ property has: •

Electronic security system monitoring 24 hours a day, 365 days a year

•

Fire protection systems that meet or exceed code

•

Regular education for customers on emergency response and protective actions for life safety through interactive drills and trainings

•

Emergency preparedness and response protocols, as well as physical security plans

•

Customized crisis communications manuals, regular training with simulation drills and a dedicated agency to assist with customer communications in real time

•

Building-wide intercom customer notification system

•

Preventive maintenance program and team members who are cross-trained in facilities and engineering operations

We continually assess the resilience of our properties by monitoring the following risks: • • • • • • • • • •

EQ Office

2023 Sustainability and Social Impact Report

Building safety and materials Building preparedness and resilience Land and groundwater pollution Flooding and other natural hazards Energy efficiency Waste management Water supply and efficiency Indoor environmental quality Health and well-being Transportation

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Governance

Overview

The values expressed through our OneTeam foundations provide a framework for daily operations for which our commitment to goverance is a critical enabler.

Introduction Social Impact

We focus on:

Environmental Sustainability

Governance Company Governance EQ Office

2023 Sustainability and Social Impact Report

Sustainability and Social Impact Governance

Cybersecurity and Data Privacy 29

Governance

Company Governance

Sustainability and Social Impact Governance

Company Governance Ethics and compliance are fundamental to our business, guiding our day-to-day decision making and operations. Just as we hold ourselves to the highest ethical standards, customers expect us to operate with accountability, integrity and transparency.

Our governance focuses on activities that facilitate ethical business practices and manage risks in accordance with the EQ Compliance Manual, while promoting transparent communications. Ultimately, our values and governance approach support our ambition to be the best office operating company for our customers.

The EQ Compliance Manual stipulates that we do not condone any conduct that is illegal, fraudulent, unethical or retaliatory. This applies to our own teams, contractors, suppliers, customers and other partners. Annual mandatory trainings reflecting key principles in the Compliance Manual further promotes safe and ethical environments.

Through an anonymous Ethics Helpline hosted by a third party, EQ employees can report possible ethics breaches, conflicts of interest, employment discrimination, harassment, retaliation or other potentially uncomfortable interpersonal workplace experiences. These concerns are routed to our People & Culture and Legal teams as appropriate.

We also encourage employees to contact their managers, senior leadership, the People & Culture team or the Legal team for guidance on reporting a potentially unethical situation.

All reported concerns are investigated promptly. Additionally, EQ prohibits any form of discipline, reprisal, intimidation or retaliation for reporting, in good faith, a potential violation of this policy or cooperating in related investigations.

EQ Office

2023 Sustainability and Social Impact Report

Sustainability and Social Impact Governance Our Sustainability and Social Impact governance initiatives are overseen by our Senior Vice President, Social Impact and Sustainability, who reports directly to the Chief Executive Officer and works closely with other company leaders and functional experts, all of whom share our collective commitment. Specific programs are executed with the support of our Sustainability and Social Impact steering committee and experts throughout the company in key functions, such as People & Culture, Operations, Engineering and Construction.

Similarly, our DEI efforts are led at the executive level by our Chief Executive Officer and Chief Operating Officer, with strategic leads including our Senior Vice President People & Culture, Senior Vice President Sustainability and Social Impact, and Transformation Director responsible for overseeing the program.

Our People & Culture and Sustainability and Social Impact departments drive implementation of our DEI initiatives, supported by a DEI committee that works to increase awareness and culture improvements. As we

update our Sustainability and Social Impact strategy, we are also revisiting how we approach DEI to identify the most effective path forward.

Social, environmental and transparency considerations are integrated into our annual company-wide goal-setting and performance management processes. This also includes reviewing relevant sustainability, social impact and governance policies and procedures and updating or developing new ones to reflect emerging trends that could affect our customers and markets.

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Governance

Cybersecurity and Data Privacy

About our Report

Cybersecurity and Data Privacy

About Our Report

We appreciate the trust our employees and customers place in us—to provide them with inspiring workspaces and experiences and of course to protect their private information. We are committed to safeguarding the privacy of data and to ensuring the cybersecurity of smart technologies in our buildings. The EQ Privacy Policy describes how we collect, protect and process personal information.

This annual Sustainability and Social Impact Report covers our properties and their associated buildings, except where otherwise noted, for the reporting period of January 1 through December 31, 2023.

This includes our portfolio of 36 properties and 74 individual buildings with a gross floor area of over 20 million square feet.

In addition, throughout our organization we apply a set of cybersecurity protocols designed to protect our networks, systems and applications: •

Require all EQ employees to complete annual cybersecurity training that underscores the importance of scrutinizing, questioning and reporting content, particularly from unknown parties, that comes in through electronic devices

•

Require all third-party contractors to complete annual EQ cybersecurity training

•

Ensure all connected devices in our buildings have protection from cyber risk, especially as we continue to implement additional smart technologies

Looking ahead, we are exploring solutions to further secure our building networks and devices, connect them to the cloud and roll out applications with the potential to enhance real-time security processing and optimization.

Data Collection and Verification

Standards

We conduct quarterly data collection and performance monitoring through a consistent set of surveys provided to each property in our portfolio. To help ensure data accuracy, all survey data must be reviewed by each property’s leadership prior to submittal, with additional data validation completed by our Sustainability and Social Impact team.

Our Sustainability and Social Impact reporting is informed by the Global Real Estate Sustainability Benchmark (GRESB), to which we provide information for fund submissions each year. In the course of refining our Sustainability and Social Impact strategy and developing this report, we also reviewed applicable UN SDGs, the Global Reporting Initiative Standards and relevant Sustainability Accounting Standards Board (SASB) Standards published by the International Sustainability Standards Board of the International Financial Reporting Standards Foundation—such as the SASB Real Estate Standard (2023). We regularly monitor emerging regulations, including potentially mandatory disclosures from the US Securities & Exchange Commission, that could affect our key stakeholders.

This process provides us with social and environmental data that is comparable and consistent, enabling both quarterly and yearover-year assessments. Due to the complexity of energy and GHG emissions data, we engage a third party to support GHG emissions data analysis and verification.

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2023 Sustainability and Social Impact Report

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EQ Office 233 South Wacker Drive, Suite 4700 Chicago, IL 60606 www.eqoffice.com