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Forest City completes disposition of Skylight Office Tower in Cleveland

CLEVELAND, Sept. 18, 2015 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) announced today that it has completed the sale of its ownership interest in the Skylight Office Tower in downtown Cleveland to Hertz Acquisition Group.  The gross purchase price, including tenant inducements and reimbursement of seller costs, was $35.4 million. The transaction is expected to generate net proceeds after commissions and closing costs of approximately $34.2 million.

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"We're pleased to complete this disposition and we remain focused on closing other targeted non-core asset dispositions," said David J. LaRue, Forest City president and chief executive officer. "As we sell non-core assets, we use proceeds to continue the significant progress to date on improving our balance sheet and debt metrics. Non-core dispositions also focus our portfolio on core products in the strongest urban markets."

The 321,000-square-foot Skylight Office Tower was developed by Forest City and opened in 1991 as part of the Tower City Center mixed-use complex in downtown Cleveland.

About Forest City

Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.3 billion in consolidated assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net.

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/forest-city-completes-disposition-of-skylight-office-tower-in-cleveland-300145517.html

SOURCE Forest City Enterprises, Inc.

Jeff Frericks, Vice President - Capital Markets, 216-621-6060, or Jeff Linton, Senior Vice President - Corporate Communication, 216-621-6060

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