EMPLOYMENT AGREEMENT


         THIS EMPLOYMENT  AGREEMENT (the  "Agreement") is made as of November 4,
1999 by and between The Taubman Company Limited Partnership,  a Delaware limited
partnership (the "Company"), and Courtney Lord ("Lord").

                                    RECITALS

         WHEREAS,  the Company  wishes to employ Lord as Senior Vice  President,
and Lord  desires to work for the  Company in such  capacity  upon the terms and
conditions set forth herein.

         NOW, THEREFORE,  in consideration of the mutual promises and agreements
set forth herein, the parties agree as follows:

         1.       Employment.

                  The Company shall employ Lord on a full-time basis as a Senior
Vice President.  Effective January 1, 2000, Lord's employment title shall change
to Senior Vice  President-Managing  Director of Leasing. Lord shall also perform
such other leasing management and/or  administrative  duties consistent with the
office of Senior Vice  President  as from time to time may be assigned to him by
the President of the Company.  Lord shall devote his full time and attention to,
and exert his best efforts in, the performance of his duties hereunder, so as to
promote the business of the Company.

         2.       Term of Employment.

                  Lord's term of employment shall commence as of a date mutually
acceptable  to the Company and Lord,  which shall not be later than  November 5,
1999, and continue through January 1, 2005, unless  terminated  earlier pursuant
to paragraph 5 below (the "Term of Employment").

         3.       Compensation.

                  (a) Base Salary.  The Company shall pay or cause to be paid to
Lord during the Term of  Employment a base salary of not less than  $270,000 per
annum,  payable in accordance  with the Company's  payroll  practices.  The base
salary  shall be reviewed  each year and subject to normal  increases  (2% - 3%)
commencing with the March 2001 salary review.

                  (b) SSTI Bonus. Lord shall participate in the Company's Senior
Short-Term  Incentive  Plan ("SSTI") and shall have a guaranteed  bonus equal to
$195,000 for the years beginning January 1, 2000 and January 1, 2001. Other than
the bonus amount specified in the preceding statement, the SSTI payment shall be
determined in accordance with the terms and conditions of the SSTI.

                  (c) Long-Term  Incentive  Compensation.  Effective  January 1,
2000, Lord shall receive a  Participation  Grant equal to 10,000 Notional Shares
under The Taubman
<PAGE>

Company Long-Term  Performance  Compensation Plan (the "LTPC") and a Performance
Grant under the LTPC in an amount,  which amount may be zero,  determined by the
Company in its discretion. Grants are subject to all of the terms and conditions
(including the vesting schedule) of the LTPC.

                  (d) Other Benefits. During the Term of Employment,  Lord shall
be entitled to participate in any  retirement  plan or other benefit  program of
the Company now existing or established  hereafter by the Company, to the extent
that he is eligible  under the general  provisions  thereof.  Lord shall also be
entitled to participate in any group insurance, hospitalization, medical, health
and accident, disability, or similar plan or program of the Company now existing
or  established  hereafter  to the extent that he is eligible  under the general
provisions thereof.

         4.       Relocation Expenses.

                  Lord and the  Company  agree  that  Lord  shall  relocate  his
primary  family  residence  to the  Detroit  metropolitan  area  no  later  than
September 1, 2000.  The Company shall pay the  following  expenses in connection
with Lord's relocation:

                  (a)  $50,000   lump   sum  payment  within  30 days of  Lord's
employment commencement date.

                  (b)  Monthly  rental of  $2,550 for  Lord's  rental  apartment
from November 1, 1999 through March 31, 2000.

                  (c) Roundtrip  airfare  between Detroit and Aspen for Lord for
three weekends per month from November 1, 1999, until Lord's family relocates to
Detroit, but no later than July 1, 2000.

                  (d)  Roundtrip  airfare  between  Detroit and Aspen for Lord's
family for four separate visits between Lord's employment  commencement date and
July 1, 2000.

                  (e) Cost of  moving van  to move Lord's  household  goods from
Aspen to Detroit.

         All eligible  relocation  expenses shall either be paid directly by the
Company,  or the Company shall reimburse Lord upon Lord's furnishing the Company
with receipts or such other documentation as the Company requests.

         5.       Termination of Employment.

                  (a) Voluntary  Termination of Employment by Lord. In the event
Lord  terminates  his  employment  with the Company  for reasons  other than his
death,  Disability or a Termination  with Good Reason (as such terms are defined
below), such termination shall be deemed a Voluntary  Termination.  In the event
of a Voluntary  Termination  by Lord prior to January 1, 2005, the Company shall
have no further  obligation to Lord other than the  Company's  obligation to pay
any amounts that have accrued  through the employment  termination  date. Upon a
Voluntary  Termination,  the  Company  shall  have  the  right to

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<PAGE>

purchase any Additional Units (as defined below) and an equal number of Series B
Preferred  Stock  (as  defined  below)  issued to Lord and the  capital  account
allocated to the  Additional  Units for a cash lump sum payment of $50,000.  The
Taubman Realty Group Limited Partnership  ("TRG")  acknowledges that the Company
has the right to purchase the Additional Units and the capital account allocated
to the Additional Units. Additional Units means Units of Partnership Interest in
TRG which have no right to receive  distributions  (except upon  liquidation  of
TRG) or allocation of partnership income or loss (or items thereto).  The number
of  Additional  Units which the  Company  has the right to purchase  pursuant to
paragraph  5(a),  (c), or (e)  corresponds to the number of Additional  Units on
Lord's employment  termination date as listed on the schedule attached hereto as
Exhibit  A.  Series B  Preferred  Stock  means  the  Series B  Non-Participating
Convertible Preferred Stock of Taubman Centers, Inc.

                  For purposes of this Agreement, a Termination with Good Reason
shall mean a termination of employment by Lord because of any of the following:

                       (i)    a material reduction in base salary and SSTI bonus
                              (other than for Cause), or

                       (ii)   a    substantial    diminution    of   duties   or
                              responsibilities.

                  (b)  Death  or   Disability  of  Lord.  In  the  event  Lord's
employment is  terminated by reason of his death or disability  (as that term is
defined in the LTPC),  he shall receive  accrued but unpaid base salary  through
the employment  termination date. Lord shall also receive any benefits otherwise
provided under the Company's  plans or programs in accordance  with the terms of
such plans or such programs.

                  (c)  Termination  by the Company  Without Cause on or Prior to
January 31, 2001. If Lord's  employment  is  terminated  by the Company  without
Cause (as defined below) on or prior to January 31, 2001, Lord shall be entitled
to receive,  and the Company  shall be  obligated to pay 50% of the amounts that
would have been payable to Lord as Base Salary and SSTI Bonus had Lord  remained
employed for the duration of the Term of Employment. The Company also shall have
the right to purchase 50% of Lord's  Additional Units, an equal number of Series
B Preferred Stock and the capital account  allocated to the Additional Units for
a cash lump sum payment of $50,000.  TRG  acknowledges  that the Company has the
right to purchase the Additional Units and the capital account  allocated to the
Additional  Units.  The Base Salary and SSTI Bonus  amounts  shall be payable as
follows:  The  Company  shall pay Lord 100% of his Base Salary and SSTI Bonus in
accordance  with the Company's  normal payroll  practice during the first twelve
months after Lord's  employment  termination date.  Thereafter,  the balance due
(i.e. 50% of Base Salary and SSTI Bonus from employment termination date through
January 1, 2005 minus Base Salary and SSTI  already  paid  pursuant to preceding
sentence)  will be payable in a lump sum payment  within 30 days after the first
anniversary of Lord's employment termination date.

                  (d) Termination by the Company Without Cause After January 31,
2001.  If Lord's  employment  is  terminated by the Company for any reason other
than cause after  January  31, 2001 but prior to January 1, 2005,  Lord shall be
entitled to receive and the

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<PAGE>

Company  shall be  obligated  to pay the balance of the amounts  that would have
been  payable to Lord as Base Salary and SSTI Bonus had Lord  remained  employed
for the duration of the Term of Employment.

                  (e)  Termination  by the  Company  for Cause.  The Company may
terminate Lord's employment and this Agreement  effective  immediately for Cause
(as defined below). If the Company  terminates Lord's employment for Cause prior
to January 1, 2005,  the Company shall have no further  obligation to Lord other
than its obligation to pay any amounts that have accrued  through the employment
termination  date. In the event Lord's  employment is terminated for Cause,  the
Company  shall have the right to  purchase  Lord's  Additional  Units,  an equal
number of Series B Preferred  Stock and the  capital  account  allocated  to the
Additional Units for a cash lump sum payment of $50,000.  TRG acknowledges  that
the  Company  has the right to  purchase  the  Additional  Units and the capital
account allocated to the Additional Units.

                  (f) Definitions. For purposes of this Agreement, "Cause" means
the willful and continual  failure to perform Lord's duties with the Company and
to perform  such duties on a  full-time  basis or Lord's  engagement  in conduct
(including  but not  limited  to fraud or theft)  which has a  material  adverse
effect  on  the  business  affairs  of the  Company,  monetarily  or  otherwise;
provided,  that cause shall have occurred only if it shall have been preceded by
a notice specifying the facts and  circumstances  claimed to provide a basis for
Cause and Lord  shall  have been  given 30 days from the date of such  notice to
cure.  For purposes of this  Agreement,  no act or failure to act on Lord's part
shall be considered "willful" unless done, or omitted to be done, by Lord not in
good faith and without  reasonable belief that his action or omission was in the
best interests of the Company.

         6.       Covenant Not to Compete.

                  Lord agrees that during the Employment  Term he will apply all
of his skill and  experience  to the business  and affairs of the Company.  Lord
further agrees that during the  Employment  Term and for a period of (a) one (1)
year after his  employment  termination  date if he is terminated by the Company
without  Cause on or prior to  January  31,  2001;  (b) two (2) years  after his
employment termination date if he is terminated for any reason after January 31,
2001,  but  prior to  January  1, 2005  (provided,  however,  if the  employment
termination  date is after January 1, 2004, but before  January 1, 2005,  Lord's
agreement not to compete will expire on January 31, 2005);  and (c) one (1) year
after his  employment  termination  date if his employment is terminated for any
reason on or after  January 1, 2005,  he shall not,  without  the prior  written
approval of the  Company,  directly or  indirectly  hold or acquire an ownership
interest  in, or perform  any  services  as a  shareholder,  director,  partner,
member,  employee,  agent,  adviser or consultant or otherwise for any person or
entity,  or any  affiliate or  subsidiary  thereof,  wherever  located,  that is
engaged in the business of  consulting,  brokering  or in any manner  leasing or
negotiating occupancy,  whether by sale, lease or otherwise,  in connection with
any traditional regional mall or value regional mall. Such restriction includes,
but  is  not  limited  to,   employment  by  a  developer  and/or  owner  acting
independently.  Lord further  agrees that during the  Employment  Term and for a
period of two (2) years after the later of (a) the date his employment  with the
Company  terminates  for any  reason,  or (b) the last  date

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<PAGE>

Lord receives any payment under this Agreement,  he shall not, without the prior
written  consent  of the  Company,  directly  or  indirectly  contact or solicit
employees of the Company other than on behalf of the Company.

         7.       Confidentiality Covenant.

                  During  the Term of  Employment  and at all times  thereafter,
Lord shall keep secret and retain in strictest confidence, and shall not use for
his own benefit or the benefit of others except in connection  with the business
and  affairs  of  the  Company,  all  Confidential  Information  and  all  other
confidential  matter relating to the business of the Company learned by him, and
shall not disclose such Confidential  Information and other confidential  matter
to anyone  outside of the Company,  either during or after  employment,  nor may
Lord  exploit  for his  own  benefit  or the  benefit  of  others  any  personal
relationships  with  tenants,  employees  or  contacts  of  the  Company  formed
heretofore or hereafter.

                  For  purposes  of this  Agreement  "Confidential  Information"
shall mean all  information  that  would  normally  be deemed to be  proprietary
including  trade secrets and all  information  relating to the Company's (or its
affiliate's)  research,  development,  accounting,  tenants  and  tenant  lists,
business  connections,  consultants,  advisors and  employees,  programming  and
formatting  information,  operational  methods,  marketing  plans or strategies,
business acquisition plans, new personnel  acquisition plans, designs and design
projects, and all other information of any kind or nature whatsoever,  which may
pertain  to or be  derived  from the  business  operations  and  affairs  of the
Company,  now or  hereafter  existing.  Notwithstanding  anything  herein to the
contrary,  the  obligations  under this paragraph do not apply to any portion of
the Confidential Information which (1) is or becomes public knowledge through no
fault of Lord,  (2) is in  lawful  possession  of Lord  prior to  engagement  by
Company,  or (3) is  disclosed  pursuant  to the  lawful  requirement  or formal
request of a government agency.

         8.       Company's Remedies Upon Breach.

                  In the event Lord breaches the non-compete or  confidentiality
covenants,  Lord  acknowledges  that he shall  forfeit all rights to any amounts
payable  under  this  Agreement,  and that the  Company  shall have the right to
purchase his Additional  Units and capital  account  allocated to the Additional
Units for $50,000.  Lord further acknowledges that the Company shall be entitled
to injunctive  relief in addition to any other remedy it may have.  Lord further
acknowledges that the Company's remedies upon breach by him of the provisions of
paragraph 6 and 7 hereof will be  inadequate.  Accordingly,  in the event of the
breach or  threatened  breach by Lord of  paragraphs 6 or 7 hereof,  the Company
shall be entitled to  injunctive  relief in addition to any other  remedy it may
have.



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<PAGE>


         9.       Notices.

                  All notices  required  or  contemplated  under this  Agreement
shall be delivered (a) personally,  (b) by next day courier  service,  or (c) by
certified or registered mail, return receipt requested, addressed as follows (or
to such other address as any party may provide in writing to the other):

                  If to the Company:

                           The Taubman Company Limited Partnership
                           200 East Long Lake Road
                           Suite 200
                           Bloomfield Hills, Michigan 48304

                           Attention:  Mr. Robert S. Taubman

                  with a copy to:

                           Miro Weiner & Kramer, P.C.
                           500 North Woodward Avenue
                           Suite 100
                           Bloomfield Hills, Michigan 48304

                           Attention:  Ernest J. Weiner, Esq.

                  If to Lord:

                           Courtney Lord
                           517 West North Street
                           Aspen, Colorado 81611

                  with a copy to:

                           Shulman, Rogers, Gandal,
                             Pordy & Ecker, P.A.
                           11921 Rockville Pike, Suite 300
                           Rockville, Maryland 20852-2743

                           Attention:  Lawrence A. Shulman, Esq.

                  All notices under this Agreement shall be deemed received when
personally delivered, on the first business day after depositing with a next day
courier service, or on the third day after mailing, as the case may be.

         10.      Prior Agreements.

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<PAGE>

                  This Agreement  supersedes  and replaces all prior  agreements
between the parties and may not be modified orally.

         11.      Waiver.

                  The waiver by the Company of a breach by Lord of any provision
of  this  Agreement  shall  not  operate  or be  construed  as a  waiver  of any
subsequent  breach by Lord. The waiver by Lord of a breach by the Company of any
provisions  of this  Agreement  shall not operate or be construed as a waiver of
any subsequent breach by the Company.

         12.      Assigns and Successors.

                  The rights and obligations of the Company under this Agreement
shall  inure to the  benefit of and shall be  binding  upon the  successors  and
assigns of the Company.

         13.      Construction and Governing Law.

                  This Agreement  shall be construed under the laws of the State
of Michigan (excluding the choice of law rules thereof).  Paragraph headings are
for  convenience  only and  shall  not be  considered  a part of the  terms  and
provisions of the Agreement.

         14.      Severability.

                  If any provision of this  Agreement as applied to either party
or to any circumstance shall be adjudged by a court of competent jurisdiction to
be void or unenforceable, the same shall in no way affect any other provision of
this Agreement or the validity or enforceability of this Agreement.

         IN WITNESS  WHEREOF,  the  Company  has  caused  this  Agreement  to be
executed by its duly authorized officer, and Lord has hereunto set his hand, all
as of the day and year first above written.

WITNESS:                                THE TAUBMAN COMPANY LIMITED PARTNERSHIP,
                                        a Delaware limited partnership


                                        By: /s/  Robert Taubman
                                            -------------------
/s/ Christopher C. Maeso
------------------------
                                        Its:  Authorized Signatory
/s/ Ernest J. Weiner
---------------------


/s/ Christopher C. Maeso                /s/  Courtney Lord
------------------------                --------------------
                                         Courtney Lord
/s/ Ernest J. Weiner
-----------------------

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<PAGE>

With respect to paragraphs 5(a), (c) and (e) only:

WITNESS:                                THE TAUBMAN COMPANY REALTY GROUP
                                        LIMITED PARTNERSHIP,
                                        a Delaware limited partnership


                                        By: /s/ Robert Taubman
/s/ Christopher C. Maeso                   --------------------
------------------------                Its: Authorized Signatory
/s/ Ernest J. Weiner
-----------------------

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<PAGE>


                                    EXHIBIT A

                            ADDITIONAL UNITS SCHEDULE


                                                                 ADDITIONAL
EMPLOYMENT TERMINATION DATE                                   OUTSTANDING UNITS

Prior to January 1, 2000                                                 435,148

After January 1, 2000 but prior to January 1, 2001                       348,118

After January 1, 2001 but prior to January 1, 2002                       261,088

After January 1, 2002 but prior to January 1, 2003                       174,058

After January 1, 2003 but prior to January 1, 2004                        87,028

After January 1, 2004 but prior to January 1, 2005                        43,514

After January 1, 2005                                                       -0-



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<PAGE>