Press Release

Forest City Announces Executive Promotions for its Boston Office and Science + Technology Group

For immediate release - March 25, 2008

BOSTON, Mass. and CLEVELAND, Ohio - Forest City Enterprises, Inc. (NYSE: FCE.A and FCE.B) announced today that Frank Wuest has been named president of its Boston operations and of the Forest City Science + Technology Group. In addition, Peter Calkins will become the chief operating officer for both groups.

At the same time, Gayle Farris has moved into the role of chairman of the Forest City Science & Technology Group, where she will focus her efforts on expanding the Company's relationships with the technology industry in the United States and abroad.

"These three executives each have great strengths and unique talents that will be leveraged in this realignment of roles," said Charles A. Ratner, president and CEO of Forest City Enterprises, Inc. "For more than 20 years, Gayle Farris has contributed to the growth of our Boston office, and more recently her drive and vision have helped position us as leaders in the development of science and technology office parks. She will now focus her full talents on building our franchise in the science and technology space.

"Similarly, Frank Wuest and Peter Calkins have each played key roles in growing Forest City's regional reputation in the Northeast and in building our science and technology capabilities," Ratner added. "Going forward, they will work as a team to guide the Boston office, while also contributing to continued development of the Science + Technology Group. I congratulate all three on their achievements and new roles."

Wuest was previously senior vice president in charge of acquisitions and structuring for the Boston operations and the Science + Technology Group, and Calkins had previously been senior vice president and chief development officer for the groups.

Farris, Wuest and Calkins have been instrumental in the acquisition and development of a number of important projects for Forest City, including University Park at MIT, Forest City's 27-acre, 2.3 million square foot, mixed-use project adjacent to the MIT campus in Cambridge, Mass. They have also had significant leadership roles in structuring and developing Forest City's Translational Research Facility at the University of Pennsylvania; its 31-acre mixed-use project in Baltimore adjacent to the Johns Hopkins Medical Campus; as well as in Forest City's major science and technology developments in Chicago and Denver. At present, Forest City Boston and the Science + Technology Group have more than 8 million square feet either under construction/development or in the planning stages.

"I congratulate and support Frank and Peter in their new roles leading the Boston office and our Science + Technology Group," said Farris. "I have great personal faith in their abilities to formulate and grow our business here in Boston and nationally as well as to implement our existing projects."

"I am very excited about this new challenge," said Wuest. "Forest City is a great company with a solid long-term perspective, and Peter and I look forward to leading our efforts to expand our platform across all product types in New England and to leading the expansion of our Science & Technology Group across the country." said Wuest. "We've already started to add some new residential projects to our local portfolio and we look forward to continuing our expansion plans in New England."

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Forest City Enterprises, Inc. is a $10 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.