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Covington Announces Office Move to New York Times Building

June 20, 2006

NEW YORK, June 20, 2006  -  Covington & Burling announced today that it has agreed to lease 160,000 square feet on five floors in the iconic New York Times Building now under construction near Times Square from Forest City Ratner Companies.  The move to the New York Times Building will provide space for continued expansion of the firm's New York office, which has more than 100 lawyers.

The firm will occupy floors 39 through 43 of the Renzo Piano-designed building, which is nearing completion at Eighth Avenue and 41st Street.  Covington signed a 20-year lease  on June 16, 2006.  Occupancy is scheduled for spring of 2007.

FCRC owns 700,000 square feet of The New York Times Building, which includes floors 28 through 52, as well as 21,000 square feet of retail space on the ground floor. The New York Times Company will own and occupy the rest of the building. The 52-story building was designed by Pritzker Prize-winning architect Renzo Piano in association with FXFOWLE Architects. The building, located at 620 Eighth Avenue, will feature a dramatic curtain wall skin of clear glass covered with a screen of ceramic rods along with other distinctive elements, such as a glass-walled moss and birch garden on the ground floor.

Stuart C. Stock, chair of Covington's Management Committee, said, "We look forward to moving into the newest and most distinguished office building in New York. Covington prides itself on making far-sighted real estate choices, as we did in leading the Washington legal community to Pennsylvania Avenue in the early 1980's.  Our choice of this new space reflects the firm's commitment to the continued growth of our New York practice."

Bruce Ratner, President and CEO of FCRC, said, "It is an honor to welcome a highly-regarded firm like Covington & Burling to The New York Times Building. This building is sure to become a landmark in the New York City skyline and it deserves prestigious tenants who will enjoy its panoramic views and 21st Century amenities."

FCRC is an affiliate of Forest City Enterprises, Inc., a $7.8 billion NYSE-listed (ticker: FCE-A & FCE-B) national real estate company.  FCRC was represented by a team led by Mary Ann Tighe and includes Howard Fiddle, Tim Dempsey, Pete Turchin, Matt Preotle and Jason Pollen of CB Richard Ellis.  Covington was represented by a team led by Mitchell S. Steir along with Michael Colacino, David J. Goldstein, Matthew Barlow, and Daniel Horowitz of Studley.

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