News Release

For Immediate Release

Contact: Anne Monson, APR, 505-244-8479 Melanie J. Majors, APR, 505-266-5637

MESA DEL SOL MOVES HEADQUARTERS TO NEW FACILITY

Albuquerque, NM – January 29, 2009 -- Forest City Covington NM LLC, developer of Mesa del Sol, is moving its headquarters on Friday, January 30 to its new facility, the Antoine Predock-designed Aperture Center building, at Mesa del Sol. The company is moving from its current 7,800 rented square foot space in the UNM Science and Technology Park near University Boulevard and Lead Avenue.

Aperture Center is located at 5700 University West Boulevard SE, Suite 310 in Mesa del Sol. The new Mesa del Sol office will be located on the third floor in 12,300 square feet of space with sweeping views of the Manzano Mountains, the community, the south mesa and Albuquerque’s South Valley. All of Mesa del Sol's 19 employees will have offices in the new space. The building is designed to be LEED certified with aspirations to attain LEED Silver designation.

 “We are thrilled to move to such a stunning building and join the other businesses currently operating on site: Advent Solar, ABQ Studios and Fidelity Investments. Aperture Center is a true centerpiece for Mesa del Sol,” said Michael Daly, Mesa del Sol president. “It is ideally positioned between Mesa del Sol’s residential and commercial space and has a unique footprint that will serve both civic and practical purposes.”

While the community’s developer will occupy a section of the third floor, the building has additional office and ground floor retail space available for lease.

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About Mesa del Sol
Mesa del Sol is a 12,900-acre mixed-use district located on Albuquerque’s south mesa. By combining job creation and sustainable urban community planning, Mesa del Sol will reflect a balance of environmental resources, economic objectives and social amenities in a community that is forwardlooking with a highly defined sense of place. www.mesadelsolnm.com

Mesa del Sol is a true public/private partnership. In addition to Forest City Covington, NM, LLC, Mesa del Sol is being developed in conjunction with other partners, including the New Mexico State Land Office, the University of New Mexico, with the support of the City of Albuquerque, Bernalillo County and the State of New Mexico.

About Forest City Covington
Forest City Covington NM, LLC is a joint venture between Forest City NM. LLC and Covington NM, LLC. Forest City NM, LLC is a subsidiary of Forest City Enterprises, Inc., a $10.9 billion NYSE-listed national real estate company. The Company is principally Front View of Aperture Center engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. Covington NM, LLC is an affiliate company of Covington Capital Corporate, a major real estate development and investment company. Covington Capital and its affiliate companies currently own more than 9 million square feet of commercial/industrial space and are actively developing more than 17,000 acres of land in the western 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. Actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Real estate development risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the inability to secure sufficient financing on favorable terms, construction risks, increases in commodity costs, the inability to obtain required governmental permits and authorizations, the inability to secure tenants or anchors for the project, the withdrawal of a prospective anchor or project partner, opposition from third parties, competition in the target market, economic conditions in the target market, the adverse impact of environmental matters, softening of the housing market, and other risk factors as disclosed from time to time in Forest City’s SEC filings, including but not limited to, Forest City’s annual and quarterly reports.

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