Lower Manhattan

Real Estate Alert, April 14, 2004

* The occupancy rate has climbed to 86.6% from 84.7% a year ago. Leasing demand should remain brisk through yearend, which will mark the expiration of state rent subsidies instituted after the terrorist attacks.

* Class-A asking rents average $33.89/sf, down from $36.74/sf a year ago. Asking rents have been below $40/sf since midyear 2002.

On the Market             Seller

20 Pine Street            Jack Resnick & Sons
30 Broad Street           Murray Hill. Lubert-Adler, Seavest
86 Chambers Street        Robert A. Levine, Lehman Brothers

Recent Deals              Buyer

140 Broadway              DIFA
120 Broadway (90% stake)  Silverstein, CB Richard Ellis Investors
95-99 Wall Street         RFR Holding
20 Exchange Place         Nathan Berman
61 Broadway               Broad Street Partners
44 Wall Street            Swig Burris Equities
415 Greenwich Street      Heritage Partners
100 Maiden Lane           Lalezarian Developers
67 Wall Street            Nathan Berman

                                             Estimated Value
                          Hit           SF
On the Market             Market     (000)  ($Mil.)  (Per SF)

20 Pine Street            2nd Qtr.     567     $113      $200
30 Broad Street           March        430       80       185
86 Chambers Street        March        112       40       357

                                        SF    Sales     Price
Recent Deals              Closed     (000)  ($Mil.)  (Per SF)

140 Broadway              April      1,200     $460      $383
120 Broadway (90% stake)  March      1,800      270       167
95-99 Wall Street         (Pending)    586      180       370
20 Exchange Place         (Pending)    730      155       212
61 Broadway               (Pending)    661      130       197
44 Wall Street            January      340       63       183
415 Greenwich Street      February     193       60       311
100 Maiden Lane           March        300       57       190
67 Wall Street            March        303       51       167

On the Market             Broker

20 Pine Street            (Not yet selected)
30 Broad Street           (None)
86 Chambers Street        Cushman & Wakefield

Recent Deals              Broker

140 Broadway              Morgan Stanley, Jones Lang
120 Broadway (90% stake)  Eastdil Realty
95-99 Wall Street         (None)
20 Exchange Place         Cushman & Wakefield
61 Broadway               Cushman & Wakefield
44 Wall Street            Cushman & Wakefield
415 Greenwich Street      Cushman & Wakefield
100 Maiden Lane           Jones Lang LaSalle
67 Wall Street            Schlang Brothers, Jones Lang