| Business

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Liberty Center complex Downtown sold by Forest City for $135M

Email Newsletters

Sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Related .pdfs
Can't view the attachment? Then download the latest version of the free, Adobe Acrobat reader here:

Get Adobe Reader
By Sam Spatter
Friday, Aug. 2, 2013, 11:39 a.m.

Starwood Capital Group of Greenwich, Conn., has bought Liberty Center, Downtown, for $135 million.

Forest City Enterprises Inc. and its partner, Jos. L. Muscarelle Inc., sold the 27-story office building, an asset “situated in a market that has increasingly attractive fundamentals,” said Starwood Vice President Jeff Shuster.

The sale follows Forest City's recent sale of the Sheraton Station Square hotel. It will generate cash for Forest City of about $30 million after it pays off a mortgage and other expenses.

The $61 million sale of the 399-room Sheraton Station Square hotel last month to a group led by Pyramid Hotel Group netted Forest City $7.75 million. Pyramid plans to renovate the South Side hotel.

The 616-room Westin Convention Center hotel, located within Liberty Center, will continue to operate as a Westin under a long-term management agreement with Starwood Hotels, which manages the hotel and is not affiliated with Starwood Capital.

Liberty Center includes the Federated Investors office tower, with Federated Investors as a major tenant, and a retail shopping arcade and underground parking. The Westin connects to the David L. Lawrence Convention Center via an enclosed pedestrian bridge over Penn Avenue.

Forest City has taken Station Square off the market, but company officials have said they would consider offers.

The Liberty Center sale “continues our strategic effort to exit non-core products and markets, and to use proceeds from dispositions to improve our balance sheet and invest in our mature portfolio and development opportunities,” said David J. LaRue, Forest City president and CEO.

The Westin Convention Center hotel was the last in its portfolio and marks the company's exit from the business, he said.

Forest City recently completed a swap with Zamagias Properties of Pittsburgh for full ownership of The Mall at Robinson. It acquired 28 percent ownership of Zamagias and, in turn, sold its 50 percent ownership of the Plaza at Robinson Town Centre to Zamagias, netting $18.5 million in the deal.

Sam Spatter is a Trib Total Media staff writer. Reach him at 412-320-7843 or

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business Headlines

  1. Demand for surveillance systems boosts sales for Vector Security
  2. Cyber Monday increasingly a ‘blah-iday’ as deals rolled out earlier, longer
  3. Fed slashes its emergency power options in crisis
  4. Distractions can help keep riders alert in self-driving cars, study finds
  5. Pennsylvania Game Commission reaps revenue from shale gas under game lands
  6. IMF adds China’s yuan to basket of top currencies
  7. Stocks dip on lower holiday spending fears
  8. University of Pittsburgh researchers revisit war of electric currents
  9. Energy Spotlight: Minking Chyu
  10. As historic breakup nears, Alcoa works to redefine its ‘advantage’
  11. Many Black Friday deals not worth the hassle