Press Release

The Illinois Science + Technology Park Signs Leading Industry Association as First Tenant: NanoBusiness Alliance establishes Midwest office center in state-of-the-art facility

For immediate release - July 5, 2005

Skokie, IL – Forest City announced today that the NanoBusiness Alliance, a national industry association, has established its Midwest offices in the state-of-the-art Illinois Science + Technology Park in Skokie, IL. The organization is the first tenant at the Park, which will serve as the catalyst in transforming Illinois from a scientific research hub to an economic engine for nanotechnology and bioscience technology.

The NanoBusiness Alliance is the premier nanotechnology policy and commercialization advocacy group in the United States. NanoBusiness Alliance members include start-ups, Fortune 500 companies, academic research institutions, and public-private partnerships. The Alliance provides a collective voice and a vehicle for efforts to advance the benefits of nanotechnology across the economy and society.

"We are excited to establish our Midwest office center in the Illinois Science + Technology Park as it is an ideal environment to promote entrepreneurial opportunities," said Sean Murdoch, executive director of the NanoBusiness Alliance. "We look forward to moving into the dynamic facility which will serve as a catalyst in enhancing the emerging business of nanotechnology."

The innovative Science + Technology Park, which includes one million square feet of research and office space spread across nine buildings, will provide the necessary resources to convert cutting edge research in Illinois into viable commercial activity. The Park marks a doubling of Illinois' current supply of facilities which will secure the state's future as one of the nation's premier biotechnology and nanotechnology centers.

"We are privileged to have the NanoBusiness Alliance as the first tenant at the Park as they continue to play an integral role in supporting the emerging nanotechnology business community," said Gayle Farris, president of Forest City's Science + Technology Group. "The Park will provide an opportunity for synergistic relationships to cultivate from the close proximity of research, development and educational activities that will assist in pushing goods to the marketplace more efficiently than ever before."

The NanoBusinesss Alliance will locate its offices in Building Q—the gem of the Park. This LEEDS certified, state-of-the-art building features glass enclosed groups of laboratories and conference suites surrounding a naturally lit open central atrium. The unique neighborhood layout of the Park provides a campus environment to facilitate synergistic relationships between scientists, companies and organizations, working to make Illinois a leader in these emerging industries driving the 21st Century.

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Forest City Enterprises, Inc. is a $7.2 billion NYSE-listed real estate company headquartered in Cleveland, Ohio. The Company is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The Company's portfolio includes interests in retail centers, apartment communities, office buildings and hotels in 19 states and the District of Columbia. Elsewhere in the Chicagoland area, Forest City is master developer of the 80-acre Central Station residential project, the city's largest real estate project. In 2004, Forest City began construction on the million-square-foot Bolingbrook Town Center, an open-air regional lifestyle center.