Brookfield Pledges Its $3B Manhattan West Tower Will Run Entirely On Renewable Energy
One Manhattan West, the 2.1M SF skyscraper Brookfield developed on Manhattan's West Side, is leaving fossil fuels behind.
Brookfield is going to power the skyscraper, which was valued last week at $2.85B when Blackstone acquired a 49% stake in the 67-story building, with electricity generated by hydropower facilities owned by Brookfield Renewables, the Canadian asset management giant announced Monday.
The deal makes One Manhattan West the first in Brookfield's New York portfolio — which spans millions of square feet and includes Brookfield Place in lower Manhattan and MetroTech in Brooklyn — to be powered entirely by 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,” Brookfield Executive Vice President and Head of New York Callie Haines said in a statement announcing the five-year deal.
The renewable energy is set to come from Brookfield Renewable’s hydropower facilities in upstate New York — it owns 74, according to the company's website.
Brookfield said the building will be one of the largest in the state to be run with in-state renewable energy. All tenants in the building will be given digital dashboards so they can track how much their individual operation is driving the building’s energy consumption.
Haines added that the company is looking at taking the same approach with other properties it owns and operates in New York.
“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,” she said.
Building owners across the city are coming under increasing pressure to reduce emissions. New York’s Local Law 97 requires landlords to bring their carbon footprint down 40% from 2005 levels by 2030 and 80% by 2050, with benchmark requirements each year starting in 2025.