Madison Square Garden (MSG)-Led Consortium Acquires Forum Arena in $23.5M Deal

June 26, 2012 8:32 AM EDT
The Madison Square Garden Company (Nasdaq: MSG), City of Inglewood and Faithful Central Bible Church announced today that The Madison Square Garden Company has acquired the celebrated Forum in Inglewood, Calif. for a purchase price of $23.5 million. The acquisition will be followed by a comprehensive renovation of the historic venue, which is scheduled to begin later this year.

Details about the Forum's extensive renovation and the company's plans for the venue will be announced during a press conference at the venue this fall.

On this transaction, John C. Cushman III, Chairman of the Board, and Bruce Mosler, Chairman of Global Brokerage, of Cushman & Wakefield, Inc. served as real estate advisor and Ruth Fisher and Amy Forbes of Gibson Dunn provided legal counsel to MSG.

The Forum Enterprises, Inc. team, the church-owned for-profit corporation and seller in this transaction, was led by Marc T. Little, its chief operating officer and general counsel, with Jonathan Curtis of Allen Matkins serving as legal advisor and Larry Kosmont, president and chief executive officer of Kosmont Realty Corporation, serving as real estate advisor.

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