Forest City named master developer for Cornell NYC Tech campus
First phase to include innovative "corporate co-location" building
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.
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.
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