Thursday, February 25, 2010

Forest City Selling Stake in University Park

From the Globe, a report that Ohio-based Forest City Enterprises is selling a stake in University Park in Cambridgeport. Because of the UP project, Forest City has been a major developer and owner in our community for almost 20 years. Their bringing in another investor (Health Care REIT, Inc) means little in the day-to-day effect on the neighborhood, but could be interesting for other neighborhoods in Boston. According to the article, Boston has been and will remain a core market for Forest City. Some other details from the article:

As part of the deal disclosed yesterday, Forest City will retain 51 percent ownership of seven buildings involved in yesterday's transaction. University Park is a 2.3 million square foot development near the Massachusetts Institute of Technology and Central Square. The complex includes 10 buildings for biotechnology research, 674 residences, a 210-room hotel, and several stores.
(h/t to; image of University Park courtesy Forest City)

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