July 30, 2007
News for Forest City Lovers and Love-to-Haters
[Regarding the concert poster, go figure.]
The Real Estate Observer ran news on this deal a week and a half ago, but the official press release is interesting because, as far as we can tell, this is the first time that Forest City CEO Chuck Ratner is the only quote in a company press release for a New York project. Typically the job would have fallen to cousin Bruce Ratner.
Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) today announced that it has signed a new office tenant for the 1.5-million-square-foot New York Times Building, which brings signed office lease agreements to approximately 90 percent.
JAMS, The Resolution Experts, a national mediation and arbitration firm, has agreed to lease more than 31,000 square feet of office space.
Charles A. Ratner, president and chief executive officer of Forest City Enterprises, said, “The New York Times Building is quickly becoming the signature building in our office portfolio and on the New York City skyline. The interest and reaction from tenants have been wonderful. We look forward to this fall when our tenants can begin welcoming their clients and doing business in their new offices.”
NoLandGrab: Reading the tea leaves, this is a sign that the press and marketing effort is in full swing to merge the two brands, Forest City Enterprises and Forest City Ratner, after last year's merger of the New York subsidiary into the Cleveland mothership. No longer can the Cleveland-based company hold Cousin Bruce's operations at arm's length, feigning ignorance of the local tactics, the abuse of eminent domain or the size and shape of the company's projects.
inRich.com, Office buildings sold
Forest City Enterprises Inc. is expanding its presence in the Richmond area.
The co-developer of Short Pump Town Center and The Shops at White Oak Village shopping centers bought 11 office buildings in Henrico.
"We love Richmond," said James A. Ratner, chairman and CEO of Forest City's commercial development division. "We think it is a fabulous market."
Forest City bought the buildings from several Pruitt family companies, said Thomas E. Pruitt. His Pruitt Associates also are developers of the two shopping centers with Forest City.
The deal was completed Friday. Terms were not disclosed.
Nine of the 11 buildings are in the Glen Forest office park off Forest Avenue near Glenside Drive. The two other buildings are in the Commerce Center off West Broad Street.
The 11 buildings have a total of 600,000 square feet of space.
Pruitt said he has been approached by real estate companies in the past, but there was never real interest in selling.
But he said he and the family decided to sell because of the relationship with Forest City. "To be able to sell our portfolio to a friend who would take great care of our employees and tenants; to obtain a fair price and to provide an exit strategy for my family makes the closing a little easier for me," he said.
Posted by lumi at July 30, 2007 9:18 AM