Real estate management and development company
Forest City Realty Trust, Inc. , formerly Forest City Enterprises , was a
real estate investment trust that invested in
office buildings ,
shopping centers and
apartments in
Boston ,
Chicago ,
Dallas ,
Denver ,
Los Angeles ,
Philadelphia , and the greater metropolitan areas of
New York City ,
San Francisco and
Washington, D.C. The company was organized in
Maryland with its headquarters in
Cleveland ,
Ohio . As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes.
[1] On December 7, 2018, the company was acquired by
Brookfield Asset Management .
History
In 1920, Forest City was founded as a family-owned
lumber and
household hardware business by siblings Charles, Leonard,
Max and Fannye Ratner, immigrants from Poland.
[2] Beginning in the 1930s, the company invested in residential garages, apartments, retail strip centers. During World War II, the company manufactured and prefabricated governmental housing.
[2]
In 1960, Forest City became a publicly-traded company.
[2] In 1987, the company sold its retail lumber business to
Handy Andy Home Improvement Center .
[3]
In 2011, the company sold a 49% stake in a retail portfolio in New York for $172.3 million.
[4] In 2013, the company acquired a 100% interest in a mall in
Pittsburgh .
[5] The company also sold a Sheraton hotel in
Station Square in Pittsburgh for $61 million.
[6] It also announced plans to redevelop
Ballston Common Mall .
[7] The company acquired a key parcel from
Macy's for $13.4 million.
[8]
In 2016, for tax purposes, the company converted into a real estate investment trust.
[9] The company also sold its stake in the
Brooklyn Nets and the
Barclays Center to
Mikhail Prokhorov ,
[10] sold its military housing division to Hunt Companies for $208.8 million,
[11] sold
Terminal Tower to K&D Group for $38.5 million,
[12] and sold 7.7 acres and 8 buildings in Cleveland to an investor group for $3.5 million.
[13]
In June, 2017 Forest City shareholders voted to eliminate the dual share structure that had enabled the founding Ratner family to control the company.
[14] The City of New York also filed a lawsuit against the company in conjunction with the rent due pursuant to a ground lease.
[15]
In August, 2017 the company sold 25 acres in Cleveland.
[16] In October, 2017 the company sold its interests in 10 malls to
Queensland Investment Corporation for $1.55 billion.
[17]
On December 7, 2018, the company was acquired by
Brookfield Asset Management .
[18]
[19]
Investments
Forest City developed
The New York Times Building in New York City in 2008.
Notable projects that were owned by the company are:
8 Spruce Street , also known as "New York by Gehry", for its designer,
Frank Gehry .
Pacific Park, Brooklyn , a
mixed-use development in
Brooklyn that includes the
Barclays Center .
Central Station , a primarily residential development on the site of a former railroad terminal in
Chicago .
Mercantile National Bank Building , a mixed-use urban redevelopment project of a historical office complex in
Dallas .
Mesa del Sol , planned for 100,000 inhabitants in
Albuquerque , is the company's largest mixed-use development, co-owned by Covington Capital Partners.
New York Times Building , a 52-story building in Midtown
Manhattan designed by architect
Renzo Piano .
Northfield Stapleton is an open-air, 1,200,000-square-foot (110,000 m2 ) retail town center at the company's mixed-use redevelopment project at
Stapleton International Airport in
Denver .
Public Health Service Hospital District in
San Francisco 's Presidio.
Radian, a 26-story, curved residential tower in the Financial District of
Boston .
Showcase Mall , a shopping center on the
Las Vegas Strip .
Short Pump Town Center , an
outdoor mall in
Richmond, Virginia .
Station Square , a 52-acre (210,000 m2 ) indoor and outdoor shopping, dining and entertainment complex in
Pittsburgh .
University Park at MIT , a mixed-use urban redevelopment project on an abandoned industrial site near the
Massachusetts Institute of Technology in
Cambridge, Massachusetts .
Victoria Gardens , a mixed-use shopping center development in
Rancho Cucamonga, California .
Westchester's Ridge Hill , an upscale, urban open-air shopping center in
Yonkers, New York anchored by
Lord & Taylor , until the store closed in 2020.
Westfield San Francisco Centre , an upscale, urban shopping center in San Francisco co-owned and managed by
The Westfield Group .
References
^
a
b
"Forest City Realty Trust, Inc. 2016 Form 10-K Annual Report" .
U.S. Securities and Exchange Commission .
^
a
b
c Perez, Christine (June 1, 2007).
"From Lumberer to Developer, Forest City's Roots Run Deep" .
National Real Estate Investor .
^
"Handy Andy Purchase" .
Chicago Tribune . January 15, 1987.
^
"Forest City Announces Joint Ventures with Madison International Realty for 15 New York City Area Retail Centers" (Press release). Forest City Enterprises. March 29, 2011 – via
PR Newswire .
^
"Forest City Acquires Partner's Share of Pittsburgh Regional Mall; Sells Its Interest in Adjacent Specialty Center to Partner" (Press release). Forest City Enterprises. April 18, 2013 – via PR Newswire.
^ Gough, Paul J. (July 19, 2013).
"Sheraton Station Square Hotel sold for $61M" .
Washington Business Journal .
^ Sernovitz, Daniel J. (September 17, 2013).
"Forest City details Ballston Common mall makeover" . Washington Business Journal .
^ Sernovitz, Daniel J. (September 12, 2013).
"Forest City completes deal with Macy's for Ballston Common mall redevelopment" . Washington Business Journal .
^
"Forest City completes conversion to REIT status" (Press release). Forest City Enterprises. January 4, 2016 – via PR Newswire.
^ Jarboe, Michelle (February 1, 2016).
"Forest City no longer owns stake in Brooklyn Nets, Barclays Center" .
The Plain Dealer . Cleveland.
^
"Forest City closes sale of military housing business to Hunt Companies" (Press release). Forest City Enterprises. February 22, 2016 – via PR Newswire.
^ Jarboe, Michelle (September 15, 2016).
"Terminal Tower sold to K&D Group in $38.5 million deal; apartments planned for 12 floors (photos)" . The Plain Dealer . Cleveland.
^ Jarboe, Michelle (December 21, 2016).
"Forest City sells Flats properties to Cleveland-area investor group eyeing development (photos)" . The Plain Dealer . Cleveland.
^ Bullard, Stan (June 12, 2017).
"Forest City shareholders OK changing stock structure" .
Crain's Cleveland Business . Retrieved April 2, 2022 .
^ Rothstein, Matthew (June 1, 2017).
"City Files Suit Against Forest City For Times Square Ground Lease" .
Bisnow Philadelphia .
Archived from the original on September 15, 2017. Retrieved April 2, 2022 .
^ Jarboe, Michelle (August 4, 2017).
"Forest City sells 25 acres on Scranton Peninsula in Cleveland (photos)" . The Plain Dealer . Cleveland: cleveland.com. Archived from
the original on December 10, 2018.
^
"Forest City and QIC execute definitive agreements for regional mall portfolio" (Press release). Forest City Enterprises. October 2, 2017.
Archived from the original on May 8, 2021 – via PR Newswire.
^
"Brookfield Completes Acquisition of Forest City Realty Trust" (Press release). Brookfield Asset Management. December 7, 2018.
Archived from the original on May 14, 2021 – via
Globe Newswire .
^ Jarboe, Michelle (December 6, 2018).
"Brookfield cuts jobs, including top executives, at Forest City as acquisition looms" . The Plain Dealer . Cleveland: cleveland.com.
Archived from the original on November 20, 2023.