Capstone Headwaters advised National Grid PLC (“National Grid”) on its divestiture of Metro Energy to an entity owned by Muss Development LLC (“Muss Development”).
National Grid is one of the largest investor-owned energy companies in the U.S. – serving more than 20 million customers throughout New York, Massachusetts, and Rhode Island. Metro Energy, a subsidiary of National Grid Energy Management, provides electricity, heating, cooling and hot water to Brooklyn Renaissance Plaza, a real estate development owned by Muss Development. Brooklyn Renaissance Plaza was a key property in the revitalization of downtown Brooklyn. It represents 1.2 million square feet of space and the New York Marriott which is part of it is the fourth largest hotel in New York City.
Muss Development is one of the largest real estate development companies in New York City. It has been in existence over 100 years and over the course of its history has built more than 15 million square feet of space. Muss Development sought to purchase Metro Energy to gain greater control over their real estate.
Richard Burlingame, Director of U.S. M&A for National Grid, said
“We chose Capstone originally because of their connections to the existing buyer pool. The team provided quality support.”
According to Ted Polk, Managing Director at Capstone Headwaters
“National Grid invested wisely in the MetroTech development to help spur the gentrification of its service territory and was very successful in doing so.”