In 2001, Forest City Ratner began its search for an equity partner for a pioneering project: a 52-story tower designed by Renzo Piano that would serve as the new headquarters of the New York Times Company. Though many critics in the real estate and investment communities were skeptical of the project, ING Clarion's head of acquisitions thought the deal deserved a closer look. This case teaches students how to evaluate the feasibility of a real-estate development project. Students analyze the maximum area for the site based on zoning regulations, the cost of acquiring the site, and the net operating income at stabilization on the floors that would be jointly owned by the equity partners.

Case id: 091702
Supplemental Materials: Teaching Note