Press Release

Forest City | Boston Announces Formation of the Science & Technology Group

For immediate release - March 29, 2004

Cambridge, MA – Forest City Enterprises, a national real estate developer, today announced the formation of the Science & Technology Group. Operating out of the company's Boston office, this unique business unit is dedicated to the development and operation of research laboratory and related support facilities for academic and medical research institutions, as well as corporate sector life science and biotechnology organizations throughout the United States.

"Forest City has succeeded by delivering projects that support specific research and facility requirements within the context of our clients' long-term financial constraints and objectives." said Gayle Blakeley Farris, President of Forest City's Boston office and head of the Science & Technology Group. "From design to development to operation of bioscience properties, Forest City offers expertise that ensures a long-term investment perspective, significant financial resources and a demonstrated ability to work creatively with corporate and institutional partners."

Forest City's Boston team has a proven track record of development and operation of research laboratory and related support facilities at University Park at MIT. Bringing technology and real estate together, Forest City provided solutions for organizations involved in advanced scientific research through development of an urban research campus with over 1.5 million square feet of bioscience space. Today, University Park at MIT is one of the premier centers for biotechnology and medical research in the United States, and is fully occupied by a range of corporate and institutional clients.

In partnership with the University of Pennsylvania, Forest City is currently developing a 123,000-square-foot translational research facility to support NIH-funded advanced biomedical research initiated by scientists at Penn's School of Medicine. This project is slated for completion in October 2004.

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Forest City | Boston is part of Forest City Enterprises, a Cleveland-based real estate development and management company that thrives on creating long-term value. Forest City is one of the largest publicly-traded real estate firms in the United States, with a market capitalization of approximately $5.9 billion. Further information on the company, its capabilities, and its innovative urban portfolio is available at www.fceboston.com and www.forestcity.net.