Press Release

Ballard Spahr Represents Stony Brook University in New York Climate Exchange Project

April 26, 2023

Ballard Spahr represented Stony Brook University (SBU) in its successful public-private partnership (P3) proposal to lead a consortium of academic institutions and private sector companies to design, build, operate, finance, and maintain the New York Climate Exchange (Exchange), a first-of-its-kind international center for developing and implementing climate crisis solutions on Governors Island in the New York City harbor.

The Exchange’s $700 million, net-zero, all-electric campus will include a living laboratory with 400,000 square feet of research labs, classroom space, exhibits, greenhouses, and a research and technology accelerator. It will host green job training and skills-building programs for local residents to help them launch successful careers, as well as partner with educational institutions and companies to address the social and practical challenges created by climate change. 

Ballard Spahr counseled on corporate and governance matters pertaining to the creation of the Exchange and advised on the negotiation of all transaction documents, including a pre-development agreement and lease.

P3/Infrastructure attorneys Steve T. Park and William Estes led the Ballard Spahr team that represented SBU in this matter, with significant contributions from Dimitrios Angelakos from the firm’s Real Estate Department. Other team members included New York Office Managing Partner Marjorie J. Peerce, Tax attorney Christopher A. Jones, Labor and Employment attorneys Denise M. Keyser and Justen R. Barbierri, Environment and Natural Resources attorney Ron Varnum, and Finance attorney Racquel A. Muindi.

For further information, please see press releases from the City of New York and SBU.

For media inquiries, please contact Will Ashenmacher at 612.371.5792.

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