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Forest City Announces Joint Venture with Health Care REIT for University Park Life Science Properties
Date:2/22/2010

in that portfolio.  It also positions us with a strong capital partner who can help us grow our life science business.  We are very proud of the value we've created over the past 25 years with the development and management of University Park, one of the great mixed-use parks in the country.  Its success shows not just the quality of the location and the individual assets, but the synergy possible by creating attractive campus environments with a true 'sense of place.'"

"These are best-in-class assets in a prime location leased to world-class life sciences companies that further diversify our health care real estate holdings," commented George L. Chapman, chief executive officer of Health Care REIT, Inc.  "We believe these assets have the ability to generate above average NOI growth due to the demand for space in this high-quality market.  We are pleased to establish this relationship with Forest City, which owns, develops, acquires and manages commercial and residential real estate.  They have extensive experience in successfully developing and managing life sciences properties throughout the country."

University Park is an award winning 27-acre, mixed-use campus developed by Forest City immediately adjacent to the Massachusetts Institute of Technology in Cambridge.  The 2.3 million-square-foot project includes a 210 room hotel, 674 residential units, a grocery store, restaurants and retail, in addition to ten life science
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SOURCE Forest City Enterprises, Inc.
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