200 Liberty St.
NEW YORK CITY—TerraForm Power announced it has relocated its headquarters from Bethesda, MD to New York City. A spokesperson for the publicly-traded company that owns and operates clean power generation assets in the US and the EU tells GlobeSt.com that the company signed a 10-year lease with Brookfield Properties. TerraForm Power is occupying 21,000 square feet at Brookfield Properties' 200 Liberty St. in downtown Manhattan.
With 176 megawatts of wind and solar assets in New York State alone, the company has brought 100 new jobs to the New York City metropolitan area. Its global assets, 100% with renewable power, total more than 3,600 MW of installed capacity.
In June 2018, Brookfield increased its majority interest in TerraForm Power from 51% to an approximately 65% interest. In moving to the Brookfield property, the company has brought 100 jobs to the New York metropolitan area.
In addition, a spokesperson for the clean energy corporation notes that since coming to Manhattan, TerraForm Power increased its asset by 40% by acquiring Saeta Yield, a Spanish owner and operator of renewable power assets. The company's move anticipates and accounts for its continued future growth.
“Given its positive business climate, deep pool of skilled workers, and supportive policy regime, we believe New York is the ideal launching pad for the continued growth of our renewable power generation platform throughout North America,” says John Stinebaugh, CEO of TerraForm Power.
The leasing transaction was handled internally by both the landlord and tenant without outside brokers.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
