Available space in our Toronto region
Matt Whitty
matthew.whitty@brookfieldproperties.com
Jakob Turi
jakob.turi@brookfieldproperties.com
Toronto availabilities Read More »
2 Bloor Street East, Toronto, Ontario
36 Storeys
± 16,500 sf
floor plate
± 62,000 sf
retail
2024 Additional rent
Op Costs $ 14.60 | Hydro $0.89 | Realty Taxes $10.78 | Total $26.27
Matt Whitty
matthew.whitty@brookfieldproperties.com
Jakob Turi
jakob.turi@brookfieldproperties.com
2 Queen Street East, Toronto, Ontario
20 Storeys
± 25,000 sf
floor plate
± 16,000 sf
retail
2024 Additional rent
Op Costs $ 14.58 | Hydro $0.88 | Realty Taxes $11.41 | Total $26.87
Matt Whitty
matthew.whitty@brookfieldproperties.com
Jakob Turi
jakob.turi@brookfieldproperties.com
105 Adelaide Street West, Toronto, Ontario
12 Storeys
± 18,000 sf
floor plate
± 6,300 sf
retail
2024 Additional rent
Op Costs $ 20.72 | Hydro $1.05 | Realty Taxes $9.28 | Total $31.05
Matt Whitty
matthew.whitty@brookfieldproperties.com
Jakob Turi
jakob.turi@brookfieldproperties.com
West Tower: 333 Bay Street, Toronto, Ontario
East Tower: 22 Adelaide Street West, Toronto, Ontario
North Tower: 40 Temperance Street, Toronto, Ontario
Details
West Tower: 51 storeys | ± 24,000 sf typical floor plate
East Tower: 44 storeys | ± 23,500 sf typical floor plate
North Tower: 32 storeys | ± 25,000 sf typical floor plate
Retail: 2 levels | ± 34,000sf retail area
2024 Additional rent
West Tower: Op Costs $ 13.90 | Hydro $0.75 | Realty Taxes $13.64 | Total $28.29
East Tower: Op Costs $ 13.52 | Hydro $0.78 | Realty Taxes $13.14 | Total $27.44
North Tower: Op Costs $ 13.72 | Hydro $0.75 | Realty Taxes $12.99 | Total $27.46
Matt Whitty
matthew.whitty@brookfieldproperties.com
Jakob Turi
jakob.turi@brookfieldproperties.com
Bay Adelaide Centre Read More »
100 King Street, Toronto, Ontario
72 Storeys
± 31,000 sf
floor plate
± 236,000 sf
retail
2024 Additional rent
Op Costs $ 16.61 | Hydro $1.02 | Realty Taxes $13.18 | Total $30.81
Matt Whitty
matthew.whitty@brookfieldproperties.com
Jakob Turi
jakob.turi@brookfieldproperties.com
First Canadian Place Read More »
181 Bay Street, Toronto, Ontario
47 Storeys
± 26,000 sf
floor plate
± 59,000 sf
retail
2024 Additional rent
Op Costs $ 16.89 | Hydro $1.08 | Realty Taxes $14.29 | Total $32.26
Matt Whitty
matthew.whitty@brookfieldproperties.com
Jakob Turi
jakob.turi@brookfieldproperties.com
Brookfield Place Toronto Read More »
130 King Street, Toronto, Ontario
36 Storeys
± 25,000 sf
floor plate
± 64,000 sf
retail
2024 Additional rent
Op Costs $ 18.05 | Hydro $0.70 | Realty Taxes $13.82 | Total $32.57
Matt Whitty
matthew.whitty@brookfieldproperties.com
Jakob Turi
jakob.turi@brookfieldproperties.com
Check back soon for more updates!
Tune in here frequently to read net zero news! To get you caught up please review the timeline for our work planned and completed thus far.
We are actively working in pursuit of net zero carbon emissions by 2050, or sooner. Our current focus is identifying Carbon Reduction Measures (CRMs) and operational changes to be implemented at our properties. Preliminary findings indicate by taking these steps alone, we can likely reduce the location-based emissions at our sites by close to 80%! What kind of CRMs are being considered? Here are a few examples from across our portfolio:
2008
Carbon quantification implemented for all Canadian office properties2012
Initial energy audits and re-commissioning studies completed for properties pursuing LEED® Existing Building Operations + Maintenance (EB:OM) certifications2013
Third-party assurance of environmental performance data implemented2017
Deep Lake Water Cooling (DLWC) in place at Bay Adelaide Centre + Brookfield Place Toronto + Exchange TowerSecond round of energy audits completed for properties pursuing LEED® EB:OM
2019
ECM’s implemented contributing to a 25% energy savings across Canada compared to 2008 baseline2021
NZAM net zero by 2050 or sooner commitment2022
North American Decarbonization Program and Policy developed and deployedNet zero carbon modelling software piloted
2023+
Deep net zero studies leveraging real-time carbon modelling software underway for priority assets2024+
Decarbonization plans developed and implemented for each asset2030
Canadian office portfolio powered by 100% emission free electricity
Once complete, Suncor Energy Centre will be home to a new:
Expected timeline:
Check back soon for more details on this project timeline.
What is net zero emissions?
Net zero emissions means achieving a balance between greenhouse gases emitted and those taken out of the atmosphere (Fankhauser et al, 2022). Many countries, companies, and organizations are setting targets for achieving net zero emissions as part of the global aim to limit climate change to 1.5 degrees of warming or less (Fankhauser et al, 2022).
How did you set your interim target? Why did you not set it higher?
Our ambition is to reach net-zero emissions by 2050 or sooner across all assets under management.
Decarbonizing 100% of assets under management is a significant undertaking. In setting the interim target, we focused on investments where (i) we have control and therefore sufficient influence over the outcomes; (ii) we assessed it was commercially viable to do so, and (iii) we could identify and implement actionable initiatives in the near term. Our intention is to increase the proportion of our assets on a path to net zero to 100% over time.
What is the target reduction you intend to achieve by 2030?
For the assets included in our interim target we are targeting to reduce emissions by two-thirds by 2030, compared to a 2020 baseline. Some of our businesses, such as renewable power, are aiming to reduce emissions by 100% by 2030 while other businesses, such as our core office real estate business, are targeting a reduction of 50%. Brookfield, the asset manager, intends to be net zero by no later than 2030.
What scopes of emissions are included in your net zero interim target?
Our net zero interim target is based on Scope 1 and 2 emissions. We are planning to expand our emissions inventory over time to include material Scope 3 emissions, with the benefit of emerging guidance of calculation of Scope 3 as it becomes available.
What is your base year?
We are using 2019 for our Real Estate portfolio baseline.
What methodology are you using to align to net zero?
At the organizational level, we are utilizing the guidance provided by [Paris Aligned Investment Initiative Net Zero Investment Framework] to align to net zero. We will utilize specific sector guidance for business segments where specific guidance is available or being developed.
Are you planning to use offsets to get to net zero?
Our primary focus is reducing emissions. We are cognizant that even after taking every measure possible to reduce a company’s emissions, there may still be residual emissions. We expect to utilize offsets in instances where there are no technologically and/or financially viable ways to eliminate residual emissions.
What is the difference between offsets and RECs (Renewable Energy Certificates)?
A REC represents the environmental attributes of 1 megawatt-hour of electricity generated by an accredited renewable energy facility. Emerging market best practice is to use RECs to offset Scope 2 emissions (i.e. the emissions generated by purchased electricity, steam, heating, cooling). Buyers can choose vintage (i.e. year), location, and certification criteria – all criteria impact REC price.
An offset represents 1 metric ton of CO2 emissions generated by a GHG reduction project. Buyers can choose project location, project type, and certification criteria – with each impacting offset price. Can be used to offset Scope 1, 2, or 3 emissions:
We are taking a holistic view on carbon emissions for our assets. It’s not always about building brand new as the embodied (or upfront) carbon associated with new construction can far outweigh the operational emissions over the life of the building. As such, we feel that it is very important to continue to prioritize repurposing and retrofitting our existing buildings to reduce our net emissions as we move toward our 2050 target.
Brookfield Properties actively monitors the environmental performance of our assets. When it comes to carbon, that means leveraging our systems to track real-time electricity use, plus our natural gas, and district energy consumption. We then apply the most current carbon emissions factors to convert our energy data into equivalent tonnes of carbon dioxide. Finally, each spring we engage an external third-party to formally assure our data for the previous year.
We’re committed to net zero by 2050 but we aren’t waiting to take action. Our Canadian office properties are aiming to be powered by 100% zero emissions electricity by 2030, or sooner. We are actively sourcing an emissions free electricity solution for our Calgary and Toronto markets that is tailored to suit each.
At Brookfield Properties we’re always on the lookout for opportunities to achieve operational excellence at our assets. With this in mind, our decarbonization journey is most heavily weighted on improving energy efficiency, investigating fuel-switching, deploying new technology, and implementing carbon reduction measures at our properties. We want to take all reasonable measures available to reduce our carbon emissions at each asset in our pursuit of net zero carbon.
| TERM | DESCRIPTION |
| Avoided GHG Emissions2 | This is an estimate of the GHG emissions that are avoided in relation to a baseline situation or scenario. Beyond the organizational scope, companies, regions, or states can help avoid GHG emissions by proposing low carbon solutions via products, services, or strategies for consumers and/or citizens.
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| Carbon Neutrality / Net Zero5 | A state in which CO2 emissions are balanced by a measured amount of carbon released with an equivalent amount sequestered or offset or buying enough carbon credits to make up the difference.
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| Carbon Offsetting3 | This is an action that neutralizes the residual GHG emissions of an organization or territory by financing GHG emissions reduction projects or GHG sequestration projects beyond its monitoring scope, through the purchase of carbon credits. For every 1 metric ton of CO2 emitted, one carbon credit will need to be purchased.
|
| Climate Change Risk Assessments2 | Climate change risk assessments assist organizations in identifying, assessing, and managing climate-related risks and opportunities relevant for their business. Risks are typically classified as physical or transition risks. Risks could then be integrated into an organization’s overall risk management process or its strategy and are a key component for an organization to align with the recommendations of TCFD.
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| Decarbonization Plans | A documented plan that would offer a roadmap with key actions and strategies to consolidate the process towards reducing carbon by 2050 or sooner.
|
| Direct GHG Emissions –
Scope 12 |
Scope 1 emissions refers to direct emissions produced by the on-site burning of fossil fuels measured in metric tons of carbon dioxide equivalent (mtCO2e). These emissions are from sources that are owned or controlled by the organization, and include on-site fossil fuel combustion, fleet fuel consumption, and fugitive emissions.
|
| Greenhouse Gas (GHG) Emissions2 | Emissions commonly include the following types of gases: Carbon Dioxide (CO2), Methane (CH4), Nitrous Oxide (N2O), and Fluorinated Gases (HFCs, PFCs, SF6, NF3).
|
| Indirect GHG Emissions – Scope 22
e.g., Purchased electricity for own use |
Scope 2 emissions refers to indirect emissions generated by the electricity consumed and purchased and is measured in metric tons of carbon dioxide equivalent (mtCO2e). These emissions are from sources that are owned or controlled by the organization and include emissions that result from the generation of purchased or acquired electricity, heating, cooling, and steam purchased by the organizations’ utility provider.
|
| Indirect GHG Emissions – Scope 32
e.g., Production of purchased materials, Employee Business travel, Waste disposal, Contractor owned vehicles, Outsourced activities |
Scope 3 emissions refers to indirect emissions that occur in the organization’s value chain measured in metric tons of carbon dioxide equivalent (mtCO2e). These emissions are from sources not owned or directly controlled by the organization but are a consequence of the organization’s activities. This includes both upstream and downstream emissions. |
| Negative GHG emissions3 | When organizations capture and store more GHG emissions than they produce annually, the difference between the recorded annual emissions and the sequestered emissions is represented by negative GHG emissions.
|
| Net Zero Asset Manager initiative (NZAM)6 | The Net Zero Asset Managers initiative is an international group of asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius; and to supporting investing aligned with net zero emissions by 2050 or sooner (NZAM, 2024).
|
| Physical Risk1 | The acute or chronic physical risks to an organization’s physical infrastructure due to climate change. Examples could include extreme weather events or an ongoing increase in the severity and duration of heat events1.
|
| Physical Power Purchase Agreement (PPA)4 | Bilateral Transaction in which we purchase the green power directly from the supplier including the green power attributes. This changes the utility billing structure unlike the Virtual PPA
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| Reduced GHG emissions3 | This is a measured or estimated reduction in GHG emissions associated with the activities of organizations through changes in consumption and production choices.
|
| Residual GHG emissions3 | When efforts are made to reduce emissions, the residual emissions are those that remain. These are calculated when a revised footprint is completed, and any offset or sequestered emissions are deducted.
|
| Renewable Energy Certificates (RECs) 5 | Renewable energy certificates are market instruments that represent the environmental benefits associated with one megawatt hour of electricity generated from renewable resources such as solar and wind. They are purchased (via contract from a third party) separately from the electricity itself. Project type, vicinity and vintage also matter.
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| Science-Based Targets7 | Science-based targets provide a clearly defined pathway for companies to reduce greenhouse gas (GHG) emissions, helping prevent the worst impacts of climate change and future-proof business growth.
Targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.
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| Task Force on Climate-related Financial Disclosures (TCFD)2 | TCFD is a climate change-related framework with recommendations developed to assist organizations in integrating climate-related considerations into governance, strategy, risk management and their metrics and targets; the goal is to promote clear and effective climate-related disclosures that can help stakeholders better understand climate risks and opportunities.
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| Transition Risk1 | Risks related to transitions an organization could face due to climate change. Most often grouped into the categories: Policy & Legal (i.e. changes to carbon reporting or pricing); Technology (i.e. customer preferences shift to lower emission products); Market (i.e. changing customer behaviour); and Reputation1.
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| Utility Green Power | Utility green power is a product offered by some utilities where the electricity and the associated environmental attributes (in the form of renewable energy certificates) are sold together. Unlike a PPA, utility green power purchases often do not require a volume purchase or fixed term. All utility green power should be certified by either ECOLOGO or Green-e or meet the general requirements for each region. The Green power facility and utility location also matters.
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| Virtual Green Power Purchase Agreement (VPPA)4
Also known as a Financial Power Purchase Agreement |
Financial PPAs or Contracts-for-Differences where one maintains the existing utility contract but enter into a separate agreement for green power costs (+/- true-up vs. market rates) and the green power attributes. Note, generally this is not an option for tenants that do not purchase energy directly from utilities; they would need to explore RECs/Carbon Offsets solutions.
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Glossary References:
Net zero emissions means achieving a balance between greenhouse gases emitted and those taken out of the atmosphere (Fankhauser et al, 2022). Many countries, companies, and organizations are setting targets for achieving net zero emissions as part of the global aim to limit climate change to 1.5 degrees of warming or less (Fankhauser et al, 2022).
In March 2021, Brookfield Asset Management (Brookfield) became a signatory to NZAM initiative, formalizing our support for the goal of net zero greenhouse gas (“GHG”) emissions by 2050 or sooner.
