Feldman Equities Adds Greater Depth to Experienced Executive Team

NEW YORK March 15, 2005 - Feldman Mall Properties, Inc. (NYSE: FMP), a real estate investment trust focused on the renovation and repositioning of retail shopping malls, today announced the addition of three seasoned executives to its executive and senior management teams. Thomas E. Wirth joins as Chief Financial Officer, Jeffrey Erhart as General Counsel and Sheryl Wolf as Chief Accounting Officer. Larry Feldman, President and Chief Executive Officer of Feldman Mall Properties, made the announcement.

"We are extremely excited to add Mr. Wirth, Mr. Erhart and Ms. Wolf to our roster of executive and senior management professionals," stated Larry Feldman. "Each individual brings a wealth of knowledge and real estate experience that will further strengthen our executive team. We firmly believe that they will greatly enhance our ability to move quickly, with skill and precision, to acquire undervalued retail properties and reposition them to operate most effectively thereby creating greater value for our shareholders."

Mr. Wirth began working with the company in August 2004, and formally joined FMP as the Chief Financial Officer in December of 2004. In his capacity as CFO, Mr. Wirth is directing the accounting and finance, capital markets and investor relations efforts of the newly formed REIT. Prior to joining FMP, Mr. Wirth spent eight years at SL Green Realty Corp., a New York Office REIT, holding senior management positions including Chief Financial Officer, Vice President and Principal Accounting Officer and Vice President of Finance. During his tenure at SL Green, Mr. Wirth helped shepherd the company's growth from a $200 million market cap to over $3 billion. Mr. Wirth's management experience also includes serving as Vice President of Financial Reporting and Analysis for United Waste Systems, Inc., and several years at Ernst & Young LLP in various capacities including Senior Manager. Mr. Wirth received his Bachelor of Arts in Business Management and Accounting from Gettysburg College.

As General Counsel, Jeffrey Erhart will oversee all aspects of the company's legal structure, contracts, leases and all other financial agreements. Before coming to Feldman Mall Properties, Mr. Erhart was a Partner in the law firm of Van Wagner, Erhart & Hubbard, LLP where his practice focused on the sale, purchase, leasing, development and financing of office buildings, shopping centers, malls and other real property. Mr. Erhart is a seasoned veteran of real estate law with over 22 years of real estate law experience. Prior to joining FMP, Mr. Erhart represented the company in many of its real estate matters. He is familiar with the company's legal structure and has worked with most of the company executives for over a decade. Mr. Erhart holds a Bachelor of Arts in Mathematics from the University of Arizona and a JD from Arizona State University College of Law.

Ms. Wolf will be primarily responsible for all accounting, controls and financial reporting of the company in her role as Chief Accounting Officer, reporting directly to Mr. Wirth. Prior to joining Feldman Mall Properties, Ms. Wolf was Controller & Director of Finance at Brookdale Living Communities, Inc. where she oversaw all accounting and financial functions including tax compliance, projections and reporting, SEC compliance including Sarbanes Oxley and performing competitive analysis and financial modeling. Ms. Wolf has a Bachelor of Arts in Accounting from Aurora University and her MBA from Northern Illinois University.

Feldman Mall Properties, Inc. is a real estate investment trust, or REIT, that acquires, owns and repositions regional malls. The Company's portfolio consists of 4 malls aggregating approximately 4.1 million square feet. Feldman Mall Properties, Inc. is the only publicly held REIT that specializes exclusively in the renovation and repositioning of enclosed regional shopping malls.

For more information on Feldman Mall Properties Inc., visit the Company's website at www.feldmanmall.com.


CONTACT: Feldman Mall Properties, Inc. Larry Feldman or Thomas E. Wirth, 516-684-1239