Wednesday, March 5, 2008

National Grid's Catell Says Buh-Bye to His Million-a-Month Brooklyn Office

Newsday has a great story about the goings-on at National Grid's MetroTech headquarters.

National Grid (remember when it was called KeySpan? And before that Brooklyn Union Gas?) confirmed that it is in discussions with the landlord of its Downtown Brooklyn building. National Grid wants to vacate the top three floors to reduce costs and consolidate.

But there had been a little hitch, says Newsday: Former KeySpan chief executive Robert Catell, now executive chairman of National Grid USA, had "expressed a strong desire" to remain in his spellbindingly impressive 23rd floor office, which two sources said is leased for around $1.1 million a month.

After what we can assume was a bit of pushing and shoving -- Catell is said to have a "special bond" with his executive aerie -- we're told that the matter is now settled and that National Grid will fix up another office for Catell -- a bit lower.

Of course, hundreds of regular National Grid employees live in a different reality: All National Grid office employees below the vice president level are being shifted to workstations six by eight feet in size.

Catell's stock, retirement and potential separation package from National Grid has a value of $81.4 million if he departs this fall.

A Lower Perch for National Grid Chief Newsday

- It's Official: KeySpan is Now National Grid
- KeySpan Cleanup, and More Brooklyn Thursday News
- KeySpan Workers on Tinderhooks as Merger with National Grid Looms
- KeySpan/ National Grid Merger: Another Snag
- What Does KeySpan/ National Grid Merger Mean for Brooklyn?
- KeySpan, National Grid Merger One Step Closer
- British Co. to Take Over Brooklyn-Based Electric Business
- National Grid Offers Concessions in Pursuit Of Keyspan

Photos by MK Metz

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