CLEVELAND, June 25, 2013 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that its New York City-based subsidiary, Forest City Ratner Companies, has been selected as master developer for the first phase of Cornell NYC Tech, an innovation campus that will bring together industry and academia in a way that fuses scientific and academic excellence with real-world applications and entrepreneurship.
A key project for the campus, which is located on Roosevelt Island, will be a "corporate co-location" building with up to 200,000 square feet of flex/office space. The building will be anchored by Cornell and will house a mix of tech, research and entrepreneurial tenants, facilitating interaction to foster new ideas and innovation. Forest City will develop the building, which will be designed by the award-winning architecture firm of WEISS/MANFREDI. In addition, Forest City will serve as fee-developer for the first academic building, open space and related infrastructure also planned for the first phase of the campus, which is expected to be completed in 2017. Forest City Ratner Companies' selection is subject to negotiation of final terms.
"Forest City is honored to have been selected as master developer for this world-class innovation campus," said David J. LaRue, Forest City Enterprises president and chief executive officer. "Cornell NYC Tech will enable us to leverage our experience in tech office campuses, including University Park at MIT in Cambridge, as well as innovation clusters, such as 5M in San Francisco, and take those concepts to a new level in partnership with Cornell. I want to congratulate our New York team, led by MaryAnne Gilmartin, on being chosen for this important project."
"We are thrilled to partner with Cornell Tech on a project that will help drive economic development and the growth of New York City's tech sector for years to come," said Forest City Ratner Companies President and CEO MaryAnne Gilmartin. "From MetroTech to Times Square to Barclays Center and Atlantic Yards, we are committed to the growth of our great city. Cornell Tech is charting new territory, and we couldn't be more excited to play a role in this next chapter."
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.6 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.
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SOURCE Forest City Enterprises, Inc.