CLEVELAND, OH, May 14, 2012 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today confirmed that Forest City and National Real Estate Advisors (NREA), partners in the ownership of 8 Spruce Street (top left photo) in Lower Manhattan, have retained CBRE to explore the possibility of bringing a minority partner into the ownership of this iconic Frank Gehry-designed, 899-unit apartment tower.
Both Forest City and NREA remain fully committed to the property and expect to retain substantial ownership positions.
"Given the high level of interest in apartments as an asset class, the strength of the New York market, and the acclaim for this extraordinary property, we and our partner believe it is prudent to explore interest from potential minority partners," said David J. LaRue (lower right photo), Forest City president and chief executive officer.
For a complete copy of the company’s news release, please contact:
Robert O'Brien, Executive Vice President - Chief Financial Officer, +1-216-621-6060;
Jeff Linton, Senior Vice President - Corporate Communication, +1-216-621-6060
Web Site: http://www.forestcity.net/
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