Forest City Announces 570,500 Square Feet of Leases in Downtown Brooklyn Properties

CLEVELAND, June 15, 2011 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced new or renewal leases for six tenants totaling 570,500 square feet of space at the company's MetroTech Center office campus in Brooklyn, New York.   Three office tenants and two restaurants have committed to new or expansion leases at Two MetroTech Center, and Morgan Stanley has renewed for a substantial block of space at One Pierrepont Plaza.  MetroTech Center is a commercial, academic, and high-technology office campus on a 10-block, 16acre site in Downtown Brooklyn.  

(Logo: http://photos.prnewswire.com/prnh/20080515/FRSTCTYLOGO )

"The interest of these tenants and their commitment to our Brooklyn portfolio is confirmation of the strength of the New York office market and the quality of our MetroTech assets," said David J. LaRue, Forest City president and chief executive officer.  "We thank these tenants for choosing Brooklyn and MetroTech, and I congratulate Bruce Ratner and our New York team on the relationships they have developed with these tenants that led to the execution of these leases."

The office leases at Two MetroTech Center include:

• Polytechnic Institute of New York University, which signed a 15-year lease for 90,000 square feet of additional office space beyond what it already occupies at MetroTech;
• The City of New York, which signed a 20-year lease for an additional 155,000 square feet of office and data center space for the City's Department of Information Technology and Telecommunications (DOITT); and
• The General Services Administration, which signed a 10-year lease for 120,000 square feet to house the Internal Revenue Service.

In addition to these office tenants, two restaurants, Five Guys Burgers and Fries and a new, locally owned and operated French-American bistro and patisserie concept, have signed new leases in Two MetroTech for a total of 5,500 square feet.  The eateries will serve office tenants, neighborhood residents and visitors staying in nearby Downtown Brooklyn hotels.  Collectively, these leases at Two MetroTech account for the entire space previously occupied by SIAC/NYSE, and leave only the eighth floor vacant.

At One Pierrepont Plaza, Morgan Stanley has committed to a 10-year lease renewal for 200,000 square feet of space on the building's second through fifth floors. The renewal takes effect when Morgan Stanley's current lease for approximately 450,000 square feet expires in 2013.

About Forest City

Forest City Enterprises, Inc. is a NYSE-listed national real estate company with $11.5 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.

SOURCE Forest City Enterprises, Inc.