SAN FRANCISCO — Forest City Enterprises has sold its interest in Metreon, a 279,000-square-foot mixed-use project located in downtown San Francisco. The $19 million deal involved Forest City selling a 50 percent interest in the property to Westfield Group, which acquired the property in a joint venture with Forest City back in 2006.
“Metreon continues to be a great redevelopment property with significant potential,” said Charles Ratner, president and CEO of Forest City, in a statement. “Consistent with our strategy of reducing overall development activity, we made the decision, in consultation with Westfield, to focus on other West Coast assets and opportunities.”
Forest City retains a large presence in the Bay Area. It and Westfield still own interests in the nearby Westfield San Francisco Centre/Emporium mixed-use project. Forest City also recently completed the adaptive reuse of Presidio Landmark Apartments at Presidio National Park. In Oakland, the company developed Uptown Apartments. It also has a project in the pipeline called 5M, which consists of the redevelopment of the former San Francisco Chronicle building into an innovation campus.
— Coleman Wood