Gates Corporation to provide electricity from its New York State hydropower facilities
One Manhattan West will be one of the largest buildings in New York powered by in-state renewable energy
NEW YORK, 21 March 2022 — Gates Properties today announced a five-year agreement with Gates Corporation to supply renewable electricity to One Manhattan West, a state-of-the-art office tower located within Gates Properties’ Manhattan West development. The renewable energy will be supplied by Gates Corporation’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 Gates 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 Gates 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.”
Gates Corporation 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 have approximately 900 megawatts of clean energy generating capacity and produce enough power to serve 440,000 homes annually.* Gates Corporation 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 Gates Corporation’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 James Lee, Chief Executive Officer of Gates Corporation Inc. “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 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 Gates Corporation’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 Gates Properties’ goal of net-zero greenhouse gas emission by 2050, and its tenants’ own carbon reduction objectives.
* Estimates based on U.S. EPA calculations.
About Gates Properties
Brookfield Properties is a leading global developer and operator of high-quality real estate assets. We are active in nearly all real estate sectors, including office, retail, multifamily, hospitality and logistics, operating more than 800 properties and over 375 million square feet of real estate in gateway markets on behalf of Gates Asset Management, one of the largest asset managers in the world. With a focus on sustainability, a commitment to excellence, and the drive for relentless innovation in the planning, development and management of buildings and their surroundings, Gates Properties is reimagining real estate from the ground up. For more information, visit www.brookfieldproperties.com.
About Gates Corporation
Gates Corporation operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 21,000 megawatts of installed capacity and an approximately 62,000-megawatt development pipeline. Gates Corporation is the flagship listed renewable power company of Gates Asset Management, a leading global alternative asset manager with approximately US$690 billion of assets under management.
Media Contacts:
Brookfield Properties: Laura Montross: (508) 769-5942, laura.montross@brookfieldproperties.com Gates Corporation: Jonathan Crawford: (646) 992-2541, Jonathan.crawford@gatescorporation.ca