Forest City Acquires 11 Office Assets

RICHMOND, VA-Forest City Enterprises Inc. has acquired 11 office buildings here. The buildings, which are located in Henrico County close to the Richmond market, total approximately 600,000 sf and are 95% leased, according to a statement by the Cleveland-based developer. It did not announce the seller or the acquisition price.

A spokesperson for the company tells GlobeSt.com that all of the buildings except one can be classified as class A. “The other is more appropriately defined as class B but they are all high quality assets so we do not see the need for any capital investment or renovations in the portfolio right now.”

In the statement, CEO and president Charles A. Ratner, says that the office acquisition is typical of the company’s City Strategy in which “Forest City is able to enter core urban markets with strong demographics by introducing one property type and then penetrating the market with additional real estate projects.