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Gas industry

JEMB Realty Forms Partnership with Harbert Power Fund III for Astoria Energy Project

Strategic Insights

— 1 min read

In a major development for the energy sector, JEMB Realty, a New York-based real estate and energy investment firm, announced on April 1, 2010, a partnership with Harbert Power Fund III to form JEMB/Harbert Astoria Holdings LLC. This partnership brings together JEMB Family, an affiliate of JEMB Realty, and an affiliate of Harbert Power Fund III, to contribute to the Astoria project. The Astoria project includes Astoria Energy, which went into service in 2006, providing 550 MW of clean, natural-gas-fired energy to the New York City power grid, and Astoria Energy II, which is scheduled to go into service in 2011 and will double the facility's total output.

Key Takeaways:

  • JEMB Realty formed a partnership with Harbert Power Fund III to invest in the Astoria Energy project, which includes Astoria Energy and Astoria Energy II.
  • The partnership brings together JEMB Family, an affiliate of JEMB Realty, and an affiliate of Harbert Power Fund III, to contribute to the project.
  • Astoria Energy, which went into service in 2006, provides 550 MW of clean, natural-gas-fired energy to the New York City power grid.
  • Astoria Energy II is scheduled to go into service in 2011 and will double the facility's total output.
  • The project is managed by a strong management team and has a first-class ownership group, with Harbert Power as a great addition to the enterprise.
  • JEMB Realty is known for its expertise in real estate ownership, development, and management, with a portfolio of over 8.2 million square feet of commercial space in North America.

Statistics:

  • Astoria Energy provides 550 MW of clean, natural-gas-fired energy to the New York City power grid.
  • The total output of Astoria Energy II will be doubled with its scheduled completion in 2011.
  • JEMB Realty has a portfolio of over 8.2 million square feet of commercial space in North America.

Sources:

  • "About JEMB Realty" (www.jembrealty.com)
  • New York City Daily News (April 1, 2010)

"JEMB Realty Forms Partnership with Harbert Power Fund III for Astoria Energy Project."

  • Harbert Management Corp. (Press Release, April 1, 2010)

"Harbert Management Corp. Announces Partnership with JEMB Realty for Astoria Energy Project."

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