Liberty Center

Mixed Use On the Rise

Mixed-Use On the Rise: Challenges and Solutions for a New Breed of High-Rises

Although they’re not incredibly common yet in the United States, mixed-use towers are growing in popularity. They maximize building infrastructure, address density issues, and capitalize on building owners’ investments through multiple income streams. They also provide a type of investment diversification (when office lease rates are down, residential leases may be up, for example). But many of today’s commercial architects find themselves working on...
Westin Convention Center Forest City

Forest City Sells Liberty Center Complex in Pittsburgh to Starwood Capital

Forest City Enterprises has completed the sale of Liberty Center complex in Pittsburgh to a subsidiary of Starwood Capital Group, a leading global private investment firm. Liberty Center includes the 27-story Federated Investors office tower and the 616-room Westin Convention Center Hotel. The gross selling price was $135 million, and the transaction generated net cash proceeds, at Forest City’s share, of approximately $30 million. Prior to the transaction, the property was owned in a 50/50 partnership by Forest City and Jos. L. Muscarelle, Inc. of Maywood, New Jersey.