From America’s playground to the Big Apple

Viva Las Vegas

On July 30, Forest City announced a deal for a 60 percent interest in a 12.7-acre site in downtown Las Vegas.

Forest City acquired its 60 percent interest in the site from real estate developer Livework LLC, which will hold the remaining 40 percent interest in the property.

Forest City and Livework intend to work with city officials to develop a major regional transportation terminal, city office buildings and other commercial buildings on the five-city-block site, strategically located in the downtown business and city government district, which includes City Hall. The site is also located near hundreds of new condominiums currently under construction, and the 12-million-square-foot World Market Center, a mixed-use home and lifestyle design campus that consists of more than 500 furniture showrooms, and is being further expanded to include office space, a convention center and residences.

Charles Ratner, president and CEO, Forest City Enterprises, said, "Forest City is looking forward to working very closely with Livework and the Las Vegas community to develop this site in one of America's strongest and fastest-growing real estate markets. We have been developing major land projects and retail properties in Las Vegas for more than 20 years. We believe in this market and our new partners, and look forward to creating significant value for our shareholders."

Forest City loves New York

"The New York Times Building is quickly becoming the signature building in our office portfolio and on the New York City skyline,” said Charles Ratner, president and CEO, Forest City Enterprises, on occasion of the building’s latest tenant announcement on July 27.

JAMS, The Resolution Experts, a national mediation and arbitration firm, has agreed to lease more than 31,000 square feet of office space. With the signing of this tenant, office lease agreements signed has reached approximately 90 percent of the 736,000 square feet of office space owned by Forest City at the Times Building near Times Square.

The New York Times Building is jointly owned, as condominiums, by The New York Times Company and Forest City. The Times moved into its new headquarters in the building in June, while the Forest City portion of the 52-story office tower will open this fall. When it opens, the New York Times Building will be one of the Company's most valuable single assets.

Agreement for disposition of 12 assisted-living properties

On July 26, Forest City announced the disposition of 12 assisted living properties, including 11 under the Sterling Glen brand name, to Atria Senior Living Group in a $607-million transaction.

Along with the 11 Sterling Glen properties, Forest Trace at Inverrary, a resort-style retirement community in Lauderhill, Fla., was also included in the agreement.

Atria operates 121 communities in 27 states, serving more than 12,000 seniors nationwide. In 2007, 22 Atria communities across the nation received the Platinum Community Award from the National Assisted Living Nurses Association (NALNA), more than any other assisted-living provider nationwide.

For press releases on all these announcements, please visit the Forest City press room.