Exhibit 99.1

NEWS RELEASE GENERAL GROWTH PROPERTIES, INC.


                                                         110 North Wacker Drive
                                                              Chicago, IL 60606
                                                                 (312) 960-5000
                                                             FAX (312) 960-5475

FOR IMMEDIATE RELEASE

                                                         CONTACT: David Keating
                                                   Sr. Manager, Media Relations
                                                david.keating@generalgrowth.com
                                                                 (312) 960-6325

           GENERAL GROWTH PROPERTIES, INC. COMPLETES ACQUISITION
                            OF THE ROUSE COMPANY

CHICAGO, ILLINOIS, NOVEMER 12, 2004 -General Growth Properties, Inc. (NYSE:
GGP) has completed the previously announced acquisition of
Maryland-headquarted The Rouse Company, a premier real estate development
and management company.

The Rouse Company acquisition adds 37 regional shopping malls, four
community centers, and six mixed-use projects totaling 40 million square
feet to General Growth's portfolio of owned shopping centers. There is also
a portfolio of office, industrial and other commercial properties totaling
approximately 9 million square feet and considerable undeveloped land in
some of the most successful master planned communities in the country, such
as Summerlin, Nevada, Columbia, Maryland and The Woodlands outside Houston.

Sales per square foot for the retail properties average approximately $439
and occupancy is approximately 92 percent. The portfolio of retail centers
includes such world-class properties as Water Tower Place (Chicago),
Oakbrook Center (Oakbrook, IL--Chicago), Fashion Show Mall (Las Vegas) and
Faneuil Hall Marketplace (Boston). The planned community development
projects (commercial and residential), two of which include Summerlin,
outside Las Vegas, and Bridgelands, near Houston, will capture the spirit
of local commerce, art, culture and recreation, within a close-knit,
community setting.

The office portfolio is located primarily in the Baltimore/Washington
corridor and the rapidly growing Las Vegas market. The office properties
provide quality space and great visibility for all types of business.

General Growth Properties, Inc. is a nationwide shopping center owner,
developer and manager of regional shopping malls. General Growth currently
has ownership interest in, or management responsibility for, a portfolio of
221 regional shopping malls and numerous other types of properties in 44
states. The company portfolio totals approximately 200 million square feet
of space and includes over 16,000 retailers nationwide. The second largest
U.S.-based publicly traded Real Estate Investment Trust (REIT), General
Growth Properties, Inc. is listed on the New York Stock Exchange under the
symbol GGP. For more information, please visit the company web site at
http://www.generalgrowth.com.

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