With $6.8B Forest City deal set to close, Brookfield says it’s now the biggest commercial landlord in town

Firm says deal should close this week, giving it 26.1 million square feet under management

TRD New York /
Dec.December 05, 2018 01:25 PM

Ric Clark and the New York Times Building (Credit: Getty Images)

Brookfield Asset Management is expected to close on its $6.8 billion purchase of Forest City Realty Trust by the end of this week, making the company the largest commercial property owner in New York City.

Ric Clark, senior managing partner of Brookfield Asset Management and chairman of Brookfield Property Group, said the deal will make the company the top commercial landlord in the city, with 26.1 million square feet under management. Clark touted the deal at the Real Estate Board of New York’s annual commercial holiday luncheon at the Edison Ballroom.

Brookfield, citing data from Crain’s, said that as of October 2018, the next biggest commercial landlords were RXR Realty at 24.6 million square feet under management, SL Green Realty at 23.9 million square feet, Vornado Realty Trust at 23.5 million square feet and Tishman Speyer at 18.3 million square feet.

The closing comes just one month after shareholders voted in favor of the deal. Votes representing nearly 183 million shares of common stock were cast in favor of the acquisition. Roughly 34 million shares were against the deal, while 838,747 abstained, according to Brookfield representatives. Albert Ratner, former CEO of Forest City, had filed a lawsuit just before the the vote, alleging that the deal gave away $5.8 billion in shareholder value. A federal judge declined to halt the sale.

According to Clark, the Forest City acquisition adds 5 million square feet of office space to Brookfield’s portfolio and 2,500 apartments. He said Brookfield’s New York City assets total $32 billion.


Related Articles

arrow_forward_ios
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
City Council member Keith Powers (Getty)

Pol, biz groups: Suspend rent tax, extend outdoor dining

Pol, biz groups: Suspend rent tax, extend outdoor dining
Only 9 percent of workers had returned to Midtown and 8 percent to Downtown. (iStock)

Where is everybody? City workers still home

Where is everybody? City workers still home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...