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Deals & Dealmakers

Brookfield Properties’ One Manhattan West to be Powered by 100 Percent Renewable Energy

Brookfield Properties today announced a five-year agreement with Brookfield Renewable to supply renewable electricity to One Manhattan West, a state-of-the-art office tower located within Brookfield Properties’ Manhattan West development. The renewable energy will be supplied by Brookfield Renewable’s hydropower facilities located in upstate New York and will meet 100 percent of the electricity needs of One Manhattan West.

The deal is one of the largest intrastate renewable energy agreements for a single building in New York State and makes One Manhattan West the first building within Brookfield Properties’ New York portfolio to meet all its electricity needs with renewable energy.

“Our pledge to obtain 100 percent renewable electricity at One Manhattan West underscores our unwavering commitment to reach net-zero emissions by 2050 across Brookfield’s portfolio,” said Callie Haines, Executive Vice President and Head of New York of Brookfield Properties. “We are especially proud to source the renewable energy within New York, supporting the state’s goal of obtaining 70 percent of its electricity needs from renewable energy resources by 2030. We are already exploring doing the same for additional assets within our New York portfolio.”

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms, including over 70 hydropower facilities and three wind farms in New York state.  These assets generate nearly 900 megawatts of clean energy, enough to power 440,000 homes annually.* Brookfield Renewable employs 300 green economy professionals and supports another 250 indirect green economy jobs in the state, including at the headquarters for its U.S. business in New York City.

“This agreement showcases Brookfield Renewable’s exceptional capabilities in providing customized renewable energy solutions across New York state and the greater Northeast region, drawing from our world-class renewable facilities,” said Mitch Davidson, Chief Executive Officer of Brookfield Renewable U.S. “We are well positioned to meet the growing need for renewable energy solutions as states and businesses achieve their decarbonization targets.”

Completed in 2019, One Manhattan West is a 67-story, 2.1 million square foot office tower located within Brookfield’s 8-acre, 7 million square foot development, Manhattan West. Tenants of One Manhattan West include EY, Skadden, Arps, Slate, Meagher & Flom LLP, Accenture, NHL and W.P. Carey. The tower was designed by Skidmore, Owings & Merrill.

Brookfield Properties will use ClearTrace, a blockchain-based carbon accounting technology platform, to digitally match One Manhattan West’s electrical consumption with energy and associated renewable energy certificates (RECs) generated from Brookfield Renewable’s hydropower facilities on an hourly basis and create auditable records for all hours of the year.

Brookfield Properties will also provide digital dashboards for each of its tenants at One Manhattan West, enabling them to track the portion of the building’s electric consumption driven by each tenant and how that consumption is satisfied by locally sourced renewable energy production. The access to detailed streaming energy data will support Brookfield Properties’ goal of net-zero greenhouse gas emission by 2050, and its tenants’ own carbon reduction objectives.

* Estimates based on U.S. EPA calculations.

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