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Forest City Celebrates Barclays Center Ribbon Cutting In Brooklyn

Stocks in this article: FCE.A FCE.B

CLEVELAND and BROOKLYN, N.Y., Sept. 21, 2012 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today officially marked the completion of Barclays Center, its state-of-the-art arena in downtown Brooklyn and the anchor element of the overall Atlantic Yards development.  At the ribbon cutting, senior executives from the company were joined by New York City Mayor Michael Bloomberg, Brooklyn Borough President Marty Markowitz, Brooklyn Nets owner Mikhail Prokhorov, Brooklyn Nets CEO Brett Yormark, labor union officials, and many other political, civic and community leaders.

"This is a great day for Brooklyn and a great day for our company," said David J. LaRue, Forest City president and chief executive officer. "Barclays Center is a tremendous new asset for the borough and the entire New York metropolitan area.  It's also a great addition to our national portfolio of real estate and the first crucial piece of our vision for Atlantic Yards. We salute all of our public partners for their support and our whole New York team for its determination, passion and skill that led to this day."

"With Barclays Center, the intersection of Atlantic and Flatbush Avenues has become one of the greatest crossroads in New York," said Bruce C. Ratner, chairman and chief executive officer of Forest City Ratner Companies, Forest City Enterprises' New York subsidiary. "This iconic structure is a lasting testament to the union men and women who built it and a celebration of the greatest borough in the greatest City in the world.  Barclays Center is quickly becoming a destination for some of our most creative artists and athletes, as well as a cultural destination for families throughout the City and visitors from all corners of the globe."

This world-class, 675,000-square-foot sports and entertainment venue will be the home to the Brooklyn Nets and will host more than 200 planned cultural and sporting events annually.  It officially opens September 28 with the first of eight sold-out concerts by JAY Z.

The arena was designed by the award-winning architectural firms AECOM and SHoP Architects, in collaboration with The Hunt Construction Group, the design/builder.  Its exterior consists of woven bands of weathered steel that wrap around the building and flow into a canopy over the main entrance at the intersection of Atlantic and Flatbush Avenues.  Built into the canopy is an open, oval oculus that houses a 3,000-square-foot, 360 degree LED marquee.  Large areas of glass at street level offer direct views into the arena and create a strong visual connection to the surrounding urban neighborhood. 

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