Brookfield Properties has successfully transitioned its Mid-Atlantic office portfolio to be powered by electricity sourced from regional nuclear power plants, fulfilling its commitment made in June 2023. The first-of-its-kind deal is the largest direct purchase of electricity and Emissions Free Energy Credits (EFECS) for the commercial real estate industry. The transition reduces the portfolio’s greenhouse gas emissions from purchased energy by over 85% and represents a significant milestone in Brookfield Properties’ broader pledge to power its U.S. office portfolio with over 500,000 MWh of clean energy by 2026, positioning it as the nation’s largest commercial real estate buyer of clean energy.
“By securing clean energy from in-grid nuclear power plants, we are significantly reducing our office portfolio’s greenhouse gas emissions impact” said Cy Kouhestani, Head of the Mid-Atlantic Region for Brookfield Properties office business. “This deal is a powerful example of our commitment to creating sustainable solutions that benefit both our tenants and the environment, and marks real progress on our journey toward a portfolio powered by electricity from clean energy sources across the U.S. by 2026.”
Through the agreement, Brookfield Properties will avoid emitting nearly 42,000 metric tons of carbon dioxide equivalent annually, which is approximately equal to the greenhouse gas emissions from burning 46 million pounds of coal, or 10,000 gasoline-powered cars on the road, or charging 2,750,000,000 smartphones. Tenants within Brookfield Properties’ Mid-Atlantic office portfolio stand to directly benefit, as the agreement eliminates a tenant’s scope 2 emissions associated with electricity within their leased office space.
The transition is backed by a contract with Calpine Energy Solutions to source 100% of the properties’ expected electricity usage, approximately 100,000 MWh, from nuclear plants within the local PJM grid, including facilities equipped by Westinghouse, a Brookfield Asset Management portfolio company. The agreement includes both the underlying electricity and corresponding EFECS, and ensures the electricity is drawn from the same local power grid as the operating properties.
The transition to clean energy electricity in the Mid-Atlantic region builds upon multiple agreements Brookfield Properties has already executed in New York to power its marquee office towers – One Manhattan West, Two Manhattan West, and 660 Fifth Avenue -with renewable electricity sourced from hydropower facilities located in Upstate New York that are owned and operated by Brookfield Renewable.
About Brookfield Properties
Brookfield Properties is a leading global operator and developer 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 1100 properties and over 390 million square feet of real estate in global markets on behalf of Brookfield 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, Brookfield Properties is reimagining real estate from the ground up. For more information, visit www.
