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Forest City Completes Sale of Iconic Terminal Tower in Downtown Cleveland

K&D Group Pays $38.5 Million for Historic 42-Story High-Rise
By Daniel Koenigs
September 19, 2016 | 11:16 P.M.

Six months after selling The Avenue Shops at Town City Center, Forest City Enterprises (NYSE: FCEA and FCEB) has completed its sale of the centerpiece of the Tower City Center mixed-use complex, selling the iconic Terminal Tower at 50 Public Square in downtown Cleveland to locally-based property management and development firm K&D Real Estate Services for $38.5 million, or approximately $65 per square foot.

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