CLEVELAND, Sept. 15, 2016 /PRNewswire/ -- Forest City Realty Trust, Inc., (NYSE: FCEA and FCEB) today announced that it has closed the sale of the Terminal Tower, a 597,000-square-foot office building in downtown Cleveland, to an affiliate of K&D Group. The total consideration was $38.5 million.
"We're pleased to complete this sale, which aligns with our strategy of focusing our real estate portfolio on our major core markets, which include New York City, Washington, D.C., Boston, Dallas, Denver, Los Angeles and San Francisco," said David J. LaRue, Forest City president and chief executive officer.
The sale also corresponds with Forest City's decision earlier this year to explore new options for the location of its corporate offices, which have been in the Terminal Tower since 1997. The company is actively engaged in a search process, though no change is expected before the end of 2017, at the earliest.
Opened as Cleveland Union Terminal in 1930, the Terminal Tower was the tallest building outside of New York City until 1964. Forest City acquired the building in 1983. In 2010, the company completed a four-year, interior and exterior renovation of the tower, modernizing the building with energy-efficient systems and restoring its façade. Included in the project were a restoration of the building's observation deck and the installation of a computerized, exterior LED lighting system. The Terminal Tower is a centerpiece of the Tower City Center mixed-use complex in downtown Cleveland.
About Forest City
Forest City Realty Trust, Inc. is a NYSE-listed national real estate company with $8.9 billion in total 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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SOURCE Forest City Realty Trust, Inc.
AT THE COMPANY: Mike Lonsway, Senior Vice President - Planning, 216-416-3325; Jeff Linton, Senior Vice President - Corporate Communication, 216-416-3558