Plum Creek Timber Company, Inc. (NYSE: PCL), and The Rockefeller Group, the global real estate investment and development company, today announced a memorandum of understanding to evaluate and pursue joint venture development projects on 4,722 acres of land in the southeastern United States owned by Plum Creek.
The initial agreement covers two large tracts of land, including approximately 2,600 acres in Columbia County, Fla., near the municipality of Lake City, as well as approximately 2,122 acres in Laurens County, Ga., near the municipality of Dublin. The companies have also agreed to review other land parcels owned by Plum Creek for consideration of future development opportunities. The tracts are intended for commercial development, including manufacturing and distribution facilities as well as inland ports and office buildings.
“As a large landowner, we recognize that a portion of our lands are well suited for commercial development,” said Rick Holley, president and chief executive officer at Plum Creek. “During this important stage of economic recovery, the time is right to collaborate with The Rockefeller Group on this forward-looking venture. Given their experience and expertise, we are confident in their ability to pursue development of these select parcels and identify other potential opportunities.”
“The Rockefeller Group is very pleased to join with Plum Creek to enhance the value of these parcels to the benefit of the joint venture, its investors and the local communities,” said Kevin R. Hackett, president and chief executive officer of The Rockefeller Group.“We are proud to have established this initiative with Plum Creek and hope that it represents the start of a successful and long-term relationship,” said Leslie E. Smith Jr., executive vice president of national development for The Rockefeller Group. Plum Creek is one of the largest landowners in the nation and the most geographically diverse, with approximately 6.4 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest. For more information, visit www.plumcreek.com. The Rockefeller Group is a leading global real estate owner, developer and investment manager. For more than 80 years the company has played a major role in some of America’s most significant and recognizable real estate endeavors, beginning with the development of Rockefeller Center in midtown Manhattan, which remains widely regarded as among the world’s finest urban mixed-use complexes. Since 2008, the company has completed approximately 5 million square feet of industrial development in the United States.