Tejon Ranch, Calif., March 14, 2008 – The U.S. Department of Commerce has officially recognized the expansion of Foreign Trade Zone (FTZ) #202 to now include an initial 177-acres at Tejon Industrial Complex (TIC), the 1,450-acre master planned commercial development that anchors California’s central trade corridor.

“The master plan for Tejon Industrial Complex is strategically crafted to provide a premier operating environment for California’s diverse business community,” said Robert A. Stine, President and CEO of Tejon Ranch Co. “The Foreign Trade Zone designation at TIC will offer a signature advantage to our joint venture with Rockefeller Group as we continue attracting new employers to Kern County.”

Currently, the joint venture of Tejon Ranch Company (NYSE: TRC) and Rockefeller Group Development Corporation (The Rockefeller Group) is moving forward with up to 500 acres of phased commercial development at TIC to serve the needs of the global logistics and warehouse sectors, the most common users of an FTZ. The FTZ designation, once activated by the user entity, will allow these manufacturers and distributors to secure the many benefits and cost reductions associated with streamlined movement of goods in and out of the zone and import duty and related savings.

Critical support for the FTZ designation was provided by U.S. Rep. Kevin McCarthy, Bakersfield; Kern County, including Meadows Field Airport; and the professionals of Rockefeller Group Foreign Trade Zone Services, a subsidiary division of Rockefeller Group Development Corporation.

“The joint venture between Tejon Ranch and The Rockefeller Group aligns the combined strengths of each organization’s land use, planning, development and tenant service expertise,” said Tom McCormick, SIOR, Rockefeller Group's Senior Vice President of Development. “We are offering a unique real estate product positioned at one of California’s most strategic locations for the efficient distribution of goods throughout the Western United States.”

Construction is now complete at the partnership’s first project, a 606,000-square-foot warehouse facility designed for single or multi-tenant use. The building is ready for occupancy and will serve the needs of California’s warehouse and distribution center operators searching for large blocks of move-in ready warehouse space featuring expansive truck courts, modern infrastructure and excellent access to a regional transportation system. Irvine-based architectural firm HPA designed the new building, with Fullmer as general contractor.

Prior to the expansion of the general-purpose FTZ to include designated acreage at TIC, home furnishings leader IKEA had obtained approval and activated TIC’s first subzone at its 1.7 million-square-foot distribution facility. This activation is considered to be one of the largest subzones approved and utilized in the state of California.

According to the Colliers International brokerage team of Senior Vice Presidents Thomas Taylor and John DeGrinis, SIOR, retained by the joint venture to market available building space and land for development at TIC, the FTZ designation provides a sought after amenity for the project that serves the industrial space user and further strengthens TIC’s already unique position in the marketplace.

“For companies involved in logistics and warehouse operations, access to an FTZ designation is a huge attraction they will not find at other regional projects,” said DeGrinis. “This designation, bundled with TIC’s available land for new buildings ranging in size from 100,000 to 1.5 million square feet and beyond, make it a strategic location option for new construction in today’s marketplace.”

Tejon Industrial Complex is already home to 3.1 million square feet of existing warehouse facilities (including the new building) and approximately 1,000 employees, including IKEA's Western North American Distribution Center, Oneida Ltd’s West Coast Distribution Center and more than 60-acres of retail offerings, including: a Petro Travel Plaza, a Best Western Hotel, In-N-Out Burger, a free-standing Starbucks, Panda Express, McDonald’s, Wendy’s and Iron Skillet Restaurant.

“TIC is fast becoming a critical solution to the challenges facing the modern logistics operation,” said Barry Hibbard, vice president of commercial and industrial development with Tejon Ranch. “Major retailers are focused on finding an efficient logistics, labor and location solution. TIC provides inbound and outbound efficiencies for goods movement from a master-planned location. The labor base of Kern County and the Bakersfield Region is deep and highly qualified to serve the needs of industrial space users.”

The TIC site is located between the Ports of Los Angeles and Oakland at the junction of Interstate Five and Highway 99, putting warehouse operators approximately 90 minutes north of the Los Angeles Ports and four hours south of Oakland, providing efficient access to the state’s two major port complexes for diversification and contingency. The site allows for efficient outbound, roundtrip delivery service to 96 percent of California’s population and parts of Nevada within the current Federal driver hours of service limitations.

About Tejon Ranch Company (NYSE: TRC)

Tejon Ranch Company is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. For more information on the company, please go to www.tejonranch.com. For more information on Tejon Industrial Complex, please go to www.tejonindustrialcomplex.com.

 About Rockefeller Group Development Corporation (RGDC)
RGDC is a national owner, developer, and manager of prestigious commercial real estate properties.  Its development capabilities include corporate headquarters, landmark properties, multi-use urban complexes, multinational distribution facilities, suburban business parks, and foreign trade zones.  RGDC, with developments in New York, New Jersey, Florida, Arizona and California is an operating company of The Rockefeller Group, developer of the famed Rockefeller Center in New York City. For more information, please logon to www.rockefellergroup.com.