Forest City Realty Trust
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.