Jump to content
  • Recently Browsing   0 members

    No registered users viewing this page.

Sign in to follow this  
Guest Oldmanladyluck

Cleveland: Forest City Enterprises News & Info

Recommended Posts

Not all development companies are publicly traded. FCE is, and it's heavily driven by Wall Street. If you don't earn enough of a return, Wall Street is simply going to put its money elsewhere.  I can tell you that, from a railroad perspective, they are literally turning away shippers that don't give them enough profit to please their Wall Street overlords. It's extremely frustrating to watch shippers that want to use rail and save money vs. trucking but can't because the railroads purposely ignore them or try to discourage them from choosing rail. The greed of Wall Street is what drives these market failures. It's amazing how many hedge funds have seats on the boards of so many companies these days. And their greed is what keeps publicly traded developers from even considering lower rent markets like Cleveland.

Share this post


Link to post
Share on other sites

Forest City acquired by Brookfield Asset Management in a $6.8 billion deal

 

Brookfield Asset Management Inc. agreed to acquire Forest City Realty Trust Inc., one of Cleveland's best-known companies, for about $6.8 billion, $11.4 billion value including debt, Bloomberg news reported this morning.

 

The Toronto-based alternative asset manager said in a statement Tuesday morning it will acquire Forest City for $25.35 a share in cash, a 10 percent premium over where shares closed Monday and about 26 percent above where they were trading the day before Bloomberg reported that the pair had restarted talks.

 

MORE:

https://www.cleveland.com/business/index.ssf/2018/07/forest_city_acquired_by_brookf.html#incart_std

Share this post


Link to post
Share on other sites

Ugh. Another local corporate HQ to bite the dust.

 

Yeah. Could result in a massive loss in local jobs too. Their US headquarters is in New York. Do they have any other regional offices, like Chicago or wherever? Maybe Cleveland could remain a regional HQ for the former FCE operations.

Share this post


Link to post
Share on other sites

If they're smart they'll keep an office here. How long is the brand new lease they just signed in Key Tower? 10 years? 15? Wouldn't make much sense for them to empty the office and still be stuck with the space for all that time. Most all of their subsidiaries are based in Toronto, with Residential based in Calgary and Office based in NYC. The one that seems to most overlap with FCE is Brookfield Property Partners, which has their hq in Bermuda - likely just for taxes. The career opportunities they have lists positions in the US in NY, Chicago and Atlanta (most are in Toronto). I could see them keeping a Cleveland office, possibly even moving positions from other cities depending on when leases run out.

Share this post


Link to post
Share on other sites

more like the "abandoned Cleveland" section. I don't think another JCC donation is going to make things right this time, Ratners.

Share this post


Link to post
Share on other sites

It does seem sort of a generational thing.  Old line companies (Jacobs, FC, DDR, Assoc Estates) giving way to newer Stark, Weston, Millenium, Marous, etc.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×