One Manhattan West to run on renewable energy

Brookfield unit with hydropower, wind farms to generate power for $3B skyscraper

New York /
Mar.March 21, 2022 03:00 PM

Brookfield Properties EVP Callie Haines (Brookfield Properties, iStock)

 

Brookfield is planning to power One Manhattan West, its tower at 401 Ninth Avenue, with 100 percent renewable energy, Bloomberg reported. The building will use hydropower provided by another unit, Brookfield Renewable, which operates more than 70 hydropower facilities and three wind farms in New York state.

The agreement for a fully renewable energy at One Manhattan West is one of the largest in-state renewable energy deals for a single building, Brookfield told Bloomberg.

“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 Callie Haines said in a statement to the outlet.

Brookfield last year partnered with Elon Musk’s Tesla Energy and Dacra to create SunHouse at Easton Park in Austin. The company said in a release it will be the country’s most sustainable residential community.

State and local initiatives are also pushing for renewable energy inroads. Gov. Kathy Hochul said in December the state would work to distribute upwards of 10 gigawatts of solar power by 2030, which could power nearly 700,000 households. Since 2013, the state has grown its solar energy capacities from 74 megawatts to 2.2 gigawatts.

For the city, meanwhile, Local Law 97 is looming, with fines set to begin in 2024. Landlords of most buildings exceeding 25,000 square feet will need to comply with a greenhouse-gas emissions limit to avoid the penalties.

Brookfield and the Qatar Investment Authority announced last week that a 49 percent stake in the 2.1 million-square-foot One Manhattan West was sold to Blackstone. The deal values the 67-story office tower at $2.85 billion.

The office tower was completed in 2019. In 2020, it secured a massive refinance with $1.5 billion in CMBS debt. Two mezzanine loans boosted the total package to $1.8 billion. Prominent tenants include the law firm Skadden Arps, Ernst & Young, Accenture and the National Hockey League.

[Bloomberg] — Holden Walter-Warner





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