Forest City closes record financing

Forest City announced on Oct. 18, 2007, that its New York City-based wholly owned subsidiary, Forest City Ratner Companies, closed on a $640 million loan with HSH Nordbank AG to refinance the 1.5-million-square-foot New York Times Building, which is scheduled to have its grand opening in November. The deal is the largest permanent loan in the Company's history.

Bruce Ratner, president and CEO of Forest City Ratner, said, "As we approach the completion of The New York Times Building, a project that has been over five years in the making and which has already become a stunning addition to its midtown neighborhood, we are very pleased to announce that the permanent financing for The New York Times Building is now in place. Today's announcement is a tribute to our team's hard work and exceptional talents."

James R. Fitzgerald, Senior Vice President and Head of US Real Estate for HSH Nordbank AG, said, "The HSH Nordbank AG real estate team is proud to provide the long term financing for this world class development. We have dealt with Bruce Ratner and his New York team for close to 15 years – starting in Brooklyn and then supporting all of his work in the revitalization of Times Square. Everything they do is first class and makes a positive statement about our city."

Gourmet attractions

Forest City Ratner Companies announced on Sept. 18, 2007, that two new tenants have signed leases for street-level retail space in The New York Times Building.
Dean & DeLuca, the highly-regarded gourmet food emporium, will lease nearly 3,200 square feet to open its seventh Dean & DeLuca Café in New York. Inakaya, the world-famous "robatayaki"-style restaurant known for its haute grilling, will lease approximately 3,000 square feet to open its first American eatery in the first half of 2008.

With the Dean & DeLuca and Inakaya lease signings, three of the five retail units available in The New York Times Building are now leased. Office space in the 52-story tower is now approximately 86 percent leased.

Bruce Ratner, president and CEO of Forest City Ratner, said, "We look forward to offering these two distinctive and entertaining dining venues to the thousands of employees in The New York Times Building and the tens of thousands of visitors who pass through Times Square every day."

The Dean & DeLuca Café is expected to open in mid-2008.

Inakaya will be located at just next door to Muji, the Japanese retailer that is leasing approximately 5,000 square feet of retail space in The New York Times Building. Inakaya, which now operates three restaurants in Tokyo, offers an entertaining and lively dining experience.

The New York Times Building

The 1.5-million-gross-square-foot New York Times Building is jointly owned, as condominiums, by The New York Times Company and Forest City Ratner Companies. The announced refinancing relates to Forest City Ratner Companies' portion of the building.

The Times moved into its new headquarters in the building in June, while the Forest City portion of the 52-story office tower is scheduled to open in November. The New York Times Building will be one of the most valuable single assets in Forest City's portfolio.

Forest City's portion of the building has secured several large office tenants: JAMS, one of the country's leading mediation and arbitration firms; global asset management firm Legg Mason; and the law firms of Goodwin Procter; Covington & Burling; Seyfarth Shaw LLP; and Osler, Hoskin & Harcourt LLP. Other tenants will include: Japanese household goods retailer Muji; Korean architectural and engineering firm Samoo Architecture; and real estate developer SJP Properties.

Designed by Renzo Piano, a Pritzker Prize-winning architect, in association with FXFOWLE Architects, The New York Times Building features a double-skin curtain wall of clear glass covered with a screen of ceramic rods, which enhances the aesthetic appeal and energy efficiency of the building.