Forest City Partners On JEMB's New Brooklyn Office Project

By Matthew Perlman (September 13, 2016, 8:10 PM EDT) -- Forest City Ratner Cos. said Monday that it is partnering with JEMB Realty on a planned 500,000-square-foot office building in Downtown Brooklyn, which is being developed on a lot once slated for a residential tower across from the massive City Point project.

Forest City will take an equity stake as the developer and a minority partner on One Willoughby Square, according to a statement announcing the agreement.

JEMB purchased the property, located at 420 Albee Square, for $38.4 million in April 2014, and in September of that year filed plans for a 620-foot residential tower that would have been one of...

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