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Forest City sells Illinois office campus for $77M

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Forest City sells Illinois office campus for $77M

Forest City Realty Trust Inc. sold the Illinois Science & Technology Park in Skokie, Ill., to an affiliate of American Landmark Properties for $77.0 million.

The sale is expected to generate net proceeds of approximately $16 million for the company.

The bioscience, pharmaceutical and nanotechnology office campus has approximately 533,000 square feet of existing office and lab space. The company had been marketing the asset for sale since 2015.

Forest City President and CEO David LaRue said in release that the sale reflects the company's strategy of focusing its portfolio on its major core markets.

The company was also recently reported to be in talks to off-load its remaining stake in a retail portfolio in New York City.