The group will operate out of the company's locally based office. Forest City's Boston team was involved in the development of University Park at MIT, an urban research campus with over 1.5 million sf of bioscience space. The park is fully occupied by a range of corporate and institutional tenants.
Currently, Forest City is developing a 123,000-sf research facility in partnership with the University of Pennsylvania which will support NIH-funded biomedical research initiated by scientists at Penn's School of Medicine. This project is slated for completion in October 2004.
Forest City/Boston is part of Forest City Enterprises, a Cleveland-based real estate development and management company. Forest City is one of the largest publicly-traded real estate firms in the US, with a market capitalization of approximately $5.9 billion.
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