Forest City Sold to Canadian Company for $11.4B
A Canadian Company is taking over one of Cleveland’s oldest and most far-reaching companies. Toronto-based Brookfield Asset management is taking over Forest City Realty Trust in a deal worth more than $11 billion .
Forest City started in Cleveland as the Ratner family’s hardware store in 1920 and expanded into lumber and then housing. In the 1950’s, Albert Ratner expanded into housing, shopping centers, and office buildings from coast to coast.
Forest City renovated Cleveland’s Terminal Tower and Union Terminal into Tower City. Ratner and business partner Sam Miller were awarded a Cleveland Heritage medal last year. At the time, Ratner told WCPN cities are not about buildings.
“I don’t judge cities by buildings - I judge cities by people. So I look around and say ‘I think we understand each other better and I think we’re doing better but we can do much better.”
Forest City CEO David LaRue said in a statement, “Thanks to the skill and dedication of our associates, Forest City has made significant progress in our transformation over the last several years. We are pleased that Brookfield recognizes the success of our ongoing efforts to strengthen the business.”
Earlier this year Forest City just moved their headquarters from Terminal Tower to the Key Building. A company spokesman says it’s too early to tell what the sale will mean for the 500 some employees in the Cleveland area. Shareholders will be asked to approve the sale in the 4th quarter.