Forest City celebrates Barclays Center ribbon cutting in Brooklyn

CLEVELAND and BROOKLYN, N.Y., Sept. 21, 2012 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today officially marked the completion of Barclays Center, its state-of-the-art arena in downtown Brooklyn and the anchor element of the overall Atlantic Yards development.  At the ribbon cutting, senior executives from the company were joined by New York City Mayor Michael Bloomberg, Brooklyn Borough President Marty Markowitz, Brooklyn Nets owner Mikhail Prokhorov, Brooklyn Nets CEO Brett Yormark, labor union officials, and many other political, civic and community leaders.

"This is a great day for Brooklyn and a great day for our company," said David J. LaRue, Forest City president and chief executive officer. "Barclays Center is a tremendous new asset for the borough and the entire New York metropolitan area.  It's also a great addition to our national portfolio of real estate and the first crucial piece of our vision for Atlantic Yards. We salute all of our public partners for their support and our whole New York team for its determination, passion and skill that led to this day."

"With Barclays Center, the intersection of Atlantic and Flatbush Avenues has become one of the greatest crossroads in New York," said Bruce C. Ratner, chairman and chief executive officer of Forest City Ratner Companies, Forest City Enterprises' New York subsidiary. "This iconic structure is a lasting testament to the union men and women who built it and a celebration of the greatest borough in the greatest City in the world.  Barclays Center is quickly becoming a destination for some of our most creative artists and athletes, as well as a cultural destination for families throughout the City and visitors from all corners of the globe."

This world-class, 675,000-square-foot sports and entertainment venue will be the home to the Brooklyn Nets and will host more than 200 planned cultural and sporting events annually.  It officially opens September 28 with the first of eight sold-out concerts by JAY Z.

The arena was designed by the award-winning architectural firms AECOM and SHoP Architects, in collaboration with The Hunt Construction Group, the design/builder.  Its exterior consists of woven bands of weathered steel that wrap around the building and flow into a canopy over the main entrance at the intersection of Atlantic and Flatbush Avenues.  Built into the canopy is an open, oval oculus that houses a 3,000-square-foot, 360 degree LED marquee.  Large areas of glass at street level offer direct views into the arena and create a strong visual connection to the surrounding urban neighborhood. 

Inside, the 9,000-square-foot, glass-enclosed GEICO Atrium greets visitors as they enter and offers a dramatic view of the arena bowl and scoreboard, as well as easy access to the 12-booth American Express Box Office, views into the below-grade practice court, and quick access to the Nets Shop by adidas.  The seating bowl itself has one of the most intimate configurations ever designed into a modern multi-purpose arena, with unparalleled sightlines and seating for approximately 18,000 for basketball and up to 19,000 for concerts.  The arena also features 95 luxury suites, four party suites, and two conference suites, along with four bars/lounges, four clubs, a full-service club/restaurant, and a number of street-accessible retail stores.

In addition to the arena, the site includes a new Atlantic Avenue-Barclays Center subway entrance on the Daily News plaza in front of the arena entrance. Barclays Center is located atop one of the largest transit hubs in New York, with immediate access to nine subway lines with nearby access two other lines and the Long Island Rail Road. Public transit is the most convenient way to travel to the venue and visitors will be encouraged to use mass transit.

Barclays Center is designed to meet LEED (Leadership in Energy and Environmental Design) guidelines, with a goal of Silver certification.

About Forest City

Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.7 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.

Safe Harbor Language

Statements made in this news release that state the company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, the strategic decision to reposition or divest portions of the company's land business, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of its insurance carriers, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, cybersecurity risks and cyber incidents, as well as other risks listed from time to time in the company's SEC filings, including but not limited to, the company's annual and quarterly reports.

SOURCE Forest City Enterprises, Inc.