Press Release

Forest City-New East Baltimore Partnership Opens First Building at The Science + Technology Park at Johns Hopkins: Governor O’Malley and Mayor Dixon join John G. Rangos Sr. in building dedication; new branding campaign for area revealed

For immediate release - April 11, 2008

Baltimore, MD — The first building at The Science + Technology Park at Johns Hopkins opened its doors today after a ceremony honoring John G. Rangos Sr., a businessman and the building’s namesake. Governor Martin O’Malley and Mayor Sheila Dixon praised the development they have witnessed. The 278,000-square-foot research building, located at 855 North Wolfe Street, will provide state-of-the-art facilities for advanced research companies. A new branding campaign for the New East Side was also revealed reflecting the transformation this area is undergoing.

"Today is a reward for the hard work by so many to realize the New East Side," said Scott Levitan, Senior Vice President and Director of Development for the Science + Technology Park at Johns Hopkins. "The opening of our first life sciences building at the Science + Technology Park at Johns Hopkins is the start of a new era for this community and continues the momentum begun in the Fall of 2007 with the opening of two residential buildings. The New East Side is a community of positive change, built upon the desire to improve the lives of others through the intersection of neighborhood values and innovative technology."

Developed by the Forest City-New East Baltimore Partnership, 855 North Wolfe Street, The John G. Rangos Sr. Building is the first of five buildings planned for the first phase of the project. The building is adjacent to the Johns Hopkins Medical Institutions’ campus.

"John Rangos' generosity and commitment to science and the community have ensured the kind of collaborative environment necessary to foster scientific and medical advances," said Edward D. Miller, M.D., dean and chief executive officer of Johns Hopkins Medicine. "We are honored by his contributions and pleased that the first building in this new enterprise will carry his name."

John G. Rangos Sr., a pioneer of technological advances in the field of waste transportation and disposal, is head of the John G. Rangos Sr. Family Charitable Foundation, an organization that has funded institutions such as the Rangos Research Center and the Rangos-Trucco Diabetes Laboratory at Children’s Hospital of Pittsburgh and the Rangos School of Health and Sciences at Duquesne University.

"Johns Hopkins is one of the best medical centers in the country," said Mr. Rangos. "The residents of Baltimore are lucky to have such a prestigious institution in their backyard. Medical and technological discoveries at this building, and the Science + Technology Park at Johns Hopkins, are imperative to our future health and success. I am honored by this recognition."

Four tenants, BioMarker Strategies, the Johns Hopkins School of Medicine Institute for Basic Biomedical Sciences, the Howard Hughes Medical Institute and Cangen Biotechnologies, have already leased space in the building and plan to begin work in the spring. These companies will have access to the use of sophisticated research equipment located on the Johns Hopkins campus. It is anticipated that the companies and businesses in the Park will bring 4,000 new jobs to the area.

Transforming the New East Side
Customized technical training programs will enhance the skills of Baltimore’s workforce to meet the requirements of companies locating in the Park. The training programs are being provided by East Baltimore Development Inc., a non-profit 501(c)(3) organization charged with leading and managing the $1.8 billion revitalization of the New East Side, an 88-acre portion of East Baltimore.

"The Science + Technology Park at Johns Hopkins is one component of the transformation that is happening on the New East Side," said Jack Shannon, President and CEO of East Baltimore Development Inc. "With new senior and workforce housing now available and job development training taking place, the community is ready to meet the growing demands of current and future tenants of the Park."

The New East Side project will provide 850 new residential units in mixed-income housing for new and returning residents and graduate students as well as offer new life science, office and retail space. A new K-8 community school and open spaces are also planned.

The success of the project is a result of collaboration among the East Baltimore neighborhoods, the State of Maryland, the City of Baltimore, East Baltimore Development Inc., the Annie E. Casey Foundation, Goldseker, Weinberg and Abell Foundations, the Johns Hopkins Institutions, and Forest City–New East Baltimore Partnership and its subdevelopers. Their goal is to rebuild the community and create new opportunities within New East Baltimore. The first new public school to be built in Baltimore City in thirty years will be the center of a seven-acre community school campus. Johns Hopkins’ Urban Health Institute is collaborating with EBDI to include a community health clinic at the site.

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 mixed-use development program that is being undertaken in an area of East Baltimore immediately north of the Johns Hopkins Medical Institutions. The first phase of development plans for the 31-acre Phase I area being developed by the Partnership to include the 1.1-million-square-foot Science + Technology Park, over 850 housing units for mixed-income buyers and renters, and a variety of retail services. The Partnership consists of the Forest City Science + Technology Group and Presidential Partners, LLC, a minority-business consortium of Baltimore-based developers. In addition to the development activities being undertaken by the Partnership, the overall East Baltimore redevelopment initiative will generate new job opportunities.

Presidential Partners is a consortium of award-winning developers and builders specializing in mixed-use projects. Presidential Partners includes: Banks Contracting, Lambda Development, Legacy Harrison Enterprises, and The Wilkinson Group. Presidential Partners has earned recognition for top-notch strategic planning and an enviable ability to spot and spark urban revitalization. Combined, they offer nearly a century of industry experience and innovative collaboration. (www.presidentialpartnersllc.com)

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 Boston, Baltimore, Philadelphia, Chicago and Denver.

Forest City Science + Technology Group is a division of Forest City Enterprises, Inc. (NYSE: FCEA) (NYSE: FCEB), 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.

Safe Harbor Language
Statements made in this news release that state the Company’s or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, general real estate development and investment risks including lack of satisfactory financing, construction and lease-up delays and cost overruns, dependence on rental income from real property, reliance on major tenants, the effect of economic and market conditions on a nationwide basis as well as in our primary markets, vacancies in our properties, downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, department store consolidations, international activities, the impact of terrorist acts, risks associated with an investment in and operation of a professional sports team, conflicts of interests, our substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by our credit facility, the level and volatility of interest rates, the continued availability of tax-exempt government financing, effects of uninsured or underinsured losses, environmental liabilities, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, changes in market conditions, litigation risks, and other risk factors as disclosed from time to time in the Company’s SEC filings, including but not limited to, the Company’s annual and quarterly reports.