Press Release

Forest City-New East Baltimore Partnership Announces Second Tenant For The Science + Technology Park at Johns Hopkins

For immediate release: August 15, 2007

Baltimore, MD (August 15, 2007) - Howard Hughes Medical Institute (HHMI) has signed a lease for approximately 4,500 square feet at The Science + Technology Park at Johns Hopkins. The Forest City-New East Baltimore Partnership announced that HHMI will be located at 855 N. Wolfe St., the first of five planned life science office facilities at the Science + Technology Park.

HHMI joins the Johns Hopkins Institute for Basic Biomedical Sciences at the 277,000-square-foot, state-of-the-art office research building, scheduled to open in spring, 2008. The Johns Hopkins Institute will occupy 100,000 square feet.

"We welcome Howard Hughes Medical Institute to the Park," said Scott Levitan, senior vice president and director of development for the Science + Technology Park at Johns Hopkins. "As a biomedical research company, it will not only participate in, but will also help drive the growth of Baltimore's world-class research cluster."

The building, which is connected to other university research facilities via a sky bridge, will provide state-of-the-art facilities for advanced research companies. Tenants also will have use of sophisticated research equipment located elsewhere on the Johns Hopkins campus.

"Our new location will foster our alliance with Johns Hopkins Medicine," said Rod Hargraves, Regional Manager of Administrative Services, Howard Hughes Medical Institute. "The proximity of the Science + Technology Park at Johns Hopkins to our research laboratories, plus the university amenities were important factors in our decision to locate here."

About the Howard Hughes Medical Institute
The Howard Hughes Medical Institute, a nonprofit medical research organization established in 1953 by the aviator-industrialist, conducts basic biomedical research in collaboration with more than 70 universities, medical centers and other research institutions throughout the United States. Headquartered in Chevy Chase, Maryland, the company employs 2,666 professionals. In the past two decades HHMI has made investments of more than $8.3 billion for the support, training, and education of the nation's most creative and promising scientists. The Institute commits almost $700 million a year for research and distributes $80 million in grant support for science education. HHMI's endowment at the end of 2006 was approximately $16.3 billion.

About the Developers
The Science + Technology Park at Johns Hopkins, which is being developed by The Forest City-New East Baltimore Partnership, is part of an ambitious $1.4 billion, 88-acre, mixed-use development program that is being undertaken in an area of East Baltimore immediately north of the Johns Hopkins Medical Institutions. The development plans for the 31-acre Phase I area being developed by the Partnership includes the 1.1 million square foot Science + Technology Park, over 900 housing units for mixed-income buyers and renters, and approximately 80,000 square feet of new ground floor retail space. The Partnership consists of the Forest City Science +Technology Group and Presidential Partners, a minority-business consortium of Baltimore-based developers. Including the development activities which are being undertaken by the Partnership, the overall East Baltimore Redevelopment Initiative will generate upwards of 8,000 new jobs.

Forest City Science+ Technology Group (www.forestcityscience.net) operates a portfolio of more than two million square feet of life science/technology office space with more than eight million square feet in the planning or development stages. Its properties are in major markets including Baltimore, Philadelphia, Chicago and Denver.

Forest City Science + Technology Group is a division of Forest City Enterprises, Inc., a $9.2 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.