CLEVELAND, Mar 19, 2004 (BUSINESS WIRE) -- Forest City
Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) today announced
groundbreaking for a life sciences research facility at the University
of Pennsylvania in Philadelphia.
Forest City, through its Boston-based University Bioscience &
Technology Group, is acting as developer for the 123,000-square-foot
facility. Forest City will have an option to purchase the project,
which involves redevelopment of a 1940s-era industrial facility. The
project is scheduled to open in fall 2004. It is Forest City's first
biotechnology-related development opportunity outside of the Boston
market, where the Company has been the master developer of University
Park at MIT, one of the nation's largest and most successful
biotechnology office parks.
The new facility will house the University of Pennsylvania's
translational research program. The research is being initiated by
scientists at the University of Pennsylvania's School of Medicine and
funded by the National Institutes of Health (NIH).
"We are very pleased to have the opportunity to work with the
University of Pennsylvania and NIH-funded researchers," said Charles
A. Ratner, president and chief executive officer of Forest City
Enterprises, Inc. "It allows us to continue to demonstrate and expand
our experience in developing laboratory and office space to meet the
exacting demands of the biotechnology industry."
"The eastern expansion of Penn's campus plan is creating
tremendous opportunities for economic development for the university
and the Philadelphia region," said Omar Blaik, senior vice president
of facilities and real estate services at Penn. "This translational
research project is an excellent example of adapting an older
industrial structure into a modern facility for applied medical
research. We are thrilled to be working with Forest City in making
this key development a reality."
In 2001, the University of Pennsylvania issued its Campus
Development Plan, a long-term strategy for controlled, consistent
development of the Penn campus to assure the University's physical
environment fulfills the needs of its academic mission.
The University of Pennsylvania project reflects Forest City's
focus on its core markets. In Philadelphia, Forest City has interests
in 1,227 apartment units, including the adaptive re-use/historic
preservation of the Drake Tower and the Lofts at 1835 Arch. Forest
City recently broke ground on the 540,000-square-foot Quartermaster
Plaza retail center, a former military facility that is being
redeveloped into the largest retail project to occur in Philadelphia
in recent years.
University Park at MIT is located on a 27-acre site adjacent to
the MIT campus in Cambridge, Massachusetts. Under development by
Forest City since 1985, the 27-acre site currently has 1.5 million
square feet of office and lab space, 478 residential units, 210 hotel
rooms and conference center and 2,700 parking spaces.
About Forest City Enterprises
Forest City Enterprises, Inc. is a $5.9 billion NYSE-listed real
estate company headquartered in Cleveland, Ohio. The Company is
principally engaged in the ownership, development, acquisition and
management of commercial and residential real estate throughout the
United States. The Company's portfolio includes interests in retail
centers, apartment communities, office buildings and hotels in 20
states and the District of Columbia. For more information, see
www.forestcity.net and www.fceboston.com.
About the University of Pennsylvania
Founded in 1754 by Benjamin Franklin the University of
Pennsylvania is a highly selective Ivy League University with a
history of innovation in interdisciplinary education and scholarship,
and a world-class research institution. Consistently ranked among the
top five universities in the annual U.S. News & World Report survey,
Penn is home to a diverse undergraduate student body of nearly 10,000,
and another 10,000 students enrolled in Penn's 12 graduate and
professional schools, which are national leaders in their fields,
including the Wharton School and School of Medicine. Research at Penn
is a substantial and esteemed enterprise with a budget of more than
half a billion dollars annually, and research activities make Penn a
nationally ranked research university.
Safe Harbor Language
Statements made in this news release that state the Company or
management's intentions, hopes, beliefs, expectations or predictions
of the future are forward-looking statements. It is important to note
that the Company's actual results could differ materially from those
projected in such forward-looking statements. Additional information
concerning factors that could cause actual results to differ
materially from those in the forward-looking statements include, but
are not limited to, real estate development and investment risks,
economic conditions in the Company's target markets, reliance on major
tenants, the impact of terrorist acts, the Company's substantial
leverage and the ability to service debt, guarantees under the
Company's credit facility, changes in interest rates, continued
availability of tax-exempt government financing, the sustainability of
substantial operations at the subsidiary level, significant geographic
concentration, illiquidity of real estate investments, dependence on
rental income from real property, conflicts of interest, competition,
potential liability from syndicated properties, effects of uninsured
loss, environmental liabilities, partnership risks, litigation risks,
and other risk factors as disclosed from time to time in the Company's
SEC filings, including, but not limited to, the Company's Annual
Report on Form 10-K for the year ended January 31, 2003.
SOURCE: Forest City Enterprises, Inc.
Forest City Enterprises, Inc.
Thomas G. Smith, 216-621-6060
Thomas T. Kmiecik, 216-621-6060
ON THE WEB: www.forestcity.net
Customize your Business Wire news & multimedia to match your needs.
Get breaking news from companies and organizations worldwide.
Logon for FREE today at www.BusinessWire.com.