en-us
Mubadala Real Estate & Hospitality (MREH) and Gulf Related, developers of The Galleria at Sowwah Square, today announced an unrivalled mix of retailers establishing The Galleria at Sowwah Square as Abu Dhabi’s leading luxury retail destination to shop, dine, meet and unwind. The announcement represents a commitment from over 90 top global retail brands, corresponding to over 85% of the development’s available retail space. Additional premium fashion and lifestyle retailers and restaurants are expected to be named in the coming months.

Scheduled to open in the third quarter of 2013, The Galleria at Sowwah Square will feature most of the world’s iconic luxury fashion and fine jewelry brands including Louis Vuitton, Cartier, Gucci, Prada, Alexander McQueen, Aspinal of London, Balenciaga, Bottega Veneta, Brioni, Boucheron, Bulgari, Chaumet, Christian Louboutin, Dolce & Gabbana, Fred Perry, IWC, Jimmy Choo, Michael Kors, Panerai, Roger Dubuis and Van Cleef & Arpels among others. The Galleria will also feature Abu Dhabi’s first Berluti, Celine, Mulberry, Marc Jacobs, Paul Smith and Tory Burch retail locations.

Patrick Chalhoub, CEO of the Chalhoub Group, said: “The Galleria at Sowwah Square is an outstanding project in which the Chalhoub Group and its partners are fully committed and engaged to make it the most vibrant destination of Abu Dhabi, offering a unique luxury retail experience tailored to meet our customers’ aspirations.”

Renowned retail operators Chalhoub Group, Al Tayer Insignia and Richemont Group, owners of most of the leading prestigious luxury retail and food and beverage brands, have executed the leases with The Galleria at Sowwah Square bringing the marquee brands to the development.

Khalid Al Tayer, CEO - Retail, Al Tayer Group said: “We are pleased to be a part of The Galleria at Sowwah Square, which promises to be an exceptional retail destination. It is an exciting development that complements Al Tayer Group's commitment to excellence in service, experience and design."

The Richemont Group is bringing some of their largest brands to the Galleria including Cartier, Van Cleef & Arples and Montblanc who have remarked:

“Cartier is excited to be opening its second boutique in Abu Dhabi at the Galleria. The Galleria at Sowwah Square will undoubtedly become a preeminent luxury shopping destination in Abu Dhabi. We thank Gulf Related, Marvin Traub Associates and Mubadala for their support.” said Louis Ferla, Regional Managing Director - Cartier MEA & India.

Alban Belloir, Van Cleef & Arpels’ Middle East and India Brand Director, said: “The Galleria at Sowwah Square distinguishes itself as an iconic project, offering a one-of-a-kind shopping and dining experience. It reflects Van Cleef & Arpels’s passion for beauty, elegance and style.”

Commenting on the launch of Montblanc’s latest boutique, Joe Nahhas, Brand Director, Montblanc said: “The expansion strategy for Montblanc’s boutique network into exclusively high-end retail environments explains our presence in [The Galleria at] Sowwah Square. This is a shopping and dining precinct that will become a key destination for our discerning clientele in Abu Dhabi and our latest boutique concept for Sowwah Square will offer our finest range of exclusive Limited Edition writing instruments, timepieces, fine leather goods and jewellery.”

Additional brands at The Galleria at Sowwah Square will include Bimba y Lola, CH Carolina Herrera, Coach, Diesel, Hackett, Hugo Boss, La Martina, Kenzo, La Senza,Lacoste, Longchamp, Sephora, Swarovski and Vilebrequin.

Located at the heart of Abu Dhabi’s exciting new mixed-use Central Business District, The Galleria will feature something for everyone – including a prestigious mix of luxury to mid-market international and specialty retailers alongside a collection of signature licensed chef-driven restaurants and cafes, all on the waterfront. The Galleria will introduce inspiring architecture designed by the acclaimed global architecture practices of Elkus Manfredi and Benoy. Best-in-class amenities include dedicated self and VIP valet parking service and an integrated network of climate-controlled pedestrian corridors that will provide indoor access to neighbouring residential and commercial developments. The 33,000 square meter (355,000 square foot) retail, food and beverage development is spread across two levels and features a stunning sculptural glass and steel atrium roof providing an iconic image for the new centre, all before one of the most spectacular views of Abu Dhabi’s skyline.

Ali Eid AlMheiri, Executive Director of MREH said: “Sowwah Square is envisioned to be a dynamic mixed-use urban destination, with world-class hotels, premium Grade A office space and of course the headquarters of the Abu Dhabi Securities Exchange; this announcement is a significant step in realizing that vision. Nothing adds life and vibrancy to a neighbourhood like a world-class shopping and dining precinct, and this high level of delivery will complement the entire Sowwah Square development on Al Maryah Island, formerly Sowwah Island.”

The Galleria at Sowwah Square will be part of a dynamic mixed-use environment that will include two 34-story luxury business hotels, Rosewood Abu Dhabi and Four Seasons Hotel Abu Dhabi at Al Maryah Island (each with approximately 200 rooms and 130 apartment units), 180,000 square meters (2million square feet) of Grade A office space and the new Headquarters of the Abu Dhabi Securities Exchange, all adjacent to Cleveland Clinic Abu Dhabi. The first of the four office towers, Al Sila Tower, is already open and occupied, with 33 tenants leasing more than 80% of the leasable area while Rosewood Abu Dhabi will be handed over at the end of 2012.

The Galleria is a joint venture (JV) between MREH and Gulf Related, a regional estate development and investment company.

Kenneth A. Himmel, Co-Managing Partner of Gulf Related said: “We are thrilled with the response we have received from the international luxury retail and restaurant community to this unprecedented project. The initial commitments we received from the Chalhoub Group, Al Tayer Insignia and Richemont Group underscore that the market has embraced our best-in-class offering and The Galleria’s position amongst the region’s most prestigious retail locations. We have created a dynamic, sophisticated and architecturally significant place for visitors to shop, eat, and enjoy the City and we look forward to opening our doors next year. ”

Marvin Traub Associates, a global leader in retail consultancy, acted as Gulf Related’s exclusive leasing advisor for The Galleria at Sowwah Square and is credited with the retail merchandising strategy that has assembled the roster of compelling global fashion brands. Mortimer Singer, President of Marvin Traub Associates said: “The Galleria at Sowwah Square will bring together a collection of first class global brands that rivals any shopping destination in any of the world’s major capital cities. The Galleria takes luxury lifestyle retailing to the next level in the Middle East.”

Karim El Solh, CEO of Gulf Capital and Co-Managing Partner of Gulf Related said: “The Galleria at Sowwah Square will deliver a unique and exciting experience to Abu Dhabi and in so doing raise the bar for destination dining and luxury retail environments in the UAE and the wider region. This first phase of retail commitments, which represent best-in-class and many first to market retailers, will ensure that The Galleria takes its place as a central location for international luxury fashion, fine jewelry and dining in the heart of the UAE’s capital.”

The Galleria development represents the inaugural project for Gulf Related, formed in 2009 as a partnership between Gulf Capital, one of the Middle East’s leading alternative asset investment firms; and Related Companies, one of the largest private real estate development and investment firms in the United States and developers of New York’s landmark Time Warner Center and soon to begin 26-acre, 1.25m sqm, 13m sqft Hudson Yards mixed-use project on Manhattan’s West Side.

Mubadala was established and is owned by the Government of Abu Dhabi. It is a catalyst for the economic diversification of the Capital and the company’s strategy is built on the management of partnerships and long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi. A critical component of Mubadala’s broader mission, MREH is responsible for overseeing projects that are part of the development plans of Abu Dhabi and that help drive the local tourism sector.

###]]>Tuesday, April 24, 2012
Related Companies, one of the nation’s most prominent real estate firms and developer of New York’s landmark Time Warner Center today announced that renowned chef and restaurateur David Myers will debut a new signature restaurant at The Century. Slated to open in late 2012, the restaurant will be open to the public in addition to providing exclusive offerings to residents of The Century. The California-inspired restaurant from the acclaimed chef behind such culinary sensations as Sona, Comme Ca and Pizzeria Ortica will be a crowning addition to Related’s property known for raising the benchmark for luxury living in Los Angeles.

“David Myers has a well-earned reputation as one of the nation’s most innovative and inspirational chefs and restaurateurs. We are thrilled to partner with David to bring his highly anticipated new restaurant concept to The Century,” said Jeff Blau, President of Related Companies. “The Century is the evolution of estate living,” added Mary Ann Osborn, Vice President of Sales at The Century. “Residents at The Century will soon be able to enjoy the culinary delights of what is destined to be one of Los Angeles’s finest restaurants not only in the welcoming new space, but in their homes and as part of all of their celebratory events. The addition of a world-class restaurant is further evidence of Five Star Living ® perfected. The new restaurant will also enhance Century City’s reputation as a culinary destination.”

The restaurant will be located on the first level of the 42-story masterpiece designed by renowned architect Robert A.M. Stern. Patrons will arrive at the restaurant through a dedicated drive and valet separate from the private entrance reserved exclusively for The Century residents. The restaurant will serve lunch and dinner in both indoor and outdoor settings. The design by Milo Garcia will incorporate an open, spacious environment that is bright and vibrant, while at the same time luxurious and relaxed. Garcia and his LA based firm, Modern Arc Inc. Studio are widely recognized for their international design work on boutique hotels and restaurants, including Cooper Square Hotel in New York City, W Hotels in Washington D.C., Austin and Fort Lauderdale, and the popular Gjelina restaurant in Venice, California. The globally inspired menu will feature the highest quality seasonal ingredients with David Myers’ signature creativity that accentuates the essence of modern California cooking with Asian influences.

David Myers explains, “At The Century, I am creating a restaurant that is a true urban oasis in the heart of bustling Century City, in perfect harmony with the property and its four acres of tranquil gardens. The menu will be a collection of my travel memories, housed in a setting that is truly unique to Los Angeles. I am thrilled to partner with Related to launch my newest dining concept at The Century.”

Integral to The Century’s unrivaled lifestyle–focused amenities, Myers and his team will cater private meals and events exclusively for residents of The Century, including large scale events in the expansive four acres of manicured estate grounds, as well as in the outdoor dining areas, and the indoor entertainment suite and private dining room overlooking the gardens. The Century residents also have the rare opportunity to enjoy Myers’ award-wining cuisine served in the comfort of their personal residence along with preferred reservations at the restaurant.

Related has built a stellar reputation for collaborating with top chefs and restaurateurs at its distinctive properties. Related’s Time Warner Center is home to Chef Thomas Keller’s Per Se and Bouchon Bakery, Chef Michael Lomonaco’s Porter House New York, Chef Masayoshi Takayama’s Masa and Bar Masa and Chef Marc Murphy’s Landmarc. Related is among the first developers in Los Angeles to bring together elite condominium residences with a new restaurant from one of the nation’s top chefs.

The Century’s striking elliptical tower rises boldly above the Los Angeles skyline and offers 140 residences with panoramic views that stretch from downtown Los Angeles across the Santa Monica Mountains to the Pacific Ocean. Set upon nearly four acres of landscaped gardens, the gated property affords residents the utmost in privacy, surpassing any other high-rise residence or five-star hotel in the entire city. The Century represents the modern evolution of estate living – offering the best of everything that one would expect in a gated Beverly Hills mansion – with added amenities that a private estate cannot offer, including a 24-hour doorman, concierge and valet parking. The Century’s prized location is in close proximity to world-class arts institutions, shopping and dining all within walking distance. Its Century City neighbors are powerhouses in their own right: Creative Artists Agency, IMG Media, MGM and Fox Studios.
 
The Century offers residents unsurpassed amenities, most notably the Assouline Culture Lounge, a stylishly designed library by France’s most prominent publisher with wall-to-wall book arrangements and custom-designed furniture. Residents can entertain guests in the outdoor dining rooms, and the entertainment suite featuring a formal dining room, a private Sony-designed screening room and two bar lounges. Additional amenities include a 75’ resort style pool with furnished cabanas, a state-of-the-art fitness center with spa treatment room, and temperature controlled wine storage.

###]]>Monday, April 23, 2012
David Kramer, a principal with The Hudson Companies said, “We are excited to announce the inaugural set of new leases and continue to bring additional amenities to Roosevelt Island and revitalize Main Street. These new retail tenants will bring much-anticipated and desirable services to the local community of 14,000 residents which, until now, had very few dining options on Main Street. Residents will now have even greater option to shop, dine and relax without leaving the Island and we look forward to sharing additional tenant news in the near future.”

Retail leasing activity includes new tenants and renewals, including:
• Island Spirts, a new wine and liquor store will open at 605 Main St. The island has been without a wine store for several years.
• Wholesome Direct, a gourmet and organic natural food market at 530 Main St.
• Europan Bakery Cafe at 503 Main St. will offer fresh gourmet foods, beverages and baked goods.
• Subway Sandwich at 513 Main St. will offer sandwiches for breakfast, lunch, and dinner.
• The Child School is opening a 7,000 square foot fine arts center at the upper floor of 504 Main St, which will be complementary space to the School’s other existing facilities on Roosevelt Island and will include art, music, drama and dance studios.

Hudson and Related also looks forward to two longstanding tenants renewing their leases:
• Trellis Diner, a Roosevelt Island community institution, will have a ten year lease and is planning architectural and general improvements to the store.
• Gallery RIVAA, at 527 Main St., will continue serving the community with arts events and gallery shows.

Additional transactions are also in the works for the next retail phase of leasing:
• Hudson/Related and the New York Public Library have been pursuing capital funding necessary to create a new, state-of-the-art library branch on the ground floor of 504 Main Street.
• The leasing team has been receiving offers for additional stores such as ice cream/candy; additional restaurants, florist and green desk office leasing.
• Hudson/Related hopes to attract a pet store operator to the island as well as a frozen yogurt store.

"For too long, Main Street has been a ghost town, forcing Roosevelt Islanders to travel far and wide for the simple amenities most New Yorkers take for granted. The innovative public private partnership between the Roosevelt Island Operating Corporation and Hudson/Related that resulted in the retail master lease is revitalizing Main Street, giving Roosevelt Islanders great new shopping opportunities right outside their front door," said Assembly Member Micah Kellner (D - Upper East Side, Yorkville and Roosevelt Island) who played a key role in shaping and implementing the new retail master lease.

“Roosevelt Islanders have been clamoring for better shops and amenities for years. This makeover is a huge step forward and will help create a vibrant shopping corridor on Main Street,” commented Councilwoman Jessica Lappin.

"We're excited about more shops and stores on Main Street. Island residents and visitors deserve a great shopping experience and the amenities that come with living in a thriving community. We signed a master lease with Hudson/Related because we were confident they had the expertise to develop a vibrant commercial corridor and we're thrilled that we'll soon see the first results of this partnership," said Leslie Torres, President of the Roosevelt Island Operating Corporation.

Hudson Related has received commitments from Gristedes to commence architectural and in-store improvements to the Roosevelt Island store, which are expected to be completed by October, 2012.

John Catsimatidis, CEO of Gristedes, added, “We’re excited about Hudson/Related’s efforts to revitalize Main Street, and in that spirit, we’re about to undertake a major renovation of our store, which has been serving the island for more than 30 years. We’re looking forward to bringing more organic foods, fruits and vegetables to the island at everyday prices.”

Hudson Related is planning design improvements to the storefronts along Main Street, which include new lighting, signage, way-finding elements, and materials to freshen the look of the Main Street corridor, which has not seen any major renovations or improvements in nearly 40 years.

The transformation of Main Street continues the retail enhancements began by Hudson and Related several years ago with the creation of the Riverwalk community on Roosevelt Island which includes six residential buildings. Retail amenities at Riverwalk include the Duane Reade, Roosevelt Island Day Nursery at Riverwalk, the Riverwalk Bar and Grill and an adjacent bagel store and deli, Nonno’s Focacceria, Fuji East, Swan Nails, Prestige Cleaning and Valet and Starbucks.

Hal Shapiro, a Managing Director at Winick Realty, has been responsible for most of the leasing efforts on behalf of Hudson/Related: “The revitalization of the Shops on Main will bring a new energy to Roosevelt island for the residents, tourists and workers.”

The retail renaissance is taking place within the context of other significant improvements to the Roosevelt Island neighborhood including the opening of the Louis Kahn-designed FDR Memorial in October, 2012 and the start of the $2 billion Cornell/Technion Campus for the Applied Sciences.

“All of these factors will strongly reinforce the vitality of the new retail corridor. Studies have previously concluded that island residents spend $0.86 of every retail dollar off-island, and we are committed to changing that dynamic,” said Kimberly Sherman-Stamler, Vice President of Related Companies.
]]>Thursday, April 19, 2012
Related Affordable, a division of Related Companies, today announced the renovation and preservation of 141 units of affordable housing in New Haven, Connecticut. Related will undertake nearly $3.7 million in renovations and upgrades to the units and property and preserve affordability for 40 years. The Connecticut Housing Finance Authority (CHFA) provided $9,100,000 in tax exempt bond financing to facilitate the preservation of the units. RBC Capital served as the tax credit investor for River Run Apartments, providing $4 million in Low-Income Housing Tax Credit Equity. All of the apartments are set aside for tenants whose incomes are at or below 60% of the Area Median Income (AMI) and benefit from project based Section 8.

“Affordable housing is a critical component in creating thriving communities where people can flourish, yet this resource has become increasingly scarce throughout the country,” said Mark E. Carbone, President of Related Affordable. “With this in mind, Related has been committed to preserving affordable housing for 40 years, and we are proud to forge a partnership with the CHFA which will ensure that 141 units in New Haven, Connecticut will remain affordable for decades to come.”

River Run Apartments was built in 1984 and is located at 50 Grand Avenue in New Haven. The 5 story development also contains retail and commercial space on the ground floor. The renovations, which cost approximately $26,000 per unit, include the installation of new bathroom cabinets and fixtures, new kitchen cabinets, counters and fixtures as well as Energy –Star lighting and appliances. Capital renovations include all new windows, façade improvements and community room updates. Improvements are expected to be complete in 2012.

“River Run Apartments fulfills a critical need for elderly housing in New Haven. It is rewarding to work with Related Companies to ensure that these units will be modernized and remain affordable for another 40 years,” said Dara Kovel, CHFA’s Chief Housing Officer.

Related Affordable develops, acquires and preserves affordable housing throughout the nation. Earlier this year, Related announced the renovation and long-term preservation of 96 units in Woodbury, New Jersey and in 2011 committed to the long-term preservation of 412 units of affordable housing at Westminster Village Arms in Lowell, Massachusetts, the acquisition and preservation of Parkway Gardens, a 694-unit affordable housing apartment property in the Southside of Chicago, the acquisition, renovation and 30-year preservation of 258 affordable apartments at three Manhattan sites as well as the acquisition, renovation and 30-year preservation of 298 affordable apartments at three upstate New York sites.

###
]]>Tuesday, April 17, 2012
Steps from the beach, The Village at Santa Monica is an urban mix of 318 luxury condominiums and affordable rental apartments, 20,000 square feet of retail and restaurants, and walkable plazas and gardens. The Village is the first major residential development to be built on highly prized Ocean Avenue in two decades and will offer Pacific Ocean views stretching from Palos Verdes to Point Dume.

Adjacent to the RAND headquarters, The Village is within walking distance of a diverse range of Santa Monica attractions and amenities, including the 3rd Street Promenade, public parks and beaches, Main Street, world-class restaurants, shopping, hotels and nightlife. Next door to the Village is the city’s $55 million seven-acre Palisades Garden Walk & Town Square designed by James Corner and expected to be an international landmark when it opens in 2013. One block away is the Santa Monica Civic Auditorium slated for a substantial renovation, followed by a major re-launch with programming by the Nederlander Organization. The iconic art deco Santa Monica City Hall also is scheduled for a $50 million restoration and revitalization. Anchoring the famous 3rd Street Promenade is Santa Monica Place which re-opened in August 2010 after a $265 million renovation as an open-air, upscale center. Finally, The Village will have convenient transit access starting in 2015 when the Expo Line opens connecting Santa Monica to downtown Los Angeles.

“The Village will enhance the image of Santa Monica as a place of beauty, style and spirit,” said Mayor Richard Bloom. “The City’s commitment to affordable housing is an integral part of this development. It will help ensure that Santa Monica is an accessible and welcoming community that fosters economic diversity.”

“Our intent was to create the ultimate Santa Monica Village,” said Bill Witte, President and CEO of Related California, a premier development company with expertise in both affordable and luxury multi-family residences and mixed-use properties. “We are very sensitive to the responsibility we have for this site that is a one-of-a-kind treasure. Thus, we brought together a superb team that can give it the sense of place it deserves.”

Related’s team of designers is led by Santa Monica based architects Moore Ruble Yudell, a leader in sustainable design with major projects around the globe from the U.S. Embassy in Berlin to the Santa Monica Library. MRY designed the master plan, exterior architecture of the condominium buildings and public spaces. Inspired by the tradition of Santa Monica and Venice walk streets that lead to the beach, MRY created a walk street as a central spine through the site, providing pedestrians with a connection from Main Street to Ocean Avenue through landscaped plazas lined with retail, restaurants and outdoor dining. A floating glass sky bridge over the entrance to the walk street welcomes residents and guests into the Village. The Santa Monica firm of Koning Eizenberg Architecture, acclaimed for its residential and cultural work, is the architect for the 160 affordable apartments. Mia Lehrer + Associates, renowned for its work with Santa Monica’s Annenberg Beach House and the Los Angeles River Revitalization, created the harmonious landscape plan.

“The Village is at the center of it all,” observes Andy Agle, director of housing and economic development for the city. “It is a block from the Santa Monica terminus of the new Expo Line and within easy walking distance to all major destinations including the beach, Civic Auditorium, 3rd Street Promenade, Ocean Avenue hotels and restaurants, Santa Monica Pier, Palisades Park and, of course, the stunning new Palisades Garden Walk and Town Square.”

“This is one of a few condominium projects to be financed in the past year,” noted Witte who pointed out that The Resmark Companies is a partner in the158 condominiums while Community Corporation of Santa Monica is a partner in the 160 affordable apartments. Construction financing is being provided by Wells Fargo Bank and HSBC.

“Resmark has a long history and successful track record as an investor in superior real estate properties throughout California. Our investment in The Village is representative of our investment philosophy and an ideal fit with the company’s portfolio of commercial and residential real estate. We are proud to be a partner with Related on this premier project in one of the most desirable oceanfront locations in Southern California,” said Robert N. Goodman, Chairman and CEO, The Resmark Companies.

The Village will generate 1,500 construction jobs over its 24-month building cycle with Charles Pankow Builders as general contractor. Completion is slated for January 2014.

###]]>Thursday, February 16, 2012
“Our global real estate footprint and vertically integrated in-house suite of real estate services creates a one-stop shop for sourcing, due diligence, financing, construction, design, leasing, sales, asset management and financial reporting. With Related’s decades of real estate operational expertise, diverse finance experience and a history of managing private and public funds, our fund management platform and its focus on project execution is a natural extension of Related’s core competencies,” said Related Companies President Jeff T. Blau.

Justin Metz, Managing Principal of Related Fund Management said, “We are thrilled with the response we have received from the investor community who share our strategic vision to unlock value through the pursuit of off market, execution-focused property deals. Our focused strategy, access to deal flow and deep skill set enable us to move quickly on investments, differentiates us in the marketplace and offers a compelling and distinct investment opportunity.”

Related made the strategic decision to build a private equity real estate fund business in order to offer its institutional partners unique investment opportunities capitalizing on the recent property market distress that the organization was seeing in the U.S. markets. The company launched the fund management platform by hiring real estate dealmaker Justin Metz, formerly of Goldman Sachs, in 2009 to build out a team. Related Fund Management is staffed by 20 seasoned professionals and currently manages approximately $1.5 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices across three areas: distressed real estate opportunities, origination and acquisition of construction loans, and multi-family housing opportunities.

The Related Real Estate Recovery Fund has made several investments including 111 West Wacker Drive in Chicago, 511-541 West 25th Street, 225 Rector Place and One Madison Park in New York City, Oasis in Fort Myers, Florida and a fund portfolio recapitalization.

###
]]>Monday, January 23, 2012
“Tutor Perini is a world class contractor offering decades of experience and an exemplary track record with complex large-scale developments,” said Jay Cross, President of Related Oxford Hudson Yards. “Their retention along with that of legendary builder Tishman Construction marks another significant milestone as we prepare to commence construction on the Hudson Yards later this year and bring to market an extremely compelling commercial offering for office tenants with unsurpassed transportation infrastructure, amenities, large flexible floor plates and generous tax incentives."

Ronald N. Tutor, Chairman and CEO of Tutor Perini said “We are thrilled to be playing a role in the historic Hudson Yards development and partnering with Related Companies and Oxford Properties. Our experience and expertise in significant mixed-use developments makes us an ideal fit for the creation of New York’s next great neighborhood.”

“Hudson Yards represents one of New York's greatest opportunities for future growth,” said John T. Livingston, President of Tishman Construction an AECOM Company. “As the builder of the most iconic projects here and around the World, we’re thrilled to be teaming with Related and Oxford on the transformation of Manhattan’s far West Side.”

Tutor Perini Corporation is one of the largest builders in the United States with a longstanding reputation of successful projects in New York and vicinity. Notable projects include the Greenwich Street Corridor Project at World Trade Center, Airtrain Terminal at Jamaica Station, JFK Airport Runway Reconstruction, Hudson Bergen Light Rail Transit System, Mohegan Sun and Foxwoods Resorts in Connecticut and the recently completed Resorts World Casino in New York. Related Companies and Tutor Perini worked together on the highly acclaimed 6 million square foot, $4 billion Cosmopolitan Resort that recently opened in Las Vegas.

Tishman Construction Corporation is one of the world’s leading builder’s and was founded in 1898. Tishman is currently managing construction for the 1,776-foot-high One World Trade Center and Javits Convention Center expansion and renovation in New York and the new headquarters for the U.S. Department of Homeland Security in Washington, D.C.

Hudson Yards is a 26-acre mixed-use development accommodating over 13 million square feet of commercial and residential space. The master plan comprises approximately 5,000 residences, 6 million square feet of state-of-the-art commercial office space, a 1 million square foot destination retail center with an over 130,000 square foot two-level space of specialty destination restaurants, cafes, markets and bars, a five star hotel, a unique cultural space, and a new 750-seat school, all carefully planned around 14 acres of public open space. For more information please visit www.hudsonyardsnewyork.com.

###
]]>Tuesday, January 17, 2012Mixed-Use Opportunities to Strategically Grow the Brand

Related Companies, one of the nation’s most prominent real estate firms, and Union Square Events, the catering, culture, sports, and events business of Danny Meyer’s Union Square Hospitality Group, today announced a partnership to further expand Union Square Events’ unparalleled culinary and hospitality offerings nationally and internationally. Related has assumed a partnership stake in Union Square Events and looks forward to working with this exciting new venture to seek out select expansion initiatives. One of the projects the new collaborators are most enthusiastic about are strategic initiatives in the up-and-coming Hudson Yards on Manhattan’s West Side (also home to Union Square Events 10,000 square foot commercial kitchen space), increasing in-stadium opportunities and growing the catering and events business in core markets.

Stephen M. Ross, Chairman and CEO of Related Companies said, “Related and Union Square Events share a customer-focused culture and are known for their commitment to service, innovation and great design. Union Square Events has an extraordinary management team and a clearly articulated growth strategy making them an ideal partner for Related. We look forward to fully integrating their experiential concepts into Hudson Yards and expanding the business through strategic opportunities in sports, entertainment and mixed-use developments both nationally and internationally.”

Hudson Yards is a 26-acre mixed-use development accommodating over 13 million square feet of commercial and residential space. The master plan comprises approximately 5,000 residences, 6 million square feet of state-of-the-art commercial office space, a 1 million square foot destination retail center with an over 130,000 square foot two-level space of specialty destination restaurants, cafes, markets and bars, a five star hotel, a unique cultural space, and a new 750-seat school, all carefully planned around 14 acres of public open space. Union Square Events is expected to program a number of the spaces at Hudson Yards featuring dynamic culinary and hospitality offerings such as private dining spaces for tenants, unique signature events, catered affairs, new eateries, and open-air cafés, making great use of its location abutting the Hudson River with breathtaking views.

Danny Meyer, CEO of Union Square Hospitality Group said, “In just seven years Union Square Events has established itself as a major league hospitality player in the worlds of fine catering, major events, and premium foodservice for sports venues. I’m so proud of the sterling reputation our team has earned, and partnering with Related provides an extraordinary opportunity for Union Square Events to parlay the fantastic foundation we’ve built into something quite significant. We’ve long known and admired the leaders at Related, and beyond the remarkable venues that will now become possible to explore, our companies share cultures of caring for guests and a relentless drive to excel. We love the irony that USE was born seven years ago as ‘Hudson Yards Catering’ – and now one of our greatest opportunities to grow will be in Hudson Yards.”

In addition to being one of the premiere catering operations in and around New York, Union Square Events develops and operates premium culinary solutions for sports venues and cultural institutions across the Northeast including El Verano Taquería , Box Frites and USHG brand outposts Shake Shack and Blue Smoke at the Mets’ Citi Field in Queens, NY, Nationals Park in Washington, D.C., Saratoga Race Course in Saratoga Springs, NY as well as seasonal open-air café Public Fare at Central Park’s Delacorte Theater, home to The Public’s Shakespeare in the Park. Union Square Events is also a leading large-scale event producer utilizing its deep talent base of chefs and managers to execute unique guest experiences; from the Big Apple Barbecue Block Party celebrating its 10th Anniversary this year, to working with other innovative event producers to create wonderfully memorable dining experiences such as the CNN Grill, the 2011 NYRR ING Marathon, and Veuve Clicquot’s 2011 Polo Classic on Governor’s Island. Union Square Events is also the exclusive caterer for the soon-to-open Conrad New York’s meetings, conferences and events spaces in Battery Park City.

Kenneth A. Himmel, President and CEO of Related Urban, Related’s mixed-use division said, “Danny Meyer and his partners have been leaders in the design and operation of catering, sports facilities, entertainment venues and large-scale special events and we saw tremendous opportunity to grow the brand in select markets in which we operate while maintaining the unparalleled culinary and hospitality-based points of distinction.”

Jeff Flug, President of Union Square Hospitality Group said, “There are strong synergies between USHG and Related, not the least of which is their long history of partnering with world class chefs and restaurateurs We were attracted to Related’s experience and depth of expertise as an industry leader in the development of mixed-use projects. Related will provide valuable strategic insight and opportunities that will undoubtedly help facilitate the continued growth of the company. We are excited to work with a partner that shares a culture of hospitality.”

Founded 39 years ago, Related Companies is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, fund management, marketing and sales. Related and its principals have a long history of partnering with world class chefs and restaurateurs including such celebrated industry leaders as Thomas Keller, Michael Lomonaco and Marlon Abela. These partnerships extend well beyond the traditional real estate transaction and include collaborations on the ownership and operating side of the business. Related custom curated the Restaurant and Bar Collection at Time Warner Center, one of the most widely acclaimed and recognized restaurant destination in New York City. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. With offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida, Related is well-known for having developed the 2.8 million square foot Time Warner Center in New York City and the 72-acre CityPlace in West Palm Beach as well as being a leader in green building.

Best known for its unique blend of excellent food and warm hospitality, Danny Meyer’s Union Square Hospitality Group (USHG) includes some of New York City's most beloved restaurants: Union Square Cafe, Gramercy Tavern, Blue Smoke, Jazz Standard, Shake Shack, The Modern, Cafe 2 and Terrace 5 (located at the Museum of Modern Art), Maialino, Untitled at the Whitney, and North End Grill. Other innovative and growing businesses from USHG include the catering, culture, sports and events company, Union Square Events, and Hospitality Quotient, a consulting and learning business focusing on better work environments and deeper customer relationships across industries. Actively involved in the community, USHG and its employees are committed to extending its enlightened hospitality beyond the walls of its restaurants and support an array of hunger relief organizations including Share Our Strength and City Harvest and civic organizations such as NYC & Company, Union Square Partnership, and the Madison Square Park Conservancy. Meyer, his restaurants, and chefs have earned an unprecedented 24 James Beard Awards, as well as numerous other media accolades. Our restaurants have consistently appeared on Zagat’s Most Popular list, with Union Square Cafe and Gramercy Tavern perennially appearing among the top five restaurants in New York City.

For more information on Related, please visit www.related.com.
]]>Thursday, January 12, 2012
Capitalizing on the robust rental market and the tremendous success achieved in the leasing of MiMA Rentals, Related Companies announces the launch of One MiMA Tower, 151 ultra luxury rental residences. Located on the 51st to the 63rd floors, the homes reveal breathtaking panoramic vistas of New York City. One MiMA Tower features a private concierge-attended lobby exclusive to One MiMA Tower residents and access to the M Club, a sprawling over one-acre array of health, recreation and entertainment amenities.

Jeff T. Blau, President of Related Companies said, “Related has identified an unmet need in the marketplace and created a custom product to meet market demand. There is a large residential customer class that has the financial wherewithal to afford best-in-class condominium product but is seeking the freedom and flexibility of a leased residence. One MiMA Tower will deliver an ultra luxury product to meet their discriminating taste level in a professionally managed building with an unparalleled service platform. We have witnessed incredible demand at MiMA and are excited to be able to remain the long-term holders of these residences while offering a unique product to the rental marketplace.”

Residences feature breathtaking views, inspired contemporary architecture and design, unrivaled amenities and superior services. The offering is incomparable, featuring gracious layouts, fully-integrated panelized top end appliances, designer finishes, spacious customized closets, and in-residence washer/dryers. One MiMA Tower residents will also have access to M Club, a sprawling over one-acre array of health, recreation and entertainment amenities featuring NYC’s first-ever, residents- only fitness club by Equinox® , and the exclusive use of a private concierge-attended lobby.

MiMA continues Related’s dedication to architectural and design excellence with modern glass exteriors by Arquitectonica, exquisite finishes and interiors by world-renowned designer David Rockwell, and three Frank Gehry-designed theaters contained in the Signature Center. It is also home to 500 additional luxury rental residences on floors 7 through 50, and features YOTEL New York-- a ‘first class’ hotel experience and convenient on-site parking and retail.

“We’re delighted to be launching One MiMA Tower,” said Daria Salusbury, Senior Vice President of Related, who leads the company’s luxury residential leasing operations. “Building on the tremendous success of MiMA rentals, Related is thrilled to bring to market One MiMA Tower, a new paradigm in ultra luxury boutique rental residences. Continuing Related’s 20 year track record in first to market luxury rental residences, One MiMA Tower will offer breathtaking views, gracious layouts, inspired contemporary architecture and design, unrivaled amenities and superior services all located in the vibrant heart of New York City in a neighborhood renowned for its restaurants, theater district, shopping and convenient transportation.”

From the elegantly appointed private lobby to the impeccably-designed residences, the exquisite interiors at One MiMA Tower reflect the extraordinary talent of the world-renowned Rockwell Group. Working in a palette of wood, metal, stone and fabrics, Rockwell has designed residences of contemporary style, warmth and comfort with awe-inspiring panoramic views from floor-to-ceiling windows. Gourmet kitchens feature brushed oak plank wood floors, walnut cabinetry with glass fronts, white quartz countertops and Blanco undermount stainless steel sinks with custom-designed Symmons faucets. Fully-integrated Sub-Zero refrigerator and Miele under-counter dishwashers are discretely panelized in American walnut cabinetry. Wolf 30” four burner gas cooktops, Wolf E Series built-in ovens and Faber Stilo Isola 36” hoods are also featured. Elegant and modern master bathrooms offer polished Calacatta Caldia marble floors and walls, and luxurious Kohler Tea-for-Two white soaking tubs with flex-hose hand showers and glass shower enclosures. All homes include stacked Asko washer/dryers.

M Club at MiMA

M Club is MiMA’s 44,000 square foot handcrafted amenity space designed to cater to and enhance the daily lives of residents of One MiMA Tower. M Club includes an 18,000 square foot private residents-only fitness club by Equinox® with a heated indoor lap pool, a full-size basketball and volleyball court, three lushly landscaped outdoor terraces with private dining pods and barbeque facilities encompassing over 14,000 square feet of outdoor space, party rooms and catering kitchens, outdoor and indoor screening rooms, and an Internet café and business center equipped with iMac computers and a coffee bar. In addition, there is a club room and residents’ lounge with a cozy island fireplace, a fully equipped game room with billiards, card tables and electronic gaming, and bicycle and resident storage. MiMA’s four-legged friends will be pampered in MiMA’s new concept in urban dog care, Dog City. The residents only professionally staffed pet spa with indoor and outdoor play areas offers grooming and training facilities, in-home feeding, walking services, scheduled play dates, and much, much more.

Related Management’s Acclaimed Service

Related’s acclaimed commitment to service is again evidenced at MiMA and encompasses every detail that makes a residence a home. Personal assistants, a 24 hour concierge, doorman and on-site valet are just the beginning. Residents will have a move-in coordinator to handle every last detail from choosing the best moving service to handling utility and technology set-up. Residents can utilize electronic payment or pay their rent via credit cards and earn valuable rewards. MiMA residents will also have the very latest in technology offerings including WiFi in all of the common areas, 300+ channel cable and/or satellite TV service (Verizon FIOS, Time Warner, RCN and DirecTV), cable modem service and Ethernet. MiMA is also one of the first buildings to feature a distributed antenna system which enhances cell phone service throughout the building and ensures residents on various carriers will have reception.

MiMA is also expected to exceed LEED Silver certification, reflecting Related’s commitment to sustainability and providing the latest advances in green technologies.

The ultra luxury rentals at One MiMA Tower range from junior one bedroom to penthouse corner three bedrooms. Rents range from $4,595 to over $20,000 a month. For more information, please visit 1MiMAtower.com, call 212-691-MiMA (6462) or visit our on-site leasing center on the 55th floor at 460 West 42nd Street between 9th and 10th avenues.

About Related Companies:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 39 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco, South Florida, Shanghai and Abu Dhabi and boasts a team of approximately 2,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets.

Related is staunchly committed to sustainable design with over $6 billion in green development underway or completed. The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and Chicago's first green residential building, 340 on the Park. Related recently completed a collection of new LEED-certified residential buildings, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston and The Century in Los Angeles, as well as several green mixed-use and retail projects.

In 2006 Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. For more information about Related Companies please visit www.related.com.
]]>Thursday, December 15, 2011
Related Affordable, a division of Related Companies, today announced the renovation and preservation of 298 units of affordable housing in upstate New York. The units are located in Port Jervis and Warwick in Orange County, Monticello in Sullivan Country and Fredonia in Chautauqua County. Related will undertake over $5 million in renovations and upgrades to the units and properties and preserve their affordability for an additional 30 years. The New York State Housing Finance Agency (HFA) provided $14,585,000 in bond financing to facilitate the preservation of the units and the State of New York Mortgage Agency (SONYMA) provided the credit enhancement. $5,767,415 in low income housing tax credit equity was provided by RBC Capital Markets. All of the apartments are set aside for tenants whose incomes are at or below 60% of the Area Median Income (AMI) and benefit from project based Section 8.

Mark E. Carbone, President of Related Affordable said, “Related is proud to continue its nearly 40 year commitment to affordable housing through the renovation and preservation of 298 units in New York State. We are grateful for the partnership of New York State Homes and Community Renewal (HCR) whose critical support ensured these units remain affordable for an additional 30 years. Keeping families in their homes has a tremendous impact on the quality of their lives and helps to stabilize neighborhoods and we look forward to working with HCR to preserve even more affordable units in upcoming months and years.”

Machackemach Village Apartments was built in 1978, contains 50 residences and is located at 230 Jersey Avenue in the City of Port Jervis, in Orange County. The development consists of 3 two-story elevator buildings on 1 acre of land. The renovations, which cost approximately $21,000 per unit, include the installation of new kitchen and bathroom cabinets and fixtures, flooring and Energy-Star appliances. Energy efficient lighting will also be installed throughout the units. Capital renovations include new siding, roofing, windows and elevator modernization. Improvements are expected to be complete in August 2012.

Burt Farms II Apartments was built in 1981, contains 50 residences and is located at 97 Forester Avenue in the Village of Warwick, in Orange County. The development consists of 3 two-story walk-up buildings on 3 acres of land. The renovations, which cost approximately $15,000 per unit, include the installation of new kitchen and bathroom cabinets and fixtures, flooring and painting. Capital renovations include new windows and landscaping. Improvements are expected to be complete in August 2012.

John Crawford Apartments was built in 1981, contains 96 residences and is located at 33 Liberty Street in the Village of Monticello, in Sullivan County. The development consists of 5 two-story walk-up buildings on 4.5 acres of land. The renovations, which cost approximately $11,000 per unit, include the installation of new bathroom cabinets and fixtures as well as Energy-Star kitchen appliances and lighting, Capital renovations include community room, upgrades, management office upgrades and landscaping. Improvements are expected to be complete in August 2012.

Greenacres Apartments was built in 1980 and is located at 102 Wisteria Drive in the Village of Fredonia, in Chautauqua County. The development consists of 12 two-story walk-up buildings on 14 acres of land. The renovations, which cost approximately $21,000 per unit, include the installation of new bathroom cabinets and fixtures as well as Energy-Star kitchen lighting. Capital renovations include the addition of a community room, management office upgrades, electrical upgrades and landscaping. Improvements are expected to be complete in August 2012.

Related Affordable develops, acquires and preserves affordable housing throughout the nation. Earlier this year, Related announced the renovation and long-term preservation of 412 units of affordable housing at Westminster Village Arms in Lowell, Massachusetts, the acquisition and preservation of Parkway Gardens, a 694-unit affordable housing apartment property in the Southside of Chicago and the announced the renovation and 30-year preservation of 258 affordable apartments at three Manhattan sites.

###
]]>Monday, November 21, 2011
City Will Break Ground on Hudson Boulevard Park in Early 2012, Open for Public Access in 2013

—

Mayor Michael R. Bloomberg, Related Companies, Oxford Properties Group and Coach, Inc., today announced that Coach’s new global corporate headquarters will anchor the initial tower of the Eastern Rail Yards site within the 26-acre mixed-use Hudson Yards development site on Manhattan’s far West Side. Coach’s commitment to take over 600,000 square feet – more than one-third of the available commercial space at the tower – will, together with the completion of the #7 subway line extension and the new Hudson Boulevard Park, kick-start the historic development of the entire Hudson Yards area, a 60-block and 300-acre neighborhood. Construction on the 1.7 million square-foot tower is set to commence in mid-2012 and be ready for occupancy in 2015. The announcement was made at the site of future development near the corner of 11th Avenue and 30th Streets, where the Mayor and the development team were joined by Deputy Mayor Robert K. Steel, Speaker Christine C. Quinn, Tom Prendergast, President, MTA New York City Transit, Ann Weisbrod, President of the Hudson Yards Development Corporation and New York City Economic Development Corporation Seth W. Pinsky.

“Opening up the far West Side of Manhattan to development – turning the vacant rail yards site into a hub of commercial activity – is a historic economic development project that will create jobs for generations to come,” said Mayor Bloomberg. “Today’s news will have a domino effect on the rest of the development. Coach, a quintessential New York brand and major employer in the City, has been part of the City’s economy for 70 years, and now they are leading the way to a vibrant future for Hudson Yards.”

“In 1941, Coach was founded as a maker of fine leather goods in a New York City loft and we are honored to be the cornerstone of New York’s next great neighborhood,” said Lew Frankfort, Chairman and Chief Executive Officer of Coach Inc. “The city is part of our DNA and its spirit is central to all that we do. We’re delighted to be staying in the area we have called home for more than 50 years and the fact that our global corporate headquarters will be adjacent to the top of the High Line is particularly exciting. The 10th Avenue spur, which will border our building, is the widest portion of the High Line and will become a focal point for cultural events.”

The first tower encompasses a total of 1.7 million square feet of commercial office space and will rise 51 stories, adding much-needed new Class A office space to Manhattan. Designed by Kohn Pedersen Fox Associates, the LEED Gold building will be prominently located on the corner of 30th Street and 10th Avenue, bridging the Chelsea and Hudson Yards. Coach will occupy the lower one-third of the building where they will create a vertical campus with a vast atrium serving as the visual anchor for the High Line. This central atrium will also be the heart of Coach’s space, and is reflective of the company’s collective and community-focused environment. The Coach tower is the south tower of a planned 5.5 million square foot “superblock building complex” bound by 10th Avenue, 33rd Street, Hudson Boulevard and 30th Street. When complete, it will be the largest commercial building in New York City.

“Coach, Inc. under Lew Frankfort’s direction has a well-deserved reputation as a forward thinking and innovative brand and today’s announcement to locate Coach’s world headquarters at Hudson Yards only further reinforces that standing and paves the way for construction to begin next year,” Stephen M. Ross, Chairman and CEO of Related Companies said. “Mayor Bloomberg and his administration have not only shown tremendous vision by conceiving the revitalization of the Hudson Yards district, but they have continually moved forward all aspects of their plan to see that vision realized. The Hudson Yards represents the next chapter in New York’s history. The vibrant, modern, green, mixed-use environment with state-of-the-art technology that we will provide at Hudson Yards will help ensure New York City retains our competitive advantage for decades to come.”

“The spirit of innovation and excitement at Hudson Yards is palpable, and this spirit is echoed in Lew Frankfort and his team at Coach, Inc.,” Blake Hutcheson, President and CEO, Oxford Properties Group said. “Coach has world class leadership, tremendous vision, and a formidable brand image, and their choice to anchor the first tower at Hudson Yards for their new world headquarters shows confidence in our plans for this extraordinary development and in the City of New York. Oxford is proud of all our partners in the Hudson Yards development, and especially proud that those partners now include Coach.”

“The development of Hudson Yards has been a top priority of the Bloomberg Administration,” Deputy Mayor Steel said. “Today’s announcement by Related, Oxford and Coach is a tangible sign of confidence from the private sector that Hudson Yards will indeed be New York City’s next great neighborhood.”

“Related’s investment in the Railyards, and Coach’s decision to remain in the Hudson Yards area for many years to come, is exciting proof of the success of the City’s $3 billion infrastructure investment in the Hudson Yards district,” said Ann Weisbrod, President of the Hudson Yards Development Corporation. “This is the first of many new developments that will transform the Hudson Yards into a vibrant mixed-use community and an extension of the Midtown Central Business District.”

“Today, we are another step closer to unlocking the economic potential of Hudson Yards,” said New York City Economic Development President Pinsky. “Thanks to the significant investment by the City and our private partners, what was once an underutilized tract of land will soon be transformed into a dynamic, mixed-use destination, which will include new office space, residences, retail, hotels, open space, and access to the City’s waterfront. I would like to congratulate Coach on becoming the anchor tenant, and thank them for their vote of confidence in the future of this area as well as New York City.”

“We are thrilled to announce that Coach will be the 26-acre site’s first anchor tenant,” said NYC Council Speaker Christine C. Quinn. “We rezoned this parcel in 2005 because we saw its incredible potential, and for Coach to move in during these tough economic times is a testament to how attractive the Hudson Yards area is for businesses. While the MTA will reap the benefits of the lease payments, the city will benefit with more construction jobs, the development of a currently underutilized area, and the presence of Coach in the neighborhood.”

“Today’s announcement marks an important milestone in the growth of New York’s next great neighborhood, and the MTA is proud to play an integral role in making it happen,” said Tom Prendergast, President, MTA New York City Transit. “The extension of the 7 train is making enormous progress and remains on track to begin service to Hudson Yards at the end of 2013. And the development over these rail yards will help pay for the critical transit investments that keep our entire region moving and our economy growing.”

“Coach has been a long-time commercial resident in the area,” said Assembly Member Dick Gottfried. “It is very exciting news that it will be part of the Hudson Yards Development. As a major facility in the area, it is terrific that we will be able to keep Coach in the community.”

“We are thrilled that Coach plans to stay in the community and, by doing so, has catalyzed the construction of the final section of the High Line and the Hudson Yards,” said Robert Hammond, Co-Founder, Friends of the High Line. “I would like to thank Mayor Bloomberg, Speaker Quinn, CSX Transportation, Inc., The Related Companies, and Coach for uniting with us to reach our ultimate goal: the full preservation of the final section of the High Line, including the spur over 10th Avenue, and its transformation into public open space for future generations of New Yorkers to enjoy. Once the entire freight rail structure is complete and open to the public, the High Line will provide an historic link, connecting our city's industrial past with the new development planned for the Hudson Yards. We look forward to finalizing the City's acquisition of this section of the High Line and working together to open it to the public as quickly as possible.”

The MTA Railyards in the Hudson Yards district is the single largest piece of undeveloped property in Manhattan and will be the biggest development that has been realized since Rockefeller Center. Accommodating over 13 million square feet of commercial and residential space, development at the Railyards will transform the landscape of Manhattan and dramatically alter the City’s skyline. Hudson Yards will attract millions of visitors a year and is destined to become New York’s next great neighborhood. Over 20,000 construction jobs will be generated by the construction of the Coach Building . Over 100,000 construction jobs will be generated by development of the Eastern Railyard (including over 80,000 direct jobs) and over 10,000 permanent new jobs will be generated upon completion of both yards, which will also serve as home to 30,000 office workers.

The master plan for the Railyards comprises approximately 5,000 residences in nine residential buildings, 6 million square feet of state-of-the-art commercial office space, a 1 million square foot of destination retail complex, a 150-room five star hotel, a totally unique cultural facility, and a new 750-seat public school, all carefully planned around 14 acres of public open space. Key transportation investments are underway throughout the area around Hudson Yards including the extension of the No. 7 subway line. The No. 7 subway - on schedule for a December 2013 opening - will link the site to every major line in New York City, including the major subway nodes of Times Square, Bryant Park, and Grand Central Terminal, delivering exceptional access to Hudson Yards.

Through the construction of a billion dollar platform over the yards, the site will be transformed into a mixed-use neighborhood without compare. Hudson Yards will provide residents, workers and visitors with a destination that combines world-class private development with unique public parks and cultural attractions. Nearby attractions include the High Line, the extensive running and bike paths in the 5-mile Hudson River Park and the new Hudson Park and Boulevard, a sweeping 4-acre thoroughfare from 33rd to 42nd Street, creating a network of parks and public plazas that weave throughout the West Side.

Recognized as a significant contributor in the revitalization of Manhattan’s West Side, the High Line has become a defining feature in its neighborhood and a powerful catalyst for private investment. In 2005, the City rezoned the area around the High Line to encourage development while protecting the neighborhood character, existing art galleries, and the High Line. The combination of the rezoning and the park has helped to create one of the fastest growing and most vibrant neighborhoods in New York City. From 2000 to 2010, the population within the rezoned area has grown more than 60 percent. Since 2006, after the rezoning was approved and construction of the High Line began, new building permits in the immediate vicinity of the High Line doubled and at least 29 major development projects have been initiated (19 completed, 10 underway). Those 29 projects account for more than $2 billion in private investment, 12,000 jobs, 2,558 new residential units, 1,000 hotel rooms, more than 423,000 square feet of new office space and 85,000 square feet of new art gallery space. In May, construction began on a new downtown home for the Whitney Museum of American Art, which will serve as a major cultural anchor at the southern end of the High Line when it opens in 2015.

CSX Transportation, Inc., the private rail freight company that owns the remaining unimproved portion of the High Line at the rail yards, has agreed in principle to donate this third and final section to the City. Ownership will be transferred once the City completes negotiations with underlying property owners. The City, State and The Related Companies have agreed in principle to preserve the entire historic structure of the High Line at the West Side Rail Yards, including the spur over 10th Avenue, and to develop it into public open space. Friends of the High Line has made significant progress on raising funds for the project, including a $5 million challenge grant from The Tiffany & Co. Foundation, another $5 million challenge grant from long-time High Line supporters Donald Pels and Wendy Keys, and, just last week, a $20 million gift from the Diller-Von Furstenberg Foundation.

In 2010, Oxford Properties Group, the real estate investment and development arm of the OMERS Worldwide group of companies, partnered with Related as general partners in the development. In Mayo of 2010, Related and Oxford signed a contract with the Metropolitan Transportation Authority MTA for the 13 million square feet of development rights at the Hudson Yards. The development completed its zoning approval process in December of 2009.

In 2005, the City reached an agreement with the MTA to extend the Number 7 line west from Times Square to Hudson Yards. The project remains on budget and the first trains are set to run at the end of 2013. The subway tunnel is now fully excavated, and the Hudson Yards Infrastructure Corp recently issued the last $1 billion in bonds required to finance the subway extension, and at the same rating as the original deal five years ago. Upon full build-out in 2040, almost 30,000 peak hour passengers will use the station. This will make it one of the busiest stations in the subway system.

Coach, with headquarters in New York, is a leading American marketer of fine accessories and gifts for women and men, including handbags, women’s and men’s small leathergoods, business cases, weekend and travel accessories, footwear, watches, outerwear, scarves, sunwear, fragrance, jewelry and related accessories. Coach is sold worldwide through Coach stores, select department stores and specialty stores, and through Coach’s website at www.coach.com. Coach’s shares are traded on the New York Stock Exchange under the symbol COH.

Founded 39 years ago, Related Companies is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, fund management, marketing and sales. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. With offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida, Related is well-known for having developed the 2.8 million square foot Time Warner Center in New York City and the 72-acre CityPlace in West Palm Beach as well as being a leader in green building.

Oxford Properties Group, the real estate arm of the OMERS Worldwide Group of Companies, is a global platform for real estate investment, development and management, with over 1,300 employees and approximately $19 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford was acquired in 2001 by OMERS, one of Canada’s largest pension funds with over $53 billion in assets. Oxford has regional offices in Toronto, London and New York, each with investment, development and management professionals who have deep real estate expertise and local market insight.

For more information please visit www.hudsonyardsnewyork.com.

###
]]>Tuesday, November 01, 2011
Westminster Village Arms was built in 1970 and is located at 1349 Pawtucket Boulevard overlooking the Merrimack River. The development consists of 35 three-story wood-framed buildings on 20 acres of land. The renovations, which cost approximately $17,000 per unit, include the installation of new kitchen and bathroom cabinets and fixtures, flooring and Energy-Star appliances. Energy efficient lighting will also be installed throughout the units.

Capital renovations include new siding, roofing and masonry repairs as well as new balcony decking and railing system installation. A new laundry room will be added and building entry doors will be replaced. Improvements are expected to be complete in July 2012.

Mark E. Carbone, President of Related Affordable said, “We are thrilled to be able extend the affordability of over 400 units of housing for an additional 20 years at Westminster Village Arms and commend MassHousing for their critical support. Keeping families in their homes has a tremendous impact on the quality of their lives and simultaneously helps to stabilize neighborhoods. For nearly 40 years, and since our very founding, Related has held a strong commitment to the preservation and revitalization of affordable housing and we are proud to continually invest in improvements that are not only beneficial to the physical structure of buildings, but also significantly improve the quality of life for the residents.”

Of the 432 apartments at Westminster Village Arms, 400 are subsidized by a Section 8 Housing Assistance Payment contract, which was due to expire on May 31, 2012. As part of this financing, Related secured a 20-year renewal and extension of the Section 8 HAP contract. Of the remaining 32 units, 12 apartments will be restricted to low-income households, with incomes at or below 60 percent of the area median income ($55,020 for a family of four). Twenty units will be rented at market rate.

MassHousing Executive Director Thomas R. Gleason said, “Westminster Village Arms is a major affordable housing resource for the city of Lowell and its residents and we are pleased that this MassHousing loan closing will extend the affordability for tenants there for many years to come.”

Related Affordable develops, acquires and preserves affordable housing throughout the nation. In August of this year Related acquired Parkway Gardens, a 694-unit affordable housing apartment property in the Southside of Chicago and committed to an additional 30 years of affordability. That same month, Related announced the renovation and 30-year preservation of 258 affordable apartments at three Manhattan sites.

###]]>Thursday, October 06, 2011
The thirty-three story classically elegant luxury condominium features 102 graciously appointed residences and Related’s renowned Five Star Living® in the heart of Boston’s Back Bay. The Clarendon’s graceful, sophisticated design and unprecedented amenities have been lauded by the marketplace and the brokerage community alike.

The condominium residences starting on the 15th floor offer captivating panoramic views of the Charles River, Boston Harbor and the downtown skyline. A select number of one- to four-bedroom residences are still available, priced from $780,000 to over $4 million.

The Penthouse Collection at The Clarendon offers three full-floor 3,500-square-foot residences beginning on the 31st floor, with floor-to-ceiling windows revealing panoramic 360 degree views. Expansive living spaces include a great room with wrap-around floor-to-ceiling windows, three bedrooms and three full en suite baths plus a powder room, with fireplaces in the great room and master suite. The master suite includes walk-in closets and an oversized windowed master bath complete with a soaking tub, separate shower and double vanities. Penthouse prices start at $6,750,000.

“We are thrilled to have reached this point in our sales program,” said Barbara Cusack, Director of Sales. “The Clarendon continues to lead in the marketplace due to its unprecedented combination of world-class architecture and design, breathtaking views and unrivaled amenities.”

Adhering to Related’s nationwide commitment to green development, The Clarendon has received LEED Silver Certification, the benchmark for high-performance sustainable design from the US Green Building Council.

The grand-scale lobby is elegantly appointed with intricate sycamore wood paneling, marble flooring, and an exclusive art collection by American artist Sol LeWitt. The adjacent Assouline Culture Lounge offers a private residents library stylishly designed by France’s most prominent publisher of art, culture and fashion books. Additional amenities include a private fitness center featuring Fitness Lifestyle by EquinoxSM, a landscaped outdoor terrace designed by Copley Wolff Design Group, the exclusive Clarendon Clubroom with outdoor space, a nautical-themed children’s playroom and a business center. Residents also enjoy RelatedStyle Services™, including the Related personal assistant, who can execute a wide variety of requests ranging from restaurant reservations to securing the most coveted theatre tickets. Sitting atop renowned restaurant Post 390, The Clarendon affords residents exclusive dining and in-home event benefits from the celebrated restaurant.

The Clarendon is the first collaboration between Related Companies, the nation’s most prominent privately-owned real estate firm, and The Beal Companies, a century-old, Boston-based real estate firm with expertise in all realms of the industry. The Clarendon benefits from the expertise of both firms, as well as the family collaboration of Bruce Beal, Chairman of The Beal Companies and Bruce Beal, Jr., Executive Vice President of Related Companies.

The Clarendon Sales and Design Gallery is located in the building at 400 Stuart Street on the 25th Floor. For a private preview and tour of the model residences, please contact Related Sales at 617-267-4001 or visit www.theclarendonbackbay.com.

About Related Companies:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 39 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of approximately 2,000 professionals. The company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. Related is staunchly committed to sustainable design with over $6 billion in green development underway or completed. In 2006 Related acquired Equinox® Fitness Clubs, further expanding the company’s capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. For more information about Related Companies please visit www.related.com.

About the Beal Companies:
The Beal Companies is a full service real estate firm actively pursuing investment opportunities in all segments of the real estate industry. Since 1888, the Beal family has built an enviable reputation with projects and advisory services not only in Boston, but also throughout the United States. The company boasts a proud keen eye for value, as well as the ability to move quickly in creating that value. Through extensive experience in problem-solving skills, The Beal Companies have established a very strong financial position, while remaining committed to a deep community involvement. Activities include the Acquisition and Development of Commercial, Historic and Residential Properties, Asset Management for The Beal Companies, LLP and others, Brokerage and Consulting, Appraisal and Tax Assessment, as well as Financing and Construction Management Services. Along with The Clarendon, Beal has developed a number of residential properties including the luxury building at 128 Beacon Street and the triple width brownstone at 51 Commonwealth Avenue, both in Boston.
]]>Tuesday, September 27, 2011
Related Midwest, in partnership with the AFL-CIO Building Investment Trust, today joined local elected officials and labor leaders to break ground on a one-of-a-kind, 45-story, 500-unit luxury rental apartment tower located at 500 Lake Shore Drive. The groundbreaking ceremony officially commemorated the start of construction of the development, which will be ready for residents in May 2013. 500 Lake Shore Drive represents an investment of more than $160 million in the City of Chicago and is expected to create more than 750 union construction jobs.

"The size, scale and overall design of 500 Lake Shore Drive will provide for a very well-conceived addition to the lakefront," said Andrew J. Mooney, commissioner of the Chicago Department of Housing and Economic Development. "The groundbreaking is also an encouraging sign of renewed life in Chicago's real estate market."

Upon completion, 500 Lake Shore Drive will be an impressive addition to the Chicago skyline in a premier location. Designed by architects from Solomon Cordwell Buenz (SCB), it will include 500 residential rental apartments, a parking garage and retail space. The development will incorporate sustainable features to increase energy efficiency and improve indoor air quality. Additionally, the building will feature a signature, vertical green wall on the east façade immediately adjacent to Lake Shore Drive that incorporates a variety of creative greenery. 500 Lake Shore Drive is anticipated to receive LEED Silver certification.

“Related Midwest is thrilled to build on its track record of delivering best-in-class residential developments to the Chicago market with 500 Lake Shore Drive. Our vision is to offer Chicagoans a beautiful urban respite with inspired architecture and unrivaled amenities,” said Curt Bailey, president of Related Midwest. “We look forward to continued collaboration with the city, local leaders, community members and Streeterville residents to add to the vitality of one of Chicago’s great neighborhoods.”

The property will be constructed on an approximately one acre, full-block parcel bounded by Lake Shore Drive, Grand Avenue, Illinois Street and Peshtigo Court. The property received approval from the Chicago Plan Commission on June 16.

“We welcome this state-of-the-art project and the many jobs it will provide local workers,” said Tom Villanova, president of the Chicago & Cook County Building & Construction Trades Council. “At a time when economic challenges persist, this project offers many hard-working men and women a chance to get back to work.”

Residences will feature expansive, signature views of Lake Michigan, Lake Shore Drive, Chicago’s iconic skyline and local public parks, inspired contemporary architecture and design and unrivaled amenities. The 30,000 square foot amenity package includes club rooms for entertaining and relaxing on the 11th and 45th floors and fully-outfitted catering kitchen to service the club rooms, outdoor spaces and residences. The building will also feature spectacular and unique outdoor spaces including a beautifully landscaped exterior roof terrace with a lap-length pool, sundeck, private cabanas and dining spaces with kitchens and a fire pit.

“Streeterville is home to world-renown architecture, dining, shopping and museums, as well as active residents who want to live and play near the lakefront,” said Alderman Brendan Reilly (42nd Ward). “The development team worked together with the community to address concerns and incorporate sustainable elements like the all-season green wall – the first building in Chicago to feature year-round exterior greenery.”

500 Lake Shore Drive will continue Related Midwest’s rich tradition of market-defining developments and will become the next great addition to the Related rental portfolio representing the finest luxury residential properties in the country.

In addition to SCB, the joint venture has engaged Lend Lease as the general contractor. Lend Lease and SCB have a long history of designing and constructing successful, multifamily residences, including Related Midwest’s 340 on the Park, the first LEED certified residential tower in the Midwest. Related Midwest is also developing 111 Wacker Drive, a 500-unit luxury rental complex on the Chicago River.

# # #
]]>Wednesday, September 14, 2011
Wells Fargo & Company (NYSE: WFC) and Related Companies today announced the acquisition of Parkway Gardens, a 694-unit affordable housing apartment property in the Southside of Chicago. The development will be preserved as affordable housing for an additional 30 years. Related Companies has also committed to $40 million in physical, mechanical and structural upgrades.

Related Companies, which acquired the property through its affordable housing preservation division, Related Affordable, will own and manage the property and is committed to maintain it as affordable housing for 30 years. Well Fargo & Company has made a $36.5 million equity investment for the purchase and renovation. The Wells Fargo investment consisted of a $26.6 million direct Low Income Housing Tax Credit equity investment and a $9.9 million direct Federal Historic Credit investment. The transaction also received $59.5 million bonds from the Illinois Housing Development Authority under the New Issue Bond Program to facilitate the rehabilitation of the property and the preservation of affordable housing. Fannie Mae, via Oak Grove Capital, provided credit enhancements for the loan.

“We are excited to participate in the preservation of Parkway Gardens,” said Korbin Heiss, SVP of Wells Fargo Community Lending and Investment. “This large investment will preserve needed affordable housing in the Southside of Chicago in addition to creating construction jobs associated with the project’s comprehensive renovation.”

Parkway Gardens, located on the Southside of Chicago, consists of 35 buildings on a 13-acre parcel. It was built in the mid-1950’s as co-ops and converted to rentals in the mid-1970’s under the HUD Section 236 IRP program. In 1988 it was purchased from HUD by private investors. Related Companies will substantially renovate the buildings including the mechanical systems, site improvements and in-unit upgrades. Additional amenity spaces will also be created for the residents. Renovations are expected to amount to over $57,000 in upgrades per unit. Related Midwest, Related Companies’ Chicago office, will oversee the renovations.

“Related has a 40-year commitment to the creation and preservation of affordable housing and we are thrilled to have been able to partner with Wells Fargo, Fannie Mae, and Oak Grove Capital to acquire nearly 700 units of critical housing stock in Chicago at Parkway Gardens and preserve the affordability for decades to come,” said Mark Carbone, President of Related Affordable. “Affordable housing is critical to the growth and stability of our nation’s cities and necessary for the continued success of the American economy. Related will continue to look for ways to create and preserve affordable housing opportunities and ensure residents of all income levels have access to a quality place to live and raise their families.”

###
]]>Monday, August 08, 2011
NYC Housing Development Corporation President Marc Jahr and executives from Related Companies today joined with residents to celebrate the acquisition, renovation and preservation of New Horizons, a 48-unit affordable housing development on 200 West 111th Street in Harlem whose rehabilitation was financed through Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), and announced that an additional 210 units in two other Manhattan properties would be preserved as affordable for an additional 35 years.

The preservation and renovation of existing affordable housing is a core goal of the Bloomberg Administration’s NHMP, an $8.5 billion initiative to create 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year. Through the New Housing Marketplace Plan, the City and its partners have now funded the creation or preservation of 124,495 units of affordable housing across the five boroughs. To date, HDC and the City’s Department of Housing Preservation and Development have financed the preservation or new construction of 42,452 affordable units in Manhattan. The NHMP also serves as an economic catalyst, injecting capital into distressed neighborhoods and creating jobs that advance the City’s recovery efforts. Over its full course, it is estimated that the plan would create approximately 150,000 full-time equivalent jobs in construction and related industries. To date the plan has created more than 120,000 full-time equivalent jobs.

“The City’s housing plan places great emphasis on preserving existing affordable housing” said HDC President Marc Jahr. “We do this for a good reason: keeping families in their homes has a tremendous impact on the quality of their lives and at the same time helps to stabilize neighborhoods. The developments we are announcing today are all the more remarkable for their locations. Make no mistake: all three of these properties are immensely valuable pieces of real estate. New Horizons sits at the northern end of Central Park; North Park is in a prime location on the Upper West Side; and Terrific Tenements is in the hot neighborhood of Clinton. By committing to maintain the affordable nature of these properties, which could easily have been converted to market-rate housing, Related and its partners have chosen to preserve them for the existing tenancy and the next generation to come. We’re grateful for that decision, which is good for the tenants, good for the neighborhoods, and good for the City as a whole.”

HDC provided $10.1 million in tax-exempt bonds to fund upgrades at New Horizons in exchange for Related committing to ensure affordability for an additional 35 years. At the same time, HDC and Related announced that, in exchange for funds to carry out building-wide renovations, Terrific Tenements, located at 527 West 47th Street and 425 West 48th Street, and North Park, at 20 West 102nd Street in Manhattan, would be preserved as affordable for an additional 35 years. HDC issued $25 million in tax-exempt bonds for Terrific Tenements and $36 million in tax-exempt bonds for North Park.

Bruce A. Beal Jr., Executive Vice President of Related Companies said, “For nearly 40 years, and since our very founding, Related has held a strong commitment to the preservation and revitalization of affordable housing. Affordable housing is critical for the continued growth of our city and Related is proud to have not only continued to acquire and preserve affordable housing, but to have never taken a single unit of affordable housing to market rent. We commend Marc Jahr and HDC for their critical support and leadership and are grateful to all of our partners, Wells Fargo Bank, Raymond James and Associates, and WNC and Associates, who ensured that these units can remain affordable not only for current residents, but for generations to come.”

Ivan Nieves, a long-time resident of New Horizons said, “We are thrilled that New Horizons will remain affordable for decades to come thanks to the commitment of the City of New York and Related Companies. Many of our residents have lived here for generations and the recently completed improvements will go a long way to improve the quality of life and make New Horizons an even better place to live."

Mark E. Carbone, President of Related Affordable said, “Our communities’ vitality depends on the ability of people at every income level to have a place to call home, and a place that they want to call home. Related is proud to continually invest in improvements that are not only beneficial to the physical structure of buildings, but also significantly improve the quality of life for the residents. The upgraded apartment amenities will make these properties an even better place to live and raise a family."

Raymond James and Associates served as the tax credit investor for New Horizons, providing $4 million in Low-Income Housing Tax Credit Equity. WNC and Associates, Inc. provided $7.3 million Low-Income Housing Tax Credit Equity for the rehabilitation of Terrific Tenements. Wells Fargo Bank provided $15.5 million in Low-Income Housing Tax Credit Equity for North Park and served as the lender for the three bond loans. The Metropolitan New York Coordinating Council of Jewish Poverty, a non-profit service provider and advocacy organization on behalf of the poor, will provide services to tenants at all three buildings including career services, crisis intervention, home care and legal services.

Matthew Wiener, managing director, Wells Fargo Multifamily Capital, said "Related’s execution of bringing and maintaining affordable housing in New York City is very impressive. Wells Fargo is also very committed to helping communities across the country preserve affordable housing so we are thankful for the strong relationship we’ve developed with Related, which has allowed us to help make a difference in the city."

New Horizons, a 48 unit building, is located on the northern edge of Central Park and was converted to affordable housing in 1979. Related recently acquired the property. The renovations, which cost approximately $55,000 per unit, include new bathrooms, fixtures and floors. In addition, a laundry room, community room and business center with complimentary internet service were created and the building's mechanical systems, roofs and façade have been upgraded.

Terrific Tenements is a multifamily apartment project at 527 West 47th Street and 425 West 48th Street in the Clinton neighborhood of Manhattan. It was converted to affordable housing in 1983. The affordability of its 87 units will be preserved for an additional 35 years and have already received $4.2 million in upgrades. The cost of the renovations, which include new kitchens, bathrooms, fixtures and floors as well as upgrades to mechanical systems, roofs and façade, costs approximately $47,000 per unit.

Council Member Melissa Mark-Viverito said, "The renovation and preservation of North Park Apartments is a win-win for all of the residents. I am thrilled that not only will all 123 units be preserved as affordable for another 35 years, but that the apartments will receive much-needed upgrades. I held a public meeting earlier this year with North Park residents who expressed their strong support of this plan. Efforts like these are ones that I hope to see even more of in my district so that we can continue to protect our affordable housing stock, while ensuring that these apartments are in the kind of condition that all New Yorkers deserve. I thank Mayor Bloomberg, HPD Commissioner Wambua, HDC President Jahr and Related Companies for making this preservation deal a reality."

North Park, a 123-unit Section 8 development on 20 West 102nd Street, is receiving $6.8 million in upgrades. In exchange for the low-cost financing from HDC, the complex will be preserved as affordable for an additional 35 years. Renovations costs approximately $55,000 per unit and include replacing bathroom fixtures, new kitchens, painting throughout, resurfacing and repairing floors and replacing lighting fixtures. Common element improvements include entry door replacements, intercom upgrades, fire alarm upgrades, elevator modernization, mechanical system upgrades, community room renovations and furnishings, a tenant computer lab, laundry room upgrades, lobby and hallway renovations, new trash compactor, and exterior façade and grounds repairs and refurbishing. All work will be completed by the end of this year.

All of the apartments in are set aside for tenants whose incomes are at or below 60% of the Area Median Income (AMI) for the New York City area, or $47,520 for a family of four. Additionally, all three properties benefit from project based Section 8 Housing Assistance contracts, which were extended for the longest available term of twenty years at closing.

About the NYC Housing Development Corporation (HDC):
The Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout New York City. In partnership with the NYC Department of Housing Preservation and Development, HDC works to implement Mayor Michael R. Bloomberg’s New Housing Marketplace Plan to finance the creation or preservation of 165,000 affordable housing units by the end of the 2014 fiscal year. Since the plan launched in 2003, HDC financed more than 50,000 homes for low- , moderate- and middle-income New Yorkers. The New York City Housing Development Corporation is rated AA by S&P and Aa2 by Moody’s.

About Related Companies:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 39 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales.

Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of approximately 2,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. In 2006 Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering.

Related Affordable develops, acquires and preserves affordable housing throughout the nation. In the area of acquisitions and refinancing, the company pursues properties that meet one of the following criteria: Section 8 properties with project-based contracts; Section 236 properties in need of rehabilitation; Section 42 LIHTC properties with expiring low-income restrictions; Section 515 FmHA properties with loans that can be prepaid; or other assisted properties, including HODAG, HOME, federal or state-financed public housing. Related actively looks for affordable housing opportunities through the development, acquisition and refinancing of low, moderate and mixed-income properties around the country. Since 1972, Related has developed, acquired or financed over 300,000 units of affordable housing.

About Mayor Michael R. Bloomberg’s New Housing Marketplace Plan:
New York City’s affordable housing program to build or preserve 165,000 units of housing — enough to house half a million New Yorkers — is the most ambitious and productive in the nation—creating housing as well as jobs for New Yorkers. Through the New Housing Marketplace Plan, the City and its partners have funded the creation or preservation of more than 124,495 units of affordable housing across the five boroughs to date. The New Housing Marketplace Plan also serves as an economic catalyst, injecting capital into distressed neighborhoods and creating jobs that advance the City’s recovery efforts. Over its full course, it is estimated that the plan would create approximately 150,000 full-time equivalent jobs in construction and related industries. To date the plan has created more than 120,000 full-time equivalent jobs.

In order to fulfill the NHMP goal of 165,000 units, HPD and the NYC Housing Development Corporation (HDC) are responding to market realities and focusing on three primary goals: strengthening neighborhoods, expanding the supply of affordable and sustainable housing and stabilizing families by keeping them in their homes. To read more about the NHMP, please visit http://www.nyc.gov/html/hpd/html/about/plan.shtml.

###
]]>Thursday, August 04, 2011
Curt Bailey, President of Related Midwest said, “111 West Wacker Drive is a tremendous development opportunity and a perfect fit for Related, drawing on our decades of experience building some of the nation’s finest rental and condominium complexes. Chicago’s rental market is strong and demonstrating healthy rent growth. 111 West Wacker Drive offers an ideal location for best-in-class rental product.”

Sean McMahon from Clark Wacker LLC said, “We are thrilled to partner with Related Companies and create a statement rental development. We have always believed in the great potential of this site and the formation of this joint venture with such a prestigious estate organization with a track-record of successful residential developments will only further ensure the project’s success.”

Justin Metz, Managing Principal of Related Companies said, “111 West Wacker Drive is a perfect fit for our expertise in, and focus on, execution projects. We look forward to developing a marquee building for this important location, bringing new resources to the development and maximizing value for our partners and investors."

111 West Wacker Drive is located on the Chicago River at a signature crossroads that bridges the north end of the Loop business and financial district and is directly across from the vibrant river north cultural and lifestyle district. Construction is projected to begin in the first quarter of 2012.

About Related Companies:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 39 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales.

Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of approximately 2,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. In 2006 Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering.

Related's fund management platform currently manages capital on behalf of public pension plans, sovereign wealth funds, endowments, Taft Hartley plans and family offices across three areas: distressed real estate opportunities, origination and acquisition of construction loans, and multi-family housing opportunities. For more information about Related Companies please visit www.related.com .]]>Wednesday, July 27, 2011
When All Phases Are Complete Gateway Elton Will Boast Largest Solar Photo Voltaic Renewable Energy System On A Residential Development In New York State

The NYC Department of Housing Preservation and Development (HPD), NYC Housing Development Corporation (HDC), The Hudson Companies Incorporated Principal and Managing Member of the Gateway Elton Street 1, LLC, Alan Bell, and the President of Related Retail for the Related Companies, Glenn A. Goldstein and CAMBA/CAMBA Housing Ventures Executive Director Joanne Oplustil joined today to celebrate the groundbreaking of the innovative Gateway Elton Street 1 affordable housing project Located at 1149, 1152, 1165 and 1166 Elton Street in the Spring Creek section of Brooklyn, the four buildings totaling 197 units comprise the first phase of the three phase development, that as currently planned, will boast the State’s largest solar energy system on a residential development when complete. It will also be built to meet NYSERDA’s energy-efficiency standards and is projected to qualify for a LEED Silver rating. Also attending the ceremony were Brooklyn Borough President Marty Markowitz, Councilman Charles Barron, Senior Vice President for Global Commercial Banking at Bank of America Merrill Lynch, Maurice Coleman, the President of Richman Housing Resources LLC, William W. Traylor, NYSERDA’s Vice President for Operations & Energy Services, Bob Callender, and Housing Director - NYC Field Office of New York State Office of Mental Health, Caren Abate.

Gateway Elton 1 is being developed under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), an $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014. To date, the plan has funded the creation or preservation of 113,131 units of affordable housing across the five boroughs; more than 5,000 of those units in Brooklyn Community Board 5 where Gateway Elton is being built.

“The affordable housing at Gateway Elton is a catalyst in the continued revitalization of this growing neighborhood. But it is the families who will make these affordable units into homes and who will create the bonds that form the backbone of strong communities,” said HPD Commissioner Mathew M. Wambua. “It is the City’s commitment to empowering and serving our fellow New Yorkers that drives our mission to complete the most ambitious housing plan in the nation, and why we are endeavoring to lead the way in innovative green building practices. We could not achieve this without the critical support of HDC and our development partners such as the Hudson Companies who share our goal of creating a more affordable and sustainable City for all New Yorkers.”

“In my years of work in the affordable housing arena, I have seen this neighborhood reborn,” said HDC President Marc Jahr. “Mayor Bloomberg’s housing plan has been central to this effort. We say it is the most ambitious in the nation: it is. It is also the most productive; tens of thousands of affordable homes have been funded since 2003. HDC plays a pivotal role in this process, providing access to capital and deepened subsidy from its corporate reserves. It’s this financial support, as well as HPD’s, that enables developments like Gateway Elton to be built and communities like East New York to be revived.”

“The Hudson Companies Incorporated has been a proud developer of affordable housing for complex and innovative projects for 25 years”, stated Alan Bell, Principal and Managing Member of Gateway Elton Street 1, LLC. “Working with great private and public partners on this project to transform vacant City-owned land into a thriving community that creates new jobs, quality rental housing, community space and commercial amenities - while also addressing energy efficiencies and environmental impacts - is part of Hudson Companies long standing commitment to our urban development projects.”

“For nearly 40 years Related has had a steadfast commitment to affordable housing and we are thrilled to be partnering with Hudson Companies and the City of New York to bring critical new affordable housing stock, community amenities and hundreds of constructions and permanent jobs to East New York,” said Glenn A. Goldstein, President of Related Retail, a division of the Related Companies, a partner in Gateway Elton Street 1, LLC.

Gateway Elton 1 will consist of four buildings totaling 197 affordable rental units and approximately 15,609-square-feet of commercial and community facility space. This groundbreaking marks the first of the three phases of this mixed-use project. The complex is built on City-owned property which was conveyed by HPD to the development team. When all three phases are complete they will encompass a total of 659 affordable apartments with approximately 60,000-square-feet of community space – including a childcare center and convenience shops and restaurants as part of a comprehensive effort by the City and its development partners to create a strong, vibrant and self-sustaining neighborhood.

The green design and development of this project directly support PlaNYC, the Bloomberg administration’s sustainability plan to prepare the City for one million more residents while reducing greenhouse gas emissions by 30% by 2030. By reducing resource usage and improving air quality, Gateway Elton will help to contribute to a more sustainable future for the benefit of all New Yorkers. When all three phases are complete, the Gateway Elton development will create over 200,000 watts of renewable energy using the largest Solar Photo Voltaic (PV) renewable energy system on a residential development in all of New York State. The project also includes ENERGY STAR® appliances and fixtures that will help meet NYSERDA’s energy efficiency standards, obtain an ENERGY STAR® building label and an anticipated LEED for Homes Silver Rating. Creating a tight building ‘envelope’ with well-insulated walls, ENERGY STAR® HVAC appliances and green fixtures, the Gateway Elton Street development will reduce energy and water waste resulting in savings for the tenants, as well as reducing the carbon footprint of the site for the environment.

“I commend Gateway Elton for its commitment to energy efficiency and environmental sustainability in providing residents of this future apartment building with a healthy and comfortable place to live,” said Francis J. Murray Jr., President and CEO of NYSERDA. “NYSERDA is proud to be a partner in this affordable housing building, and we’re ready to partner on more projects that reduce the energy cost burden for New Yorkers.”

This project will provide affordable rental apartments to tenants earning below 60 percent of the Area Median Income (AMI) or what is equivalent to a household income of $47,520 for a family of four. Additionally, forty units will be set aside for individuals transitioning to independent living from institutions operated by the NYS Office of Mental Health (NYSOMH), and will include rent and case management assistance from the agency. The Gateway Elton Street project will also include a daycare facility of approximately 6,000 square feet which is being developed in partnership with NYC’s Administration for Children’s services.

Based on the US Bureau of Economic Analysis 2010 multipliers, this first phase of the Gateway Elton Street project is projected to provide 306 new construction jobs and an additional 144 jobs that are indirectly related, including women and minority business enterprise positions for subcontractors - including W/MBE owned subcontractors from Brooklyn.

“At Bank of America Merrill Lynch, we strive to provide people with the opportunity to live in affordable, safe housing in vibrant neighborhoods,” said Maurice Coleman, Bank of America Merrill Lynch Community Development Banking. “Gateway Elton 1 is a perfect example of the type of development we are committed to as one of the nation’s top affordable housing lenders.”

“As a Brooklyn based experienced developer and service provider, we are honored to partner with Hudson Companies and Related Companies to build much needed affordable housing in Brooklyn,” stated Joanne Oplustil, Executive Director of CAMBA/CAMBA Housing Ventures.

Michael F. Hogan, PhD, Commissioner of the New York State Office of Mental Health said, "OMH is pleased to be a partner in the Gateway Elton Street project. OMH recognizes the need for safe and affordable housing for all New Yorkers, including persons recovering from a mental illness. Housing with flexible supportive services is a key element in the recovery process, and the Gateway Elton Street project will give 70 individuals the opportunity to live safely in this wonderful new housing development."

“I am thrilled that the Elton Street 1 project will not only provide nearly 200 units of affordable housing to working families and create hundreds of local construction and ancillary jobs, but this LEED-certified complex will utilize sustainable construction practices and materials like Energy Star appliances and the largest solar photo voltaic renewable energy system in any residential development in the State,” said Brooklyn Borough President Marty Markowitz. “Kudos to Mayor Bloomberg and his New Housing Marketplace Plan, the NYC Department of Housing Preservation, NYC Housing Development Corporation and the Hudson Companies for ensuring that Brooklyn’s future is not only affordable—but sustainable too.”

“This is a momentous day for the residents of East New York, Brooklyn”, stated Charles Barron, Councilman of the 42nd District. “Our community is in desperate need of affordable housing, therefore, our people will greatly benefit from this new affordable housing project.”

Funding and support for the Gateway Elton Street project was made possible through a joint venture between the City of New York and the Hudson Companies and the many public and private partners who have been dedicated to bringing affordable housing to this Brooklyn neighborhood. HPD provided the land to the developer and $10.6 million in construction financing and $11.8 million in permanent financing through its Low Income Rental Program. HDC provided $34.8 million in tax exempt bonds and $12.8 million in loan subsidy, along with a $12 million senior mortgage. Bank of America is providing a $35.1 million letter of credit, and the Richman Group is the tax credit syndicator. NYSERDA is providing $531,458 for participation in the Multi-Family Performance and Solar PV Program. Gateway Elton 1 also received strong support from Brooklyn Borough President Marty Markowitz, Councilman Charles Barron, and Brooklyn Community Board 5 Chair Walter Campbell.

# # #
]]>Thursday, June 02, 2011
Related Companies, the creator of Time Warner Center, proudly introduces MiMA, a 63-story mixed-use glass tower featuring luxury rentals and condominium residences. MiMA’s meticulously curated blend of residences, culture and lifestyle offerings makes the development more than a building: MiMA is an urban destination.

Named after its location in the middle of Manhattan, MiMA is conveniently situated at the center of a vibrant neighborhood that combines the tradition of Old New York with the glamour of some of the City’s best nightlife, dining, entertainment, shops and parks. MiMA provides two distinct residential opportunities: MiMA Rentals, with an unmatched luxury rental lifestyle on floors 7 to 50 and One MiMA Tower, a collection of spectacular condominiums featuring Five Star Living® on floors 51 to 63, both offering access to M Club, a sprawling over one-acre array of health, recreation and entertainment amenities.

“Building on our tremendous success at The Caledonia, One Carnegie Hill, Superior Ink and Time Warner Center, Related is thrilled to bring to market another inventive, iconic mixed-use development,” said Related Executive Vice President Bruce A. Beal, Jr. “Combining marquee residential opportunities, the best Off-Broadway theater, an innovative hotel brand, and exciting retail, MiMA is a 24/7 destination development offering an exceptional collection of sought after aspects of urban living in a single convenient location in one of New York’s most dynamic neighborhoods.”

Along with its residential offerings, MiMA includes Signature Center, the new Frank Gehry-designed home of the acclaimed Signature Theatre Company known for outstanding presentations of works by leading playwrights in all stages of their careers; YOTEL New York, an innovative hotel designed by David Rockwell and SoftRoom to mimic the style and efficiency of a first-class airline cabin with 20,000 square feet of transformable public space to be used for dining, entertainment, meetings and events, as well as the largest outdoor terrace in New York City; ground-floor retail; and convenient on-site parking. Signature Center will open in early 2012 and YOTEL New York opens in May. MiMA’s blend of uses will add to the lively texture of the neighborhood and create a unique energy and vitality for its residents.

MiMA continues Related’s dedication to architectural and design excellence with modern glass exteriors by Arquitectonica, lavish interiors by Rockwell Group, and Frank Gehry-designed theaters. MiMA is also expected to exceed LEED Silver certification, reflecting Related’s commitment to sustainability and providing the latest advances in green technologies. With floor to ceiling windows, all MiMA residences offer breathtaking panoramic views of Manhattan, its bridges, rivers and beyond. Each apartment features gracious layouts, stainless steel appliances, designer finishes, spacious customized closets and in-residence washer/dryer.

MiMA features the M Club, a 44,000 square foot handcrafted amenity space that caters to and enhances the daily lives of residents. M Club includes an 18,000 square foot private residents-only fitness center by Equinox® with a heated indoor lap pool, boxing room, a full-size basketball and volleyball court, three lushly landscaped outdoor terraces with private dining pods and barbeque facilities encompassing over 14,000 square feet of outdoor space, party rooms and catering kitchens, outdoor and indoor screening rooms, and an Internet café and business center equipped with iMac computers and a coffee bar. In addition, there is a club room and residents’ lounge with a cozy island fireplace, a fully equipped game room with billiards and card tables and electronic gaming, and bicycle and resident storage. MiMA’s four-legged friends will be pampered in MiMA’s new concept in urban dog care, Dog City. The residents-only professionally staffed pet spa with indoor and outdoor play areas offers grooming and training facilities, in-home feeding, walking services, scheduled play dates, and much, much more.

Related’s acclaimed commitment to service is again evidenced at MiMA and encompasses every detail that makes a residence a home. Personal assistants, a 24-hour concierge, doorman and on-site valet are just the beginning. MiMA Rental residents will have a move-in coordinator to handle every last detail from choosing the best moving service to handling utility and technology set-up. Renters can utilize electronic payment or pay their rent via credit cards and earn valuable rewards. MiMA residents will also have the very latest in technology offerings including WiFi in all of the common areas, 200+ channel cable and/or satellite TV service (Verizon FIOS, Time Warner, RCN and DirecTV), cable modem service, ethernet, DSL and our newest option – wireless Web through Wi-Fi service. MiMA is also one of the first buildings to feature a distribution antenna system which enhances cell phone service throughout the building and ensures residents on various carriers will have reception.

“Inspired by New York streets and style, MiMA was designed to reflect and cater to the lifestyle, personality and New York sensibility of our residents. If you work hard and lead a busy life, MiMA is both an oasis you’ll love to call home and a vibrant place where you can connect with family and friends,” said Daria Salusbury, Senior Vice President of Related who leads the company’s luxury residential leasing operations. “MiMA Rentals are the epitome of luxury and we look forward to introducing MiMA to the New York market.”

MiMA Rentals’ 500 apartments range from studios to two bedrooms residences on floors 7 through 50. Studios start at $2,895, one bedrooms start at $3,495, junior 4s start at $4,895 and two bedrooms begin at $5,995 a month.

One MiMA Tower elevates Related’s acclaimed Five Star Living®, first conceived at the Residences at Mandarin Oriental and One Central Park Condominiums, to dazzling new heights. The 151 condominiums, which range from studios to penthouse three bedroom residences, are located from the 51st to the 63rd floors. One MiMA Tower features exquisite finishes and interiors by world-renowned designer, David Rockwell, a private concierge-attended lobby exclusively for condominium owners and panoramic vistas of the city.

“Related’s dedication to developing best-in-class residences for discerning purchasers began at The Chatham and continued at The Park Imperial and was further elevated at One Central Park Residences and The Residences at Mandarin Oriental at Time Warner Center,” said Susan de Franca, President of Related Sales. “One MiMA Tower, offering unrivaled views, inspired architecture and contemporary design, and superior services, continues the tradition of Five Star Living®.”

Located in the center of Manhattan, MiMA is within short walking distance of the N,Q,R,1,2,3,7,A,C and E subway lines. For more information about MiMA, please visit www.MiMANYC.com, call 212-594-MiMA (6462) or visit our on-site leasing office on the 25th floor at 450 West 42nd Street between 9th and 10th avenues, and our temporary sales office on the 3rd floor. MiMA can also be found on Facebook.com/MiMAW42nd and followed on Twitter at Twitter.com/MiMAw42nd.

###
]]>Monday, March 07, 2011
Mayor Michael R. Bloomberg today unveiled the development plan for Hunter’s Point South, the largest new affordable housing complex to be built in New York City since the 1970s. A development team, consisting of Phipps Houses, Related Companies and Monadnock Construction, has been selected through a competitive process to build the residential portion of the first phase of the Queens waterfront complex, which includes two mixed-use buildings comprising more than 900 housing units and roughly 20,000 square feet of new retail space. At least 75 percent of the housing will be permanently targeted to low-, moderate- and middle-income families, up from the 60 percent required by the Request for Proposals. The first phase, to be completed in 2014, also includes five acres of new waterfront parkland, a new 1,100-seat intermediate and high school, new retail space and parking. Mayor Bloomberg was joined at the announcement, which took place adjacent to the development site at the Waterfront Crab House on Borden Avenue in Long Island City, by Deputy Mayor for Economic Development Robert K. Steel, Housing Preservation and Development Commissioner Rafael E. Cestero, New York City Housing Development Corporation President Marc Jahr, Parks Commissioner Adrian Benepe, Queens Borough President Helen M. Marshall, Council Member Jimmy Van Bramer, New York City Economic Development Corporation Chief Operating Officer Josh Wallack, Phipps Houses Group President & CEO Adam Weinstein, Related Companies Executive Vice President Bruce A. Beal, Jr., Monadnock Construction President Nick Lembo and Community Board 2 Chair Joseph Conley.

“At Hunter’s Point South, not only will we build the largest new affordable housing complex in more than three decades, we’ll do it on long-vacant waterfront property that has incredible views and sits adjacent to one of New York City’s fastest growing neighborhoods,” said Mayor Bloomberg. “Through our New Housing Marketplace Plan, we’re building 165,000 affordable units in neighborhoods in all five boroughs, but no where else will there be such a large infusion of new, affordable units. All told, the project will provide new homes for 5,000 New York City families – more than 900 in this first phase – while creating thousands of jobs.”

“Throughout New York City, we’re constantly looking for ways to build affordable housing, connect New Yorkers to the waterfront and create jobs. The major development project at Hunter’s Point South will help us achieve all three of those goals,” said Deputy Mayor Steel. “We will transform what is now vacant land on the Long Island City waterfront into the largest affordable housing complex built in this City since the 1970s, and we’ll do it while adding new parks and a new school for Long Island City residents.”

“Our Request for Proposals to build this first phase of the largest affordable housing development in a generation was met with an enthusiastic response from the development community which resulted in stiff competition for designation,” said Commissioner Cestero. “The choice was not easy, but by selecting this team we are bringing the best possible result for the citizens of this City. Hunter’s Point South was conceived as housing affordable to moderate- and middle-income families – people such as our teachers, healthcare workers, veterans and first responders. Today we are one step closer to making this promise a reality. It has been decades since any affordable development on this scale has been attempted or achieved anywhere in the five boroughs—or even statewide—and I am certain that Hunter’s Point South will set that bar in terms of design, sustainability and permanent affordability and will be a model that other municipalities and states will seek to emulate.”

The permanently affordable units – at least 75 percent or a minimum of 685 of the total 908 phase one units – will be targeted to families with household incomes ranging from $32,000 to $130,000 per year for a family of four; 20 percent of the units will be available to families earning between 40 percent and 80 percent of Area Median Income (AMI), 20 percent to families earning up to 130 percent AMI, and 35 percent to families earning up to 165 percent AMI.

The Phipps-Related-Monadnock development team was selected from among competitive proposals submitted to the Department of Housing Preservation and Development. The proposals were evaluated – by an inter-agency team that included the Department of Housing Preservation and Development, the New York City Housing Development Corporation, the New York City Economic Development Corporation and the Department of City Planning – based on financial feasibility, affordability of residential units, quality of architectural design, development and management experience as well as other factors consistent with the qualifications outlined in the Request for Proposals. The selected plan best adhered to the design guidelines by closely following the context of the neighborhood and street scale, and the winning team demonstrated a commitment to engage in an ongoing design process with the City and local community. The proposal also provided both the lowest per-unit and total subsidy of all of the finalists. The three groups represented on the team each have a long history and commitment to building and managing affordable housing in New York City.

The first phase of Hunter’s Point will transform a total of more than 800,000 square feet of vacant waterfront land bounded by 50th Avenue to the north, 2nd Street to the east, Borden Avenue to the south and Center Boulevard to the west. Infrastructure work, including the installation of sewers, watermains, roadways, sidewalks and parking, will begin next month and is expected to be completed during the Spring of 2013. Park construction will begin this summer. The two residential buildings, including the retail space, will begin construction in 2012 and are expected to take up to 24 months to complete. The new school, which will be built by the New York City Schools Construction Authority, will open in the Fall of 2013.

Designed by SHoP Architects, with Ismael Leyva Architects, the team’s plan for the initial two residential mixed-use buildings features classic tripartite building composition in a modern, façade design. Nearby, vibrant retail corridors have been created along 50th Avenue as well as Second Street, which will ultimately serve as a spine that connects all of Hunters Point South. Generous sidewalks, multiple street level entries, and facade treatments that anchor the buildings to the streets, will all work together to create an active, new neighborhood.

When complete, Hunter’s Point South will be the largest affordable housing development in New York City since the early 1970s when Co-op City and Starrett City were completed. It will include approximately 5,000 new units of housing, more than 11 acres of landscaped waterfront parkland, new retail shops, community facility space and the new school. It is anticipated that Hunter’s Point South will catalyze more than $2 billion in private investment and create more than 4,600 jobs.

“This important project will connect the Hunter’s Point community to the waterfront, and I look forward to its contributions to the evolving Queens skyline,” said City Planning Commissioner Amanda M. Burden.

“We look forward to building a beautiful park for the new residents and all New Yorkers to enjoy at Hunters Point South,” said Parks Commissioner Benepe.

“Thousands of affordable apartments, acres of parkland, and a new school here in Hunter's Point will all be wonderful additions to the neighborhood and to our City,” said Congresswoman Carolyn Maloney. “I thank Mayor Bloomberg and his team for their work to develop and revitalize the waterfront in western Queens.”

“Today we move forward on the road that leads to the creation of an entirely new community on the East River waterfront,” said Borough President Marshall. “This community will enjoy the benefits of much-needed affordable housing, retail space and parkland, located in a unique setting. Major infrastructure and surface improvements will complement the attractive housing and retail opportunities and help to make Hunters Point South a success story in this second decade of the 21st Century. I look forward to working with Mayor Bloomberg and all our partners in the public and private sectors as we build for the future to achieve common goals.”

“From affordable housing, to retail space, a new school and even a waterfront park this state of the art development can serve as a model in urban planning and design,” said Council Member Van Bramer. “Hunters Point and greater Long Island City is an amazingly vibrant and diverse place to live, work and create.”

“Preserving New York's middle class is critical to ensuring our city's growth in the 21st century,” said State Senator Michael Gianaris. “Long Island City’s ongoing revitalization will guarantee that western Queens continues to be home to the hard-working men and women that make our city run. Hunters Points South is a critical part of this necessary rebirth.”

“Phipps Houses has developed and maintained affordable housing throughout New York City for over a century, providing New Yorkers across the income spectrum the opportunity to live and work in the City,” said Phipps Houses’ President and CEO Adam Weinstein. “It is our not-for-profit organization’s mission, and a crowning achievement of the Bloomberg administration. We are pleased to partner with Related and Monadnock, two organizations we have worked with prior, and both of whom share this mission. This important new development demonstrates the Bloomberg administration’s commitment to ensuring vibrant mixed-income neighborhoods in Western Queens and throughout the City.”

“We applaud the Bloomberg administration’s vision for transforming a long vacant parcel into a burgeoning waterfront community,” said Related Companies Executive Vice President Bruce A. Beal, Jr. “Related Companies has a forty-year commitment to the creation and preservation of affordable housing and a track record in executing large-scale developments and we are thrilled to have been selected along with our partners Phipps Houses and Monadnock Construction to develop the first phase of Hunter’s Point South, New York’s next great middle income community. The availability of housing opportunities for all of our city’s working families is critical to New York’s future and we are proud to be playing a role in creating a dynamic, sustainable neighborhood at Hunter’s Point South.”

“Mayor Bloomberg’s administration has demonstrated tremendous leadership with their plan for Hunter's Point South,” said Monadnock Construction President Nick Lembo. “We are looking forward to rolling up our sleeves to work with our partners, Related Companies and Phipps Houses, to build affordable housing for hard-working New Yorkers.”

“The vacant waterfront land at Hunter’s Point South represents one of New York City’s best opportunities for growth, and the fact that development is moving forward is great news for Queens residents,” said Community Board 2 Chair Joseph Conley. “Throughout the development process, the Bloomberg Administration has listened and responded to the local community, and the result is a phenomenal project that will benefit the entire area and all of New York City for generations.”

Hunter’s Point South will also be serviced by the East River Ferry pilot program set to launch this spring. The ferry will stop at the southern tip of Hunter’s Point – on the waterfront between Borden Avenue and 54th Avenue, with service to 34th Street in Manhattan as well as Brooklyn and lower Manhattan.

The Hunter’s Point South plan completed the Uniform Land Use Review Procedure in November 2008. In 2009, the City acquired the entire 30 acre Hunter’s Point South site from the Empire State Development Corporation and the Port Authority of New York and New Jersey at the cost of $100 million dollars. In the late 1980s, the Hunter’s Point South site was slated to become the third and fourth phase of New York State's Queens West Development which called for 2,200 apartments and more than two million square feet of office space. Later the site was envisioned as the location for the Olympic Village in the City’s 2012 Olympic bid. On the heels of the sale of Stuyvesant Town and Peter Cooper Village in 2006, Mayor Bloomberg announced the City’s intention to acquire the site from Empire State Development Corporation and the Port Authority of New York and New Jersey to create the City’s first large-scale moderate and middle income housing in decades. Since then, multiple City agencies have worked with the community to develop the Hunter’s Point South Plan.

Hunter’s Point South is the largest affordable housing development in the Bloomberg Administration’s New Housing Marketplace Plan, and the largest in New York City in more than three and a half decades. The New Housing Marketplace Plan, launched by Mayor Bloomberg in 2003, is a $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014. To date, the plan has funded the creation or preservation of 111,279 units of affordable housing across the five boroughs.

The development of Hunter’s Point South will advance the goals of the Waterfront Vision and Enhancement Strategy, a citywide initiative launched in 2010 by Mayor Bloomberg and Speaker Quinn that will create a new sustainable blueprint for the City’s more than 500 miles of shoreline. The soon to be released plan will have two core components: Vision 2020 - The New York City Comprehensive Waterfront Plan, which will establish long-term goals for the next decade and beyond, and the New York City Waterfront Action Agenda, which will set forth priority initiatives to be implemented within three years. Together, the initiatives will provide a blueprint for the City’s waterfront and waterways, and focus on the following categories: open space and recreation, the working waterfront, housing and economic development, natural habitats, climate change adaptation and waterborne transportation.
]]>Wednesday, February 09, 2011
‘The Galleria at Sowwah Square’ will capitalize on the adjacent five-star Four Seasons Hotel Abu Dhabi at Sowwah Square and Rosewood Abu Dhabi hotels, the region’s foremost healthcare facility, Cleveland Clinic Abu Dhabi, and approximately 2 million leasable square feet of class A office space to be occupied by over ten thousand employees. ‘The Galleria at Sowwah Square’ is scheduled for completion and opening in late 2012.

The development represents the inaugural project for Gulf Related, formed in 2009 as a partnership between Gulf Capital, one of the Middle East’s leading alternative asset management firms; and Related Companies, one of the largest private real estate development and investment firms in the United States and developers of New York’s landmark Time Warner Center and West Palm Beach’s dynamic CityPlace.

Mubadala was established and is owned by the Government of Abu Dhabi. It is a catalyst for the economic diversification of the Capital and the company’s strategy is built on the management of partnerships and long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi. A critical component of Mubadala’s broader mission, MREH is responsible for overseeing projects that are part of the development plans of Abu Dhabi and that help drive the local tourism sector.

Peter Wilding, Executive Director of Mubadala Real Estate & Hospitality, commented: “We are delighted to welcome another well respected partner, Gulf Related, to the Sowwah Square project. Over the past few months both our teams have worked closely together to ensure that ‘The Galleria at Sowwah Square’ delivers a unique and exciting retail and F&B experience for Abu Dhabi.”

He added, “Sowwah Square is rapidly establishing itself within the region and internationally as the heart of Abu Dhabi’s new Central Business District and Gulf Related’s best-in-class expertise and brand relationships will ensure that the office and hotel community, Sowwah Island’s residents and visitors will have the opportunity to enjoy a dynamic atmosphere within a unique retail and F&B destination at Sowwah Square.”

‘The Galleria at Sowwah Square’ will be a vibrant new shopping, dining and entertainment destination with a full range of luxury to mid-market international retail offerings and internationally branded food and beverage outlets. This scheme has already generated significant interest from the international retail and restaurant communities.

It has been designed with a focus on quality and cutting edge design, a handcrafted tenant mix and well-conceived parking options which include dedicated parking as well as VIP and valet parking. A stunning sculptural atrium roof will be the highlight of the design, providing an iconic image for the new center with spectacular views of Abu Dhabi’s skyline.

Access to all project components will reflect a truly mixed-use strategy offering the same level of premium quality service offered to the blue chip tenants of the four Sowwah Square commercial towers. ‘The Galleria at Sowwah Square’ conveniently integrates shopping, dining, hotels, parking, cafes, and public spaces and is directly accessible from all four commercial towers.

Kenneth A. Himmel, Co-Managing Partner of Gulf Related and President and CEO of Related Urban said, “ ‘The Galleria at Sowwah Square’ offers Abu Dhabi’s most compelling opportunity to create a distinct shopping and dining destination on the waterfront as part of a dynamic mixed-use environment that will include world-class hotel flags, class-A office space unparalleled in the region and Abu Dhabi’s new Securities Exchange. Related Companies has created some of the most recognizable and celebrated mixed-use developments in the United States. We are excited to bring our expertise to Abu Dhabi through our partnership with Mubadala, leverage our strong European and U.S. retail, restaurant, and entertainment relationships, and to be a part of such a prestigious and promising development.”

Dr. Karim El Solh, Co-Managing Partner of Gulf Related and CEO of Gulf Capital said, “We are very pleased that the inaugural development and investment project for Gulf Related in the region will be ‘The Galleria at Sowwah Square’. This is a highly visible and promising project and reflects the type of high-end developments Gulf Related will be pursuing in the Middle East. We have been studying intensely regional development opportunities for the last year and have singled this development out as one of the most promising and commercially viable projects in the current environment. We look forward to continuing and expanding our successful working relationship with Mubadala on this and other projects.”

Gulf Related has an exclusive leasing and marketing partnership in the Middle East region with Marvin Traub Associates, a leading international retail consulting firm with a global reach. Marvin Traub Associates has been instrumental in launching brands in the Middle East for the past eight years, and recently helped orchestrate the opening of Bloomingdale’s in Dubai Mall, currently the largest upscale department store in the region and has been leading the leasing effort for The Galleria at Sowwah Square.

Sowwah Island is a world class 114 hectare mixed-use development in the heart of Abu Dhabi, the capital of the United Arab Emirates (UAE) and has been designated by the emirate's Urban Planning Council to be home to the capital's new Central Business District (CBD) for its strategic position at the focal point of the city's business, cultural and residential areas.

When complete, Sowwah Island will be a thriving, high-density district modeled on the world's leading mixed-use CBDs. Designed to the highest international standards, Sowwah Island will feature a dynamic combination of premium commercial and residential clusters, luxury business hotels, comprehensive retail, medical facilities, public amenities, landscaped parks and pedestrian-friendly open spaces. It will also feature an integrated and multi-layered transport network to ensure efficient, convenient access from all areas of Abu Dhabi, including 13 new bridges and a mass transit system with both light and heavy rail.

Sowwah Island will have a working population of 75,000 and will be home to 30,000 residents, living an urban lifestyle enlivened by everything the modern city dweller demands in a contemporary cityscape.

The announcement of Sowwah Square represents Gulf Related’s introductory project in the region following a period of intense due diligence. Gulf Related’s focus is primarily residential and large, high-end mixed-use real estate developments in the Gulf.]]>Wednesday, January 26, 2011

Sowwah Island
Size: 114 hectares of mixed use development consisting of:
• Residential 48%
• Office 30%
• Hotel 10%
• Healthcare 8%
• Retail 4%
• Working population of 75,000
• Residential population of 30,000

Key Infrastructure
• 13 bridges : 4 already completed
• Multi-tier road network that removes heavy traffic from surface streets, substantially complete
• 5.4 km pedestrian-friendly boardwalk
• Mass Transit system featuring metro and Light Rail Transit (LRT)
• Network of integrated, climate-controlled pedestrian passageways that link the island's major developments



Sowwah Island Current Projects
• Sowwah Square
• Rosewood Abu Dhabi
• Four Seasons Hotel Abu Dhabi at Sowwah Island
• Cleveland Clinic Abu Dhabi
• Plot sales to National Bank of Abu Dhabi and Al Hilal Bank each will build commercial office space
• Plot sales to Farglory Group of Taiwan (4 plots) to be developed into Island’s first residential and mixed use section of the second phase
Sowwah Square
Sowwah Square, the flagship commercial development in the center of the island, is part of this first phase. It comprises four international Grade 'A' office towers, providing a total of approximately 2 million sqft of column-free premium commercial space.
These 30-36 storey towers encircle the new headquarters of the Abu Dhabi Securities Exchange (ADX). Sowwah Square will also feature extensive retail, F&B and dedicated, off-street parking for 5,200 cars.


Project Status
• All four commercial towers have reached their final heights
• Tower 1 and Tower 3 complete and Building Completion Certificate (BCC) issued for both as well as their adjacent car park.
• Architectural finish on Tower 2 and Tower 4.
• Abu Dhabi Securities Exchange (ADX) Headquarters - Façade installation has commenced and is in advanced stages.
• Retail podium - structurally complete
• ADX due for completion in 2011
• Retail podium and F&B due for completion in late 2012

Rosewood Abu Dhabi
Rosewood Hotels & Resorts will be the operator of Rosewood Abu Dhabi, a business-focused five-star hotel located on the waterfront at Sowwah Square, offering premium accommodation, signature fine dining and all-day restaurants, fully equipped business facilities and services to meet the needs of hotel guests and neighboring offices. The hotel will have direct private access to Cleveland Clinic Abu Dhabi.
Key Facts
• Guest Rooms: 189
• Serviced Residences: 131
• Penthouses: 6
• Completion date: 2012
Project Status:
Construction has reached 20 storeys

Four Seasons Hotel Abu Dhabi at Sowwah Island
Four Seasons Hotels and Resorts will be the operator of a new luxury business hotel on Sowwah Island. It will be the first UAE hotel for the Four Seasons brand, which is internationally renowned for their premium hotels and resorts located in the world's leading business destinations and tourist locations. Four Seasons Hotel Abu Dhabi at Sowwah Island will feature 190 rooms and 125 residences.

Key Facts
• Guest Rooms: 190
• Serviced Residences: 125
• Completion date: 2013

Project Status:
Foundation works completed


Abu Dhabi Background

Abu Dhabi is the capital of the United Arab Emirates (UAE), a thriving metropolis at the core of the country's political, cultural and commercial life. One of the world's wealthiest oil-rich cities (per capita worth USD 17 million) Abu Dhabi is now diversifying its economy away from its reliance on the oil sector and into cultural, recreational and business offerings.
A key element in this restructuring process is a commitment to the visionary Capital 2030 Urban Structure Framework Plan. This builds on the city's strong economy, growing population and key location at the center of the Middle East. Abu Dhabi's sustained and ambitious development and infrastructure program ensures that as its population climbs from 1.4 to potentially 3 million, the Emirate remains a lively, modern place in which to live and work.
Abu Dhabi's status as a dynamic, contemporary city is acknowledged by the increasing numbers of global organizations making it their Middle Eastern destination of choice. More than 50 international embassies are based in the city, along with global luxury and business hotels: the Four Seasons Hotel Abu Dhabi at Sowwah Island and Rosewood Abu Dhabi are coming on stream in the next two years.
Sporting fixtures on the world calendar include the Abu Dhabi Grand Prix, the F1 Powerboat World Championships, FIFA Club World Cup, the Abu Dhabi Tennis World Championship and the Abu Dhabi Golf Championship


Company Background

About Mubadala Development Company

Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi. Established and owned by the Government of Abu Dhabi, the company’s strategy is built on the management of partnerships and long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi, and contribute to the growth and diversification of its economy.

Mubadala brings together and manages a multi-billion dollar portfolio of local, regional, and international investments and partners with leading global organisations to operate businesses across a wide range of industry sectors including aerospace, energy, healthcare, industry, information communications and technology, infrastructure, real estate and hospitality. For more information about Mubadala please visit www.mubadala.ae.


About Mubadala Real Estate & Hospitality

Mubadala Real Estate and Hospitality (MREH) is a business unit of Mubadala focused on domestic and international projects in the real estate and hospitality sectors. A critical component of Mubadala’s broader mission, MREH is responsible for overseeing projects that are part of the development plans of Abu Dhabi and that help drive the local tourism sector.

With a mandate to drive Abu Dhabi’s long-term development and deliver key projects within Capital 2030: Urban Structure Framework Plan, MREH develops strategic, large scale commercial, residential and leisure districts to the best standards of quality, functionality and sustainability. Key Abu Dhabi projects include the development of Sowwah Island, Sowwah Square, Arzanah and Mina Zayed Waterfront.

Within the hospitality sector, MREH is helping to drive the tourism sector by developing world-class hospitality projects in Abu Dhabi, attracting leading hotel operators to the Emirate. MREH also owns 50% of luxury hotel operator Viceroy Hotel Group and has been actively driving its expansion into key gateway cities and leading destinations around the world.


Company Background – Gulf Related

Gulf Related is a regional real estate development venture primarily focused on residential and high-end mixed-use real estate destination developments in the MENA region. The venture represents a joint-venture partnership between Gulf Capital, one of the Middle East’s leading alternative asset management firms, and Related Companies, one of the largest private real estate development and investment firms in the United States.

Related Companies and its principals pioneered the concept of mixed-use urban development beginning in the 1970s with its principals developing such destinations as Water Tower Place and 730 North Michigan in Chicago, Illinois, Copley Place in Boston, Massachusetts and Reston Town Center in Reston, Virginia, and Related developing such iconic developments as Time Warner Center in New York City and CityPlace in West Palm Beach, Florida.
]]>Wednesday, January 26, 2011
Stephen M. Ross, Chairman and CEO of Related Companies said, “The Hudson Yards represents the future of New York and the commencement of this preparatory work marks an important milestone in its development. Over 65 percent of Manhattan’s office stock is over 50 years old and New York City needs the modern, green, high-tech office space that only we can provide at Hudson Yards in order to retain our competitive advantage in the global market for corporate tenants. Over the past year we have made tremendous progress in developing the most commercially viable solutions for office tenants in New York. With unsurpassed transportation infrastructure, amenities, large flexible floor plates, and generous tax incentives we have created a compelling offering and the marketplace is responding.”

Mayor Michael R. Bloomberg said, “Hudson Yards is one of New York City’s greatest opportunities for growth. Today’s milestone means we will now begin to see activity on the site, as the creation of what will be the vibrant centerpiece of New York City’s next great neighborhood begins to take shape. The extension of the 7 subway line from Times Square to the Hudson Yards is on track, and together with what will be one of the City’s great open space boulevards, the seeds are being planted for the next major New York City destination.”

The 60,000 square foot Metals Purchasing Building was originally constructed in the 1930s in the freight yards that operated as part of the railroad system along Manhattan’s west side. This railroad supported the pier operations and transported goods up and down the west side. The Metals Purchasing Building was used to process, manufacture, and distribute various metal products. The building was also used for processing and manufacturing various metal products. When the demand for the metals operation no longer existed the building was converted to office space and used for back-office type operations. About 20 years ago the building was acquired by MTA by eminent domain and subsequently vacated.

Key transportation investments are underway throughout the area around Hudson Yards including the extension of the Number 7 subway line. The No. 7 subway will link the site to both local and regional rail transportation. This subway line connects to every major line in New York City, connecting Hudson Yards to the major subway nodes of Times Square, Bryant Park, and Grand Central Terminal.

Jay H. Walder, MTA Chairman and CEO said, “The extension of the 7 line is paving the way for a vibrant new district of our great city, continuing New York’s great tradition of leveraging public transit investments for economic growth. We’re focused on delivering this project on time and budget, and we’re thrilled to see activity on one of the most important sites in the district, the MTA’s Hudson Yards.”

The $2.1 billion subway extension is fully funded and under construction. Crews have finished digging the tunnels and are currently building the new station at the 34th Street and 11th Avenue that will be at the front door to Hudson Yards. The project is on budget and on schedule. The transit system testing will begin in 2013 and a grand opening is anticipated by the first quarter of 2014, at least a year before the first phase of Hudson Yards is opened.

Hudson Yards is the largest undeveloped single piece of property in Manhattan. The mixed-use master-planned community will include 13 million square feet of commercial and residential development designed with cutting edge sustainability features. The master plan comprises approximately 5,000 residences in nine residential buildings, up to four world-class corporate headquarter sites, a major destination retail complex, a 300-room five star hotel, unique cultural facilities, and a new 750-seat public school, all carefully planned around 12 acres of grand public open space.

Also underway is the conversion of the Farley Post Office into the new Moynihan Station for Amtrak. Hudson Yards is also minutes away from the region’s main rail transportation hub at Penn Station, the Hudson River ferry service, the West Side Highway, and the Lincoln Tunnel.

Jay Cross, President of Related Oxford Hudson Yards said, “We have seen a great deal of interest from large-scale corporate tenants and are excited to be taking the steps necessary to meet their aggressive timelines. Hudson Yards will represent New York’s premier mixed-use neighborhood, and we are progressing steadily. The public spaces, great cultural amenities, extraordinary destination retail center, hotels, thousands of new apartments with spectacular waterfront views, and a new 750-seat public school will offer something for all New Yorkers.”

The future development will be at the fulcrum of a major new open space network on the west side of Manhattan that will serve residents, workers and millions of visitors each year. Hudson Yards is strategically located at the northern terminus of the new High Line Park, with Hudson Park and Boulevard to the north and Hudson River Park to the west. The site is on the waterfront on the west side of midtown and will be Manhattan’s new gold coast for corporate and residential tenants.

Earlier this year, Oxford Properties Group, the real estate investment and development arm of the OMERS Worldwide group of companies, partnered with Related as general partners in the development. Together, Related and Oxford signed a contract with the Metropolitan Transportation Authority (MTA) for the 13 million square feet of development rights at the Hudson Yards. The development completed its zoning approval process in December of 2009.

For more information please visit www.hudsonyardsnewyork.com.
]]>Thursday, December 16, 2010
“We are delighted to celebrate this important milestone in the project’s history and in the development of Midtown's West Side,” said Bruce A. Beal, Jr., Executive Vice President of Related Companies. “This mixed-used complex continues Related’s long-standing commitment to affordable housing and sustainability by pursuing a LEED-Silver rating and integrating various energy-saving measures. It will also incorporate the Signature Center, a world-class performing arts center that will enhance existing amenities and attract additional cultural institutions to the neighborhood.”

“Tishman Construction is pleased to be part of Related’s team, helping to realize one of the largest mixed-use projects in the City,” said Peter A. Marchetto, President of Construction Operations for Tishman. “As a leading builder of LEED-certified projects, we’re committed to meeting our client’s sustainability expectations and we’re proud yet again to be part of a signature project that is leading the transformation of another neighborhood in New York City.”

Related Companies (www.related.com) is a leading U.S. developer with experience in virtually every aspect of development, acquisitions, management, finance, fund management, marketing and sales. Tishman Construction (www.tishman.com) is one of the nation’s largest and most respected builders, providing pre-construction and construction services to a wide range of clients in all market sectors. Tishman has recently merged with AECOM ( www.aecom.com) , a global provider of professional technical and management support services, including transportation, facilities, environmental, energy, water and government.
]]>Wednesday, August 04, 2010
“We are thrilled to unveil The Century, a one-of-a-kind residential experience for Los Angeles,” said David J. Wine, Vice Chairman, Related. “Having developed a portfolio of world-renowned properties, including New York’s iconic Time Warner Center, The Century embodies Related’s commitment to signature architecture and design, coupled with an incomparable suite of services and amenities. We are pleased to showcase the newly completed property and its breathtaking views.”

The Century is the newest luxury residential offering to Related Companies’ portfolio. Heralded as one of the most prolific and visionary developers in the nation, Related’s portfolio consists of developments in New York City, Boston, Chicago and California. Notable properties include Time Warner Center, The Chatham, The Brompton, The Harrison and Superior Ink in New York City, Tribeca Green in Battery Park City, New York and The Clarendon and One Back Bay in Boston.

The impeccably appointed two to four-bedroom residences range in size from 2,280 to 4,642 square feet and provide the perfect balance of classical and contemporary design. Three distinctive interior design palettes are offered. Each residence features a private elevator vestibule, sumptuous spa-like bathrooms and generously sized terraces. A select few penthouse residences, ranging from 5,306 to 9,293 square feet, are offered “decorator ready” for purchasers seeking to design their own unique dream home.

Two custom-designed residences are available for private viewings -- a spectacular four-bedroom designed by Robert A.M. Stern Interiors and a stunning two-bedroom designed by Marmol Radziner. From the modern classical design of the Robert A.M. Stern residence with art curated by Wally Findlay Galleries to the contemporary Metropolitan aesthetic of the Marmol Radziner residence showcasing an art collection by Gebert Gallery, the residences feature all of the opulent finishes that make life at The Century unlike anything else in Los Angeles. Several of the world’s most exclusive brands have partnered with The Century to showcase their product to discerning clientele.

"As you approach The Century, it has a certain glamour and allure," said architect Robert A.M. Stern. "I tried to capture the flavor of Los Angeles' best tall buildings from the late 1920s and 1930s with their modern classic style and light colors, which work so well on the skyline in L.A.'s sunlight."

The private estate gardens, created by Pamela Burton, include lush landscaping, two outdoor dining spaces featuring stone fireplaces, calming water features and The Great Lawn, the centerpiece of The Century’s thoughtfully designed outdoor haven. This collection of gardens is a unique blend of French-style chateau with 21st Century California lifestyle, providing a diverse range of intimate outdoor spaces combined with broad open vistas. There is an abundance of outdoor entertaining spaces, including a resort-like 75-foot pool appointed with comfortable lounge chairs and furnished cabanas. A winding perimeter path allows for leisurely strolls. Residents can also enjoy The Century’s exclusive entertainment suite featuring two elegant lounges, a formal dining room, and private screening room. The Century features an exclusive Assouline Culture Lounge, a stylishly designed library by France’s most prominent publisher of art, culture, photography, fashion and style books. Overlooking the sprawling outdoor terrace, the room features wall-to-wall book arrangements and custom-designed furniture by Assouline’s founder, Prosper Assouline. Additional amenities include a state-of-the-art fitness center designed by Equinox, a spa treatment room, wine cellar, children’s playroom and a business center with a boardroom. Residents at The Century are afforded concierge services, valet indoor parking, individually secured storage and personal wine storage.

The Century is uniquely situated in the prime and convenient Century City neighborhood. Approaching the gate house through a winding driveway, The Century offers a respite from the bustling Wilshire Corridor, and is just minutes to the glamour, boutiques and fine restaurants of Beverly Hills. The Century is leading the residential revival in Century City, home to the entertainment powerhouse Creative Artists Agency, the world’s preeminent sports marketing firm IMG Media, MGM, Fox Studios, Fidelity Investments, the first West Coast location of Tom Colicchio’s Craft Restaurant and the revitalized Westfield Century City shopping center.

www.thecentury.com

]]>Wednesday, July 28, 2010
"For decades, people have talked about the Hudson Yards on Manhattan's Far West Side as a potential opportunity to provide new office space, housing, parks and jobs adjacent to the world's premier business district, but nothing ever happened. We're acting to make sure that it does," said Mayor Bloomberg. "The extension of the number 7 subway line, combined with our rezoning and our investments in world-class open space, will attract major private sector interest and transform the underutilized Hudson Yards into a vibrant neighborhood that will fuel New York City's economy for the long-term economic growth."

"Today marks the final leg of the second of two, 1,000-ton tunnel boring machines that have mined more than a combined 9,300 feet to reach this point," said MTA Chairman Walder. "It's a major milestone for a project that has been emblematic of the strong partnership between agencies to complete a project that will increase capacity within our transit system and help redevelop a vital part of our city that will spur future growth."

"Today is a great day for the West Side and a great day for the future of New York City," said Speaker Quinn. "The completion of this tunnel is a critical step in positioning the West Side for responsible, long-term development. It's exciting to see the drilling work is done, and I'm particularly encouraged that Mayor Bloomberg has agreed to preserve the ability to build a second subway station as part of the extension of the Number 7 subway line. I want to thank the Mayor, MTA Chairman and CEO Jay Walder, Port Authority Executive Director Christopher Ward, and Hudson Yards Development Corporation President Ann Weisbrod for all their continued efforts and dedication."

"The completion of the 7-train extension tunnel is an exciting moment after many years of work and planning to bring the subway to the far West Side of Manhattan," said Congressman Jerrold Nadler. "This extension will render our aging infrastructure up-to-date with the needs of the neighborhood, while investing in local jobs and economic development on the West Side. Congratulations to the MTA and the City on this important progress."

"The Port Authority has seen the rejuvenation of the West side over the past twenty years, and increased access to mass transit from the Number 7 subway extension will bring new residents, businesses and visitors to an underutilized area," said Port Authority of NY & NJ Executive Director Chris Ward. "A project of this magnitude underneath one of the world's largest bus terminals is not an easy task. Through interagency cooperation, we were able to shorten the construction time table for the extension and provide uninterrupted service for our over 200,000 daily customers at the Port Authority Bus Terminal."

The tunnel boring machines were launched in June 2009 from the underground assembly chamber located at 26th Street. The first 300 feet of tunneling was complicated by a section of soft ground between 27th and 28th Streets that required a technique called "ground freeze" to reinforce the ground, allowing the machines to pass through as if it were solid rock. As the tunnel boring machines mine, they place pre-cast concrete lining rings along the excavated tunnel, making up the permanent liner of the finished tunnel. Tunneling between 34th Street and Times Square presented unique challenges, as the subway will run under the 8th Avenue Subway, Amtrak/NJ TRANSIT tunnels, tunnels to the former New York Central Line, the Lincoln Tunnel and the Port Authority Bus Terminal and ramps.

Work will soon begin on station entrances and finishes and support facilities such as ventilation and traction power substations. The new service is expected to open in December 2013 as scheduled.

The 7 Line Extension will introduce subway service to an emerging mixed-use community in Midtown West, fostering transit oriented development in one of Manhattan's most underserved and underdeveloped areas. The City created two local development corporations, the Hudson Yards Infrastructure Corporation, which is contributing $2.1 billion to the project, and the Hudson Yards Development Corporation, which oversees planning and development in the Hudson Yards on behalf of the City.

The West Side Yards site is the largest undeveloped single piece of property in Manhattan. The mixed-use master-planned community will be developed by Related Companies and Oxford Properties Group and includes 12 million square feet of commercial and residential development featuring state-of-the-art sustainable design. The master plan features approximately 5,000 affordable and market-rate residences in nine residential buildings, three world-class corporate headquarters sites, a major destination retail complex including an anchor department store, a 300 room five star and 1,000 room convention hotel, multiple cultural facilities, and a new 750-seat public school, all carefully planned around 12 acres of grand public open space.

In January of 2005, the City Council approved the Bloomberg Administration's plan for re-zoning the Hudson Yards area, including the Eastern Rail Yards. Last year, the Council voted on the plan for the Western Rail Yards, completing the public approvals process for the development of the area. In May 2010, Related Companies and its partner Oxford Properties Group, went to contract with the MTA on the Eastern and Western Rail Yards.

"Today marks an important milestone in the number 7 subway extension thanks to the bold vision of the Bloomberg Administration and the MTA," said Related Oxford Hudson Yards President Jay Cross. "This critical investment in public infrastructure will continue to spur private investment and allow for the future growth of New York City at the Hudson Yards. Related and our new partner Oxford Properties Group look forward to continuing to work with the City and the MTA as we collectively endeavor to transform the West Side Yards into New York's new 21st century neighborhood."




]]>Monday, July 26, 2010
"I am pleased that after years of planning, negotiations and community outreach, our State will be able to embark upon phase one of the Moynihan Station project," Governor Paterson said. "This investment will create thousands of jobs for our construction workers while achieving the vision of the late Senator Daniel Patrick Moynihan. I would like to thank our State Congressional Delegation, the Port Authority of New York and New Jersey, the New York State Department of Transportation, Empire State Development, and the Metropolitan Transportation Authority for their tireless efforts on this initiative. This is a tremendous step forward for New York."

Senator Charles E. Schumer said: "The best way to get New York's economy moving again is to build big, bold and often, and the best project to get things started is Moynihan Station. I am pleased that Governor Paterson, Speaker Silver and Majority Leader Sampson via the Public Authorities Control Board approved the first phase of improvements, and with the $83 million in funding I was able to secure earlier this year, we are well poised to begin the first phase of this project and create a new engine of economic activity for New York City and a glorious, thriving gateway that this city needs and deserves."

Mayor Michael R. Bloomberg said: "The underground maze that is Penn Station should be re-configured and re-imagined into a world-class gateway to New York City, and the progress on the first phase of transformation and on realizing Senator Moynihan's vision is a very good development. We look forward to working with the Governor on these improvements and are eager to help pursue a future transformation of the entire complex that will add needed transportation capacity."

Under the Governor's leadership, the Moynihan Station project has finally moved from planning into implementation. The "Farley First" phased-development approach advocated by the Governor has been lauded for reviving this critical project and bringing back Amtrak as a central partner its development. Phase 1 is being partly funded by an $83 million Federal Transportation Investment Generating Economic Recovery (TIGER) grant from the US Department of Transportation, which was funded out of the 2009 American Recovery and Reinvestment Act. Planning is well underway for Phase 2, which will include the construction of the intercity train hall

Phase 1 will include the expansion and enhancement of the 33rd Street Connector between Penn Station and the West End Concourse, which lies under the grand staircase of the Farley building; the extension and widening of the West End Concourse to serve nine of Pennsylvania Station's eleven platforms; new vertical access points and passenger circulation space; and entrances into the West End Concourse through the 31st and 33rd Street corners of the Farley building. These improvements are expected to begin by in October of 2010 and be completed in 2016. The budget for Phase 1 is $267 million and is being jointly funded by the State and Federal governments.

Empire State Development Chairman & CEO Dennis M. Mullen said: "Under the Governor's leadership, the Moynihan Station project has finally moved from planning into implementation. Recent milestones include a Memorandum of Understanding with Amtrak; the awarding of an $83 million Transportation Investment Generating Economic Recovery (TIGER) grant from the U.S. Department of Transportation – the final component of financing for the first phase of the project; and the signing of a design contract with Skidmore Owings and Merrill, LLP. We have made significant progress and for that, I would like to thank Robin Stout, who provided strong leadership and direction for the redevelopment of Moynihan Station. Now, with the guidance of Timothy Gilchrist, who has overseen the State's most important economic development and transportation projects including Moynihan, I am confident that we will continue to move forward and achieve the vision of the late, and great, Senator Daniel Patrick Moynihan."

Moynihan Station Development Corporation President Timothy J. Gilchrist said: "Today's announcement means that after two decades of planning, we are finally able to move forward with the development of Moynihan Station. We refocused the plan for this critical project to include increased train and passenger capacity at Penn Station, as well as to ensure the safety and security of all Penn Station passengers. Today's news is good news for our construction workers, the State and the thousands of passengers that crowd Penn Station on a daily basis. I would like to thank the Governor, for supporting a phased approach to completing this critical infrastructure project. I would also like to thank Robin Stout, who helped usher the public approval process forward, concluding our design and documentation so that Phase 1 construction can begin as soon as possible. I look forward to implementing the first phase of this project in the coming months."

The additional vertical access points and passenger circulation space provided by Phase 1 will significantly reduce the overcrowded conditions at Penn Station for the 600,000 passengers that use the station on a daily basis. Another important component of Phase 1 is the construction of critically needed additional platform ventilation units, which will enhance safety and security for all Penn Station passengers.

The PACB is composed of five members who are appointed by the Governor to serve one-year terms, with one member representing the Governor and acting as the Chairperson. The Governor appoints the four remaining members based upon the recommendations of the Majority and Minority leaders of the Legislature. Statewide public authorities must receive a resolution of approval from PACB prior to entering into any project-related financings.

The following statements were provided in support of the approval for the first phase of the Moynihan Station Project:

Senator Kirsten Gillibrand said: "I commend the Governor for moving the Moynihan Station project forward from the planning stages to the first phase of improvements. This critical work will reduce station congestion, save commuting times for passengers, and create jobs for our City. New York needs more Federal funding to help support long-term rail improvements and provide economic benefits to our communities. I will continue to work with my colleagues to ensure that New York receives its fair share and we are putting taxpayers dollars to use, creating good-paying jobs right here at home."

Congressman Jerrold Nadler said: "Today's momentum for Moynihan Station's first phase is the culmination of years of work and planning by State and Federal elected officials and agencies. This project, for which I have supported funding in Washington, will produce just the sort of infrastructure improvement and economic development that New York needs. In addition to generating thousands of good jobs, Moynihan Station will expand our capacity for passengers and make New York – and, especially, the West Side – more accessible to commuters and visitors."

Senate Majority Conference Leader John L. Sampson said: "The all around benefits of the Moynihan Station transformation are enormous," "This project means not only that New York will be the hub of another great rail system, but also that trains will grow as a leading mode of cost-effective and environmentally responsible transportation. I congratulate the Governor on moving forward, and applaud all of the people who have brought this project to life for their hard work."

Assembly Speaker Sheldon Silver said: "I am pleased that this project, which I have worked on for years, is finally moving forward. The new Moynihan station, named in memory of the late Senator Daniel Patrick Moynihan, will help increase accessibility for New York State residents who rely on the rail network as a means of transportation. Hundreds of thousands of commuters and city residents will benefit from its completion."

Senator Martin Malave Dilan said: "I am pleased the PACB has taken the steps necessary to move the Moynihan Station Project forward. This marks the beginning of an exciting project that will change the way travelers move in and out of New York City by transforming the Farley Post Office into a world class rail hub. The approval of this project also marks the creation of thousands of much needed construction jobs that will help guide us along the road of economic recovery. I want to thank Governor Paterson, our Congressional Delegation, as well as ESDC for their diligence in ensuring the late Senator Moynihan's dream can finally become a reality."

Senator Thomas K. Duane said: "I have strongly supported Moynihan Station since the original 1999 proposal and I have fought for various promising plans during the ensuing decade. I am pleased that the PACB has approved this proposal, which will enable this exciting new transit hub to officially move one step closer to completion."

Assemblyman David Gantt said: "As Chair of the Assembly Transportation Committee, one of my top priorities has been improving transportation infrastructure in New York State. The completion of this project will allow more commuters access to rail networks. I look forward to exploring further ways to improve road and rail networks throughout the State as well as urban transportation."

Assemblyman Richard N. Gottfried said: "Turning the old Farley Post Office into a train station worthy of entering the City of New York is long overdue. It is important that MSDC and the Port Authority have said they will work with preservation advocates to make sure that the alterations to be done will respect the integrity of the building."

New York City Council Speaker Christine C. Quinn said: "I am pleased that the Moynihan Station project has gained this much needed support and can continue to move forward. The Moynihan Station project is vital to improving the most used train station in the region and will now bolster our connections between regional and local transportation modes. This station is the gateway to transforming the West Side of Manhattan into a new neighborhood that has been far too long starved from transit options."
]]>Thursday, July 22, 2010
Developed by Related Companies as the first national retail complex in the Bronx, Gateway Center is 95 percent leased, 91 percent occupied, and includes an exciting mix of large-scale retailers and restaurants, including BJ’s (first in the Bronx), The Home Depot, Best Buy, Target, Bed Bath & Beyond, Marshall’s, Raymour & Flanigan, Staples, Best Buy, Toys“R”Us/Babies“R”Us “R” Superstore (first in the Bronx), and Applebee’s. Gateway Center exemplifies one of the most successful retail stories of the last decade.

“Related is extremely proud of its early commitment to build green across all asset classes. We built one of the first LEED residential high-rises in the country and are thrilled by the distinction of Gateway Center at Bronx Terminal Market as the largest LEED Silver retail development in the country. We will continue to pursue efforts to advance the sustainability of our new developments, green our existing portfolio and reduce our carbon footprint,” said Jeff T. Blau, President of Related Companies.

Gateway Center at Bronx Terminal Market contains a variety of green features that led to LEED Silver certification. The rooftop reflects sunlight to keep it and the surrounding area cool; the development includes 130 advantageously located parking spaces reserved for low-emitting and hybrid cars; a stormwater filtration system was installed to protect the local waterways; over 30% of the construction materials were acquired regionally, and over 82% of the construction waste was diverted from ending up in landfills.

Gateway Center at Bronx Terminal Market continues Related’s unwavering commitment to sustainable design across the company’s vast portfolio, including $6 billion of green development completed or underway. Related developed one of the first LEED Gold certified residential buildings in the nation, Tribeca Green in New York City, and Chicago's first LEED Silver certified residential building, 340 on the Park. The company is currently developing a collection of new LEED residential buildings including The Brompton, The Harrison, 440 West 42nd Street and Superior Ink in New York City, The Clarendon in Boston, The Century in Los Angeles, as well as several green mixed-use and retail projects. In addition, Related has also undertaken a multi-faceted initiative to green its management protocols and upgrade its existing building portfolio, including the installation of a co-generation system at Manhattan Plaza.

This year, Jeff Brodsky, President of Related Management, was elected Chairman of the Board of Directors of the Urban Green Council, The New York Chapter of the U.S. Green Building Council. Related Vice President of Sustainability, Charlotte Matthews, also played a key role on the NYC Green Codes Task Force and the development of the most sophisticated and comprehensive analysis of building codes ever conducted by a municipality. Ms. Matthews received the 2009 Urban Green Service Award for her work.

The Gateway Center at Bronx Terminal Market will generate more than $20 million in annual tax and revenue for the City, and the project will create an estimated 2,100 permanent retail jobs when fully opened and approximately 2,900 union construction jobs in the South Bronx. Nearly 40 percent of all construction contracts were awarded to Bronx-based companies, and nearly 15 percent have been awarded to Minority- and Women-owned Business Enterprises. More than 1,100 local Bronx residents have already been hired for permanent positions by retailers, filling 67% of the current job positions.

For more information about Gateway Center at Bronx Terminal Market, please visit www.gatewaycenterbtm.com.

About Related Companies
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 37 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of approximately 2,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets.

In 2006 Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. For more information about Related Companies please visit www.related.com.
]]>Monday, June 21, 2010
Related Companies, the most prominent privately-owned US-based global real estate firm, and Oxford Properties Group, the real estate investment and development arm of OMERS (Ontario Municipal Employees Retirement System), one of Canada’s largest institutional investors, today announced the formation of a joint venture to develop the 26-acre West Side Yards in midtown Manhattan. Related and Oxford will be General Partners in the development. Related was awarded the development rights by the Metropolitan Transportation Authority (MTA) in 2008 and completed all of the necessary land use approvals in December of 2009. Related today executed a binding contract with the MTA to lease the site for 99 years and the joint venture is putting up an additional $21.75 million in deposits.

The West Side Yards is the largest undeveloped single piece of property in Manhattan. The mixed-use master-planned community development will include 12 million square feet of commercial and residential development efficiently designed with cutting edge sustainability features. The master plan features approximately 5,000 residences in nine residential buildings, three world-class corporate headquarters sites, a major destination retail complex including an anchor department store, a 300 room five star and 1,000 room convention hotel, multiple cultural facilities, and a new 750-seat public school, all carefully planned around 12 acres of grand public open space.

“Related is thrilled to partner with OMERS’ Oxford Properties Group on what is destined to be the most defining development opportunity of the 21st Century. Their investment in the West Side Yards is an unequivocal show of confidence in the future of New York. Oxford has an over fifty year track record of success and global reach making them an ideal partner for Related on the West Side Yards,” said Stephen M. Ross, Chairman and CEO of Related Companies.

Jeff T. Blau, President of Related Companies said, “OMERS and Oxford share our long term investment strategy and are well known throughout the world for their real estate and infrastructure investments. We look forward to working with them to write New York’s next chapter and create our City’s next great neighborhood.”

Blake Hutcheson, President and CEO of Oxford Properties Group said, “In our view, this is a world class site and Related is a world class partner. Oxford believes in the future of New York and could not think of a better way to express that confidence than being an integral part of developing the West Side Yards.” said

Key transportation investments are underway throughout the area immediately adjacent to the West Side Yards including the extension of the number 7 subway line providing the development with unparalleled access to every subway line in Manhattan and the conversion of the Farley Post Office into the new Moynihan Station for Amtrak. The West Side Yards is also minutes away from the region’s main rail transportation hub at Penn Station, Hudson River ferry service, the West Side Highway and the Lincoln Tunnel.

Located on the waterfront on the west side of midtown, the West Side Yards will be Manhattan’s new gold coast for corporate and residential tenants. Strategically located at the northern terminus of the new High Line park, with Hudson Park and Boulevard to the north and Hudson River Park to the west, the development will be the fulcrum of a major new open space network on the west side of Manhattan that will serve residents, workers and millions of visitors a year.

New York City Mayor Michael R. Bloomberg said, “The West Side Yards represents a historic development opportunity to create a vibrant new residential and commercial neighborhood just blocks from Midtown Manhattan. Oxford's substantial investment in the project is a major vote of confidence in the future of the area and the City of New York and the latest step towards the realization of our collective vision for it.”

MTA Chairman Jay H. Walder said, "The interest of a strong financial partner reflects the tremendous value of these rail yards and Related's plan to create a world-class district for New York City. We're thrilled to be moving ahead with a deal that maximizes value for the MTA, our customers and taxpayers, and will help us continue the vital investment in our transit system."

About Related:
Founded 37 years ago, Related Companies is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, fund management, marketing and sales. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. The Company has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach.

About Oxford:
Celebrating its 50th anniversary in 2010, Oxford Properties Group is one of North America’s largest commercial real estate investment, development and management firms. Oxford oversees and manages approximately $18 billion of real estate for itself and on behalf of its co-owners and investment partners including headquarter buildings such as the Royal Bank Plaza in Toronto, Watermark Place in London and Centennial Place in Calgary. Oxford’s investments include office, retail, hotel, industrial and multi-family residential properties.

About OMERS:
OMERS is a fully integrated global financial services organization and one of Canada’s largest pension funds. A jointly-sponsored, multi-employer defined benefit pension plan that provides retirement benefits to more than 400,000 members, OMERS has more than $47 billion in net investment assets. The OMERS Worldwide brand represents our investment entities, including Oxford Properties Group, OMERS Private Equity, OMERS Capital Markets, OMERS Investment Management Inc., Borealis Infrastructure, and OMERS Strategic Investments. OMERS was recently named 2010 Pension Fund of the Year, Canada by World Finance magazine.


]]>Wednesday, May 26, 2010
“Related is thrilled to have been selected as the developer of the convention center hotel in Palm Beach County and to continue to realize the CityPlace master plan,” said Stephen M. Ross, Chairman and CEO of Related Companies. “There is no doubt that the hotel is a lynchpin to the success of the county’s very significant investment in the convention center and will be a powerful tourism attractor and key amenity. The development will create over 600 much-needed jobs and give West Palm Beach an important edge in the very competitive meetings and hospitality sectors.

” Related's development team includes Hilton Worldwide; Coastal Construction and Catafulmo Construction; and Coral Gables-based architects Nichols Brosch Wurst Wolfe & Associates, Inc. Key factors that led to Related’s unanimous ranking include the significant financial strength of the company; the team’s relevant experience and qualifications; their demonstrated success executing high-profile public/private projects; their local investment in CityPlace and its operations; the collaborative and successful relationship with the City of West Palm Beach; and their development plan that not only complements the site but provides for an expansion in the future.

“Hilton Worldwide is proud to have a role in this important project for Palm Beach County and to be a part of the exceptional team that is collaborating with Related Companies to develop a first class convention center hotel for the destination,” said Ted Ratcliff, SVP Operations - Eastern North America.

“This project is expected to have a positive economic impact on Palm Beach County’s residents through the direct creation of over 360 full time construction jobs over a two year period, 300 permanent full-time jobs once the facility is operational and the realization of the full potential of the existing Convention Center,” said Shannon LaRocque-Baas, Assistant County Administrator for Palm Beach County. “The unanimous support by the Board of County Commissioners to begin negotiations with the Related Companies ensures that we are on the right track to success.”

Palm Beach County will now begin financing discussion and contract negotiations with The Related Companies, which is expected to take four to six months.

“We are proud to have played a role in West Palm Beach’s resurgence for over a decade and the creation of the convention center hotel is crucial to the sustained economic success of CityPlace, the convention center and the Downtown West Palm Beach,” said Kenneth A. Himmel, president and CEO of Related Urban a subsidiary of Related Companies and managing partner of CityPlace Partners. “These elements will all work in concert to position Palm Beach County for the future and build an even stronger local economy with increased opportunity.”

About Related Companies
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 37 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of approximately 2,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets.

Related is staunchly committed to sustainable design with over $6 billion in green development underway or completed. The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and Chicago's first green residential building, 340 on the Park. Related is currently developing a collection of new LEED-certified residential buildings, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston and The Century in Los Angeles, as well as several green mixed-use and retail projects.

In 2006 Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. For more information about Related Companies please visit www.related.com.

About Hilton Worldwide
Hilton Worldwide is the leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels. For more than 90 years, Hilton Worldwide has been offering business and leisure travelers the finest in accommodations, service, amenities and value. The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands. Its brands are comprised of more than 3,500 hotels in 81 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton, Doubletree, Embassy Suites Hotels, Hilton Garden Inn, Hampton Inn & Suites, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages the world-class guest reward program Hilton HHonors®.

For more information about the company, please visit www.hiltonworldwide.com.

About Hilton Hotels
Hilton Hotels is the stylish, forward-thinking global leader of hospitality that welcomes guests in more countries than any other full-service hotel brand. The Hilton brand currently includes more than 530 hotels and resorts in 76 countries, and plans to serve travelers in 80 countries by the end of 2011. By offering innovative products, services and amenities, Hilton enables travelers to be at their best 24/7, whether traveling for business or leisure. Start your journey at www.hilton.com.

]]>Wednesday, March 10, 2010
Mayor Michael R. Bloomberg, Council Speaker Christine C. Quinn, Signature Theatre Company Founding Artistic Director James Houghton and Related Companies Executive Vice President Bruce A. Beal Jr. today announced a $60 million partnership to create a new home for the theater company. The Frank Gehry-designed Signature Center will be part of Related Companies’ $800 million, 59-story, residential building and hotel on 42nd Street and 10th Avenue in the heart of the theater district. The building will provide more than 800 new housing units, including more than 160 that will be targeted to low-income families. The performing arts center will feature three intimate and distinct theatres, rehearsal studios, a café, bookstore and administrative offices, and will allow Signature to more than double its audience, with anticipated attendance of more than 80,000. The LEED-Silver building will create 700 construction jobs and is expected to be completed in 2011, with the Signature Center expected to be completed in 2012. Joining Mayor Bloomberg at the announcement, which took place on the construction site of the new complex, were New York City Department of Cultural Affairs Commissioner Kate D. Levin, and Signature Theatre Company Playwright-in-Residence in 2010-11 Tony Kushner, Executive Director Erika Mallin and artists-in-residence Bill Irwin, Ruben Santiago-Hudson, Hallie Foote John Guare and Edward Albee.

“Signature Theatre Company is one of New York City’s most successful and fastest growing cultural groups, and its spectacular new home will allow it to continue to expand,” said Mayor Bloomberg. “The $25 million commitment, combined with a $35 million private investment, will result in a new, world-class performance venue in the heart of the City’s theater district. The fact that Related Companies is moving forward with the major development project now is great news and will have a profound impact, not only on the cultural industry and the City’s skyline, but also on the local economy. There was a period when the future of the project was in question – as were its 700 construction jobs and hundreds of units of much-needed housing. But the construction unions, contractors, architects and engineers worked together to reduce costs, and today it’s serving as a prime example that – despite the national economic downturn – large-scale projects are still happening.”

“The Council has a long standing commitment to the visual and performing arts of this City,” said Speaker Quinn. “We recognize that in order for the city’s theatres to thrive we need to invest in them. I am very happy the city was able to participate in this public private partnership. With the incredible new space that the Signature Theatre Company is acquiring, I look forward to not only the many exciting projects that are sure to come, but the jobs it is creating for our city particularly during this difficult time.”

“It is thrilling to watch our future home materialize in front of us, and we are honored to have Mayor Bloomberg, Speaker Christine Quinn, our Board of Trustees and so many of Signature’s artists here to celebrate the progress we have made,” said Signature Theatre Company Founding Artistic Director James Houghton. “Since its founding, Signature Theatre Company has been making an extended commitment to a playwrights’ body of work, championing the playwright’s singular vision, and involving the playwright in every aspect of the creative process. The Signature Center will be a home for many diverse writers to create work that engages even more artists and audiences. The collision and interaction of multiple distinct voices reveals the greater power of our collective stories. We are honored to have the extraordinary support of the City of New York and the Related Companies as we bring Signature’s artistic vision to life on an even larger scale.”

“The American playwriting community has never been more thriving with talent and interest, and no theater serves our community better than Signature does,” said Pulitzer Prize-winning playwright Tony Kushner, who will be Signature’s Playwright-in-Residence in 2010-11. “It’s one of the very few essential institutions in the American theater.”

“Related has a long-standing commitment to supporting the arts from our partnership with Jazz at Lincoln Center to Symphony Space and we are incredibly proud of the public-private partnership we have formed with the Signature Theatre Company, a great New York arts institution, to create a world-class theatre complex on 42nd Street in the heart of the theatre district,” said Related Companies Executive Vice President Bruce A. Beal Jr. “We are also grateful to our entire development team, contractors, architects, consultants and members of the Building and Construction Trades Council of Greater New York who are working hard to ensure that this large scale development project can continue to move forward in challenging economic times and as many other development projects remain stalled.”

“We are happy to be part of creating a new home in the New York City theatre district for the Signature Theatre Company,” said Architect Frank Gehry. “I believe in Jim Houghton’s mission of creating innovative theater and our goal was to design the spaces to support that mission. We’re all very excited about the direction we’ve taken and are looking forward to watching the first performance.”

“This new home for Signature will build on the company’s success, expands its commitment to public accessibility, and serves both the local neighborhood and the city’s entire cultural community,” said Commissioner Levin. “By bringing together artists and audiences in a wonderful new space, Signature will enhance its contribution to the city’s identity, economy and quality of life.”

“I don’t expect in my lifetime to run into too many opportunities where I have the ability to participate in something that will be a lasting legacy for my community,” said Signature Theatre Trustee and Co-Chair of Capital Campaign Edward Norton. “I strongly believe that the Signature Center is one such opportunity where we can make a significant contribution to the future landscape of the arts in New York City.”

The City is contributing $25 million to the Signature Center. The theater company has raised $16 million for the project and plans to raise an additional $19 million. The Signature Center will feature three unique programs: the continuation of the Master Playwright Residency, which explores the works of playwrights with major bodies of work; the expansion of the Legacy Program, which celebrates the lifetime achievements of the artists who have previously worked at Signature, and the introduction of a new Emerging Playwrights Residency, which will feature early and mid-career playwrights, and guarantee them three full productions over the course of a four-year residency.

The entire 59-story complex will be built to LEED Silver standards. The building will incorporate smart design measures and premium efficiency systems that will save over $800,000 worth of energy each year, resulting in less of a draw on the City’s energy infrastructure and lower energy bills for each of its tenants and over 1,800 anticipated residents. The project also anticipates another $100,000 worth of electricity savings by using fluorescent lamps instead of incandescent bulbs for the building’s temporary lighting during construction. While Frank Gehry is designing the theater center, Arquitectonica and Ismael Leyva are designing the rest of the building.

Founded in 1991 by James Houghton, Signature is the first theatre company to devote an entire season to the work of a single playwright, providing audiences with re-examinations of past writings, as well as New York and world premieres. Since 2005, Signature has been committed to presenting its world-class programming at an affordable price: the Signature Ticket Initiative, with major support form Time Warner, offers subsidized $20 tickets to all performances. Signature’s initiative has become a model in breaking down price barriers to theatre, helping to attract younger and more diverse audiences.

Signature is currently running the critically acclaimed, sold-out The Orphans’ Home Cycle by Horton Foote, a nine hour, three-part theatrical event and the company’s most ambitious programming to date (22 actors, multiple set locations). Signature will celebrate its 20th anniversary in the 2010-11 season by presenting a season of works by Pulitzer-Prize winner Tony Kushner, including the first New York revival of Angels in America. Signature, its productions and its resident writers have been recognized with a Pulitzer Prize, eleven Lucille Lortel Awards, fifteen Obie Awards, five Drama Desk Awards, and nineteen AUDELCO Awards, among many other distinctions. The National Theatre Conference recognized the company as the 2003 Outstanding National Theatre of the Year.
]]>Tuesday, December 22, 2009
First Phase of 7-Train Expansion to Hudson Yards Area is Completed as 1,000-Ton Tunnel Boring Machine Breaks through 34th Street Station Cavern Wall

Mayor Michael R. Bloomberg, City Council Speaker Christine C. Quinn, Deputy Mayor for Economic Development Robert C. Lieber and Related Hudson Yards President Jay Cross today announced an agreement for the re-zoning of the Hudson Yards’ Western Rail Yard, marking the final public approval of the development plan. The Western Rail Yard project will consist of a 5.7 million square foot mixed-use development built on a platform over the Rail Yard. Today’s agreement calls for the creation and preservation of nearly 1,300 affordable housing units – to which the City will contribute $40 million – in Manhattan’s Community District 4, accounting for 20 percent of the roughly 6,000 total onsite housing units. Coupled with the 2005 rezoning of the Eastern Rail Yard, today’s rezoning sets the stage for the creation of a 12 million-square-foot commercial and residential development site, including more than 10 acres of public open space, cultural amenities and a new public school. Both the Western Rail Yard and the Eastern Rail Yard will be developed by The Related Companies. Joining the Mayor at the announcement, which took place near the rail yards on 11th Avenue and 28th Street, were Congressman Jerrold Nadler, Manhattan Borough President Scott M. Stringer, Assembly Members Richard N. Gottfried and Linda B. Rosenthal, Hudson Yards Development Corporation President Ann Weisbrod, City Planning Commissioner Amanda M. Burden, Housing Preservation and Development Commissioner Rafael E. Cestero, 32BJ SEIU President Mike Fishman, Building and Construction Trades Council of Greater New York President Gary LaBarbera.

“Today’s historic agreement with the City Council marks the final re-zoning for the redevelopment of an area of Manhattan people have been talking about for decades,” said Mayor Bloomberg. “With the re-zoning in place and the extension of the number 7 subway line on the way, the area is finally poised to become a vibrant new residential and commercial neighborhood with more than 10 acres of public open space, new cultural amenities and a new public school. In all, it will help create tens of thousands of permanent and construction jobs. Despite the national economic downturn, we’re not going to stop moving forward on major economic development projects that create jobs and prepare the City for future growth, and the Hudson Yards is just one of many examples of projects moving forward throughout New York City.”

“The City Council vote to approve the Western Rail Yards rezoning represents a significant victory for our community,” said Speaker Quinn. “This rezoning reflects years of conversations, outreach and input from community members. Soon, thousands of New Yorkers will have the opportunity for new affordable housing and cultural space right in their neighborhoods. A rezoning of this magnitude that unlocks an unprecedented amount of developmental potential would only be tenable with a guaranteed affordable housing program. I want to congratulate everyone who worked so hard to reach this agreement. I’m very proud of the progress and changes we made, and also very proud of the community, because they were the ones who made this happen.”

“We have always shared the City’s belief that the redevelopment of the West Side Yards was critical to the future growth of New York,” said Jay Cross, President of Related Hudson Yards. “Today’s approvals mark an important milestone in the creation of a unique 26-acre sustainable mixed-use development in a dynamic neighborhood overlooking the Hudson River, including over 10 acres of public open space linking the new Hudson Boulevard to the High Line and Hudson River Park, cultural amenities, a new public school and housing opportunities for all New Yorkers. Related has a long-standing commitment to affordable housing and we are especially proud to have been able to work collaboratively to create an array of affordable housing opportunities for various income levels. We want to acknowledge the vision of Mayor Bloomberg in recognizing the potential of this site and the leadership of Speaker Christine Quinn, Deputy Mayor Bob Lieber, City Planning Chair Amanda Burden and Community Board 4 whose immense focus and collaboration over the last several months has resulted in a substantially improved plan. We look forward to continuing to work with the City, MTA and community to make this vision a reality.”

“With this rezoning of the Western Rail Yards, this undeveloped area will finally be able to reach its full potential for all New Yorkers,” said Congressman Nadler. “This sensible rezoning plan will allow us to develop critical affordable housing and community space amidst the density of Manhattan’s West Side. I want to thank Mayor Bloomberg and Speaker Quinn for leading an inclusive and productive coalition of community members and elected officials to reclaim this underused asset.”

“The final plan is a tremendous improvement over the original, primarily because it guarantees to create and preserve affordable housing for a community that really needs it,” said Borough President Stringer. “Whether we’re talking about affordable housing or the creation of new parks and cultural spaces, this project will ensure that construction over the Western Rail Yards will create New York’s next great neighborhood.”

“Mayor Bloomberg, Speaker Quinn and Deputy Mayor Lieber all deserve thanks for working to bring permanent affordable housing to the Western Rail Yard site; create and preserve affordable housing in the wider community; secure an on-site school to help meet the needs of the influx of children the development will bring to the neighborhood; and rehabilitate public open space for neighborhood residents,” said State Senator Thomas K. Duane. “I am pleased that the City, community organizations, and all stakeholders have come to an agreement that recognizes the vision laid out by Manhattan Community Board 4 in its thoughtful response to the Western Rail Yard ULURP applications. In the coming months, I will continue to work with the Metropolitan Transportation Authority to ensure it finds alternate accommodations for its office space so that the off-site permanent affordable housing associated with this development is maximized, and that we remain united and committed to this dynamic section of the West Side.”

“By creating good jobs and affordable housing, the Hudson Rail Yards project stands as a model of responsible development for our city,” said 32BJ SEIU President Mike Fishman. “It's in our common interest to make sure that all city projects are equitable and benefit the entire community.”

“The Building and Construction Trades Council has been a supporter from the beginning of efforts to rezone and develop the Hudson Yards, and particularly the rail yards, because we know how important it is to accommodate the future growth of New York City,” said Building and Construction Trades Council of Greater New York President Gary LaBarbera. “We are extremely pleased to be here today as we put another piece of this puzzle into place to allow thousands of jobs to be created at a time when providing economic opportunity is priority number one.”

Located at the heart of the Hudson Yards area, the 13-acre Western Rail Yard is bounded by West 30th and 33rd Streets and 11th and 12th Avenues. The Western Rail Yard re-zoning plan includes a package of both on-site and off-site affordable housing. The on-site component consists of 431 new rental housing units across both yards as initially permanently affordable to New Yorkers earning up to 60 percent Area Median Income (AMI), or what is equal to an annual income of $46,100 for a family of four. The City will contribute $40 million for the creation of permanently affordable housing units at two City-owned properties in Manhattan’s Community District 4 – one at West 48th Street and 10th Avenue and the other at West 54th Street and 9th Avenue. The off-site housing units which will be created or made permanently affordable through a combination of preservation and new construction, will be available at an income level of 80-165 percent AMI, or what is equal to $61,400 - $114,000 annually for a family of four. Related also committed to reserving 120,000 square feet of space for a new public school, 16,000 square feet of space for local cultural institutions or other local arts not-for-profits in two locations and 10,000 square feet of space for a child care center.

Mayor Bloomberg and the MTA announced earlier in the day the completion of the first phase of the Number 7 subway extension to the Hudson Yards. The second of two tunnel boring machines has reached the southern wall of the 34th Street Station cavern after mining a combined 2,900 feet from their starting point at 26th Street under 11th Avenue. The $2.1 billion project, funded by the City and managed by the MTA, is on schedule and expected to be complete by the end of 2013.



]]>Monday, December 21, 2009
UA-SV, established by the University of California, Santa Cruz (UCSC) and Foothill-De Anza Community College District (FHDACCD), to further their educational, scientific and public purposes in Silicon Valley, signed a 95-year ground lease for the NRP university development area with NASA Ames Research Center in December, 2008. The goal of this public-private partnership is to create an integrated educational and research community featuring classrooms and laboratories, sustainable housing, and room for entrepreneurial partnerships. The new community will be comprised of approximately 3 million square feet of residential and non-residential development. It will, in conjunction with adjacent NASA research facilities, serve as a test-bed for advances in green technologies and provide an environment that nurtures innovation, entrepreneurship and sustainability.

UA-SV is very pleased with the selection of TMG Partners and Related Companies, two highly successful companies with particular expertise in mixed use development, as partners in this exciting new development. TMG/Related and UA-SV will enter into an exclusive negotiating agreement that specifies the business terms of their relationship through pre-development activities, which include master planning and completing site entitlements in conformance with the California Environmental Quality Act (CEQA).

UCSC Chancellor George Blumenthal, chair of the UA-SV board, said the board “is enthusiastic about working with TMG/Related as we bring this exciting, green project to fruition. They bring outstanding credentials, expertise and financial strength with a commitment to the future vitality of this region. I am confident TMG/Related will position this project to meet the educational and research needs we value so highly.”

NASA Ames Center Director S. Pete Worden said: “The University Associates-Silicon Valley selection of TMG/Related is a critical step in advancing our partnership to develop part of the NASA Research Park with a consortium of universities led by UCSC. The UA-SV development will assist NASA with R&D and science, technology, engineering and math (STEM) education and help us bring forth new ideas in both education and technology to address the great challenges facing our nation.”

Mike Brandy, interim Chancellor of Foothill- De Anza Community College District, stated: “We are excited to see this development move forward with the selection of TMG/Related. The new community being planned at NASA Research Park promises to build on Silicon Valley’s reputation as a leader in creative thinking and environmental stewardship. It will advance and augment the most critical element of the Valley’s success—the investment in education.”

William Berry, President and CEO, UA-SV LLC, stated: “The selection of TMG/Related, two highly regarded, well-established development companies, demonstrates the considerable attractiveness of this project, even in a tough economy. We are looking forward to working with TMG/Related to fulfill the vision of this development as a highly innovative regional education and resource center.”

On receiving the news of the selection of TMG, Michael Covarrubias, Chairman and CEO of TMG, said: “TMG and Related are honored to have been selected to partner with UA-SV on this development. The opportunity to lead the master development of this three million square foot, mixed-use campus on behalf of NASA Ames and University Associations-Silicon Valley is extraordinary. A new community integrating the commercial, science and residential components with technology companies of Silicon Valley can be found nowhere else.”

“The master plan to add a residential and retail community to this consortium presents the opportunity to create a true community, not just a series of buildings”, added William Witte, President of Related California. “This has the potential to become a model for sustainable development.”




]]>Tuesday, November 17, 2009
Evelyn H. Lauder & Stephen Ross Flip the Switch to Send
the Important Message of Breast Health

New York, NY - The Estée Lauder Companies’ Breast Cancer Awareness (BCA) Campaign is celebrating the 10th Anniversary of its Global Landmark Illumination Initiative and is bathing the Time Warner Center, Manhattan’s premiere shopping, dining, and entertainment destination located at Columbus Circle, in a wash of pink lights on October 1st, 2009. Mrs. Evelyn H. Lauder, Senior Corporate Vice President, The Estée Lauder Companies, and Stephen M. Ross, Chairman and Chief Executive Officer of Related Companies and owner of the Miami Dolphins, will flip the switch.

The Time Warner Center is the first landmark in New York City to be illuminated this October as part of the Company’s BCA Campaign’s Global Landmark Illumination Initiative. Evelyn Lauder, a prominent activist for breast health, co-created the Pink Ribbon in 1992 with SELF magazine and is the creative, driving force behind the BCA Campaign. Mrs. Lauder began the Global Landmark Illumination Initiative in 2000 to serve as a beacon of awareness of breast health for women around the world. Since that time, the initiative has illuminated hundreds of famous buildings, monuments and landmarks in glowing pink lights around the world. These world-famous monuments have become international symbols of hope, and they continue to empower and enlighten millions of women everywhere.

Mrs. Lauder states, “We are thrilled and so appreciative that the Time Warner Center is illuminating in pink lights for the first time as part of our Breast Cancer Awareness Campaign’s Global Landmark Illumination Initiative. After 10 years of illuminations around the globe, these illuminations serve as a symbol for breast health and remind women to check their breasts regularly and to get a mammogram every year if over the age of 40. This October, Time Warner Center will join more than 200 landmarks around the world in this life saving initiative.”

Mr. Ross added, “Early detection of breast cancer followed by prompt treatment saves lives. Related and the Time Warner Center are extremely proud to be taking part in the Global Landmark Illumination Initiative by illuminating Time Warner Center and the Columbus Circle fountain and helping to raise awareness of the importance of early detection methods.”

Landmarks being illuminated in the U.S. as part of the Company’s Global Landmark Illumination Initiative include John F. Kennedy International Airport in New York (Sept.29th), One Franklin Square in Washington D.C (Sept.29th), the Time Warner Center in New York City (Oct. 1st), Bloomingdale’s 59th Street Store in New York City (October 12), the Los Angeles International Airport (October 12) and the University of Michigan Hospital (October 12th).

Other illuminations around the world include the Cordoba Arch in Argentina, Esterhazy Castle in Austria, Brandenburger Tor in Germany, Tokyo Tower in Japan, Cheong-gye-cheon in Korea, the Opera House in New Zealand, the Governor’s Mansion in Puerto Rico and City Hall in London, United Kingdom.

The Estée Lauder Companies Inc. is one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The Company’s products are sold in over 140 countries and territories under the following brand names: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, M•A•C, Bobbi Brown, Tommy Hilfiger, Kiton, La Mer, Donna Karan, Aveda, Jo Malone, Bumble and bumble, Darphin, Michael Kors, American Beauty, Flirt!, Good Skin™, Grassroots Research Labs, Sean John, Missoni, Daisy Fuentes, Tom Ford, Coach and Ojon.

About Time Warner Center
Time Warner Center, the 2.8 million square foot complex located at Columbus Circle, opened to the public on February 5, 2004. The Shops at Columbus Circle and The Restaurant and Bar Collection consist of shopping, dining and entertainment programming totaling 350,000 square feet of leasable space. Together with Jazz at Lincoln Center’s three performance halls, this world-class destination provides New York’s West Side with 500,000 square feet of dynamic restaurant, retail and entertainment uses. The complex includes Time Warner World Headquarters, One Central Park condominiums, The Residences at the Mandarin Oriental, and the Mandarin Oriental five-star luxury hotel. The $1.7 billion project was developed by Columbus Centre LLC, a partnership consisting of Related Companies, L.P. and Apollo Real Estate Advisors, L.P (now AREA). Visit www.theshopsatcolumbuscircle.com for more information.

]]>Wednesday, September 30, 2009
New York, NY - Mayor Michael Bloomberg joined Realty Advisory Board President Jim Berg and 32BJ President Mike Fishman today in launching an ambitious green buildings program to train one thousand superintendents and resident managers in one year in the latest energy efficient practices. The launch of One Year, One Thousand Green Supers, which took place at a downtown apartment building, was attended by Jeff Brodsky, President of Related Management, and James O’Connor, President of Douglas Elliman, two of the first companies to have their employees participate in this labor-management green buildings program.

“By working together, 32BJ and New York’s building owners have put into place a smart, practical and effective way to help make the Big Apple green,” said Mayor Bloomberg. “One Year, One Thousand Green Supers provides a low-cost way to make our buildings more energy and cost efficient, and our environment cleaner, all while saving our city millions of dollars.”

“With 77 percent of our city’s greenhouse gas emissions generated by buildings, we must all work together to protect the environment,” said Mike Fishman. “Making the Big Apple green starts with recognizing the vital role of building service workers.”

One Year, One Thousand Green Supers, which is approved by the U.S. Green Building Council and the Building Performance Institute, is part of the Thomas Shortman Training Fund. The program is a 40 hour class that provides building service workers with the latest, state-of-the-art practices in energy efficient operations. The curriculum trains workers to identify and address wasted energy, create a green operating plan and perform cost-benefit analysis for building owners and managers.

“With most building service workers employed at RABOLR buildings and represented by 32BJ, this labor-management partnership is uniquely positioned to give tens of thousands of workers the skills they need to cut waste and costs at buildings across the city,” said James Berg, President of the Realty Advisory Board on Labor Relations (RABOLR) – which represents building owners and managers in New York City.

Energy savings from buildings is the lowest-cost method of reducing greenhouse gas emissions, according to the consulting firm McKinsey & Company. In addition, greener buildings could save the New York real estate industry as much as $230 million a year in operating expenses.

“Investments in green training are investments in our collective future and a win-win for property owners,” said Jeffrey Brodsky, President of Related Management. “Related is thrilled to participate in 32BJ’s green training program and helping to make a tangible difference in reducing our energy usage and ‘greening’ our real estate portfolio while also reducing operating expenses. Our building staff are the best and the brightest in the industry, and this new training curriculum will go a long way to ensure that we pursue all avenues to reduce our impact on the environment. We look forward to continuing to work with 32BJ to expand their green training programs reach and impact.”

With a growing demand for greener buildings, smarter management practices could reduce energy use in buildings by twenty to forty percent, according to a report from the Department of Energy.

“One Thousand Green Supers provides us with a low-cost green solution to satisfy our clients while lowering operating costs and helping to protect the environment,” said James O’Connor, President of Douglas Elliman.

“REBNY applauds the Thomas Shortman Training Fund for its One Year, One Thousand Green Supers program,” said Steven Spinola, Executive Director of the Real Estate Board of New York (REBNY). “Training supers in energy efficiency is good for our buildings, for the occupants of these buildings and for our city.”

The One Year, One Thousand Supers curriculum combines classes and field exercises with elective courses, including renewable technologies, green roofs and water reuse.

“Resident owners will benefit from greener operations by saving tens of thousands of dollars in yearly operating costs at their building,” said Mary Ann Rothman, Executive Director of the Council of New York Cooperatives & Condominiums.

“What really makes a building efficient are the people running it,” said Patrick Long, 32BJ member and a Resident Manager at Related owned building in Manhattan. “If we are going to make buildings more energy efficient, workers need to understand green technologies and practices, learn new skills and maintain complex equipment.”

To date, supers and resident managers from 40 different buildings have completed the pilot program. Thomas Shortman Training Fund expects to train some 300 building service workers by the end of the year.

“By learning how to air seal a building, improve heating and air conditioning performance and reduce overall energy use in a building’s common areas, graduates can achieve substantial savings at their buildings,” said Linda Nelson, Director of the Thomas Shortman Training Fund. The third and final pilot class of building service workers in the program is set to graduate next week.

One Year, One Thousand Green Supers is a program of the Thomas Shortman Training Fund – a labor management partnership that offers training to more than 80,000 32BJ union members working in the property services industry. The Fund’s programs provide 150,000 hours of industry, academic, and computer courses at over 20 locations in New York, New Jersey, Connecticut, Pennsylvania, Virginia, Maryland, and the District of Columbia. Realty Advisory Board on Labor Relations (RABOLR) is a multi-employer association serving the real estate industry in New York City, Long Island, Westchester, Connecticut and Northern New Jersey.

With more than 110,000 members in eight states, including 70,000 in New York, 32BJ is the largest property services union in the country.]]>Friday, September 25, 2009
First Italian Restaurant Within The Collection

NEW YORK – Time Warner Center’s The Restaurant and Bar Collection, representing some of New York City’s finest dining destinations in the world, is pleased to announce the opening of A Voce Columbus. This latest addition joins an already distinguished group of award winning restaurants which include: Chef Thomas Keller’s Per Se and Bouchon Bakery, Chef Michael Lomonaco’s Porter House New York, Chef Masayoshi Takayama’s Masa and Bar Masa, Chef Marc Murphy’s Landmarc, as well as nightlife entrepreneur Rande Gerber’s Stone Rose Lounge. A Voce debuts as the premiere Italian restaurant within the Collection and also welcomes the first female Executive Chef within the Collection.

With stunning views of Central Park from every corner, A Voce Columbus will offer ingredient-driven Italian classics inspired by the spirit of seasonal and regional simplicity, with an innovative and contemporary twist. Executive Chef Missy Robbins aims to serve dishes that are casual, accessible and elegant. Pastas will be made in-house each day, and selections such as the Funghi al Forno, the Quadrati, Oxtail Ragu, Monkfish, and Octopus Terrine grace the menu when in season. Designed by Rockwell Group, A Voce Columbus boasts a sophisticated, modern aesthetic befitting a restaurant that is intended to be both a neighborhood hangout and a must-visit dining destination.

“With A Voce Columbus, The Restaurant and Bar Collection now presents an Italian specialty within its culinary repertoire, a complementary addition to our celebrated mix of dining options,” said Kenneth A. Himmel, president and CEO of Related Urban and the visionary of The Restaurant and Bar Collection. “We handpick our restaurants very carefully, and we are certain our loyal patrons around the world will embrace A Voce Columbus.”

Mr. Himmel’s savvy strategy of selecting world-class restaurants for The Restaurant and Bar Collection at
Time Warner Center has paid off. Each restaurant has had double digit percentile growth every year and has proven to be a key element in the success of Time Warner Center, which welcomes over 16 million visitors annually. In addition, Per Se and Masa have been awarded three-star ratings by the 2009 Michelin Guide, the highest possible ranking. This coveted honor, denoting “exceptional cuisine and worth the journey,” has been given to only 69 restaurants worldwide.
Since its opening in 2004, Time Warner has emerged as New York City’s premier dining, shopping, and nightlife destination. A unique combination of world class restaurants, shops, and entertainment all under one roof and next to Central Park, Time Warner Center includes The Restaurant and Bar Collection, The Shops at Columbus Circle, Mandarin Oriental, New York Hotel and Jazz at Lincoln Center – providing an exciting array of round-the-clock experiences of flavor, fashion, and fun.

About Time Warner Center
Time Warner Center, the 2.8 million square foot complex located at Columbus Circle, opened to the public on February 5, 2004. The Shops at Columbus Circle and The Restaurant and Bar Collection consist of retail, food and beverage and entertainment programming totaling 350,000 square feet of leasable space. Together with Jazz at Lincoln Center’s three performance halls, this world-class destination provides New York’s West Side with 500,000 square feet of dynamic restaurant, retail and entertainment uses. The complex includes Time Warner World Headquarters, One Central Park condominiums, The Residences at the Mandarin Oriental, and the Mandarin Oriental New York five-star luxury hotel. The $1.7 billion project was developed by Columbus Centre LLC, a partnership consisting of Related Companies, L.P. and Apollo Real Estate Advisors, L.P. Visit www.theshopsatcolumbuscircle.com for more information.

About A Voce
In September 2009, A Voce (which means "word of mouth") opens its second eponymous New York City outpost within Time Warner Center’s Restaurant and Bar Collection at 10 Columbus Circle. Owned by the London-based Marlon Abela Restaurant Corporation (MARC), A Voce Madison has enjoyed critical acclaim for its refined cuisine, extensive wine list, attentive service and chic décor since it first opened in March 2006. Executive Chef Missy Robbins, who will oversee the culinary direction of both restaurants, will continue to offer ingredient-driven Italian classics inspired by the spirit of seasonal and regional simplicity, with an innovative and contemporary twist.]]>Friday, September 18, 2009First National Retail Complex to Serve the 1.4 Million Residents of the Bronx
First BJ’s, Bed Bath & Beyond, and Toys“R”Us/Babies“R”Us “R” Superstore in the Bronx

Special Grand Opening Celebration on Saturday, September 19th including Toys“R”Us’ Geoffrey the Giraffe, Target’s Bullseye, Big Apple Circus, Live at Best Buy Music Concerts And More

New York – September 17, 2009 – New York City Deputy Mayor for Economic Development Robert C. Lieber, Related Companies Chairman Stephen M. Ross and Related Retail President Glenn Goldstein, Deputy Borough President Aurelia Green, Assemblyman Michael A Benjamin and Assemblywoman Vanessa Gibson and retail executives today marked the grand opening of the one million square-foot, $500 million Gateway Center at Bronx Terminal Market with a ribbon-cutting ceremony. The Gateway Center at Bronx Terminal Market is the largest retail development in New York City in decades and a new anchor in the South Bronx, generating much needed retail options and job opportunities for the community’s 1.4 million residents. Developed by Related Companies and its retail partners, the project has remained on schedule and exemplifies one of the most successful retail stories of the last decade.

The LEED Silver Gateway Center is 90 percent leased, 80 percent open, and includes an exciting mix of large-scale retailers and restaurants for the whole family, including BJ’s (first in the Bronx), The Home Depot, Best Buy, Target, Bed Bath & Beyond, Marshall’s, Raymour & Flanigan, Staples, Best Buy, Toys“R”Us/Babies“R”Us “R” Superstore (first in the Bronx), and Applebee’s. Other restaurants and shops including Youngworld, Michael’s (first in the Bronx) and Conway will open over the next eight months. Approximately 53,500 square feet of space has already been successfully leased to local merchants, with an additional approximately 16,000 square feet in lease negotiations with local merchants.

“Today’s grand opening celebration is a testament to a great public-private collaboration between the City of New York, the local elected officials, the community and Related Companies, “ said Related Companies Chairman and CEO Stephen M. Ross. “Gateway Center will not only ensure that residents of the Bronx are afforded the same convenient shopping opportunities as can be found in other boroughs, but it continues the renaissance of the Bronx with the creation of thousands of jobs. We are also pleased to deliver this nearly 1 million square-foot, $500 million project in a manner that is environmentally sensitive and meets LEED Silver standards.”

The Gateway Center at Bronx Terminal Market will generate more than $20 million in annual tax and revenue for the City and the project will create an estimated 2,100 permanent retail jobs when fully opened and approximately 2,900 union construction jobs in the South Bronx. Nearly 40 percent of all construction contracts were awarded to Bronx-based companies and nearly 15 percent have been awarded to Minority- and Women-owned Business Enterprises. More than 1,100 local Bronx residents have already been hired for permanent positions by retailers, filling 67% of the current job positions. Additional hiring is ongoing. Spurring job-intensive private investments in neighborhoods across New York City is part of the City’s Five Borough Economic Opportunity Plan to create jobs for New Yorkers today, implement a vision for long-term economic growth, and build affordable, attractive neighborhoods.

Deputy Mayor for Economic Development Robert C. Lieber said, “Attracting private investment and creating jobs is a critical component of the City’s Five Borough Economic Opportunity Plan, and the new Gateway Center at Bronx Terminal Market is a great example of how we're achieving that in the South Bronx. With unique destination retail, the Gateway Center is emerging as a new center of activity and commerce for the borough, creating thousands of construction and permanent jobs. I want to congratulate Related Companies for their commitment to New York City and wish all the retailers of the Gateway Center great success.”

Whether accessorizing a home with the extensive merchandise at Raymour & Flanigan, Bed, Bath & Beyond, and Best Buy; shopping for the latest looks for less at Marshalls and Target; seeking home and business improvements at The Home Depot and Staples; stocking up on groceries at BJ’s; or creating a fun family outing with shopping at Toys“R”Us and dinner at Applebee’s, Gateway Center provides a convenient and affordable destination for everyday, shopping needs.

“BJ’s is excited to open in The Bronx, and we look forward to serving this community,” said Antonio Ramos, general manager of BJ’s Wholesale Club in The Bronx. “Area residents now have an even more convenient location to purchase everything they need from groceries to general merchandise all in one stop.”

“At Bed Bath & Beyond, we are committed to providing exceptional customer service, a broad and deep assortment and great value to our customers and we look forward to continuing these traditions in the Bronx at our store at Gateway Center,” stated Steven Temares, Chief Executive Officer of Bed Bath & Beyond. “This location means that we now have stores in all five boroughs and means that our Bronx customers do not have to travel as far to shop in our store.”

About Gateway Grand Opening Celebration on Saturday, September 19th:
As part of its opening celebration, Gateway Center is hosting a one-day only festival on Saturday, September 19th, from 9am-6pm. Children and parents alike can delight in Target’s Bullseye, Toys“R”Us’ Geoffrey the Giraffe, clowns and circus acts from Big Apple Circus, Bronx Zoo picture stations, family-friendly live musical performances, and entertainment and workshop stations throughout the Center. There will also be an “around the Center” passport program, where customers can get stamps from each store in exchange for a surprise gift. Retail promotions and discount certificates will be offered throughout the stores.

“Applebee’s is proud to continue our Grand Opening celebration by participating in the Gateway Center at Bronx Terminal Market’s Customer Appreciation Day,” said Zane Tankel, founder and CEO of Apple-Metro, the company that owns the newly-opened Gateway Center Applebee’s. “With the opportunity to meet Yankees great Lee Mazzilli and demonstrations by Mad Science, we are able to offer activities for the entire family to enjoy during this amazing event.”

About the neighborhood:
The South Bronx has long been underserved by retail stores, and many of the borough’s residents had to travel to Yonkers, Westchester or New Jersey to find national retailers. Much of that spending can now be done at Gateway Center, providing the area’s best one-stop, shopping destination for brands, style and savings to accommodate today’s price conscientious consumer.

The Gateway Center at Bronx Terminal Market has tremendous visibility off of the Major Deegan Expressway and convenient access to mass transit. The project’s proximity to the new Yankee Stadium and its 4 million visitors also heighten the project’s identity within the New York Metropolitan Area. The multi-level regional shopping center features an innovative concept that creates dedicated parking fields for each level. It will also feature an inviting public open space and a waterfront esplanade along the Harlem River, being constructed by City Parks and set to open later this year.

History of the site:
Built in 1920, the Bronx Terminal Market at one time was one of the largest food wholesale operations in the country with more than 100 tenants and 1,000 employees. Over the years, it declined until its nine remaining deteriorating buildings were occupied by fewer than 30 wholesalers.

In 2004, Related entered into an agreement with the City of New York and New York City Economic Development Corporation to redevelop the property with a mix of newly-constructed buildings. In an effort to preserve the history of the old Bronx Terminal Market, Related is restoring the Prow Building at the corner of East 149th Street and River Avenue, as well as the iconic friezes from the House of Detention. GreenbergFarrow served as the master planner and retail design architect for the development.

For more information about Gateway Center at Bronx Terminal Market, please visit www.GatewayCenterBTM com.

About Related Companies
Heralded as one of the most prolific and visionary real estate firms in the country, Related Companies was formed over thirty-five years ago. Today, Related is considered the most prominent privately owned real estate development firm in the United States with divisions in development, acquisitions, property management, marketing and sales.

Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of more than 2,000 professionals. Related has real estate assets worth over $15 billion, including New York City’s newest landmark Time Warner Center.

In 2006 Related acquired Equinox Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. For more information about Related Companies please visit www.related.com. ]]>Thursday, September 17, 2009
RelatedRentals.com Becomes Lifestyle Management Tool – Building Specs, Comprehensive Neighborhood information, Experiential Videos and Access to Service and Amenities Before and After Move-in –Making Moving an Online Snap 24/7, 365 Days a Year

New York - Finding your next luxury rental home just got a whole lot easier. Related Rentals, a division of Related Companies and the nation’s premier brand of luxury rental residences with 21 properties in New York City, Los Angeles, San Francisco and Boston, today launched its new apartment search and residence-management web site at www.RelatedRentals.com, becoming the first national developer to provide online signature software and a 100% seamless experience from apartment seeking to apartment living. Central to this new platform is the ability to execute a lease completely online – with absolutely no paper or appointment required.

Related, known for its groundbreaking advances in cutting edge residences and lifestyle services, continues its foray into new territory after a string of innovations, including the acceptance of credit card rent payments where residents earn valuable rewards; the integration of branded amenities such as in-building full-service Equinox Fitness Clubs and culture lounges featuring book publisher Assouline; and sustainable buildings (the portfolio’s LEED Gold rated Tribeca Green is the second residential building in the U.S. to achieve LEED certification).

“Related prides itself on bringing first-to-market innovations to our residential offerings. From being the first landlord to offer credit card payments, to developing one of the nation’s initial green high- rise residential buildings, to the full integration of the world’s finest fitness brand into our residential portfolio, Related continues to seek out new opportunities to anticipate our resident’s needs and improve their lifestyle. The new web site, tools and online leasing option is just another example of our customer-centric commitment to service that encompasses every detail that makes an apartment a home,” said Related President Jeff T. Blau.

From scouting neighborhoods, exploring buildings and amenities, searching for apartments and reviewing exact floor plans, to filling out the application and signing the lease, apartment seekers can complete the entire apartment rental process at RelatedRentals.com, at any time of day or night, without ever leaving the comfort of their living room.

In addition, Related’s new Web site has made the transition from renting to moving seamless with full move-in coordination services and has extended its online services through the entire residential experience with the Resident Circle, an application which lets residents manage their apartment and their life. RelatedRentals.com is specifically designed to ease the burden of a move, facilitate the set-up of a resident’s new home and enhance their life in their building and beyond.

Log On, Lease Up
Online leasing at RelatedRentals.com is fast, easy, and secure. By integrating online tools from Yardi Systems, Safe Rent, Live Person and DocuSign, and combining it with cutting edge technology created in-house, RelatedRentals.com transports prospects from start to finish in record time and with minimal effort.

The site displays available apartments in real time, accompanied by individual floor plans and apartment features, as well as the amenities, services and features associated with the specific property and apartment. Apartment seekers can create their own customized search profile, saving and tracking favorite apartments and preferred buildings and neighborhoods, as well as requesting alerts when a coveted apartment becomes available. Prospects can also engage in live IM chats with leasing representatives, who can answer questions and guide the online leasing process. And, for prospective residents who prefer to visit in person, they can easily start the process online and pick up where they left off either in the lease office or back online following the appointment.

Match Properties to Personas
Renting an apartment can require a lot of research, especially when moving to a new city or neighborhood. Related Rentals reduces the time and the stress by offering a multi-media glimpse into each Related building, lifestyle and neighborhood.

Each rental property showcases its own video, set to music reflecting the essence of the building and the lifestyle of its surrounding area. From the whimsical tunes of Tribeca Park, to the techno sounds of The Caledonia, situated along the new High Line park in the super-hot meatpacking district, each building reveals itself to potential residents online.

Related Rentals properties feature unparalleled service and award-winning amenities including gourmet kitchens, landscaped rooftop sun terraces, private health clubs with indoor pools, round-the-clock concierge and doorman-attended lobbies, children’s playrooms, garage parking, business centers, party rooms, move-in coordination, credit card rent payments and the Related Personal Assistant.

In addition, each property spotlights up-to-the-minute information on local cultural attractions, dining, and nightlife, providing an intimate portrayal of the neighborhood offerings and a great way for apartment seekers to match a property to their lifestyle needs.

Residence Management at Your Fingertips
Once a lease is executed, residents are granted immediate access to the Resident Circle, a resident-only Web site where residents can manage their day-to-day activities, including utility and technology set-up, service requests, package delivery, keys and guests and online rental payment using automatic bank withdrawal or credit card payments.

Residents can also manage all of their lifestyle needs via RelatedStyle Services®, a suite of benefits, which includes move-in coordination, dedicated service specialists, special membership opportunities and exclusive services with Equinox Fitness Clubs®, electronic rent payment and the Related Personal Assistant. With the Personal Assistant, residents can request arrangements for just about anything, including dinner reservations, car services, dog walking services or theater ticket procurement. The site also features online, email and text announcements, an amenity booking feature, building staff photos, a feedback mechanism and a message board, where residents can post messages to Related’s social network of over 6,000 residents.
`
With over 72% of metropolitan renters using the internet to begin their apartment search, the new Web site will provide a vital tool for prospects who are looking to rent and for residents who appreciate the ease and convenience with which they can manage their new home with cutting edge multi-media tools and content, RelatedRentals.com now makes the entire rental process an online snap.

About Related Rentals
Related Companies is one of the premier developers of luxury rental apartments in the United States today. The company has dramatically redefined the concept of metropolitan luxury by introducing 21 extraordinary residential rental buildings in Boston, San Francisco, Los Angeles and New York City. Related Rentals are located in the most desirable neighborhoods including Tribeca, Chelsea, Battery Park City, Midtown, Roosevelt Island, Union Square and the Upper East and Upper West Sides. With each new building, Related has been hailed for setting new standards of excellence in the luxury rental marketplace. To ensure that every resident in every Related building enjoys the very finest services, unsurpassed amenities, and a luxury lifestyle without compromise, Related Companies takes great pride in managing every building it owns. Related owns and manages The Caledonia, One Carnegie Hill, Carnegie Park, The Lyric, The Monterey, One Union Square South, Riverwalk Crossing, The Sagamore, The Sierra, The Strathmore, The Tate, Tribeca Green, Tribeca Park, Tribeca Tower, The Westminster and The Westport in New York City (and manages The Ventura also in New York City), One Back Bay in Boston, Hikari and Sakura Crossing in Los Angeles and The Paramount in San Francisco. For more information about Related Rentals please visit www.relatedrentals.com.

About Related Companies
Heralded as one of the most prolific and visionary real estate firms in the country, Related Companies was formed over thirty-five years ago. Today, Related is considered the most prominent privately owned real estate development firm in the United States with divisions in development, acquisitions, property management, marketing and sales.

Headquartered in New York City, Related has offices and major developments in Aspen/Snowmass, Boston, Chicago, Los Angeles, Las Vegas, Phoenix, San Francisco and South Florida and boasts a team of more than 2,000 professionals. Related has real estate assets worth over $15 billion, including New York City’s newest landmark Time Warner Center.

Nearly a decade ago, Related pioneered the concept of commissioning celebrated architects to design residential properties by selecting Robert A.M. Stern to plan his firm’s first luxury condominium, The Chatham. In the development of Time Warner Center, Related combined super-luxury residences, the Mandarin Oriental hotel and residences, Jazz at Lincoln Center, stylish retail and the city’s finest collection of four-star restaurants, redefining sophisticated metropolitan living in New York and trademarking the term “Five Star Living.”

In 2006 Related acquired Equinox Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. For more information about Related Companies please visit www.related.com.


]]>Monday, August 10, 2009
“We’re pleased to announce the first Manhattan Nordstrom Rack,” said Scott Meden, president of Nordstrom Rack. “This is a rare opportunity that opened at the right time for us. Union Square is a thriving retail area and is an ideal location for the city’s first Rack. When we open for business next spring, customers can expect to find savings on merchandise from many of the same brands carried at Nordstrom stores.”

Nordstrom Rack carries merchandise from Nordstrom stores and Nordstrom.com at 50-60% off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the lines carried in Nordstrom stores and purchased specially for Nordstrom Rack, with most at savings of 30-70% off.

In the tri-state area, the company currently operates eight Nordstrom stores and three Nordstrom Racks.

“Nordstrom is one of the nation’s leading fashion retailers and we are delighted that they have chosen Union Square, one of New York City’s most desirable commercial destinations for their first Manhattan Nordstrom Rack store. Related has played a key role in the revitalization of Union Square for over a decade and we are proud to continue to contribute to the transformation of the area,” said Jeff T. Blau, president of Related Companies.

One Union Square South consists of a 22-story luxury residential rental tower located above a five-story retail block that includes Regal Cinemas and several other prime retail spaces. The building’s façade features a public artwall containing the mixed-media Metronome by Andrew Ginzel and Kristin Jones that was at the time the largest private commission of public art in New York City’s history. Nordstrom Rack at One Union Square South will have 30 feet of street level storefront and will occupy the lower level of the former Virgin Megastore. Also joining Nordstrom at One Union Square South is Best Buy, which is expected to open in the former Circuit City space during the fourth quarter of 2009.

One of the most vibrant districts in New York City, Union Square is a dynamic center of food and fashion, culture and cutting edge businesses. The approximately 12,000 businesses located within a half-mile radius of Union Square employs about 140,000 people. Union Square is home to the City's oldest Greenmarket, a beautiful historic park, and hundreds of restaurants and shops.

Related was formed over 37 years ago and is today considered the most prominent privately owned real estate firm in the United States with divisions in development, acquisitions, property management, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of more than 2,000 professionals. Related has real estate assets worth over $15 billion, including New York City’s newest landmark Time Warner Center. For more information about Related Companies please visit www.related.com.

Related has long been committed to the Union Square area, having completed historical redevelopments (the Century Building on 17th Street and the W Union Square Hotel on Park Avenue South), as well as newly-constructed buildings (The Sierra on West 15th Street and One Union Square South at the base of Union Square). Related President Jeff Blau also serves on the board of directors of the Union Square Partnership.

Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 175 stores located in 28 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 111 full-line stores, 61 Nordstrom Racks, two Jeffrey boutiques and one clearance store. Nordstrom also serves customers through its online presence at www.nordstrom.com and through its catalogs. Nordstrom, Inc. is publicly traded on the NYSE under the symbol JWN.
]]>Tuesday, July 21, 2009
The new pan-GCC company, “Gulf Related”, will be based in Abu Dhabi and will identify and pursue marquee large-scale mixed-use real estate development opportunities, initially in Abu Dhabi and the Kingdom of Saudi Arabia, followed by a Middle East and Northern Africa (MENA) wide regional expansion at a later stage. Gulf Related’s initial capitalization is AED 180 million ($50 million) and is expected to rise to over AED1 billion by 2012.

Related cemented its relationship with the MENA region and increased its global prominence in 2007 when the company aligned with an elite consortium of international partners through a $1.4 billion equity and debt investment by Goldman Sachs, MSD Capital, Kuwait Investment Authority, The Olayan Group and Mubadala Development Company.

Gulf Related’s senior management will be led by Kenneth A. Himmel, President and CEO of Related Urban, the mixed-use division of Related Companies. Related Companies and Ken Himmel pioneered the concept of mixed-use urban development beginning in the 1970s with Himmel developing such destinations as Water Tower Place and 730 North Michigan in Chicago, Illinois, Copley Place in Boston, Massachusetts and Reston Town Center in Reston, Virginia, and Related developing such iconic developments as Time Warner Center in New York City and CityPlace in West Palm Beach, Florida.

The new joint venture will look at multi-phase master-planned mixed-use development opportunities in urban centers as well as larger-scale community developments organized around new town centers. These projects will capitalize on Related’s unparalleled track record in creating unique urban experiences that combine the energy and vitality of an urban destination with local lifestyle and culture. Residential projects will offer both affordable and luxury villas as well as high-rise buildings. Related has extensive expertise in mixed-use projects that seamlessly integrate indigenous architecture with exciting retail, restaurant, entertainment, hotel, office and residential uses.

Commenting on the new venture, Mr. Hareb Al Darmaki, Chairman of Gulf Capital, said: "The GCC enjoys a robust macro-economic outlook, significant liquidity and a young growing population. These, coupled with a positively turning inflection point in the real estate and construction markets, make the timing of launching a first-class regional real estate venture with world-class partners highly opportune. Gulf Capital’s Board decided to expand into this attractive real estate asset class by partnering with the most experienced and capable developer. We are fortunate to have found the ideal partner in Related Companies, which boasts an outstanding track record and is the best-in-class real estate firm in the United States.”

Mr. Stephen M. Ross, Chairman, Founder and CEO of Related Companies said: "Related Companies has always maintained an extremely disciplined approach to both the markets we operate in and the product types we deliver. We have been studying the Gulf market and exploring the opportunities it presents for the past few years and we are thrilled to have found a solid regional partner in Gulf Capital with whom we will jointly pursue strategic real estate development opportunities in the region. It is our firm belief that the GCC is one of the fastest growing and most promising regions in the world and we are confident that together we will identify and unlock select exemplary and sustainable development opportunities.”

Dr. Karim El Solh, CEO of Gulf Capital, added: “This is an important milestone in the evolution of Gulf Capital. As a leading regional alternative asset management firm, the natural progression for Gulf Capital was to expand into real estate, a new alternative asset class for us. Our entry into the regional real estate market is a timely one given the considerable drop in both land prices and construction costs as well as the surging demand in select areas of the GCC. Our new real estate activities will be highly complementary to our thriving private equity business”.

Mr. Kenneth A. Himmel, President and CEO of Related Urban added: “In addition to its equity investment contribution in the joint venture, Related brings not only unrivaled real estate development expertise and relationships with some of the most active and successful hotel, retail, and restaurant brands, but a dedication to creating hand-crafted destinations that resonate with local lifestyle and culture. We expect that the projects identified and launched by Gulf Related will be among the most preeminent and successful real estate destinations in the Gulf, with a collection of unique brands and tenants. Just as importantly, these projects will help guide the continued regional growth and economic development through smart growth and sustainable planning in select urban locations.”

Mr. Marvin Traub, President of Marvin Traub Associates and former Chairman and CEO of Bloomingdales and a retail business executive widely credited with transforming modern merchandising and marketing, will be advising Gulf Related on its retail investments and will maintain an ongoing strategic role with Gulf Related.

Mr. Ross added: “Gulf Related will also leverage Related’s deep experience in affordable housing. As one the largest US developers of affordable housing, Related is in a unique position to capitalize on the huge pent-up demand for affordable housing in the Gulf.”

The Kingdom of Saudi Arabia currently has an acute housing shortage, with demand projected at 1.3 million residential units over the next seven years. The UAE capital has severely undersupplied residential and commercial stock, with the residential market expected to remain undersupplied until 2012.

Dr. Karim El Solh concluded: “While Gulf Capital continues to be focused on its growing Private Equity business, we are equally excited about the possibility of providing our shareholders and investors with additional exposure to the fast growing real estate asset class. Related has an exceptional track record in this arena and we believe Gulf Related, leveraging our combined strengths, is well-equipped to become the premier mixed-use real estate developer in the GCC.”

About Gulf Capital
Gulf Capital is a leading alternative asset management firm focused primarily on investing in the GCC region. Incorporated in Abu Dhabi in 2006 as a Private Joint Stock Company, Gulf Capital was established with a capital base of AED 1.225 billion (USD 330 million) from 300 of the most prestigious institutional and private investors in the Gulf. Over the last three years, Gulf Capital has rapidly emerged as a leader in the field of private equity investing in the Middle East. Gulf Capital recently expanded its alternative asset management platform by entering into the real estate development arena in joint-venture with the Related Companies, the most prominent US real estate developer. Gulf Capital is today one of the largest alternative asset managers in the GCC. For more information about Gulf Capital please visit www.gulfcapital.com.


About Related Companies
Heralded as one of the most prolific and visionary developers in the United States, Related Companies was formed over thirty-seven years ago. Today, Related is considered the most prominent privately owned real estate firms with divisions in development, finance, property management, marketing and sales.

Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of more than 2,000 professionals. Related has developed over $20 billion in real estate and owns real estate assets valued at over $15 billion made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets.

Related’s mixed use division, Related Urban, was established in 1997 by Stephen M. Ross and Kenneth A. Himmel with a commitment to develop, own and manage market-dominant mixed-use properties. Mr. Himmel and Related Companies pioneered the concept of mixed-use urban development beginning in the 1970s with Related developing such iconic developments as Time Warner Center in New York City and CityPlace in West Palm Beach, Florida and Himmel developing such destinations as Water Tower Place and 730 North Michigan in Chicago, Illinois, Copley Place in Boston, Massachusetts and Reston Town Center in Reston, Virginia.



]]>Monday, June 15, 2009
New York City – Manhattan Plaza, an affordable housing complex and home to more than 3,500 residents, just received an incredible playground makeover thanks to a unique partnership between Tiki Recreation and the property’s owner, Related Affordable, a division of Related Companies.

A full renovation of equipment, surfacing, and landscaping was completed in order to bring the children of Manhattan Plaza a playground and sports court unlike any other in the eastern United States. Mark Carbone, President of Related Affordable, states, “Preserving and improving affordable housing and the quality of life for tenants is a key focus for Related Affordable. By providing innovative, challenging, and safe recreation opportunities, we’re helping build healthy, active lifestyles at home where it counts the most. When searching for the right solutions, we looked no further than Tiki Recreation.”

Tiki Recreation and Related have teamed up to build new playgrounds at six locations in the past year, including two playgrounds in Florida, two playgrounds in Virginia, and a playground in Yonkers. The latest site at Manhattan Plaza is the first in New York to feature ICON, KOMPAN’s digital playground equipment.

Tiki explains, “As someone who grew up in affordable housing, the playground became more than a place to play. It was a place to learn, grow, and challenge myself socially and physically. We are excited to open this new Tiki Recreation playground and provide the children of Manhattan Plaza the same experience I enjoyed as a kid. By partnering with Related, we’re able to bring Tiki Recreation’s concept of Play Proud™ to areas that need it most and to kids with limited recreation opportunities.”

“Thanks to the great teamwork and collaboration of Tiki Recreation and Related Affordable, the Manhattan Plaza complex now has an upgraded and remodeled playground – a touchdown for the community,” said Manhattan Borough President Scott M. Stringer. “I commend both organizations for working hard to improve affordable housing and the quality of life for its tenants, and I’m glad to know they plan to keep the ball moving on their initiative to boost the nation’s stock of high-quality affordable housing.”

"When we come together to open a new public space, it’s a special occasion because we are enhancing the quality of life a community. But when we can make that space a place for children, what we’re really doing is investing in our long-term future," said Speaker Christine C. Quinn. "Tiki Barber has long recognized the importance of getting kids off the couch and away from video games and I’d like to thank him for all his work today. The fact is that healthy kids more often than not grow up to be healthy and productive adults."

The Manhattan Plaza Playground will feature innovative play equipment for every age group from toddlers to adults. The digital playground equipment will be the first of its kind on the East Coast and represents the most advanced outdoor gaming system in the country. KOMPAN’s ICON equipment encourages children to be active by integrating digital games into the equipment. The playground is also eco-friendly and made from recyclable materials using the most sustainable practices. Tiki Recreation has recently partnered with KOMPAN, Inc., the leader in innovative playground equipment.

“ICON represents the future of outdoor play and is a huge, innovative leap in playground equipment design,” stated Tom Grover, President of KOMPAN, Inc. “Play builds community, kids, and much more. Everyone at KOMPAN hopes this renovated playground will make a real difference for the thousands of kids who live here, and we’re excited to have Tiki and Related as partners on this important project.”

THE PLAYERS

Related Affordable, a Division of Related Companies
Related Affordable develops, acquires and preserves affordable housing throughout the nation. In the area of acquisitions and refinancing, the company pursues properties that meet one of the following criteria: Section 8 properties with project-based contracts; Section 236 properties in need of rehabilitation; Section 42 LIHTC properties with expiring low-income restrictions; Section 515 FmHA properties with loans that can be prepaid; or other assisted properties, including HODAG, HOME, federal or state-financed public housing.

With 36 years of experience in debt and equity financing, Related has the financial strength to capitalize on properties in jeopardy of exiting affordable housing programs. Related Affordable actively looks for affordable housing opportunities through the development, acquisition and refinancing of low, moderate and mixed-income properties around the country, thus assuring the continued viability of these projects for years to come. This is a key aspect of Related Affordable’s commitment to help maintain a stock of affordable housing, a socially critical inventory which is in danger of disappearing given current legislative and financial trends.

Since 1972, Related has developed, acquired or financed over 300,000 units of affordable housing. Visit www.related.com to find out more.

Tiki Recreation
Tiki Barber founded Tiki Recreation to help promote fitness in children by giving them meaningful and rewarding play experiences. By designing and developing unique areas for active play, Tiki Recreation has established itself as a leader in promoting and sustaining healthy, active lifestyles for all members of the community. The positive impact of Tiki Recreation’s Play Proud™ philosophy can be seen in every recreation area they develop, making a real difference for people regardless of income level, geographic location, or physical ability. Go to www.tikirecreation.com to find out more.

KOMPAN
KOMPAN, Inc. is a world leader in the design, manufacture, and marketing of commercial playgrounds. KOMPAN specializes in designing unique, age-appropriate, and high quality playground equipment that strongly appeals to children and has the holding power to keep them playing longer and get them coming back for more. KOMPAN’s equipment is different from traditional playground equipment. It is both visually captivating with its artistic approach to design, as well as very challenging to children’s fitness, motor skills, and mental skills.

For more information on KOMPAN, please visit www.kompan.com

CONTACTS:

• Related Affordable
Joanna Rose
212.801.3902 / JRose@Related.com

• Tiki Recreation – Kenneth Dobyns
646.596.1052 / kdobyns@tikirecreation.com

• KOMPAN, Inc. – Tom Grover
206.612.7443 / TomGro@Kompan.com


PRESS MATERIALS CAN BE FOUND AT www.kompan.com



]]>Monday, June 08, 2009A New Experience for This Historic Landmark District

On-site Leasing Office Opens May 15th
Los Angeles May 15, 2009 – Little Tokyo is quickly emerging as one of Los Angeles’ most up and coming neighborhoods. Just ask the residents who live there; an historic urban oasis in the heart of the city’s resurgent downtown, residents have immediate access to some of the city’s most exciting restaurants and bars including Bottega Louie, Casa, Takumi, Crocker Club, The Association, Library Bar, and Edison, shops and entertainment venues, while enjoying a culturally rich environment within a national historic landmark district.

Developed by Related Companies, the developers of marquee rental property in San Francisco The Paramount and the highly anticipated condominium The Century in Century City, Sakura Crossing is the newest luxury rental in Little Tokyo and features six stories of studio, one, and two bedroom residences starting at $1,595 for June 15th occupancy.
Designed by the award-winning architectural firm Studio Gaia, Sakura Crossing embodies the very best in sophisticated, modern home design, while reflecting the aesthetic of the surrounding neighborhood, especially the revered Noguchi garden directly across San Pedro Street. From the stylish oval lobby with its towering glass panels, limestone flooring and Venetian plaster walls, to the sleek contemporary interior of the residences, Studio Gaia has created a uniquely contemporary living environment that is at once casual and sophisticated.
Amenities include a luxurious rooftop lounge with three landscaped sundecks for sunbathing, entertaining and private BBQ dining; a screening room with an oversized outdoor terrace; a lushly landscaped courtyard terrace with an outdoor fireplace, pool and Jacuzzi; a state-of-the-art, fitness center with strength training and cardio-theater with individual TV screens; and 24 hour secured parking. Individual residences feature custom kitchens with stainless steel appliances, Caesar stone counters in the kitchens and baths, wood floors in the living rooms, washers and dryers, and many residences have private terraces.
Sakura Crossing offers its residents a suite of services which include move-in coordination, an on-site Resident Service Specialist, who handles all resident lifestyle needs, e-services and a resident website, and a business services center.

So, whether it’s sun bathing on the rooftop lounge, attending an art opening at The Geffen Contemporary at MOCA, enjoying a Lakers’ game at The Staples Center, or reveling in a front row seat at the Walt Disney Concert Hall, Sakura Crossing embodies the best of a stylish retreat with immediate, high entertainment access - providing an exciting new experience within the thriving neighborhood of Little Tokyo.

For more information about Sakura Crossing, please visit www.sakuracrossing.com, the on-site leasing office at 235 South San Pedro Street in Los Angeles, or call 213-625-9200.

About Related Companies
Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today, Related is considered the most prominent privately owned real estate development firm in the United States with divisions in development, acquisitions, property management, marketing and sales.

Headquartered in New York City, Related has offices and major developments in Aspen/Snowmass, Boston, Chicago, Los Angeles, Las Vegas, Phoenix, San Francisco and South Florida and boasts a team of more than 2,000 professionals. Related has real estate assets worth over $15 billion, including New York City’s newest landmark Time Warner Center.

Nearly a decade ago, Related pioneered the concept of commissioning celebrated architects to design residential properties by selecting Robert A.M. Stern to plan his firm’s first luxury condominium, The Chatham. In the development of Time Warner Center, Related combined super-luxury residences, the Mandarin Oriental hotel and residences, Jazz at Lincoln Center, stylish retail and the city’s finest collection of four-star restaurants, redefining sophisticated metropolitan living in New York and trademarking the term “Five Star Living.”

In 2006 Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. For more information about Related Companies please visit www.related.com.


]]>Friday, May 15, 2009
Rebirth of Roosevelt Island Continues with Newest Condominium

New York - Roosevelt Island is quickly gaining recognition as one of New York’s most desirable residential communities with the completion of Related and Hudson’s stunning Riverwalk Court. Riverwalk Court is the fifth and most luxurious addition to Riverwalk, a new waterfront neighborhood that surrounds the F subway station. With breathtaking space both inside and out, and accessible pricing, Riverwalk Court offers an exceptional value. Just ask the residents who live there, its New York’s best kept secret and just five minutes from midtown.

Roosevelt Island embodies the best of city style and small-town feel, with a tranquil community, neighborhood retail shops and restaurants, stunning green spaces with playgrounds and jogging and biking paths, panoramic river and skyline views and all with a one-stop proximity to midtown Manhattan. Now, with Riverwalk Court, Roosevelt Island is the insider’s key to affordable luxury and unparalleled value in New York City.

Co-developed by Related Companies and Hudson Companies, Riverwalk Court is designed by the award-winning architectural firm Costas Kondylis and Partners and offers signature amenities and service, including a 24-hour concierge/doorman, a children's playroom, entertainment lounge, rooftop cabanas and a fitness center and yoga studio. The 18-story luxury condominium comprised of 123 residences with light-filled layouts ranging from one, two and three bedrooms is currently offering an incomparable opportunity. One bedrooms are now starting at just $415,000 and two bedrooms at $595,000, with a vast majority of the residences qualifying for conforming loans and historically low mortgage rates.

Roosevelt Island has long been home to a dynamic mix of international and medical professionals and Roosevelt Island loyalists. With the debut of Riverwalk Court, Roosevelt Island now welcomes a whole new type of resident – the New Yorker who can finally have it all. Just steps away from the F train and Tramway, just five minutes to Rockefeller Center by subway or to 59th Street and 2nd Avenue by tram, a tranquil oasis of home awaits.

Breathe
Closer than Brooklyn and home to the 212 area code, Roosevelt Island spans two miles long, 800 feet wide and just 300 yards from the FDR Drive. With two-thirds of Roosevelt Island's 147 acres devoted to parks, promenades and open spaces, a relaxing walk is always just around the corner. For those seeking more vigorous activities, Roosevelt Island provides ample opportunities for indoor and outdoor recreation. From the clay tennis courts of the Roosevelt Island Racquet Club, to soccer and baseball at Fireman's Field and Copobianco Field, to the five miles of jogging and biking trails, Roosevelt Island caters to the most active lifestyles.

Retreat
Riverwalk Court features a 24-hour concierge and doorman and a wide array of amenities. The state-of-the-art fitness center includes a weight-training facility, cardio machines and a yoga studio. The exclusive entertainment lounge with adjoining rooftop terrace is a great place for respite or to socialize with neighbors and take in the magnificent skyline views. A children’s playroom provides an engaging and entertaining space for all to enjoy.

Grow
Catering to the growing number of families on the island, the Roosevelt Island Day Nursery at Riverwalk will open in September immediately adjacent to Riverwalk Court. This new Day Nursery will serve children aged three months to three years and is the second daycare center to the island.

In addition, Roosevelt Island is home to PS 217, serving an international group of students in pre-kindergarten through eighth grades, with academically enriched after school programs. The Roosevelt Island Youth Center and Island Kids compliments the family experience with a variety of kids activities, including music and art classes, Mommy and Me Pilates, and sports programs.

Engage
Roosevelt Island is home to a friendly established community with year-round events and activities. From quiet reading at the Roosevelt Island Library to visits at the community gardens, green market, Main Street Theater and Dance Alliance and various social clubs, the warmth of the Island will be apparent from your very first visit.

For more information about Riverwalk Court and Roosevelt Island, please visit the sales office at 415 Main Street or on the web at www.riverwalknyc.com.


]]>Friday, May 01, 2009
Residents - Are Part of Larger 2,100-Job Retail Complex Set to Open in Full This Fall

Spurring Job - Intensive Private Investments is Part of New York City’s Five Borough Economic Opportunity Plan

Mayor Michael R. Bloomberg, Related Companies President Jeff Blau and The Home Depot District Manager Mark Sherman today opened The Home Depot at the Gateway Center at Bronx Terminal Market, the first store of the $500 million retail complex. The store adds 200 new, permanent jobs – 75 percent of which are Bronx residents – and by this fall, the LEED-certified Gateway Center will have created 2,100 permanent retail jobs and 2,900 construction jobs in the South Bronx. Nearly 40 percent of all contracts have been won by Bronx-based companies and more than 10 percent have been won by Minority- and Women-owned Business Enterprises. The project will generate more than $20 million in annual tax revenue for the City. Spurring job-intensive private investments in neighborhoods across New York City is part of the City’s Five Borough Economic Opportunity Plan to create jobs for New Yorkers today, implement a vision for long-term economic growth, and build affordable, attractive neighborhoods. Mayor Bloomberg was joined at the announcement, which took place at the new store on Exterior Street between East 150th Street and Cromwell Avenue, by newly-elected Bronx Borough President Ruben Diaz Jr., City Council Member Joel Rivera, and State Assembly Members Carmen Arroyo, Michael Benjamin, Nelson Castro and Aurelia Greene.

“Today marks another great milestone in the ongoing renaissance of the South Bronx,” said Mayor Bloomberg. “Following the opening of the new Yankee Stadium, this new complex is the latest in a series of developments that are creating real jobs for local residents. In addition to providing much needed quality retail options and job opportunities, Gateway Center at Bronx Terminal Market will soon feature an inviting waterfront esplanade and park to be enjoyed by area residents. I also commend The Home Depot for its commitment to improving communities through its store-based Team Depot volunteer program that encourages associates to participate in community service projects in the neighborhood.”

Gateway Center at Bronx Terminal Market is the largest retail development in New York City in decades. The one million square-foot Gateway Center is nearly 90 percent leased and will include a mix of large-scale retail, restaurants and smaller shops, including BJ’s, Best Buy, Target, Bed Bath and Beyond, Marshall’s, Raymour & Flanagan, Staples, Toys R Us and Babies R Us. The multi-level regional shopping center will feature an innovative concept that creates dedicated parking fields for each level. It will also feature inviting public open space and a waterfront esplanade along the Harlem River set to open this fall. The Home Depot at the Gateway Center is one of five Home Depot stores that will open in the United States this year. The 115,000-square-foot store features an urbanized garden department with tropical live goods as well as other home products. The store will provide free clinics and product demonstrations for customers.

“In our current economic climate, making the Bronx an engine of job creation for Bronx residents should be our top priority,” said Bronx Borough President Ruben Diaz Jr. “The Gateway Center at Bronx Terminal Market will make the Bronx a more attractive environment for businesses that will have a positive impact on the borough. Today’s opening of Home Depot heralds this important transformation for Bronxites. In addition, the availability of affordable 'Energy Star' appliances and Home Depot's 'Eco Options' program will go a long way towards promoting the vital goal of a greener more environmentally friendly Bronx for our children and families. I look forward to continuing to partner with Mayor Bloomberg and the City Council on important projects for all Bronx residents such as this one in the future.”

“Related Companies is proud to be playing a vital role in the rebirth of the Bronx in partnership with the City and the community,” Related Companies President Jeff Blau. “Gateway Center at Bronx Terminal Market will not only offer residents convenient new shopping opportunities, but it will also create new economic opportunities, including thousands of jobs. Today’s opening of Home Depot is just the beginning, and come fall, I look forward to returning to the Bronx and enjoying all the vibrant new restaurants and shops that Gateway Center at Bronx Terminal Market will have to offer.”

“We’re proud to be opening our third Bronx store in the new Gateway Center at Bronx Terminal Market,” said Aaron Flowe, regional vice president, NY Metro Region of The Home Depot. “We look forward to serving the home improvement needs of our customers and giving back to this great community.”

“Gateway Center represents a significant step forward in the development of the South Bronx,” said New York City Economic Development Corporation President Seth W. Pinsky. “In addition to the new Yankee Stadium, projects outlined in the City’s South Bronx Initiative are underway that will enhance the viability of the project through the development of affordable housing, office space, new recreational facilities and job opportunities for the more than 300,000 residents that live in the area.”

NYC Business Solutions, a suite of services offered by the Department of Small Business Services, assisted in hiring a third of today’s new employees at Home Depot. NYC Business Solutions and will continue to support The Home Depot as well as other companies in the Bronx terminal market with future hiring needs. Thus far in 2009, Small Business Services has helped employers hire more than 5,000 people in the retail, healthcare, technology, transportation, food services and other sectors.

“We help people help businesses staff their new locations and hire employees from a pool of screened job candidates,” said Small Business Services Commissioner Robert W. Walsh. “There are employment opportunities and our role is to help match New Yorkers with these jobs.”

Built in 1920, the Bronx Terminal Market at one time was one of the largest Hispanic food wholesale operations in the country with more than 100 tenants and 1,000 employees. Over the years, it declined until its nine remaining deteriorating buildings were occupied by fewer than 30 wholesalers. The disinvestment contributed to high crime rates in the neighborhood. In 2004, Related entered into an agreement with the City of New York and New York City Economic Development Corporation to redevelop the property with a mix of newly-constructed buildings, a 2,600 spot parking garage located within one of the original structures and a nine-acre public park along the Harlem River. Construction started in 2006. The City worked successfully with many of the wholesalers to help them relocate in the neighborhood, in Hunts Point and elsewhere in New York City. As part of the Gateway Center project, Related is restoring the Prow Building at the corner of East 149th Street and River Avenue in an effort to preserve the history of the old Terminal Market.

The South Bronx has long been underserved by retail stores, and many of the borough’s 1.4 million residents travel by car or bus to Yonkers, Westchester or New Jersey to find national retailers. Much of that spending can now be done in New York City at the Gateway Center. The project is the latest in a series of programs to create jobs and spur development in the South Bronx. As part of the South Bronx Initiative, the City is currently undertaking a comprehensive rezoning of the Lower Concourse to create a new, mixed-use district with 3,400 units of housing, with 540 affordable, generate 3,400 jobs and provide new waterfront open space to an underserved community. The proposal began formal public review in February 2009 and received approval from the local Community Board and the Bronx Borough President in the past few months. It will now go to the City Planning Commission and City Council for approval.

The Bloomberg Administration’s Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city's economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth. To learn more about the plan, visit nyc.gov. Recently, Mayor Bloomberg has announced:
• Legislation that will “green” buildings and create 19,000 construction jobs;
• New York City achieved a record 5,000 job placements through the first quarter of 2009;
• Green projects at the Brooklyn Navy Yard are creating more than 1,700 permanent jobs;
• Comprehensive initiatives to support the nonprofit sector and its 490,000 jobs;
• Federal stimulus transportation projects that will create or preserve 32,000 jobs;]]>Thursday, April 23, 2009
On-Site Day Nursery for the Growing Number of Families Coming to Riverwalk

Featuring Breathtaking Views, Signature Design and Amenities, the Only New Luxury Rental on Roosevelt Island
On-site Leasing Office Now Open

New York – Riverwalk is quickly emerging as one of New York’s most desirable neighborhoods. Just ask the residents who live there; mere minutes from Midtown, Riverwalk has been Manhattan’s best kept secret – until now. Related Companies and Hudson Companies are unveiling Riverwalk Crossing, the sixth addition to Riverwalk community and the only new luxury rental property on Roosevelt Island. For everyone from recent graduates to successful professionals, from families with kids to empty nesters returning to the City, there is no warmer and more welcoming neighborhood then Riverwalk Crossing, The 240 studio, one, two and three bedroom new rental residences start at $1,995 for July occupancy.

Riverwalk, a new waterfront community that surrounds the F subway on Roosevelt Island, embodies the best of cosmopolitan convenience and small town charm with stunning green spaces, panoramic river and skyline views, and a one-stop proximity on the F train to 63rd Street and Lexington Avenue, 2 stops to Rockefeller Center or a 5 minute ride to midtown on the unique Roosevelt Island Tram. Within Riverwalk, a city reprieve awaits where residents can read a book or take advantage of wi-fi service on the Commons, play tennis in the Roosevelt Island Racquet Club, or bike along the breathtaking riverfront esplanade. And just minutes from Riverwalk Crossing reside some of the best shopping, restaurants, museums and nightlife in the Upper East Side.

Co-developed by Related Companies and Hudson Companies, the visionaries of the Riverwalk neighborhood, Riverwalk Crossing is designed by the award-winning architectural firm Costas Kondylis and Partners and features perfectly appointed residences all with stunning water views from every window. Amenities include an entertainment lounge, bike room, state-of-the-art fitness center, and lushly landscaped gardens with an outdoor sun deck, dining terrace, and barbeque grills.

To complete the Riverwalk lifestyle, the Roosevelt Island Day Nursery at Riverwalk will open in September within Riverwalk Crossing, serving children aged three months to three years. The new Riverwalk Bar and Grill and an adjacent bagel boutique and deli are poised to open and join Nonno’s Focacceria, Fuji East and Starbucks on the Commons. In addition, to celebrate the Riverwalk neighborhood, Related Companies and Hudson Companies are sponsoring the first-ever summer long music and events festival on the island, Roosevelt L!VE, www.rooseveltlive.com.

As part of the Related Rentals portfolio, Riverwalk Crossing offers its residents RelatedStyle Services®, a suite of rewards and services which include the Related Personal Assistant, Move-In Coordination, Resident Service Specialist, as well as exclusive Equinox® Fitness membership opportunities. Residents will also have the option to pay rent with a rewards-eligible credit cards– allowing them to earn rewards redeemable at various airlines, hotels and retailers.

Finally, with Riverwalk Crossing’s unique combination of big city options and small town community, a New Yorker can really have it all!

Breathe
Closer than Brooklyn and home to the 212 area code, Roosevelt Island spans two miles long, 800 feet wide and just 300 yards from the FDR Drive. With two-thirds of Roosevelt Island's 147 acres devoted to parks, promenades and open spaces, a relaxing walk is always just around the corner. For those seeking more vigorous activities, Roosevelt Island provides ample opportunities for indoor and outdoor recreation. From the clay tennis courts of the Roosevelt Island Racquet Club, to soccer and baseball at Fireman's Field and Copobianco Field, to the five miles of jogging and biking trails, Roosevelt Island caters to the most active lifestyles.

Relax
Riverwalk Crossing features a 24-hour concierge and doorman and a wide array of amenities.
The state-of-the-art fitness center includes a weight-training facility and cardio machines with individual TV screens. The luxurious entertainment lounge provides an engaging and entertaining space to enjoy the magnificent views with flat screen TVs and a billiard table. In addition, a Resident Service Specialist is on-site to address any residential needs, and a Related Personal Assistant is accessible to coordinate any personal needs – from restaurant reservations, to hiring a dog walker, to concert tickets. A Resident’s Circle “Insider’s Club” E-Newsletter is delivered exclusively to residents each month, describing exciting events, activities, dining options and special offers, all of which can be accessed through the Related Personal Assistant.

Grow
Parents have discovered that Riverwalk is a wonderful neighborhood to raise a child. The Roosevelt Island Day Nursery at Riverwalk provides parents a convenient option for their children to attend a nursery in the comfort of their own building. In addition, Roosevelt Island is home to PS 217, serving an international group of students in pre-kindergarten through eighth grades, with academically enriched after school programs. The Roosevelt Island Youth Center and Island Kids compliments the family experience with a variety of kids activities, including music and art classes, Mommy and Me Pilates, and sports programs.

Engage
Roosevelt Island is home to a friendly established community with year-round events and activities. From quiet reading at the Roosevelt Island Library to visits at the community gardens, green market, Main Street Theater and Dance Alliance and various social clubs, the warmth of the Island will be apparent from your very first visit.

For more information about Riverwalk Crossing and Roosevelt Island, please visit www.riverwalkcrossingnyc.com, the on-site leasing office or call 212 838-5090.






]]>Sunday, March 01, 2009- Home to Half of NYC’s Michelin 3-Star Restaurants
- First Performing Arts Center Built Specifically for the Sound of Jazz
- New York City’s Only Mobil Five Star Spa, The Spa at Mandarin Oriental, New York

NEW YORK – February 5, 2009 –Today, Time Warner Center, Manhattan’s premiere shopping, dining, and entertainment destination located on Columbus Circle and co-developed by Related Companies, celebrates its fifth anniversary.

A unique combination of world class restaurants, shops, entertainment and culture all under one roof and unprecedented in New York City, Time Warner Center is comprised of The Shops at Columbus Circle, The Restaurant and Bar Collection, Mandarin Oriental, New York, Jazz at Lincoln Center, One Central Park condominiums, The Residences at Mandarin Oriental and the Time Warner World Headquarters.

Since its opening, Time Warner Center has welcomed over 16 million guests annually from around the world, providing a dynamic array of round-the-clock experiences, as well as serving as a marquee venue for celebrity-studded galas and special events.

“Our vision for Time Warner Center was to not only build an iconic building, but be a catalyst for the revitalization of the entire neighborhood, where the Center was interwoven into the very fabric of everyday, New York life,” said Stephen Ross, Chairman and CEO of Related Companies. “It is with great pride that we celebrate this milestone anniversary and the dynamic, bustling city-center that has had such a profound, positive impact on Columbus Circle.”

“Part of our success is due to the fact that guests can continually create new experiences at Time Warner Center. Whether it’s a day of leisure or a night on the town, our myriad of activities can be mixed and matched to provide endless opportunities of fun,” said Kenneth A. Himmel, President and CEO of Related Urban, the mixed-use division of Related Companies. “We look forward to providing even more exciting, New York City experiences to our visitors from across the globe."

In celebration of this anniversary, Time Warner Center will be offering special shopping, dining and entertainment engagements throughout the year as thanks to its loyal patrons. For updates, log onto www.shopsatcolumbuscircle.com .

Highlights of Time Warner Center’s five year tenure include:

The Shops at Columbus Circle:
The Shops at Columbus Circle, occupying the first four floors of Time Warner Center, is a contemporary shopping destination offering an experience unmatched in New York City. With over 40 shops, including True Religion, Sephora, BOSS Hugo Boss, Wolford, Montmartre, and Eileen Fischer, The Shops at Columbus Circle reflect a razor-sharp focus of the American style scene. The Shops also include a flagship Whole Foods Market, one of the most popular stores of its Company worldwide, and a flagship Equinox Fitness Center, which includes the elite E Club, an exclusive, members-only fitness facility providing unparalleled services and amenities. www.shopsatcolumbuscircle.com


The Restaurant and Bar Collection:
The handcrafted Restaurant and Bar Collection at Time Warner Center boasts award-wining establishments from the likes of Chefs Thomas Keller, Masa Takayama, Michael Lomonaco and Marc Murphy, as well as Master Sommelier Andrew Bradbury and entrepreneur Rande Gerber.

Per Se and Masa have been awarded three-stars by the 2009 Michelin Guide, two of only four restaurants in New York City to receive this coveted ranking. Masa, the eponymous omakase purveyor, is the first Japanese restaurant in the U.S. to receive three Michelin stars. In addition, Per Se is ranked first for Food and Service by the 2009 Zagat Guide.

Master Sommelier Bradbury’s Clo, a unique and high design wine bar , was one of the most recent additions to the Center and features a one-of-a-kind multi-user, multi-sensor projector menu on the bar, providing a futuristic experience for patrons to digitally explore more than 100 wines. This June, the Collection will welcome A Voce, a contemporary Italian eatery, helmed by Executive Chef Missy Robbins. www.circleoftaste.com

Mandarin Oriental, New York:
Mandarin Oriental, New York is a sophisticated blend of modern design with stylish Oriental flair, featuring 248 elegant guestrooms and suites — all with breathtaking views of Manhattan. A recipient of both the Mobil Travel Guide's Five Stars and AAA Five Diamonds, Mandarin Oriental, New York is home to The Spa at Mandarin Oriental, MObar and the Lobby Lounge, a chic and stylish cocktail lounge with 35th floor views of Central Park. The hotel's elegant Restaurant Asiate is ranked for "Top Service" and "Top Decor" in Zagat's 2009 NYC Restaurants Guide.

In celebration of its fifth anniversary, Mandarin Oriental, New York is offering a “Suite Fifth Anniversary Package” through September 7, 2009 for three nights with 50% savings on luxury suite accommodations. www.mandarinoriental.com

Jazz at Lincoln Center:
Jazz at Lincoln Center is the first-ever performing arts center specifically designed for the sound of jazz. With Wynton Marsalis as its Artistic Director, Jazz at Lincoln Center features three performance facilities, Rose Theater (seats 1,200), The Allen Room (seats just under 500) and Dizzy’s Club Coca-Cola (seats 140), which Tony Bennett calls “the best jazz room in the city.” Over the last five years, Jazz at Lincoln Center has hosted some of the most renowned names in the music industry, as well as celebrity studded movie premieres and special events.

Whether it’s Harry Connick Jr. dropping by late to gig with Wynton Marsalis; Tom Cruise walking the red carpet for the Valkyrie premiere; The Ellen Show taping, or Franki Valli singing in Rose, you never know who’s going to show up at Jazz at Lincoln Center. Located on the same floor is the Irene Diamond Education Center with classrooms for jazz students of all ages and the Nesuhi Ertegun Jazz Hall of Fame which is free and open to the public. www.jalc.org

Time Warner Center:
When the $1.7 billion Time Warner Center opened in 2004, it became the first vertical, mixed-use facility of its kind in New York City. During construction, the 2.8 million square foot complex was, at the time, the largest project in the country, as well as the largest construction effort in New York since building of the original World Trade Center.

Recognized as the catalyst to transform a long suffering Columbus Circle into a thriving epicenter of Manhattan, Time Warner Center stands as the nucleus of this historic neighborhood. Where the skyline was once low, thriving developments and fashionable destinations now rise. Since the opening of Time Warner Center, the Columbus Circle neighborhood now includes, the Museum of Arts and Design, Daniel Boulud’s Bar Boulud and 15 Central Park West.

About Time Warner Center
Time Warner Center, the 2.8 million square foot complex located at Columbus Circle, opened to the public on February 5, 2004. The Shops at Columbus Circle and The Restaurant and Bar Collection consist of shopping, dining and entertainment programming totaling 350,000 square feet of leasable space. Together with Jazz at Lincoln Center’s three performance halls, this world-class destination provides New York’s West Side with 500,000 square feet of dynamic restaurant, retail and entertainment uses. The complex includes Time Warner World Headquarters, One Central Park condominiums, The Residences at the Mandarin Oriental, and the Mandarin Oriental five-star luxury hotel. The $1.7 billion project was developed by Columbus Centre LLC, a partnership consisting of Related Companies, L.P. and Apollo Real Estate Advisors, L.P (now AREA). Visit www.theshopsatcolumbuscircle.com for more information.


About Related Companies
Related Companies, heralded as one of the most prolific and visionary developers, is considered the most prominent privately-owned real estate development firm in the United States. Headquartered in New York City, Related has offices or major developments in Chicago, Miami, West Palm Beach, Los Angeles, Phoenix, Boston and Aspen/Snowmass and boasts a team of more than 2,000 professionals with expertise in financing and acquisitions, marketing and sales, construction and property management. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center, featuring an unparalleled restaurant collection by renowned chefs Thomas Keller, Michael Lomonaco, Masayoshi Takayama and Marc Murphy, signature shops, super-luxury condominiums, office headquarters for both Related and the world headquarters for Time Warner, Inc., the Mandarin Oriental New York Hotel and, overlooking Central Park, the first ever concert hall designed specifically for jazz - Jazz at Lincoln Center. Time Warner Center has transformed Columbus Circle. Showcasing Related's over $6 billion commitment to sustainable development, Related developed Tribeca Green, which has achieved a LEED Gold rating and recently completed 340 on the Park, the first green residential tower in the Midwest. The Grand in downtown Los Angeles will be one of the largest vertically-integrated, mixed-use projects in the nation. The multi-phase 3.6 million square foot development spanning three city blocks will cost an estimated $3 billion to develop. Phase I has been designed by world-renowned architect Frank Gehry for the project developer, Related Companies. In Snowmass Colorado, Related is setting a new paradigm in environmental sensitivity in resort living through its 80-acre mixed-use development. Committed to architectural and design excellence, Related works with award winning architects such as Bernardo Fort-Brescia, David M. Childs, Charles Gwathmey and Robert Siegel, Frank Gehry, Richard Meier, David Rockwell, Philippe Starck, Robert A.M. Stern and Howard Elkus to create market defining properties.www.Related.com ]]>Thursday, February 05, 2009
Boston Redevelopment Authority Director John Palmieri, The Beal Companies, Related Companies, and Bovis Lend Lease celebrated the work of the construction team today at the topping off ceremony for The Clarendon, Boston's newest residential development in the Back Bay.

The Clarendon, a joint venture between industry leaders Related Companies of New York and The Beal Companies of Boston, has created 450 construction jobs and is expected to be LEED-certified at the Silver level. The project will also create about 100 permanent jobs and represents a $200 million commitment to the city of Boston. There will be more than three dozen affordable homes in the building. Construction on the thirty three story classically elegant tower will be completed and ready for occupancy in late 2009.

"This milestone at the Clarendon represents great news for the City of Boston. This important development project will provide much needed jobs, tax revenue and affordable housing to the residents of our city," said Mayor Thomas M. Menino. "I want to thank the Beal Companies and Related Companies for meeting the practices of sustainable building at the LEED Silver level. The building is an exciting and welcome addition to the marketplace."

The Clarendon is designed by world-renowned Robert A.M. Stern Architects in their first residential project in the city of Boston and will feature panoramic views of the downtown skyline, the Charles River, and Boston Harbor. In addition to the 103 graciously appointed one-to four-bedroom condominiums, starting on the 15th floor, there are also 178 rental residences. The Clarendon will also include an on-premise signature restaurant and a gourmet market operated by American Food Management, the group founded and owned by Ken Himmel, President and CEO, of Related Urban, who also owns the nearby Grill 23 and Bar.

"We are pleased that the City of Boston, who was instrumental in our completion of this project, was able to join us today to celebrate the hard work of the construction team and the economic development that this project creates," said Bruce Beal, Sr., Chairman, The Beal Companies.

The Clarendon is the Related Companies' first residential project in the Boston area, bringing New York-style amenities and services to this city. Related has partnered with The Beal Companies, a full-service, century-old, locally-based real estate firm, ensuring that the area?s deep traditions are respected. The Clarendon is not only a development with a merger of firms but also a merger of family. Bruce Beal, Jr. is an Executive Vice President and partner at Related Companies and a driving force behind making the collaboration a reality.

"Related is thrilled to be offering this highly sought-after property as our first development in Boston," said Bruce Beal, Jr. "Today's milestone is a testament to a tremendous public-private partnership and we are proud to have worked with the City of Boston and the Boston Redevelopment Authority to bring this development from paper to what we see here today."

Related Sales LLC is the exclusive marketing and sales agents for the residences at The Clarendon. The Sales and Design Gallery is located at 14 Newbury Street. For more information visit www.theclarendonbackbay.com.

About Related Companies
Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, with divisions in development, acquisitions, property management, marketing and sales. Related, headquartered in New York City, has offices and major developments in Aspen/Snowmass, Boston, Chicago, Los Angeles, Las Vegas, Phoenix, San Francisco and South Florida and boasts a team of more than 2,000 professionals.

The Beal Companies
The Beal Companies is a full service real estate firm actively pursuing investment opportunities in all segments of the real estate industry. Since 1888, the Beal family has built an enviable reputation with projects and advisory services not only in Boston, but throughout the United States as well.

The company boasts a keen eye for value, as well as the ability to move quickly in creating that value. Through extensive experience in problem-solving skills, The Beal Companies have established a very strong financial position, while remaining committed to a deep community involvement. Activities include the acquisition and development of commercial, historic and residential properties, asset management, brokerage and consulting, appraisal and tax assessment, as well as financing and construction management services. For more information visit www.bealco.com.
]]>Thursday, November 20, 2008
New York, NY - The United States Green Building Council (USGBC), New York Chapter, tonight honored Related Companies with the Development Award at its 2008 Fall Gala. Jeff Blau, President of Related Companies, accepted the award. Jeff Zucker, President and CEO of NBC Universal was presented with the Tenant Award, while Mayor Michael Bloomberg and Speaker Christine C. Quinn received the Government Award.

"I am very proud to accept this award on behalf of Related Companies, which has been a leader in sustainable development completing one of the nation's first green residential buildings and the Midwest's first green residential building. With $30 billion in green development completed or underway, our commitment to sustainable development can be evidenced across our luxury residential portfolio in New York, Boston, Los Angeles and Chicago, retail centers including Bronx Terminal Market and the Kingsbridge Armory in the Bronx, and our large-scale mixed-use destination developments including The Grand in Los Angeles and CityNorth in Phoenix. Related's massive community developments like the 80-acre Snowmass resort and the highly anticipated 26-acre Hudson Yards development, on Manhattan's west side, offer the unprecedented opportunity to expand our eco-conscious efforts and build green on a new scale," said Jeff Blau, President of Related Companies. "With the magnitude at which we do business, we have both the obligation and opportunity to profoundly change the market and deliver tangible environmental and social benefits."

Honorees were recognized for their outstanding leadership in the field of green building, having initiated policies with a tangible impact on the design, construction and operation of buildings, and acted as public spokespeople for the importance and benefits of green building. The USGBC New York Chapter presented the award to Related for the company's unwavering commitment to sustainable design and their ongoing commitment to greening their significant portfolio. Related was recognized for having long been associated with green building, having developed some of the earliest green residential buildings, and have recently distinguished themselves with a commitment to LEED certified development across all disciplines of their work, including mixed-use and retail holdings.

Related developed one of the nation's first green residential high-rise buildings, Tribeca Green in Lower Manhattan, and the first green building in the Midwest, 340 on the Park in Chicago. Related is currently developing several new LEED-certified residential buildings including, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston, The Century in Los Angeles, The Village in Santa Monica, and 510 Lake Shore Drive in Chicago as well as several green mixed-use, community developments and retail projects. Related has also undertaken a comprehensive initiative to upgrade the performance of its existing portfolio. Related serves on the board of directors of the World Resources Institute, is on the Council on Foreign Relations Independent Task Force on Climate Change and is partnering with the acclaimed Rocky Mountain Institute on sustainability planning and initiatives for its development in Snowmass, Colorado.

About The United States Green Building Council (USGBC): The U.S. Green Building Council (USGBC) is a non-profit organization committed to expanding sustainable building practices. USGBC is composed of more than 15,000 organizations from across the building industry that are working to advance structures that are environmentally responsible, profitable, and healthy places to live and work. The USGBC developed LEED (Leadership in Energy and Environmental Design), a voluntary, consensus-based national rating system for developing high-performance, sustainable buildings. LEED addresses all building types and emphasizes state-of-the-art strategies for sustainable site development, water savings, energy efficiency, materials and resources selection, and indoor environmental quality. LEED is a practical rating tool for green building design and construction that provides immediate and measurable results for building owners and occupants.

]]>Thursday, October 30, 2008
Chicago - Mayor Richard M. Daley's vision to make Chicago the most environmentally-friendly city in the world hits another milestone this summer as 340 on the Park, the tallest all-residential tower in Chicago, nears completion as the first residential high-rise in the Midwest scheduled to meet the rigorous Leadership in Energy and Environmental Design (LEED(r)) Silver certification standards of the United States Green Building Council.

The 62-story 340 on the Park, at 340 E. Randolph, overlooks Grant and Millennium Parks on the South and The Park at Lake Shore East on the North.

Related Midwest has taken a leadership stand on sustainability in the city, with 340 on the Park planned since 2002 to be LEED certified, years before sustainable development became a buzz word, and with its next two residential towers, on the market this summer, also planned for the certification. Canyon Ranch Living - Chicago, a 67-story luxury condominium and mixed-use joint venture with the world's most renowned wellness lifestyle company, Canyon Ranch, is currently on the market with full-size kitchen and bath vignettes in the sales center in the John Hancock Building. The Peshtigo, a 57-story condominium along Lake Shore Drive at Grand Avenue will be released for sales shortly. Both projects are slated to begin construction just after the first of the year. The first of 340 on the Park's new condominium owners - all of whom have lake, skyline and park views from floor-to-ceiling windows -- began moving in to their homes in late June.

Its signature view of Chicago, and fabulous location at the city's cultural epicenter -- the premier site of the 28-acre, $2.5 billion Lake Shore East planned community -- drove many design choices. Seeking to create an extraordinary building was key to the design team's early commitment to the environmental certification, well before the City of Chicago offered substantial "green" incentives, including grants and expedited permits, to encourage sustainable design. The commitment was significant for a building of this size.

"The views from all sides of the building are extraordinary. In addition, the heart of the City of Chicago - Grant and Millennium Parks -- is at your doorstep," said Kerry Dickson, Senior Vice President of Sales and Marketing at Related Midwest.

A panorama of the city is a key design element of a breathtaking amenities level utilizing the entire 25th floor - an unusual use of prime high-rise space. On the south, the building's exterior curtain-wall of low-e tinted glass and aluminum panels is peeled back to provide a 2-story landscaped winter garden, conceived to provide residents with a common outdoor terrace, to enjoy the music and sounds of the city below. The floor also includes a fitness room in the sky, 25-yard lap pool, clubroom lounge for gathering or entertaining, and Wi-Fi access.

The structure's distinctive prow-shaped eastern profile, designed by Solomon Cordwell Buenz and Associates' architect Martin Wolf, also maximizes visibility without obscuring the views of nearby structures.

"We are happy to honor really innovative projects like 340 on the Park," noted Commissioner Johnston. "Sustainable design is extremely important to the city. It's a huge priority for us. The benefits of sustainable design are endless. They result in better buildings."

LEED certification involves a point system with required prerequisites and affects many aspects of building design, construction and operation, such as energy efficiency, water use, interior air quality, site selection and materials.

Designing and building the first LEED-certified residential tower in the Midwest had its challenges, since it required pioneering new ways of thinking and working for the area, according to Don Biernacki, Senior Vice President for Construction at Related Midwest. For example, the firm initially set a conservative goal of 50% for the percentage of the building's construction waste that could be diverted from the waste stream toward recycling. But over time, the firm's scavenger service developed a market for recycling construction waste, so 340 on the Park was ultimately able to divert 82% of its construction waste - over 2800 tons -- from landfills to be used in projects such as road beds.

"The commitment of our contractors was essential to what we were able to accomplish," said Biernacki. "It's a new day. We as developers and builders have a responsibility to do what makes sense for the environment. It's the right thing to do. Sustainable building practices may seem complicated, but with a committed team and thoughtful planning and design, challenges can be overcome."

Green construction practices at 340 on the Park included using locally produced and recycled building materials, an indoor air quality management plan to keep mechanical systems clean during construction so dust is not trapped in air ducts, and the implementation of an erosion and sediment control program to minimize impact on storm water systems.

LEED certification credits and prerequisites are divided into six categories, addressing different components of building design, construction and final use, including sustainable site selection, water efficiency, energy and atmosphere, materials and resources, indoor environmental quality, and innovation in design. Each credit and prerequisite has specified criteria and corresponding required submittal material that must be met in order for the credit to be earned.

"Green design means energy efficiency," notes Environmental Commissioner Johnston. "Sustainable buildings put less storm water in the city's storm water system. Less energy is used, so energy costs are lower. They provide better indoor air quality that's healthier for occupants."

98.5% sold out, 340 on the Park's 343 residences include one-, two- and three-bedroom and penthouse homes.

Related Midwest is a progressive leader in the development of award-winning real estate properties and the preservation of landmark buildings, known for their top quality, innovation, beauty, architectural significance and enduring value to the communities they enrich. Recognized for developing such iconic buildings as Park Tower at 800 N. Michigan Avenue, featuring luxury condominiums and penthouses, Related Midwest also develops commercial, mixed-use and affordable housing projects throughout the Midwest and United States. It is located at 350 W. Hubbard St., Chicago. For additional information please visit relatedmidwest.com.
]]>Thursday, October 30, 2008
Century City, California - In a sale that is certain to be the topic of discussion at summer cocktail parties throughout the country, Related announces the purchase by a Los Angeles estate owner of the top two floors of The Century, Los Angeles' brand-new and most luxurious residential condominium. The magnificent penthouse residence, spanning approximately 16,500 square feet with a price of $47 million, or $2,848 per square foot, has set a new high price-per-square-foot record for a Los Angeles condominium residence.

"Before choosing The Century, I carefully explored all of the high-rise buildings on the Westside, and The Century was the only one that met my expectations. It offers a completely new alternative," said the buyer, a native of Los Angeles. "I am confident I have found the premiere penthouse, building and developer in Los Angeles."

"We are experiencing a very strong market for extraordinary properties such as The Century, Los Angeles' first ultimate trophy condominium property," said David Wine, Vice Chairman of Related. "The combination of exceptional quality and design, unmatched views, vast interior and exterior living area and simply the finest amenities, above and beyond anything else offered on the market, make this penthouse a stunning acquisition. This sophisticated and well-traveled purchaser, currently residing in one of the city's most important estates, wanted the freedom that will come from no longer having to manage a large estate and staff and yet will continue to enjoy the pleasures of estate living."

The previous record for a Los Angeles condominium sale was set in February when a half-floor penthouse at The Century sold for $15 million or $2,700 per-square-foot. The Century has achieved sales of $200 million and has sold more than 50 percent of the first release. The building is expected to be topped out at its full height by the end of this year.

This extraordinary penthouse residence, certain to be among the premiere condominium residences in the world, will crown the 42-story building which presides over nearly four acres of landscaped gardens in the heart of Century City. The penthouse features breathtaking panoramic views from Downtown Los Angeles and the Hollywood Hills to the east, and west to the Pacific and Santa Catalina Island. Designed by the renowned architecture firm of Robert A.M. Stern Architects, LLP, The Century presents the evolution of estate living and offers an exceptional array of services and unrivaled amenities. The Century will be ready for occupancy in late 2009.

The buyer has been working with Related on the design of the penthouse residence and current plans call for the first level to feature an expansive living room with two fireplaces and dining room that can comfortably accommodate 25 guests, each with large private terraces, a reception room, a chef's catering kitchen with separate china storage, breakfast room, climate-controlled wine storage, an office and staff quarters. The second level will include more personal spaces, including a garden conservatory with a rose garden and spectacular views of the Pacific, a private pool and pool deck opening onto a terrace, a massage room, exercise room and a master bedroom suite of approximately 4,000 square feet with a private terrace, spacious dressing area and a midnight pantry.

The Century's 140 residences will offer the distinctly luxurious lifestyle that Angelenos expect and enjoy, yet have not been able to realize in a luxury high-rise condominium. The private, lush estate gardens feature outdoor entertaining rooms with fireplaces, fountains, walking paths and private spaces. The pool area consists of a 75-foot pool with views stretching to the Pacific, perfect for swimming laps, privately owned cabanas and outdoor dining. The Century will also have a signature restaurant that will cater to residences and provide poolside and outdoor dining.

Life's special occasions are celebrated in The Century's exclusive entertainment suite featuring an elegant lounge, formal banquet room, a screening room and an Assouline Culture Lounge. Additional amenities include a private fitness center, spa treatment rooms, wine-tasting room, children's playroom and a business center with a boardroom. Each residence will include concierge service, a membership to the ultra-exclusive Equinox Club in Century City as well as the Equinox-designed gym in the building, valet indoor parking, individually secured storage, personal wine storage and sophisticated telecommunications capabilities, including a membership to Sony Cierge. Additionally there are private offices, guest suites and poolside cabanas available for purchase exclusively for owners at The Century. www.thecentury.com
]]>Tuesday, July 22, 2008
New York, NY - Time Warner Center, New York City's iconic mixed-use property developed by Related Companies and Apollo Real Estate Advisors, L.P., which houses the world headquarters for Time Warner Inc. and boasts 80 floors of additional office space, luxury dining, shopping, entertainment and residences, was recently named the 2008 International winner of The Office Building of the Year (TOBY) Award in the "Over 1 Million Square Feet" category by Building Owners and Managers Association (BOMA) International. This marks the first time in the history of the BOMA Awards that an office building in New York has won the highly coveted International award in this category.

The BOMA award was created in 1985 to salute excellence in the office building industry. Nearly 25 years later, it remains the single most prestigious and comprehensive distinction of its kind in commercial real estate, recognizing quality in office buildings and excellence in office building management. Buildings are judged on criteria that includes tenant relations and community impact. Receiving the Mid-Atlantic award qualified Time Warner Center for the international competition where it bested five other finalists for the top award.

"Time Warner Center is proud to have achieved this unprecedented and well deserved recognition for New York City from the international building community," said Jeffrey I. Brodsky, President of Related Management, Related Companies. "This award celebrates Related's commitment to excellence, creating and operating superior developments and maximizing benefits for its owners, guests, communities, employees and partners."

In addition to winning the 2008 International and Mid-Atlantic TOBY's, Time Warner Center has also received the 2007 Pinnacle Award for Operating over 1 Million Square Feet, BOMA/NY; and 2005's Top Award for Mixed-Use Projects, Urban Land Institute. The Related Companies was recognized in 2007 with The 21st Annual Honor Award for architecture and design excellence, commitment to affordable housing and legacy of innovative business strategies by the National Building Museum; The Inc. 5000 Fastest Growing Private Companies in America, Inc. magazine; and The Alexander Hamilton Bronze Award For Excellence in Cash Management, Treasury and Risk Management magazine. Additional Related awards include the 2006 Developer of the Year, Greater Los Angeles African-American Chamber of Commerce and California Housing Hall of Fame, California Housing Consortium for Related California; 2003 Regional Retail New Construction Award, Brooklyn Chamber of Commerce, The Gateway Center; and the 2002 Award for Excellence, Urban Land Institute, CityPlace to name a few.

Related Companies' Related Urban division is currently near completion of Phase One of CityCenter of CityNorth, the 76-acre mixed-use portion of the 144-acre CityNorth development in the Northeast Valley of Phoenix. CityCenter of CityNorth, is envisioned to be the urban core of the Northeast Valley of Phoenix. At completion, CityCenter of CityNorth will offer more than 3 million square feet of vibrant shopping, dining, residential, hotel, office and medical suite space, creating a unique urban village or "city within a city." And The Grand, its current project in Los Angeles, will transform downtown Los Angeles into a true 24 hour, all-access destination. This three-phased, 3.6 million square foot urban mixed-use project encompasses nine acres spanning three city blocks and the revitalization of the adjacent 16 acre Civic Park. The first phase, designed by distinguished architect Frank Gehry, consists of an open air plaza surrounded by a vibrant mix of vertically-integrated street-front and upper-level shops, restaurants with landscaped terraces, a gourmet market, one the world's finest hotels, a 38,000 square foot luxury health club and 488 residences overlooking the city skyline.
Time Warner Center includes Time Warner Inc. World Headquarters, The Shops at Columbus Circle, The Restaurant and Bar Collection, Jazz at Lincoln Center, One Central Park condominiums, The Residences at the Mandarin Oriental and the Mandarin Oriental five-star luxury hotel. The facility has served as a catalyst to the revitalization of Columbus Circle and the surrounding neighborhood. Time Warner Center is a symbol of Related Companies' dedication to building and managing award-winning, legacy projects that not only transform neighborhoods but become world renowned destinations. ]]>Thursday, July 17, 2008
The 16-acre park will connect the Music Center at Grand Avenue with City Hall at Spring Street, bordered by buildings along Temple and First streets. The Civic Park is a component of Phase One of The Grand, the three-block mixed-use project adjacent to the Walt Disney Concert Hall being developed by Related Companies. The initial funding for the design and construction of the park came from Related's $50 million ground lease payment for the Phase One development parcel.

"This is great news," said Supervisor Gloria Molina who chairs the Grand Avenue Authority, a city-county agency formed to implement the Grand Avenue plan. "The Civic Park will be the most important public space in all of Los Angeles and these additional funds will allow us to complete the complicated infrastructure needed to make the park accessible as well as add enhanced public features.

"Related has been a dedicated partner with us in securing these funds," Molina added. "With these new funds, the park will have approximately $82 million in the bank when construction is ready to start next summer," she noted. The total includes $970,000 from State Prop. 40 funds and interest earned on Related's $50 million contribution. The Proposition 1C funds will go to the county for disbursement for park development. "Sitting at the heart of our city, the Civic Park will be a signature icon for Los Angeles," said Mayor Antonio Villaraigosa. "Thanks to Related and our partners throughout the county, all Angelenos will reap the benefits of this new, exciting, and engaging project." Councilwoman Jan Perry, vice chair of the Grand Avenue Authority, said, "It is exciting and rewarding to see the Civic Park move forward. We are well on our way to realizing our vision for its central role in bringing our community together." Nelson Rising, chair of the Grand Avenue Committee, the public/private partnership that is spearheading the Grand Avenue project, noted, "From the earliest stages of the Grand Avenue project, the committee saw the park as the essential link in the plan, knitting together downtown's civic, cultural and ethnic communities and giving Los Angeles the great central park that it deserves."

Related Companies is acting as a project manager for the design and construction of the Civic Park on behalf of the Grand Avenue Authority and was a co-applicant with the County of Los Angeles for the Proposition 1C grant. Los Angeles-based Rios Clementi Hale Studios is the lead design consultant for the Civic Park and MJM Management Group has been retained as the park operations and events programming consultant. It is expected that Civic Park will host community festivals, concerts, children's activities, civic events, benefit galas and farmer's markets.

One of the primary features of the initial park construction is the upgrading and renovating of the historic Arthur J. Will Memorial Fountain that will include programmable pop-jets, dramatic lighting and architectural modifications, encouraging park visitors to have more fun and interaction with the fountain.

Civic Park will feature flexible plazas, lawns and gardens, settings for both intimate gatherings and for large performances and festivals. Smaller gardens, groves, and walking paths will provide many passive spaces for quiet contemplation. A new 3/4-mile pedestrian promenade loop will encourage tree-lined strolling and jogging while unifying the disparate blocks. Amenities will include improved pedestrian access, public restrooms, security lighting, electrical, data and event infrastructure, hardscape and landscape renovation, and multilingual directional signage, all designed to accommodate a year-round calendar of diverse cultural performances and events.]]>Thursday, June 26, 2008
Phoenix, Arizona - Related Urban, the mixed-use division of Related Companies and Thomas J. Klutznick Company announced today that they have signed nine new retailers and one more new-to-market restaurant to the eagerly-awaited CityCenter of CityNorth (www.CityCenterofCityNorth.com). Situated in Phoenix's demographically dynamic Northeast Valley, CityCenter of CityNorth is the 70-acre mixed-use portion of the 144-acre CityNorth urban community located at 56th Street and Deer Valley Drive.

"This wave of newly secured tenants continues to illustrate the quality and diversity that will characterize CityCenter of CityNorth and the commitment that renowned brands are showing in the development," said R. Webber Hudson, Executive Vice President of Related Urban. "The retail landscape at CityCenter of CityNorth will create a compelling new shopping destination for the Northeast Valley, and its design and layout will encourage walking, shopping, and dining amidst the amenities of the surrounding plazas."

Upon completion, Phase One - High Street, opening November 13, 2008 - will include approximately 44 retail stores and seven restaurants comprising nearly 180,000 square feet. Eight of the newly announced retailers, Alessi, D and G Designs, GUESS, Green Bone Bakery, Haus, King and Duck, Little Artika, Yogurberry and the newest restaurant, 25 Degrees, will all add to the energy of the High Street neighborhood. This new group of tenants joins the existing roster of Phase One retailers and restaurants, bringing High Street's committed street-level retail space to more than 90 percent.

Also signing on to CityCenter of CityNorth as part of Phase Two is international retailer MAC Cosmetics. Opening November 2010, Phase Two will feature two distinct neighborhoods: 54th Street, a bustling corridor with shops and restaurants, and The Boulevard, which will feature additional elegant condominium residences, Class A office space, community gathering spaces and luxury retail, including Macy's, Arizona's first Bloomingdale's and Phoenix's first and only Nordstrom.

New retailers coming to CityCenter of CityNorth include:


Alessi (www.alessi.com) an Italian manufacturer known as the "dream factory" of sophisticated and innovative designs for the home and kitchen.


D and G Contemporary Home Designs (www.dgdesigngroup222.com) for the first time is combining its luxury gift gallery, eco-friendly home accessories, and soft contemporary furniture showroom under one roof,featuring the best contemporary styles in upholstery, bedroom, and dining groupings as well as interior design services.


Green Bone Bakery (www.threedog.com) a new concept from the creators of Arizona favorite, Three Dog Baker, that will feature the best in organic pet products, pet toys made from recycled materials and environmentally-friendly pet supplies.


GUESS (www.guess.com) an internationally recognized lifestyle collection of contemporary men's and women's apparel, denim, handbags, watches, footwear and other related products.


Haus (www.hausmodernliving.com) an exclusive Arizona retailer offering top designers and manufacturers of modern living and dining accessories.


King and Duck (www.kingandduck.com) carries limited-edition clothing and footwear for men,reflecting the collision of subcultures, lifestyles and art found among hip-hop and skateboarding enthusiasts.


Little Artika (www.littleartika.com ) a contemporary children's retailer that sells unique,high-design infant and children's clothing, furniture and accessories.


MAC Cosmetics (www.maccosmetics.com) an internationally acclaimed line of premier cosmetics, makeup tools and skin care products.


Yogurberry (www.yogurberry.com) an international frozen yogurt shop offering delicious and natural low-fat, low-calorie yogurt with fresh fruit toppings.

In addition to department store anchors Macy's, Bloomingdale's and Nordstrom (all opening Fall 2010), announced retailers include: White House | Black Market, Chico's, Lindsay Lou, Gymboree, Pumpkin Patch, Verde Maison, Fresh Produce, Optix, Talbots, Colorado Baggage, Fast Fix, Chico's, J. Stephens Collection (formerly Rockport), Caribbean Kids, Ann Taylor LOFT, Sunglass Pro, Bakers, and Nordstrom Cafe. Previously announced restaurants include Momenti, Cameron Mitchell's Ocean Prime, Daily Grill, Nordstrom Cafe and Blue Martini, along with local favorite Kona Grill. The latest restaurant to be announced at CityCenter of CityNorth, 25 Degrees (www.25degreesrestaurant.com), showcases a new twist on the classic hamburger joint, combining lush interiors with countless ways to create the perfect burger.
]]>Monday, June 23, 2008
Stephen M. Ross, Chairman and CEO of Related Companies, said, "I am extremely pleased to have Jay join our executive team. Jay brings over three decades of broad development experience and a proven track-record of delivering large, complex mixed-use projects. Jay's extraordinary technical knowledge of this challenging site and his architectural and engineering training will be a great asset in realizing the historical development of The Hudson Yards."

Jeff T. Blau, President of Related Companies, said, "Jay is a proven leader and will be a tremendous addition to Related Companies. His extensive experience in mixed-use development and demonstrated ability to execute will ensure our success as we undertake the development of The Hudson Yards as a place where New Yorkers and visitors from around the world will want to live, work and play."

Jay Cross said, "I am thrilled to be joining Related Companies as this is the realization of a lifetime goal to lead such an extraordinary and transformative development with a world-class real estate firm. I look forward to working with the State, the City, the MTA and the community to create New York's next great neighborhood, The Hudson Yards."

As President of The New York Jets LLC, Cross is responsible for all business operations of the NFL team, including finance, marketing, community relations, broadcast and game operations and the team's 50% share in the New Meadowlands Stadium a joint venture with the New York Giants. Cross joined the Jets in 2000 from the Miami Heat of the NBA where he was the President of Business Operations and led the development of the AmericaAirlines Arena, creating a public-private partnership between the Heat and Miami-Dade County to manage the project. In that role he also spearheaded a pioneering development program surrounding the arena that included multiple restaurants and an office tower, and closed on an unprecedented triple "A" $185 million bond offering. He previously served as the point person for the development of the Air Canada Centre, home of Toronto's NBA and NHL franchises. Cross has held senior positions with Marlborough Properties Inc. where he was responsible for the company's commercial and industrial portfolio, and at The Prudential Insurance Company of America's real estate investment operations, where he was responsible for all aspects of The Consilium, a mixed-use project in Toronto incorporating 2 million s.f. of office space, a 400-room hotel and 1,000 condominiums. An accomplished sailor, Cross has been a member of three Canadian Olympic Teams and won 10 World, North American and National titles.

In May of 2008, a joint-venture of Related Companies and Goldman Sachs was named the designated developer of The Hudson Yards, a 26-acre site made up of the Eastern and Western Rail Yards on Manhattan's west side. The Related/Goldman Sachs plan will transform the West Side Yards into New York's next great neighborhood. This dynamic mixed-use neighborhood, designed as an extension of the City's fabric and public realm, will be a blend of architectural styles characteristic of New York's skyline, with streets lined with shops, restaurants, galleries, and arts and culture. The community will feature world-leading sustainability and extensive affordable housing, centered around an expansive public space destined to be one of New York's premiere gathering places.

To date, Related has real estate assets worth over $15 billion. Related's current pipeline is comprised of marquee projects across the nation including: Grand Avenue, a multi-phase 3.6 million square foot, $3 billion development spanning three city blocks in downtown Los Angeles, California; the $3 billion, 80-acre Snowmass Village Resort development in Colorado; and the 144-acre CityNorth mixed-use development in Phoenix, Arizona. www.related.com
]]>Tuesday, June 17, 2008
Syracuse Mayor Matthew J. Driscoll and Related Affordable, a division of Related Companies, today joined with residents to celebrate the grand re-opening of McCarthy Manor Apartments, a 176-unit affordable senior housing development in Syracuse, New York. Over $2 million of improvements were made on the property and Related has committed to ensuring the residences remain affordable for an additional 40 years. Related Affordable also announced that plans to acquire Parkside Commons, a 300 unit development at 1935-2001 East Fayette Street. Related intends to renovate the property beginning early next year and preserve its affordability for an additional 40 years.

Syracuse Mayor Matthew J. Driscoll said, "I am pleased Related Companies has undertaken the rehabilitation of this complex so there will continue to be good, affordable housing for our senior citizens at this location for many years to come. This housing is an important part of the City's affordable housing inventory. Our senior citizens have made many contributions to our community, and it is critical that the City work with private developers to assure they have decent, affordable housing."

Related Affordable President Mark E. Carbone said, "Related Companies was pleased to partner with the New York State Housing Finance Agency and the City of Syracuse to upgrade and ensure the long-term preservation of affordability of McCarthy Manor Apartments. Affordable housing is not just a need, but it stabilizes and energizes our neighborhoods. Our communities' vitality depends on the ability of people at every income level to have a place to call home, and a place that they want to call home. The comprehensive rehabilitation and preservation of affordability at McCarthy Manor Apartments is indicative of Related's long standing commitment to quality affordable housing. Since 1972, Related has developed, acquired or financed over 300,000 units of affordable housing."

Robert Roane, President of the McCarthy Manor Tenants Association said, "The renovation including the new windows and the new heaters and thermostat helps keep my electric bill reasonable. With that and keeping the rents low longer, I will be able to live in a nice apartment in a well-run, safe and affordable building at my income level.

Priscilla Almodovar, President and Chief Executive Officer of the New York State Housing Finance Agency said, "I'm proud that HFA was able to work with Related Companies and the City of Syracuse to finance major renovations at McCarthy Manor Apartments and ensure its affordability for the next 40 years. Preserving affordability is particularly important at McCarthy Manor, whose tenants are senior citizens and most vulnerable because they live on fixed incomes. We are dedicated to using our resources to upgrade the aging housing stock in cities like Syracuse so we can preserve affordable housing for generations to come."

Kathleen Franco, Director of Property Management for MB Management said, "We are delighted to have been engaged by Related Companies to continue our long term and valued relationship with McCarthy Manor by providing management services that will be directed toward fulfilling one of Related's primary objectives; meeting the needs of lower income households. By doing so, this will ensure that these households are provided with affordable housing opportunities that will enable them to enjoy this attractive and inviting residential community; one that has become, and will continue to be, an integral part of the City of Syracuse."

McCarthy Manor Apartments was originally constructed in 1979. It is located at 501 South Crouse Avenue in the City of Syracuse. The improvements to the eight-story building included significant upgrades to kitchens; bathrooms; lighting and heating improvements; a full elevator upgrade and modernization; window and roof replacement; and upgrade to common areas including the community room. McCarthy Manor Apartments received bond financing and tax credits from the New York State Housing Finance Agency (HFA). The City of Syracuse secured real estate tax abatements and the Department of Housing and Urban Development ensured that the Section 8 contract remained in place. As a result, $2 million in critical rehabilitations and upgrades were completed along with a commitment to 40 more years of affordability.

Nearly all of the apartments in McCarthy Manor Apartments are set aside for seniors and tenants whose incomes are at or below 60% of the Area Median Income for the Syracuse Area, which is $61,000.
]]>Thursday, May 29, 2008
Albany Mayor Gerald D. Jennings said, "I am grateful to Related Companies for their commitment to quality affordable housing for the people of our City. For 30 years, 400 Central Avenue has been home to many Albany families, and now having been rehabilitated, this address is poised to serve Albany families well into the future."

Priscilla Almodovar, President and Chief Executive Officer of the New York State Housing Finance Agency said, "Preserving affordable housing is one of the highest priorities of the Spitzer administration. That's why I am very proud that HFA was able to help Related Companies finance the capital improvements of Capitol Green in Albany and agreed to keep the project affordable for 30 more years. This project preserved 308 residential units and ensured that they will remain affordable for the current residents and generations to come."

Dave Senecal, President of Capitol Green Tenant Association said, "The dramatic restoration of Capitol Green is the result of the residents and management working together in a collaborative manner to prioritize and realize these improvements. We look forward to continuing to work with Related to consistently improve the quality of life for all of Capitol Green's residents."

Related Affordable President Mark E. Carbone said, "Related Companies was pleased to partner with the New York State Housing Finance Agency and the City of Albany to upgrade and ensure the long-term preservation of affordability of Capitol Green. Affordable housing is not just a need, but it stabilizes and energizes our neighborhoods. Our communities' vitality depends on the ability of people at every income level to have a place to call home, and a place that they want to call home. The comprehensive rehabilitation and preservation of affordability at Capitol Green is indicative of Related's long standing commitment to quality affordable housing. Since 1972, Related has developed, acquired or financed over 300,000 units of affordable housing."

Related Management President Jeffrey I. Brodsky said, "Related is proud to continually invest in improvements that are not only beneficial to the physical structure of buildings, but also significantly improve the quality of life for all of our residents. We are pleased to have worked with the residents of Capitol Green to prioritize the improvement initiatives and ensure we meet their needs. The upgraded apartment amenities, renovated community room, new children's playground and landscaped gardens will make Capitol Green an even better place to live and raise a family."

Capitol Green was original constructed in 1973. The improvements to the 23-story Capitol Green included significant upgrades to kitchens, bathrooms, appliances, hallways, carpeting, lighting, roof, elevators, the community room, lobby, laundry room, parking garage, security system, gated access and awnings. In addition, a new playground was constructed for Capitol Green's many family occupants and a front patio area was converted into a beautifully landscaped garden. Capitol Green (formally Central Towers) received bond financing and tax credits from the New York State Housing Finance Agency (HFA). The City of Albany secured real estate tax abatements and the Department of Housing and Urban Development ensured that housing vouchers could be provided to qualifying residents. As a result, $4.2 million in critical rehabilitations are underway along with a commitment to thirty more years of affordability.

Nearly all of the apartments in Capitol Green are set aside for seniors and tenants whose incomes are at or below 60% of the Area Median Income for the Albany County Area, which is $66,300.

###

About Related:
Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and the Frank Gehry-designed Grand Avenue development, situated directly across from the beloved Walt Disney Concert Hall, which will include luxury residences, retail, notable restaurants and a world class hotel.

Related is staunchly committed to sustainable design with over $6 billion in green development underway or completed. The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and Chicago's first green residential building, 340 on the Park. Related is currently developing eight new LEED-certified residential buildings, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston, The Century in Los Angeles, The Village in Santa Monica, Canyon Ranch Living and The Peshtigo in Chicago as well as Bronx Terminal Market, a one million square foot retail development in Bronx, New York. Related serves on the board of directors of the World Resources Institute.

This past year, Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in Centerline, the leading financier of affordable housing in the country. For more information about Related Companies please visit www.related.com.

Related Affordable develops, acquires and preserves affordable housing throughout the nation. In the area of acquisitions and refinancing, the company pursues properties that meet one of the following criteria: Section 8 properties with project-based contracts; Section 236 properties in need of rehabilitation; Section 42 LIHTC properties with expiring low-income restrictions; Section 515 FmHA properties with loans that can be prepaid; or other assisted properties, including HODAG, HOME, federal or state-financed public housing.

Related has thirty-five years of experience in debt and equity financing and extensive management experience of government-assisted properties. Related actively looks for affordable housing opportunities through the development, acquisition and refinancing of low, moderate and mixed-income properties around the country. Since 1972, Related has developed, acquired or financed over 300,000 units of affordable housing.
]]>Thursday, May 29, 2008
Governor David A. Paterson, Mayor Michael R. Bloomberg, and Metropolitan Transportation Authority Executive Director and CEO Elliot G. Sander and Chairman H. Dale Hemmerdinger today announced the conditional selection of Related Companies/ Goldman Sachs to develop the air space over the two development sites that compose the MTA's John D. Caemmerer Rail Yard - the Western Rail Yard (WRY) and the Eastern Rail Yard (ERY). A special meeting of the MTA Board has been called for this Thursday to seek authorization for the deal.

The Related/Goldman Sachs plan will dramatically transform the Western Rail Yards into New York's next great neighborhood. This dynamic mixed-use neighborhood, designed as an extension of the City's fabric and public realm, will be a blend of architectural styles characteristic of New York's skyline, with streets lined with shops, restaurants, galleries, and arts and culture. The community will feature world-leading sustainability and extensive affordable housing, centered around an expansive public space destined to be one of New York's premiere gathering places.

Governor Paterson said: "The decision by a joint venture of Related Companies and Goldman Sachs to invest in the redevelopment of the Hudson Yards demonstrates a renewed commitment to the future of the City and region. This agreement highlights the resilience of public-private partnerships in the face of the national economic downturn that we are experiencing. An alliance between Related Companies - one of the country's premier real estate firms - and Goldman Sachs - a global financial leader - will lay the foundation for a reimagined Far West Side that will expand the Midtown business corridor and further strengthen the City and State economies."

Mayor Bloomberg said: "Today's announcement that the MTA will award Related Companies, in partnership with Goldman Sachs, the development rights for the West Side Rail Yards is great news for the City. Despite the setbacks of the last few weeks, we are certain that Related and Goldman will realize this tremendous opportunity to develop what is really the only large parcel of undeveloped space left in Manhattan. The attractiveness of this area for developers stems in part because the City is funding an extension of the #7 line, making this vital new mixed use community of residential, commercial and office space a truly transit oriented development. We will continue to work with the State and MTA and with the developer to help make the Hudson Yards development a reality."

Metropolitan Transportation Authority Executive Director and CEO Elliot G. Sander said: "The revenues from this development are critical to funding the MTA's capital needs, but we made it clear that we would not settle for anything less than a fair deal. The MTA is thrilled to be working with Related and Goldman Sachs, and we are committed to seeing a thriving new district rise on the West Side."

MTA Chairman H. Dale Hemmerdinger said: "This extraordinary deal indicates the strength of the New York market and the unique value of the MTA's yards. We are extremely gratified that the intense competition for these parcels allowed us to secure a deal that provides the MTA with more than $1 billion. To put this deal back together without losing any time is astounding."

Stephen M. Ross, Chairman of Related Companies and Jeff T. Blau, President of Related Companies said: "We have always believed that the West Side Yards present a unique development opportunity to shape the future of our City. Related and Goldman Sachs are proud to have been selected to create New York's next great neighborhood, The Hudson Yards. We are confident that working closely with the visionary leadership of the State and City and the MTA, using the absolute best architectural, planning, engineering and construction talent, and having the financial strength and acumen of Related and Goldman Sachs, we will achieve our shared goals."

Stuart Rothenberg, Global Head of Real Estate Principal Investments at Goldman Sachs said: "We are committed to working with the MTA as well as City and State officials on this vital project and we are excited to partner with Related, a world class urban developer, on creating New York's next great neighborhood."

The MTA-owned Caemmerer Yard stores Long Island Rail Road (LIRR) commuter trains in close proximity to Penn Station, allowing the LIRR to move more than 235,000 commuters through the terminal each day. The construction proposal will provide for safe, continuous and uninterrupted LIRR service.
]]>Monday, May 19, 2008
Jeff T. Blau, President of Related Companies, said, "I am proud of the fully integrated team of professionals we have assembled that offer the ability to influence every aspect of the real estate business. Whether we're pursuing luxury residential development, residential sales, mixed-use development, retail development, affordable housing, property management or finance, we execute each development with a commitment to excellence that is unmatched in the industry. Curt's nearly two decades of real estate experience across several asset classes combined with his management experience makes Curt a great addition to our team and leader for Related Midwest as we continue to grow and diversify."

Curt R. Bailey said, "I am proud to join Related Companies in this key role. Related Midwest has a tremendous reputation creating market-defining developments and I look forward to continuing that tradition and expanding into new markets and new segments."

Bailey has nearly 20 years of senior real estate experience having held executive positions at Archon Group, a Goldman Sachs Company, and Opus North Corporation. Most recently, Bailey was a Senior Vice President at Duke Realty Corporation where he oversaw nearly a billion in projects under development nationally and sourced new deals.

Mr. Bailey holds a BA from the University of Colorado, Boulder and is a member of the Urban Land Institute, National Association of Industrial and Office Properties and the International Council of Shopping Centers.

Related Midwest is a progressive leader in the development of award-winning real estate properties and the preservation of landmark buildings, known for their unparalleled quality, innovation, beauty, architectural significance and enduring value to the communities they enrich. Recognized for such iconic luxury residential buildings as Park Tower at 800 N. Michigan Avenue, The Residences on Lake Shore Park at Pearson Street and Lake Shore Drive and 340 on the Park at 340 East Randolph Street, Related Midwest is also one of the largest builders of affordable housing in the Midwest having developed such projects as Roosevelt Square on the near west side of Chicago, Riverwest in Peoria and Madison Park Place in Springfield. Related Midwest is also an industry leader in sustainable development having built the Midwest's first green residential tower, 340 on the Park.

In 2007, Related announced a $1.4 billion equity and debt investment by Goldman Sachs, MSD Capital and three international investors including an affiliate of Mubadala Development Company and Olayan Group. In addition to the corporate investment, each investor will co-invest in future development opportunities undertaken by Related.

To date, Related has real estate assets worth over $15 billion and over $9 billion in the pipeline including marquee mixed-use developments across the country.
]]>Thursday, May 08, 2008
New York, NY (May 7, 2008) - Nearly $25 million in financing and grants was approved today to build and preserve 333 units of affordable housing in New York City. The actions were taken by the boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC).

The approvals included $18 million in financing to renovate the 125-unit Caroline Apartments in the Inwood section of Manhattan and a $2 million grant to the Housing Partnership Development Corporation to buy and renovate at least 50 foreclosed housing units in New York City.

"These approvals demonstrate the wide variety of affordable housing that 'nyhomes' finances," said Priscilla Almodovar President and Chief Executive Officer of 'nyhomes.' "We are preserving Section 8 housing in Inwood in partnership with a private developer and the Metropolitan New York Coordinating Council of Jewish Poverty, which will provide services to the elderly and other residents in need. We are funding an innovate program to buy foreclosed homes in order to save neighborhoods hit hard by the subprime crisis. And we are providing grants to build new affordable homes in Bushwick, Melrose and East Harlem."

The Caroline Apartments
HFA approved $18 million in financing to The Related Companies, L.P. to acquire and renovate The Caroline Apartments at 210 Sherman Avenue in the Inwood section of Manhattan. The Caroline is a 125-unit development in which all of units are set aside for Section 8 housing tenants with household incomes at or below $46,080 for a family of four.

A unique feature of this financing is that the Metropolitan New York Coordinating Council of Jewish Poverty, a non-profit service provider and advocacy organization on behalf of the poor, has been brought into the project as a partner. The Met Council will provide services to Caroline tenants and help train the property manager on the services the council provides.

Also, Related has agreed to set aside at least 20% of the units for tenants with special needs, including the elderly and the disabled. Currently, 33 units, or 26% of the units, are designated for special needs households.

Mark Carbone, President of Related Affordable, said, "Related Companies is pleased to partner with the New York State Housing Finance Agency to upgrade and ensure the long-term preservation of affordability of Caroline Apartments in Inwood, New York. The rehabilitation of Caroline Apartments is indicative of Related's long-standing commitment to helping to ensure the availability of quality affordable housing for New Yorkers."

William E. Rapfogel, Met Council's CEO said, "The Met Council on Jewish Poverty is pleased to join with New York State and Related to ensure that people who need affordable housing will live in quality apartments and help preserve their neighborhoods. We are especially proud to help train the property manager of the Caroline and ensure that tenants receive the social services and benefits they require."

The total project cost is $26.7 million. In addition to HFA financing, the project will receive an annual allocation of $809,127 in Federal Low-Income Housing Tax Credits and a 420-c property tax abatement from New York City.
]]>Wednesday, May 07, 2008
The highly capable, experienced and professional staff of VPM will remain in place, and all current client relationships will continue seamlessly. The Related WestPac purchase of VPM will provide owners with the continuity of local talent in managing select Snowmass Village properties, while ensuring the long term stability of the business. VPM will play a vital role as the future operational plan of the new Base Village development continues to be realized.

Related WestPac President Pat Smith said, "We are pleased to be investing in this long-standing and well respected local service organization which offers direct, comprehensive management at the highest possible standards. We are proud that the employees of Village Property Management will continue to serve the Snowmass community with a local sensibility built on respected local relationships."

Village Property Management is a longstanding property management company with more than 80 employees, providing comprehensive owner management of more than 350 condominiums and villas with 220 in the vacation rental program.

Related WestPac
Related WestPac is a joint venture partnership of Related Companies, a fully integrated private real estate development company, and WestPac Investments Colorado LLC, a diversified Real Estate Investment and development company. Related WestPac owns Snowmass Base Village, Snowmass Center and parts of West Village and is creating an 80-acre master planned development, allowing all three sites to be cohesively developed. For information, visit www.snowmassliving.com
]]>Monday, May 05, 2008
New York City, April 21, 2008 -- New York City Economic Development Corporation (NYCEDC) today announced the selection of Related Companies to redevelop the 575,000-square-foot Kingsbridge Armory in the Kingsbridge Heights section of the Bronx.

The landmark armory occupies a full City block at 29 West Kingsbridge Road. Related's proposal for the unique structure, 'The Shops at the Armory,' calls for destination anchor retail development, coupled with specialty and local retail, restaurants, a cinema and community space. Other proposed features include a recreational facility, catering and banquet space, outdoor open space with a seasonal farmers' market and cafe, and parking for 400 cars. The project will generate about 1,800 construction jobs and 2,000 permanent jobs. Related plans to invest about $310 million to acquire and redevelop the Armory.

"This creative proposal represents an innovative design, coupled with a broad combination of uses for this unique City asset," said NYCEDC President Seth W. Pinsky. "The project will serve as a catalyst for strong economic growth in the surrounding community. It will also attract visitors from the entire New York region."

"Today's announcement and the redevelopment of the Kingsbridge Armory is the culmination of years of collaboration between the City and the Community," said Bronx Borough President Adolfo Carrion, Jr. "I look forward to working with Related Companies and the community to ensure that there will be job opportunities for residents, opportunities for local businesses, neighborhood improvements and adequate space for community use.

The Kingsbridge Armory project is a great example of the importance of public and private partnership in building a stronger Bronx and a stronger city."

State Assemblyman Jose Rivera said, "I am very happy that this important project for the Bronx is moving forward with a qualified developer. We expect the redevelopment will result in many quality jobs for local residents and bring new life to our neighborhood."

Components of the project include 25 to 35 retail stores and an anchor department store, rooftop public open space and a landscaped public plaza at the intersection of West Kingsbridge Road and Reservoir Avenue. Related's proposal was selected as the result of a Request for Proposals which was crafted by NYCEDC and the Kingsbridge Armory Redevelopment Task Force, which included City, State and Federal elected officials, community representatives and City agencies.

"It is truly a pleasure to know that after years of diligent work, we will finally be able to see the redevelopment of the Kingsbridge Armory," said Councilmember Maria Baez. "This project will serve as an economic stimulus for the 14th Council District, the Borough of the Bronx, and the entire City of New York. I feel delighted to know that the people of this community will now be able to enjoy all of the social, economic and recreational benefits that will be derived from this development. I will continue to advocate for the placing of two additional schools adjacent to the armory to remedy school overcrowding in our communities."

"Today's designation brings us one step closer to the day when the Kingsbridge Armory is a premier citywide attraction and major economic center for the Bronx," said Gregory Faulkner, Community Board 7 Chair. "As we move ahead, I look forward to the opportunity to create a meaningful dialogue between the developer and the community. A dialogue I hope will focus on such important issues such as living wage, community benefits and jobs, both during and after construction."

Jeff T. Blau, President of Related Companies said, "This project is a direct result of the skillful efforts and vision of the City's five borough economic development program under Mayor Michael R. Bloomberg, Deputy Mayor Robert C. Lieber, NYCEDC President Seth W. Pinsky and their staffs. The leadership of Bronx Borough President Adolfo Carrion Jr., Assemblyman Jose Rivera and Councilmember Maria Baez has been essential to the creation of the plan for Kingsbridge Armory that will build on our collective success at The Hub and Gateway Center at Bronx Terminal Market to bring more jobs, increased investments and even greater opportunity to the Bronx. We look forward to working with all stakeholders to create 'The Shops at The Armory' - a world-class retail, entertainment and community destination for visitors throughout the City."

"The Kingsbridge Armory Redevelopment Alliance (KARA), our coalition of unions, churches, and community groups, has been working with the support of our elected officials, for equitable development at the Kingsbridge Armory," said Ronn Jordan, President, Northwest Bronx Community and Clergy Coalition. "Now, we will continue to work to have badly needed schools built on the parcel adjacent to the Armory."

The developer will use low-impact development techniques and green building technology and will strive to achieve at least a LEED Silver rating for the core and shell of the armory. The project must obtain a number of approvals in connection with its design, including those required by New York City Landmarks Preservation Commission and the New York State Historic Preservation Office. It is also subject to public approvals under the Uniform Land Use Review Procedure (ULURP) and 384(b) 4 Section of the City Charter.

Background
Built between 1912 and 1917, the Kingsbridge Armory was designed by the architecture firm of Pilcher and Tachau and is an outstanding example of military architecture featuring Romanesque arches, vaulted ceilings, decorative brick and terra cotta, and large battlement towers. It is thought to be the largest armory in the world, containing 575,000 square feet of space, the heart of which is a drill floor measuring 180,000 square feet, more than a full City block. On the south facade, the ornate head-house with its impressive double-height entrance foyer and vaulted ceiling serves as a grand entrance to the building. The City has invested about $30 million in capital funds for environmental cleanup in the building, replacement of its roof and repairs to the facade.
]]>Monday, April 21, 2008
New York, New York (April 7, 2008) - Related Companies, one of the nation's leading residential developers, demonstrates its on-going commitment to developing high-performance, sustainable buildings with The Brompton and The Harrison, two luxury condominium residences in New York City designed by renowned architect, Robert A.M. Stern.

Currently under construction, The Brompton, located at 205 East 85th Street, and The Harrison, perfectly placed at 205 West 76th Street, are registered with the U.S. Green Building Council for anticipated LEED Silver Certification, the benchmark for high-performance green building, which encompasses energy efficiency, sustainable building materials, water conservation and indoor environmental air quality.

Both The Brompton and The Harrison will achieve a high level of green performance in many aspects of the building. Both residences are designed and constructed to provide superior indoor air quality through pressurized corridors and impeccably sealed residential units and the use of low-VOC adhesives, sealants, paints and carpets.

Maximizing efficient heating and cooling is achieved at both residences with the use of paving, terraces, setbacks and roofing materials chosen for their reflectivity and emissivity properties. The use of elements which have a very high Solar Reflectance Index has been stressed throughout the design process. Materials were also chosen to maximize the function of the buildings'outdoor areas as well as achieve the overall Solar Reflectance Index value which will lessen the overall heat island effect of each building.

Related Companies' support of renewable energy has been one of the main priorities in the development of The Brompton and The Harrison. Realizing the opportunity to lessen the effects that energy consumption has on air quality and the importance of being environmentally responsible, The Brompton and The Harrison will purchase clean renewable energy to offset the daily consumption to power the residences. By purchasing clean energy, The Brompton and The Harrison directly contribute to the development of clean power sources and reduce the need for harmful fossil fuels.

In addition, limiting water use for landscaping was also a priority in the design of the two luxury condominiums. Roof tops and outdoor amenity spaces are landscaped with native and adaptive species of plants, which are drought tolerant and cultivated to thrive in New York City with limited maintenance. Landscape architects were consulted for temporary drip irrigation systems for irrigation by means of hose bibs in the backyards. It was also a goal to design high-end luxurious gardens using only native plantings.

The Brompton, another in the line of highly successful collaborations between Related Companies and celebrated architect, Robert A.M. Stern, is the evolution of a long-standing commitment of the two firms to classic design and beautifully proportioned contemporary homes with lasting value, character and permanence. Stern's sumptuous three to four bedroom homes are graciously proportioned and richly detailed with exquisite finishes and advanced residential technology.

The Harrison is a classically inspired luxury condominium residence designed by world-renowned architect, Robert A.M. Stern. Its stately architecture features two intimate towers of 132 gracious residences reminiscent of pre-war buildings that line the Upper West Side. The Harrison offers three to four bedroom, family-sized luxury residences, some with a study. All residences at The Harrison are fully wired with integrated technology for high-speed internet, cable and voice and data distribution outlets. Additionally, The Harrison encourages bicycle use among its residents. Whether for biking to work or pleasure, residents will benefit from the many bicycle racks and storage area to be provided for the tenants. Additionally, with the inclusion of a parking garage in the building, The Harrison is able to provide incentives to encourage the use of hybrid and fuel efficient cars as well as encourage carpooling among residents. Reserving parking spaces will offer the shortest wait time for the owners of fuel efficient cars and those who carpool.

On a more personal scale, the use of alternative transportation is encouraged at both The Brompton (www.thebromptonnyc.com.) and The Harrison (www.theharrison76.com.) and easily facilitated for residents with close proximity to important mass transit hubs on both the Upper East Side and Upper West Side where a host of options for public transportation include multiple bus and subway lines.

About Related:

Related Companies, formed thirty five years ago, is considered the most prominent privately owned real estate development firm in the United States. Headquartered in New York City, Related has offices and major developments in Aspen/Snowmass, Boston, Chicago, Los Angeles, Miami and San Francisco with divisions in development, acquisitions, property management, marketing and sales. To date, Related has developed or acquired real estate assets worth over $15 billion with another $9 billion currently in development. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related is staunchly committed to sustainable design with over $6 billion in green development underway or completed. The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and the Midwest's first green residential building, 340 on the Park in Chicago and is developing one of the country's first green neighborhoods in Snowmass Village, Colorado. Related is also currently developing eight new LEED-certified residential buildings. For more information about Related Companies please visit www.related.com.
]]>Monday, April 07, 2008
Century City, California. - A record-breaking sale of a penthouse at The Century, Los Angeles' most luxurious new condominium building, was announced today by Related Sales, the building's exclusive marketing and sales agent, setting a new high price per-square-foot for a Los Angeles condominium residence. The 42-story building on nearly four acres in the heart of Century City, designed by the renowned architecture firm of Robert A.M. Stern Architects, LLP to be the evolution of estate living, is currently well under construction and will be ready for occupancy in 2009. The penthouse was sold for $15 million or more than $2,700 per-square-foot.

"Wealthy L.A.buyers who are extremely discriminating and have purchased multiple homes in Montecito, Malibu, New York, Aspen and other destinations, have found they can still have the ultimate Los Angeles lifestyle while also gaining resort-like services and amenities," said David Wine, Vice Chairman of Related. "This buyer looked for a residence with a convenient Century City location that offered resort-style living without sacrificing privacy, and in this respect, the amenities and services at The Century are truly groundbreaking. The signature restaurant will offer service to each home and to the cabanas at the pool. Residents can meet with their private Equinox trainer in the gym followed by a massage in a private treatment room. Buyers can entertain guests in the Assouline Culture Lounge followed by a showing in the private screening room, and a catered fireside dinner in the garden. It's Los Angeles estate living without the headaches."

The penthouse sold to a local buyer represented by David Mossler and John Iglar of Teles Properties, Beverly Hills, CA.

The Penthouse features more than 5,000 square feet and three terraces totaling an additional 647 square feet. Commanding half of a floor, the condominium, which was designed with three bedrooms, a private elevator vestibule and a chef's kitchen, formal dining room, and expansive great room, has a dramatic layout is like a single-family home. Other features include a spacious master bedroom suite with a library and a midnight kitchen, his and hers bathrooms and dressing areas. The Century's elliptical shape ensures that the vista from each room is endless, giving maximum exposure of the jaw dropping southern and eastern views.

"We are encouraged to see this sale as such a strong start to sales at The Century," said Susan de Franca, President of Related Sales. "When designing The Century, we envisioned so much more than a luxury building, but a completely new alternative to other condominiums previously built in Los Angeles. Buyers are recognizing that The Century offers unparalleled design and amenities with elegance, innovation and lasting value and thus will garner the top prices in Los Angeles."

The Century's 140 residences will offer the distinctly luxurious lifestyle which Angelenos expect and enjoy, yet have not been able to realize in a luxury high-rise condominium. With an exceptional array of services and unrivaled amenities, the private, lush landscaped estate gardens feature outdoor entertaining rooms with fireplaces, fountains, walking paths and private spaces. The pool area consists of a 75-foot pool with views stretching to the Pacific, perfect for swimming laps, privately owned cabanas and outdoor dining. The Century will also have an on-site signature restaurant that will cater to the residences as well as provide poolside and outdoor dining.

Life's special occasions are celebrated in the exclusive entertainment suite featuring an elegant lounge, formal banquet room, a screening room and an Assouline Culture Lounge. Additional amenities include a private fitness center, spa treatment rooms, wine tasting room, children's playroom and a business center with a boardroom. Each residence will include concierge service, a membership to the Equinox Club in Century City as well as the Equinox-designed gym in the building, valet indoor parking, individually secured storage, personal wine storage and sophisticated telecommunications capabilities including a membership to Sony Cierge. Additionally there are private offices, guest suites and poolside cabanas available for purchase exclusively for owners at The Century.

"The Sales and Design Center for The Century is the perfect environment to give the feeling of what it will be like to live at The Century," said David Wine, Vice Chairman of Related. "All of the amenities are articulated and the examples of the three interior design choices by Robert A.M. Stern and Marmol Radziner give no doubt that a new standard has been set for a full service building."

The Century Sales and Design Center, located on the 41st floor of Century City's iconic Century Plaza Towers, overlooks the site where the graceful Robert A.M. Stern Architects designed structure in currently under construction, affording stunning views of the ocean, mountains, and surrounding cityscape almost identical to the panoramas The Century residents will enjoy.

The Century's developer, Related Companies, is considered the most prominent privately owned real estate development firm in the United States, responsible for creating architectural masterpieces across North America, including New York City's Time Warner Center and the forthcoming Frank Gehry designed Grand Avenue mixed-use development in downtown Los Angeles. www.thecentury.com



]]>Monday, February 25, 2008
Las Vegas, NV - Records were broken, premieres were held and milestones were marked at the Summer 2008 Las Vegas Market, July 28-August 1, the first show to be held entirely on World Market Center Las Vegas' ultra-modern 57-acre campus since the Market's July 2005 launch.

From the moment July Las Vegas Market kicked off with its record-setting opening day attendance, its energized pace and portfolio of unique offerings demonstrated why World Market Center Las Vegas is the world's fastest-growing integrated home and hospitality contract furnishings showroom and trade complex. The opening of the iconic Building C - a 16-story, 2.1-million-square-foot structure - created the most efficient Market to date, allowing manufacturers, buyers and designers from around the world to convene in a single location.

Total registrations exceeded the historic average of 50,000 and were up 4 percent over the last July Market; total attendance was up 7 percent. In particular, there was a dramatic increase in attending buyers, with 15 percent more retailers and 93 percent more designers attending 2008 Summer Market than in July 2007.

"Considering the very difficult environment in the home furnishings industry, this is a remarkable uptick," said World Market Center President and Chief Executive Officer Robert Maricich. "At World Market Center Las Vegas we have a compelling platform to do business. We set out to create excitement and provide an environment of optimism-and we were successful by every measure."

Furthermore, many exhibitors reported that qualified buyer traffic was up in their showrooms and that order-writing was brisk, defying the challenging environment in which the industry is currently operating. "Our written business at Market was up well over 20 percent, and it was our most successful Summer Market thus far," said Lee Fautsch, vice president of sales/home furnishings for Flexsteel Industries, Inc. of Dubuque, Iowa. "We need to be in Las Vegas - it's very important to us."

"The quality of traffic we've had has been excellent. The major re-launch of Pennsylvania House alone has made it a great Market," said Dave Pinamonti of Universal Furniture.

In all, more than 1,500 exhibitors showed their newest products, including 320 new companies and 120 companies who expanded their World Market Center footprint.

July's Market featured more than 200 international exhibitors from 20 countries; further reinforcing World Market Center's standing as the industry's new global hub. Of the non-U.S. companies exhibiting this summer, 30 percent were from Canada, 29 percent were European-based, 21 percent were based in Latin America and 20 percent were from Asia.

"We have been busy from 8 a.m. to closing," said Suzanne Kelly, Vice President of Home Furnishings of The Robert Allen Group in New York which opened a new 30,000 square-foot flagship showroom in World Market Center's Building C. "We're seeing people from across the country and meeting local designers for the first time. There are many international buyers here as well, especially from Mexico, Canada and even Dubai."

"Provasi has showrooms all over the world, and we are making this our headquarters in the U.S.," said Gina M. Fard of Provasi. "We believe Las Vegas Market will be the center point of the high-end in the U.S."

Perhaps the most prominent example of World Market Center's growing international appeal was the U.S. premiere of Fiera Milano's Design Italiano. The one-of-a-kind, museum-quality exhibit features the best in Italian furniture design from 1956 to today. The 8,000-square-foot exhibit consists of nearly 100 pieces from 13 top designers and manufacturers, including B and B Italia, Cassina, Flexform and Minotti. Design Italiano was conceived, organized and curated with the support of Fiera Milano, Regione Lombardia and the city of Meda. The exhibit runs through the end of the year on the first floor of Building C at Las Vegas Design Center.

About World Market Center Las Vegas

World Market Center Las Vegas is an integrated home and hospitality contract furnishings showroom and trade complex in Las Vegas. With the opening of Building C, WMC now stands at more than five million square feet of space, exceeding the size of any trade merchandise mart in the United States. When fully built, at 12 million square feet in 8 buildings, WMC will be the largest trade show complex in the world. The $3 billion, state-of-the-art campus will showcase furniture, decorative accessories, gift, lighting, area rugs, home textile and related segments, as well as the Las Vegas Design Center, open year-round.
]]>Friday, February 22, 2008
PHOENIX, AZ - FEBRUARY 14, 2008 - Related Companies and Thomas J. Klutznick Company today announced that the first Bloomingdale's store in Arizona will open at CityNorth, the 144-acre mixed-use development in Phoenix's Northeast Valley. Bloomingdale's will join Nordstrom as one of the retail cornerstones of CityNorth's Phase Two, The Boulevard, opening in fall 2009.

"I'm delighted that Phoenix will be home to the very first Bloomingdale's in Arizona," commented Mayor Phil Gordon. "This is simply the latest measure of a city that is truly on the rise, and we will all benefit for decades to come from the jobs, revenue and economic growth generated by CityNorth."

"Bloomingdale's is one of the most coveted and well respected fashion icons in the industry," said Kenneth A. Himmel, President and CEO of Related Urban and co-developer of the first two phases of CityNorth. "Bloomingdale's commitment to CityNorth clearly exemplifies the desirability and momentum of this exciting project and demonstrates a city being built."

Phase One of CityNorth, High Street, is currently under construction and slated to open in October. High Street's retail space is currently 85 percent committed.

"We look forward to bringing Bloomingdale's unique merchandise, style and flair to central Arizona," said Michael Gould, Bloomingdale's chairman and chief executive officer. "We believe that Bloomingdale's will provide a unique shopping experience for Phoenix, based on distinctive assortments and attentive and personalized service for which we are well-known."

The Northeast Valley of Phoenix has experienced rapid growth in recent years because of new infrastructure and demographic changes. CityNorth, situated along the highly visible intersection of Loop 101 and 56th Street, is accessible to some one million metro area residents in 30 minutes or less, and will serve as the urban core for the Desert Ridge master-planned community, which has been a catalyst for attracting an increasingly affluent population to the Northeast Valley.

"Our family has been committed to the development of the Northeast Valley of Phoenix for more than 20 years and is immensely proud to feature a retailer as highly regarded and successful as Bloomingdale's in our CityNorth project," said John Klutznick, Vice President of Thomas J. Klutznick Company. "CityNorth will create new dimensions of excitement, vibrancy and lifestyle-enhancing options for residents of Phoenix as well as the entire Desert Southwest."

As the first Bloomingdale's in Arizona, the CityNorth store will encompass approximately 180,000 square feet on three levels and will feature distinctive, upscale apparel and home merchandise with a focus on contemporary designer, bridge and luxury brands.

"With the opening of the first Bloomingdale's in the state along with Nordstrom, CityNorth will become a true destination for living, working and shopping," said Peggy Neely, Phoenix Vice Mayor. "This announcement is great news for CityNorth, my Council District, the City of Phoenix and our entire region."

CityNorth is being designed by renowned architects Nelsen Partners, Inc. of Scottsdale and Boston-based Elkus-Manfredi Architects. Unmatched in concept and inspired in every detail, CityNorth's engaging public spaces and world-class architecture will seamlessly integrate the very best aspects of city living: upscale shopping, fine dining, a vibrant new business and residential community and luxury hotels.

About CityNorth
Situated in Phoenix's demographically dynamic Northeast Valley, CityNorth will offer an interactive urban lifestyle with a synergistic mix of retail, restaurant, residential, hotel, office, cultural, civic and entertainment uses-all carefully woven together in a pedestrian-friendly environment. Here, an authentic urban experience will include all the best aspects of city living, creating a unique city-within-a-city. At completion, CityNorth will comprise more than 5.5 million square feet of development on 144 acres. Envisioned by Thomas J. Klutznick as the urban core of the well-established and highly successful master-planned community of Desert Ridge, CityNorth is sited near the intersection of two major freeways-Loop 101 and State Route 51, making it readily accessible from throughout the Phoenix metropolitan area.
www.CityNorthAZ.com

About Related
Related Companies, heralded as one of the most prolific and visionary developers, is considered the most prominent privately-owned real estate development firm in the United States. Headquartered in New York City, Related has offices or major developments in Chicago, Miami, Los Angeles, Phoenix, Boston and Aspen/Snowmass and boasts a team of more than 2,000 professionals with expertise in financing and acquisitions, marketing and sales, construction and property management. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center, featuring an unparalleled restaurant collection by renowned chefs Thomas Keller, Michael Lomonaco, Masayoshi Takayama and Marc Murphy, signature shops, super-luxury condominiums, office headquarters for both Related and the world headquarters for Time Warner, Inc., the Mandarin Oriental New York and, overlooking Central Park, the first ever concert hall designed specifically for jazz - Jazz at Lincoln Center. Time Warner Center has transformed Columbus Circle.
www.Related.com

About Thomas J. Klutznick Company
Thomas J. Klutznick Company is a privately held real-estate investment, development and consulting firm headquartered in Chicago with offices in Phoenix and Denver. The firm's president, Thomas J. Klutznick, has been a leader in the industry for more than 40 years and has been involved in the development of the 5,700-acre Desert Ridge master-planned community in Phoenix's Northeast Valley, of which CityNorth is the newest component, since the 1980s. His sons, John and Daniel Klutznick, both vice presidents of the company and both involved in the planning and execution of CityNorth, are the third generation of the family real-estate dynasty, which has created landmark mixed-use, office, retail, hotel, resort, residential and new community properties across the nation. Among these are Chicago's Water Tower Place, 730 North Michigan Avenue, The Peninsula Chicago hotel and 333 West Wacker Drive; Los Angeles' Fox Plaza office tower; Denver's City Center complex; Boston's Copley Place; Cleveland's Sohio headquarters building; Houston's First City Tower; The Inn and Links at Spanish Bay, Pebble Beach, California; and The Little Nell hotel, Aspen, Colorado. www.tjkcompany.com
]]>Thursday, February 14, 2008
PHOENIX (January 29, 2008) - The public will have its first opportunity to experience the vision for the largest mixed-use development in Arizona's history beginning Saturday, January 26, with the opening of the new CityNorth Sales Gallery. Situated at the northeast corner of 56th Street and Deer Valley Drive off Loop 101, the sales and marketing center conceptually and physically embraces the CityNorth (www.CityNorthAZ.com) experience through a series of interactive, multi-sensory exhibits in more than 7,000 square feet of cutting-edge space.

"After years of thoughtful planning, we are delighted to give the public their first true glimpse into the dynamic elements that will define CityNorth," said Kenneth Himmel, President, Chief Executive Officer and founder of Related Urban, the co-developer of the first phases of CityNorth with the Thomas J. Klutznick Company. "This effort has been about place-making; using public space, great architecture and a relevant tenant mix for the customer to create an unprecedented new standard for urban living."

Open seven days a week, the public is invited to visit the gallery for a free tour, Monday - Saturday, from 10 a.m. - 6 p.m. and Sunday from 12 p.m. - 5 p.m. The experiential tour engages the senses through a variety of state-of-the-art displays that tell the story of CityNorth including the urban lifestyle and amenities and the many residential and commercial opportunities available.

"I want to congratulate Related Urban Development and Thomas J. Klutznick Company on the launch of the CityNorth Sales Gallery," said Phoenix Mayor Phil Gordon. "This exceptional, one-of-a-kind facility will showcase the CityNorth mixed-use development, which will be an economic engine for the City of Phoenix."

Like other celebrated cities of the world, CityNorth will feature distinctive neighborhoods, each with its own personality. High Street, which debuts October 2008, will be a classic urban setting with approximately one million square feet of specialty boutiques, restaurants, Class A office space and luxury living space. In fall 2009, the project will debut 54th Street, a bustling commercial corridor, and The Boulevard, with elegant condominium residences, luxury retail and creative office environments. Sales of the second phase of residences overlooking The Boulevard, CityNorth's grand public space featuring Phoenix's first Nordstrom departmental store, will commence in the second quarter of 2008.

"CityNorth is a unique destination that will incorporate engaging public spaces and world-class architecture to provide a sophisticated and convenient lifestyle for residents and visitors," said John Klutznick, vice president, Thomas J. Klutznick Company. "Our effort has been to build a community that people will not only embrace, but one that future generations will cherish."

Focal points of the Sales Gallery include a conference-room sized, (19' x 12') 1:20 ratio scale model, of the first mixed-use phases of CityNorth: a detailed representation of all buildings, streets, public spaces and landscaping. The tour also includes a unique radius theater presentation with five negative-edge flat-screen monitors. CityNorth animations will loop from one screen to the next, providing visitors, prospective residents and tenants with an overview of the many vibrant experiences that will surround them in their future home or office at CityNorth. Signature Properties, the exclusive residential broker for CityNorth will maintain full-time offices within the Sales Gallery to assist prospective buyers interested in purchasing one of first 99 condominium residences in this initial offering.

"CityNorth's energetic urban core will have regional importance for the Desert Ridge community as well as the entire Northeast Valley of Phoenix," said Phoenix Vice Mayor Peggy Neely. "The development sets a new standard for mixed-use urban centers that will deliver a variety of city living experiences with shopping, dining and working opportunities."

The Sales Gallery will be open for public tours at 5515 E. Deer Valley Drive, Phoenix, AZ 85054 beginning Saturday, January 26. Drop-in visitors are welcome Monday - Saturday, from 10 a.m. - 6 p.m. and Sunday from 12 p.m. - 5 p.m. Call 480-355-0202 or visit www.CityNorthAZ.com for more information.

]]>Tuesday, January 29, 2008
LAS VEGAS - Monday, January 28, 2008 - The principals of World Market Center Las Vegas, the world's fastest growing home furnishings trade complex, today announced that industry leader, Bob Maricich, is appointed as the company's new President and Chief Executive Officer.

Maricich, who has spent the past eleven years with Hickory, N.C.-based Century Furniture Industries, is widely recognized as one of the home furnishings industry's most innovative leaders. Most recently as President and Chief Executive Officer of Century, Maricich oversaw 1,200 associates and was instrumental in building the $175 million company into one of the most admired brands. Century is among the world's largest privately owned manufacturers of high-end residential furniture.

Maricich served for many years on the American Furniture Manufacturers Association Board of Directors and most recently was the past chairman of the executive committee. He was also appointed by the Governor of North Carolina to be chairman of the North Carolina Furniture Export Council, a position he held from 2000 to 2004. A contributor to Harvard Business Review, Maricich is a frequent speaker at leading design events and national business conferences, most recently delivering the keynote address at the U.S. Naval Academy Leadership Excellence Summit.

The Executive Committee and Managing Partners of World Market Center, including co-founders Jack Kashani and Shawn Samson as well as Ron Wackrow and Michael Brenner of Related Companies, commented on the significance of Maricich joining World Market Center:

"Bob represents the new leadership of the industry, and we're thrilled that he is joining us and bringing his illustrious track record, innovation and powerful management skills to World Market Center. As one of the most respected veterans in the industry, Bob will be a tremendous part of our strategy to fulfill the total vision to develop the world's largest, most compelling showcase for home furnishings Industry. He is committed to our long term plan to rapidly expand the unique and exclusive franchise of World Market Center, and lead the industry into the future, by offering a truly global platform for buyers and exhibitors to conduct business."

Bob Maricich commented, "This is truly an unprecedented opportunity for me to contribute to the growth and evolution of the home furnishings industry on a global scale. I am blown away by the vision, commitment and resources the owners have dedicated to ensure World Market Center exceeds the needs of the industry. World Market Center without question is uniquely positioned to present the most efficient platform and represents the future of the home furnishings industry. I look forward to working with the talented team within the organization to harness the momentum of Las Vegas Market, forge stronger relationships with manufacturers and retailers, and fully leverage the infrastructure of this world class city in order to deliver the most compelling and inspired venue in the world for the industry."

Maricich will report to the Executive Committee of World Market Center that is comprised of Kashani and Samson, along with Wackrow and Brenner from Related Companies.

"Bob represents what World Market Center is all about," Wackrow said. "He personifies the cutting edge, energetic spirit of World Market Center. His personal understanding of what our audience wants and needs makes him the ideal person to run our operation and continue its evolution to 12 million square feet in a few short years."

The executive search for World Market Center's new President and CEO was led by Rhodes Associates, a New York based executive search and asset management firm.

About World Market Center


World Market Center is an integrated home and hospitality contract furnishings showroom and trade complex in Las Vegas. Next summer when Building C opens, World Market Center will stand at more than five million square feet of space, exceeding the size of any wholesale merchandise mart in the United States. When fully built, at 12 million square feet in eight buildings, World Market Center will be the largest trade show complex in the world. The $3 billion, state-of-the-art campus will showcase furniture, decorative accessories, lighting, area rugs, home textile and related segments, as well as the Las Vegas Design Center (LVDC) open year-round to the trade. World Market Center produces the semi-annual Las Vegas Market, held every January and July, and is the fastest growing home trade show in the world.

The Winter 2008 Las Vegas Market is being held Jan. 28 to Feb. 1 at World Market Center's Buildings A, B and Pavilions and tradeshow at the MGM Grand Hotel. For more information about World Market Center, and to find out about leasing or exhibiting opportunities, visit the website at www.LasVegasMarket.Com or call 888-WMC-SHOW (962-7469).
]]>Monday, January 28, 2008
New York, NY - December 17, 2007 -Related Companies, one of the nation's leading private real estate development firms, today announced a nearly $1.4 billion equity and debt investment, the first outside investment in the company. Goldman Sachs and MSD Capital, LP have purchased equity stakes in Related totaling 7.5 percent. Three international entities will also invest through a debt placement, including an affiliate of Mubadala Development Company and The Olayan Group.

In addition to the corporate investment, each investor will co-invest in future development opportunities undertaken by Related. This elite group of investors has been specifically selected to fund future growth. The minority investment in Related includes no involvement in the governance of the company and there will be no change in Related's management structure.

"This is a historic transaction for Related which will enable us to write a new chapter of our growth. This carefully-selected, prestigious group of investors will allow us to reinforce our position as one of the nation's leading developers, managers and financiers of premier real estate properties," said Related Chairman and CEO Stephen M. Ross. "In the last decade, the size, scope and geographic diversity of Related's development pipeline has increased dramatically with Time Warner Center and Moynihan Station in New York City, Grand Avenue in downtown Los Angeles, CityPlace in West Palm Beach, CityNorth in Phoenix and Snowmass Village in Colorado. As the industry continues to move toward bigger, more complicated development transactions, these new financial partnerships ensure that Related has a ready and deep source of capital to take advantage of virtually any opportunity regardless of size or scale."

Related President Jeff T. Blau said, "This access to new capital offers Related a tremendous competitive advantage. We are currently involved in some of the most ambitious real estate developments in the nation and are competing for a once-in-a-lifetime opportunity-to create a 26-acre, vibrant mixed-use waterfront neighborhood at the West Side Yards in New York City. This investment into our company is more than a financial arrangement. These long-term relationships will provide us with the financial flexibility to capitalize quickly on even the most challenging future opportunities. Above all else this show of confidence from the world's most elite investors is a testament to the strength of our team-a group of the brightest and most innovative and skilled employees, who are truly the best in the industry."

Related's current pipeline is comprised of marquee projects across the nation including: Grand Avenue, a multi-phase 3.6 million square foot, $3 billion development spanning three city blocks in downtown Los Angeles, California; the $3 billion, 80-acre Snowmass Village Resort development in Colorado; the 144-acre CityNorth mixed-use development in Phoenix, Arizona; and the development of the 7.5 million square foot Moynihan Station complex in New York City.

Stuart Rothenberg, Global Head of Real Estate Principal Investments at Goldman Sachs, said, "We're excited to make a strategic investment with a best-in-class developer and highly skilled management team. Related has a history of creating value and has developed some of the country's most financially successful projects."

Barry A. Sholem, Partner responsible for MSD Capital's Real Estate Group, said, "MSD Capital is pleased to make this equity investment in Related, which is led by one of the strongest management teams in the business. Related is developing some of the most exciting projects in the country, and we look forward to growing our partnership with them over the long term."

Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director, said, "Related is a strong fit for Mubadala. We share their approach to investing in premier projects that build long-term value. Related has great leadership and an impressive project pipeline with even more potential opportunities."

Anthony S. Fusco, The Olayan Group's U.S. vice president for real estate, said, "This investment continues our organization's strategy of creating long-term alliances in all of our lines of business with strong, qualified, strategic partners. As a top developer and property manager in the U.S. market, Related certainly fulfills that role."

Related was advised by a team that included Goldman Sachs, Deutsche Bank and Eastdil Secured.

###

About Related Companies:
Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and the Frank Gehry-designed Grand Avenue development.

About Goldman Sachs:
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. For more information, visit www.gs.com.

About MSD Capital, L.P.:
MSD Capital was formed in 1998 to exclusively manage the capital of Michael S. Dell and his family. The firm currently manages in excess of $12 billion in assets and participates in a broad range of investment activities, with its primary focus on investing in publicly-traded securities, real estate and traditional private equity. For more information, visit www.msdcapital.com.

About Mubadala Development Company:
Mubadala is an investment and development company headquartered in Abu Dhabi, the capital of the United Arab Emirates. Wholly-owned by the Abu Dhabi Government, Mubadala's mission is to create and maximize long-term returns as an engaged investor in high-performing businesses and promising new ventures. The company has a growing and multifaceted international portfolio, with significant interests in sectors such as energy, telecommunications, infrastructure, real estates and aerospace. For more information, visit www.mubadala.ae.

About The Olayan Group:
Founded in 1947, The Olayan Group is a private, multinational enterprise that is both a leading diversified business in Saudi Arabia and a major investor internationally. The group comprises some 50 companies and affiliated businesses engaged in product distribution, manufacturing, services and investment. It has offices in New York, London, Athens, Vienna, Riyadh, Al-Khobar and Jeddah. For more information, visit www.olayan.com.
]]>Monday, December 17, 2007
NEW YORK, NY - December 6, 2007 - Related Companies celebrates its 35-year anniversary of affordable housing today by announcing a joint venture with Tiki Barber's Tiki Ventures to boost the nation's stock of high quality, affordable housing. The new venture will partner with Centerline Capital Group to purchase and extensively renovate older, existing affordable housing developments as a means to protect, improve and extend housing options in the U.S.

"Related and Centerline are proud to partner with Tiki Barber to forge this very important initiative," said Stephen M. Ross, Chairman of Related Companies and Centerline Capital Group. "Related has been at the forefront of affordable housing development for 35 years, and this venture continues this legacy. Our goal is simple- to help preserve, improve and extend the affordability of our nation's housing stock. These investments in affordable housing are investments in our communities and working families across the country."

Tiki Barber, Chairman and Founder of Tiki Ventures said, "A safe, affordable place to live is the first step towards building a dream. A secure home leads to a more enriched life, with better education, health and employment opportunities. I look forward to working with Related Companies to create thriving communities where families can flourish."

The first phase of the venture will consist of the acquisition and refurbishment of over 3,500 residential units for low-to-moderate income families in Virginia, the home state of Tiki Barber, and North Carolina. Centerline Capital Group will finance approximately $150 million of the project, which will progress over the next three to four years.

The vast majority of these housing units are at risk of becoming market rate and therefore contributing to the depletion of the affordable housing stock. The joint venture will rehabilitate the units and preserve them for tenants at between 50%-60% of AMI for a minimum of 30 years. The venture is also pursuing several opportunities throughout the nation, with an initial focus on New York and New Jersey, including Newark.

New York City Mayor Michael R. Bloomberg said, "Continuing to create and preserve affordable housing is critical to New York's future and is a key component of our PlaNYC agenda. As our City adds nearly one million people between now and 2030, we must make sure that working New Yorkers have quality affordable housing, and this new venture with Related Companies and Tiki Barber will provide a tremendous vehicle to meet our administration's goal of providing 165,000 affordable units-the largest municipal affordable housing plan in the nation's history."

Newark Mayor Cory Booker said, "The creation and preservation of affordable housing is a top priority for my administration. Many of this city's apartment buildings were constructed decades ago and are in dire need of renovation and modernization. Related Companies has a long history of creating affordable housing opportunities, and this joint venture between Related Companies and Tiki Barber to preserve and improve existing affordable units represents an exciting opportunity for Newark as we work to create vibrant, mixed-income neighborhoods."

Marc Schnitzer, CEO and President of Centerline Capital Group said, "Centerline is committed equally to this joint venture to improve and increase affordable housing options across the country. Our company got its start in the affordable housing market, and it still comprises a major portion of our portfolio. We recognize the need for all citizens to have safe, decent shelter, and we constantly work to meet that need."

Mark Carbone, President of Related Affordable said, "Related has a long-standing commitment to affordable housing, and we are pleased to augment our efforts with this exciting partnership with Tiki Barber. These initial investments in Virginia and North Carolina are an opportunity to provide thousands of people at every income level not only an affordable place to live, but a place that they will want to call home."

In 1972, Stephen Ross founded Related Companies, known then as Related Housing Companies, with the goal of financing and developing government assisted, multi-family housing. As Related has grown into a national leader across a spectrum of real estate capabilities, its commitment to preserving and developing housing that is within reach of working families and seniors has never wavered. Related has financed, developed or acquired over 300,000 units of affordable housing across the nation, making it the leading developer and sixth largest manager of affordable housing in the U.S.

Related has extensive experience in purchasing, rehabilitating and preserving developments that might otherwise exit the affordable housing unit. In the area of acquisitions and refinancing, the company pursues properties that meet one of the following criteria: Section 8,with project-based contracts; Section 236, in need of rehabilitation; Section 42 LIHTC, with expiring low-income restrictions; Section 515 FmHA, with loans that can be prepaid; or other assisted properties, including HODAG, HOME, federal or state-financed public housing.

###

About Related Companies
Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today, Related is considered the most prominent privately owned real estate development firm in the United States. Headquartered in New York City, it has divisions in development, acquisitions, property management, marketing and sales.

In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $16 billion with another $10 billion currently in development.

Related is strongly committed to sustainable design with over $6 billion in green development underway or completed. The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York, and Chicago's first green residential building, 340 on the Park. Related is currently developing eight new LEED-certified residential buildings.
www.related.com

About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company (NYSE:CHC), is a diversified real estate fund manager with over $18 billion of assets under management. Centerline lends, invests and manages capital for the commercial real estate and affordable housing industries. Centerline is headquartered in New York, New York and has over 500 employees in nine offices throughout the United States.
www.centerline.com

About Tiki Ventures
Tiki Ventures pursues business opportunities in real estate, entertainment, sports marketing and media with an emphasis on "giving back" through community involvement, humanitarian aid and educational programs that benefit the economically disadvantaged.
www.TikiVenturesllc.com
]]>Thursday, December 06, 2007
In this time, Related Companies has significantly increased its market share and continues to position itself for future growth through such marquee developments as Grand Avenue in downtown Los Angeles, CityNorth in Phoenix and Moynihan Station in New York City.

Related recently acquired Virgin Megastores North America and this past year acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in Centerline, the leading financier of affordable housing in the country.

"It is an honor to be recognized as one of Inc.'s 5,000 fastest growing private companies, and I'm very proud of our dedicated employees who are responsible for our continued growth and success," said Related Companies President Jeff T. Blau. "This recognition is truly indicative of what Related Companies represents - entrepreneurial spirit, outstanding capabilities, diligence, and a commitment to excellence."

"The Inc. 5,000 provides the most comprehensive look ever at the most important part of the economy - the entrepreneurial part," said Inc. 5,000 Project Manager Jim Melloan.

The Inc. 5,000, an extension of Inc. magazine's annual Inc. 500 list, catches many businesses that are too big to grow at the pace required to make the Inc. 500, as well as a host of smaller firms. Taken as a whole, these companies represent the backbone of the U.S. economy. The 2007 Inc. 5,000 list measures revenue growth from 2003 through 2006.

###

About Related Companies:
Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and the Frank Gehry-designed Grand Avenue development, situated directly across from the beloved Walt Disney Concert Hall, which will include luxury residences, retail, notable restaurants and a world class hotel.

Related is staunchly committed to sustainable design with over $6 billion in green development underway or completed. The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and Chicago's first green residential building, 340 on the Park. Related is currently developing eight new LEED-certified residential buildings, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston, The Century in Los Angeles, The Village in Santa Monica, Canyon Ranch Living and The Peshtigo in Chicago as well as Bronx Terminal Market, a one million square foot retail development in Bronx, New York. Related serves on the board of directors of the World Resources Institute.

Related recently acquired Virgin Megastores North America and this past year, Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in Centerline, the leading financier of affordable housing in the country. For more information about Related Companies please visit www.related.com.

About Inc.com:
Inc.com, the Daily Resource for Entrepreneurs, delivers advice, tools, breaking news and rich multimedia to help business owners and CEOs start, run and grow their businesses more successfully. Information and advice covering virtually every business and management task, including marketing, sales, finding capital and managing people, can be found at http://www.inc.com.
]]>Friday, October 19, 2007
Ownership opportunities at Viceroy Snowmass will be available Thanksgiving 2007. For more information, contact Related WestPac Sales at 970.922.2818, or www.elevatedlivingatsnowmass.com.

Viceroy Snowmass will be operated by Kor Hotel Group, the Los Angeles-based hotel operator, manager and owner of the Viceroy Resorts and Residences brand. The Viceroy brand offers luxurious and modern amenities, unique eco-friendly design and an energetic atmosphere in unforgettable locations. Every Viceroy destination re-imagines the essence of style and service, and inspires discriminating guests and residents to indulge in glamour, reinterpret cultural traditions, and redefine their notions of luxury. Current Viceroy properties include Viceroy Santa Monica and Viceroy Palm Springs. Under development are Viceroy Miami at Icon Brickell, Viceroy Mayakoba at Riviera Maya on Mexico's Yucatan Peninsula and Viceroy Snowmass in Colorado, as well as Kor's initial overseas venture, Viceroy Anguilla in the British West Indies. Viceroyhotelsandresorts.com is the official launch site for Viceroy hotels and resorts.

"We are proud that Kor Hotel Group has chosen Snowmass, Colorado for its latest Viceroy venture and thrilled to be developing one of the first LEED silver hotels in the nation. Snowmass has a tremendous legacy built on its breathtaking natural beauty and striving for the ambitious silver certification will play a key role in the creation of the preeminent multi-season resort community and one of the globe's most environmentally respectful destinations," said Patrick N. Smith, president of Related WestPac.

Viceroy Snowmass will offer its guests uncompromising mountain resort amenities and service including a 7,000 square-foot spa, fitness center, year-round swimming pool, a kids club, a business center, casual and fine dining, flexible conference space, and ski valet facilities.

"We're excited to be developing our first mountain resort in Snowmass, Colorado," said Brad Korzen, CEO of Kor Hotel Group. "Snowmass appeals to a sophisticated national and international clientele, but presently the area offers no design-savvy properties with high-end amenities that speak to the level of service consumers anticipate. Our Viceroy luxury product will fulfill that need."

The new $1 billion development at the Snowmass Base Village will include more than one million square feet of residential, hotel, restaurant, retail and conference space, all strategically located at the base of what is arguably the finest ski and snowboard mountains in the world and only minutes from the center of Aspen and the base of Aspen Mountain. Upon completion, the development will include 346 condominiums, 64,000 square feet of shops, cafes, pubs and restaurants, 15,000 square feet of conference space, the 236-unit Viceroy hotel, The Little Nell Snowmass, an aquatic center and much more.

Sustainable Development

Related WestPac is proud to be part of a ground-breaking program to create one of the world's most sustainable neighborhoods and have Snowmass set a new standard for environmental excellence in the development and hospitality industries. Related WestPac will not only meet the guidelines of the new neighborhood LEED program, it will go a step beyond and individually LEED certify each new building going forward.

In August, Related WestPac announced an initial series of initiatives to promote environmental sustainability throughout the design, construction and operational practices of the 80-acre Snowmass development. Related WestPac has also partnered with the acclaimed Rocky Mountain Institute (www.rmi.org) to pursue innovative sustainability solutions.

Snowmass, Colorado

Already one of North America's premier resorts, Snowmass is undergoing a renaissance. Located less than seven miles from Aspen Airport and easily accessible from the Eagle/Vail Airport (only 70 miles) the new Snowmass resort will be cohesively developed to ensure its status as a year-round destination. The Snowmass experience will be greatly enhanced with first class services, luxury residences, hotels, entertainment venues, dining and shopping amenities and additional ski-in/ski-out access to Snowmass. The development will combine pioneering environmental stewardship with a first-class resort experience and will create a new model in community and sustainable resort development.?

Related WestPac

Related WestPac is a joint venture partnership of Related Companies, a fully integrated private real estate development company, and WestPac Investments Colorado LLC, a diversified Real Estate Investment and development company. Related WestPac owns Snowmass Base Village, Snowmass Center and parts of West Village and is creating an 80-acre master planned development, allowing all three sites to be cohesively developed.

Related WestPac shares the vision of a Snowmass renaissance established by the community and supported by Aspen Skiing Company. Aspen Skiing Company (ASC) (www.aspensnowmass.com) will remain involved in the long term operation and management of Snowmass Mountain and operate the highly anticipated children's center, the commercial spaces for ticket sales, ski retail and rental facilities in Snowmass Base Village. In addition, Aspen/Snowmass Hospitality, a division of ASC, will be responsible for hotel and residential property management. ASC is moving forward with over $78 million to date in on-mountain improvements that are an integral part of base village and the entire town's renewal, including a new, eight-person gondola and a six-person high speed chair lift which allows skiers to have unprecedented mountain access and skier mobility.
]]>Monday, October 01, 2007
With its salmon-colored sandstone exterior transitioning to rich brick, The Harrison's Romanesque revival style includes signature arches, decorative friezes, robust pillars and delicate Juliette balconies. A work of architectural stature and sophistication, The Harrison reflects the design tradition of Louis H. Sullivan, one of America's most influential architects.

The Harrison's sweeping, 60' lobby features an awe-inspiring series of Romanesque arches and columns, English oak millwork and a grand stone fireplace. The same sophistication and elegance characterizes the 81 residences in the 14-story North Tower and the 51 residences in the 19-story South Tower. In classic Upper West Side tradition, where home is the preferred destination, residences are generously proportioned and graciously designed for comfortable socializing. Ceilings are 9' - 10' in height, flooring is rich oak and oversized windows bring in cascades of light. All 132 residences at The Harrison are LEED Certified and each home is fully wired with integrated technology for high-speed internet, cable and voice and data distribution outlets. The Harrison offers one to five-bedroom, family-sized luxury residences, some with library. Several studios are also available.

Kitchens at The Harrison are warmly inviting centers for gatherings of friends and family with custom designed mahogany cabinetry, cream polished granite countertops, marble backsplash and grey stone flooring. State-of-the-art appliances include fully-integrated wood-paneled refrigerators and dishwashers with stainless steel wall ovens, cook tops, wine refrigerators and microwave ovens.

Master baths are luxurious retreats outfitted with superb finishes and fine detailing. Walls and vanities are beautifully clad in white marble. Polished marble floors are inset with intricately patterned stone borders and cabinetry is custom designed in white with impeccable, semi-gloss finish.

Secondary baths are designed with polished marble floors, walls and vanities and custom-designed powder rooms feature white, inset verdi marble floors and Verdi marble vanity with elegant fittings and mirror.

At The Harrison, resident services and amenities are exceptional: Fitness Lifestyle by Equinox(SM) with private residents' fitness lounge and elevator for direct gym access is available to all as is Related Services(SM) including the Related Personal Assistant. The Harrison's portfolio of amenities includes an entertainment lounge with landscaped outdoor courtyard, dinosaur-themed children's playroom and spacious rooftop sun terrace. Additional services include concierge, 24 hour doorman and convenient, on-site private parking.

The Harrison's premier location grants easy access to many enriching cultural, historical and recreational landmarks of the highly desirable Upper West Side neighborhood. The Museum of Natural History, Hayden Planetarium, The Children's Museum, New York Historical Society and Lincoln Center are but a stroll away as is Central Park with miles of recreational space and outdoor activities for all ages. Numerous restaurants, gourmet markets and specialty shops abound and many of Manhattan's best public and private schools are conveniently nearby.

At The Harrison, Related combines the enriching traditions of classic Upper West Side living with a perfect blend of pre-war elegance and modern residential amenities.

The residences at The Harrison are scheduled for Spring 2009 occupancy. For further information, please contact: www.theharrison76.com or call Related Sales, exclusive Marketing and Sales Agent at 212.469.1000

The Harrison Sales and Design Center
345 Amsterdam Avenue at 76th Street
New York, New York 10023
212.496.1000
www.theharrison76.com

About Related:

Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and the Frank Gehry-designed Grand Avenue development, situated directly across from the beloved Walt Disney Concert Hall, which will include luxury residences, retail, notable restaurants and a world class hotel.

Related is staunchly committed to sustainable design with over $6 billion in green development underway or completed. The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and Chicago's first green residential building, 340 on the Park. Related is currently developing eight new LEED-certified residential buildings, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston, The Century in Los Angeles, The Village in Santa Monica, Canyon Ranch Living and The Peshtigo in Chicago as well as Bronx Terminal Market, a one million square foot retail development in Bronx, New York. Related serves on the board of directors of the World Resources Institute.

This past year, Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in Centerline, the leading financier of affordable housing in the country. For more information about Related Companies please visit www.related.com.
]]>Monday, August 27, 2007
CENTURY CITY, CALIF. (March 1, 2007) - Related, considered the most prominent privately owned real estate development firm in the United States, announces the opening of the Sales and Design Center for The Century, the 40-story luxury condominium tower representing The Evolution of Estate Living. The Century Sales and Design Center, located on the 41st floor of Century City's iconic Century Plaza Towers, overlooks the site where the graceful Robert A.M. Stern-designed structure will rise, affording views of the ocean, mountains, and surrounding cityscape almost identical to the views The Century residents will enjoy.

The Century Sales and Design Center, also designed by Robert A.M. Stern Architects, is a gracious 8,000 square feet and is Los Angeles' most luxurious setting for residential sales. Upon entering the space, guests are warmly greeted in a great room that foretells the elegance of those in The Century. A striking gallery, with an installation of historic photos of the great estates of Beverly Hills, Bel Air and Holmby Hills, as well those of Robert A.M. Stern line one wall, while the other features the impressive designs from notable architects that Related has developed across North America including New York's already iconic Time Warner Center.

After strolling the gallery, guests of the Sales and Design Center view a model of Stern's graceful design reminiscent of the 1930's and 1940's classic glamour of Beverly Hills and Bel Air. The Century's curved silhouette, elegantly fluted columns, gracious balconies, windows, luxurious entryway and park-like estate setting, designed by celebrated landscape architect Pamela Burton, are stunningly articulated in the model. Also available will be floorplans of the residences designed for today's living featuring lavish layouts from 2,400 to 10,000 square feet.

Residents of The Century will have a choice of three interiors and the Sales and Design Center showcases examples from all. The Century Design by Robert A.M. Stern, an enduring interpretation of classic style, respecting the past but looking to the future, is featured as a complete kitchen and master bathroom in the Sales and Design Center. Details of the finishes of the Manor Design, also by Stern and reminiscent of the timeless appeal of the traditional homes by the architect, as well as the Metropolitan Design, a modern, serene design featuring textural, honest materials by Marmol Radziner and Associates, are also displayed throughout the space.

"The Century will be a complete evolution of estate living and the most luxurious address in Los Angeles," said Susan de Franca, President of Related Sales. "Guests who visit will be impressed with the full suite of Related Signature Services (SM), the four acres of lush estate grounds, exceptional interior appointments and long list of exclusive and exceptional amenities, all on display in the most luxe sales center in the city. Related is very proud to be the first development firm to bring a residence of this class to Los Angeles."

About Related
Heralded as one of the most prolific and visionary developers in the country, Related was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has affiliated companies and developments in Miami, Los Angeles and Chicago and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and The Grand Avenue development, situated directly across from the beloved Frank Gehry-designed Walt Disney Hall, which will include luxury residences, retail, notable restaurants, and a world class hotel.

Related is also the largest shareholder in CharterMac, the largest financier of affordable housing in the country. For more information about Related please visit www.related.com

]]>Monday, August 27, 2007
Related Companies President Jeff T. Blau said, "The acquisition of Virgin Megastores North America is a tremendous opportunity for Related to provide strategic value and exemplifies Related's investment strategy. Virgin Megastores is a well-managed premier retail brand of top-tier entertainment lifestyle stores. Their evidenced commitment to progressive business strategies and service makes them an ideal partner. We look forward to leveraging the resources and synergies between our two great brands."

Sir Richard Branson, founder and chairman of the Virgin Group said, "Virgin Megastores in the U.S. has enjoyed a brilliant two decades as a music and lifestyle retailer, and I am so proud of what we've been able to offer consumers. With most of our global retail operations now franchised, Virgin Group will continue to focus on being a global leader in transportation and renewable energy, with interests in financial services, communications and media, health, and leisure."

Simon Wright, CEO, Virgin Entertainment Group said, "We'd been looking for a strong investment firm to work with to continue the successful repositioning achieved by Virgin Megastores USA. Related has a strong track record of investment and shares Virgin's values. Consistent with Virgin Group's approach taken with partners elsewhere across the globe, we found an ideal partner in Related, one with an outstanding reputation and a shared belief in creating value to the consumer experience at Megastores."

Continuing employment contracts have been put into place with senior management and Related expects to continue to make key investments into the company, its assets and its future. Virgin Megastores has experienced continued growth in 2007 with a 10% increase in comparable music sales through fourth period, and a 17% increase in overall comp sales over last year. Virgin Megastores have also seen significant sale increases in several other departments including an 11% increase in DVD sales and a 26% increase in interactive games' sales, together with an average increase of 30% in fashion and electronics.

The corporate acquisition is another example of Related's value added investment strategy. In 2006 Related acquired Equinox Holding Inc., the premier operator of upscale fitness clubs and spas in New York, Chicago, Los Angeles, San Francisco and South Florida. That same year, Related Companies was part of an investor group that brought leading international developer and operator of destination resorts, casinos and luxury hotels Kerzner International Limited private.

###

About Related Companies:
Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $16 billion with another $10 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and the Frank Gehry-designed Grand Avenue development, situated directly across from the beloved Walt Disney Concert Hall, which will include luxury residences, retail, notable restaurants and a world class hotel.

Related Companies is staunchly committed to sustainable design with over $6 billion in green development underway or completed. The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and Chicago's first green residential building, 340 on the Park. Related is currently developing eight new LEED-certified residential buildings, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston, The Century in Los Angeles, The Village in Santa Monica, Canyon Ranch Living and The Peshtigo in Chicago as well as Bronx Terminal Market, a one million square foot retail development in Bronx, New York and Snowmass, Colorado, a $2 billion mixed-use redevelopment. Related also serves on the board of directors of the World Resources Institute.

This past year, Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in Centerline, the leading financier of affordable housing in the country. For more information about Related Companies please visit www.related.com.

About Virgin Entertainment Group:
Virgin Entertainment Group is the world's leading multi-channel music and entertainment retailer, providing customers with a range of superior entertainment experiences through a family of integrated Virgin-branded businesses. The "category killer" Virgin Megastores and Virgin Megastore Online at www.virginmega.com are integral parts of a strategy to provide entertainment customers with what they want, how they want it, and when they want it. For more information, or to check out the location of the nearest Virgin retail, go to www.virginmegamagazine.com.
]]>Friday, August 17, 2007
Related WestPac today announced an initial series of sustainability initiatives that will create a cleaner, greener environment throughout the Snowmass Village redevelopment. Related WestPac detailed their efforts at a luncheon with Town of Snowmass Village Mayor Doug (Merc) Mercatoris and Councilman John Wilkinson, which celebrated their collaborative commitment to environmental sustainability. They were joined by President and CEO of the U.S. Green Building Council S. Richard Fedrizzi and former New York Governor George E. Pataki.

Related WestPac is currently developing 80 acres comprised of residential units, world-class hotels, retail, entertainment and restaurant amenities surrounding the renowned ski area in Snowmass Village, Colorado. The first stage of sustainability initiatives includes eight signature elements:
Partnership with celebrated Rocky Mountain Institute to pursue innovative sustainability solutions;
participation in the new LEED (Leadership in Energy and Environmental Design) for Neighborhood Development Pilot Program;
LEED certification for all buildings going forward;
LEED silver certification of Base Village Hotel site;
siting of new carbon-free renewable energy sources;
cleaner construction practices and traffic reduction initiatives that will improve air quality and minimize environmental impacts;
appointment of a Sustainability Specialist--a new dedicated senior official to ensure sustainable design implementation and to create and employ further sustainability efforts; and
formation of a Sustainability Stewardship Committee led by Town of Snowmass Village and the community in partnership with all present and future stakeholders including Related WestPac and Aspen Skiing Company to expand and compound sustainability efforts.
Pat Smith, President of Related WestPac said, "When our buildings are constructed in a manner that is respectful of the surrounding built and natural environment, the overall fabric of our community is enhanced. The cleanest energy is the energy we don't use. In partnership with Rocky Mountain Institute, we will aggressively pursue the most efficient use of energy as well as the cleanest renewable resources available including carbon neutral technologies, biofuels and solar-based energy. As part of the Snowmass community, we have an opportunity and an obligation to shape its future through ingenuity and innovation. In collaboration with the Town of Snowmass Village and Aspen Skiing Company we will help build a stronger brighter future for our community."

Jeff Blau, President of Related Companies said, "Snowmass Village has a tremendous heritage built on its awe-inspiring natural beauty and unique geographic, historic and cultural elements. The initiatives we announce today will be just the beginning of our long-term commitment to create a new model of community living anchored in sustainability. Throughout the redevelopment, we will embrace innovative technologies and constantly push the boundaries of clean, green progress. Simply put, sustainability is about seeking a better quality of life for everyone.

In developing its sustainability efforts, Related WestPac has been advised by former New York Governor George E. Pataki in his new role as Founder and Chairman of the Pataki-Cahill Group. Governor Pataki is widely known for protecting over one million acres of open space, sponsoring the first mandatory cap and trade carbon initiative (which now includes ten Northeastern and Mid-Atlantic states), instituting the nation's first green buildings tax credit program and working to ensure the redeveloped World Trade Center site will be a global example of green building design. The Governor also created a public-private partnership for clean energy generation that resulted in one of the largest demonstrations of industrial solar power in the U.S., and one of the largest wind-power arrays in the east as well as two cellulosic ethanol production facilities and two clean coal plants currently under development.

Former Governor George E. Pataki said, "It is encouraging and inspiring to see this type of commitment by the private sector to further environmental sustainability. Related WestPac has begun exploring innovative ground-breaking technologies that will engage the community and propel sustainability efforts forward. Broad participation is a key component to sustainability and the shared vision of Related WestPac, the Town of Snowmass Village and Aspen Skiing Company will motivate action and accelerate progress toward a stronger and healthier environment in Snowmass Village. No one developer or local government can do it alone. We must continuously commit to work together to develop our communities for the future and pursue a cleaner environment, a more secure nation and a safer world."

Related WestPac is a joint venture partnership of Related Companies, a fully integrated private real estate development company, and WestPac Investments Colorado LLC, a diversified real estate investment and development company.

About Related Companies: Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and the Frank Gehry-designed Grand Avenue development, situated directly across from the beloved Walt Disney Concert Hall, which will include luxury residences, retail, notable restaurants and a world class hotel.

About WestPac Investments, LLC: WestPac is a privately held investment and development company doing business in five Western States. WestPac is a co-developer of The Residences at The Little Nell. The company's focus is residential in all forms, including single family, multifamily dwellings ranging from student housing to market rate apartments as well as senior housing. WestPac also develops condominiums and hotels. WestPac excels in the development and operation of commercial real estate, as well, including office buildings, medical facilities (which include award-winning Alzheimer facilities) and retail. WestPac is vertically integrated in the management and operation of the properties they develop.

WestPac Investments has built a variety of green developments in California and New Mexico. In San Luis Obispo California, WestPac built the LEED-certified De Tolosa Ranch, a 148-home green development and Broad Street, a mixed use development consisting of residential units, commercial and retail space.
]]>Friday, August 10, 2007
The bond sales will finance improvements at the 100-unit West Haverstraw Senior Citizens Apartments in West Haverstraw and the 97-unit Warren Knolls Apartments in Haverstraw. In return, the owners agree to keep rents affordable for 40 years after completion of the repairs.

"These projects are part of the Spitzer administration's effort to preserve affordable housing throughout the State," said Priscilla Almodovar, HFA President and Chief Executive Officer. "We are very proud to keep these developments affordable into the future and also help improve the services residents receive."

Mark Carbone, President of Related Affordable, said, "Related Companies is pleased to partner with the New York State Housing Finance Agency to upgrade and ensure the long-term preservation of affordability of these two developments in an area of New York State that is in critical need of affordable units. These two projects are indicative of Related's long standing commitment to quality affordable housing. Since 1972, Related has developed, acquired or financed over 300,000 units of affordable housing."

For both projects, the financing will pay for improvements such as upgrades of kitchens and bathrooms, replacing boiler controls, window replacement, new intercoms and laundry room upgrades. Residents will not be displaced during the renovations.

Both projects are reserved for seniors aged 62 years or older and disabled persons at or below 60% of the Area Median Income (AMI) for Rockland County, where the AMI is $96,100.

The West Haverstraw Senior Citizens Apartments, located at Route 9W and Cosgrove Avenue in West Haverstraw, consists of 100 one-bedroom apartments in eight two-story garden-style apartment buildings. The borrower is West Haverstraw Preservation, LP, an entity controlled by The Related Companies, Inc.

The total cost of the rehabilitation is $11.13 million. In addition to $6.7 million in HFA bond financing, West Haverstraw will receive an annual allocation of $376,000 in federal Low Income Housing Tax Credits. The project is also expected to benefit from a Payment In Lieu of Taxes agreement with the Village of West Haverstraw, which will provide property tax abatement, and a Section 8 Project Subsidy from the U.S. Department of Housing and Urban Development.

The Warren Knolls Apartments, located at 500 Warren Knolls Drive near Route 9W in the Village and Town of Haverstraw, consists of 97 units in five two-story garden-style apartment buildings. The borrower is Gurnee Housing Preservation, LP, an entity controlled by The Related Companies, Inc.

The total cost of the Warren Knolls rehabilitation is $11.1. In addition to $6.7 million in HFA bond financing, the development will receive an annual allocation of $372,000 in federal Low Income Housing Tax Credits. The project is also expected to benefit from a Payment In Lieu of Taxes agreement with the Village and Town of Haverstraw, which will provide property tax abatement, and a Section 8 Project Subsidy from the U.S. Department of Housing and Urban Development.

For both bond issues, the underwriter was UBS Investment Bank and the bond counsel was Hiscock and Barclay LLP.

HFA was created as a public benefit corporation in 1960 to finance low-income housing by raising funds through the issuance of housing revenue bonds and by making mortgage loans to eligible borrowers.
]]>Wednesday, July 25, 2007
At 205 East 85th Street, in the heart of Manhattan's Upper East Side, the 22-story Brompton has a timeless quality that transcends value, character and permanence. Its collection of elegantly styled residences of studio to five bedroom condominiums with contemporary appointments and exceptional amenities satisfy a wide range of lifestyles.

A Gothic-inspired red brick and limestone facade provides the framework for generously proportioned layouts and richly detailed interiors. Robert A. M. Stern's vision for the lobby includes a dramatic arched entranceway with cherry wood paneling and elegant marble floors that traverses through a series of two landscaped courtyards for added light and ambiance.

The Brompton's exquisitely designed kitchens enjoy all the conveniences of a modern home. Highlights include latte-color wood cabinetry, Cotto D'Este porcelain flooring and Quartzite countertops with rich mosaic tile backsplashes. Viking Veso stainless steel wall ovens and wine coolers, Sub-Zero fully integrated wood paneled refrigerators and Miele fully integrated wood paneled dishwashers are standard.

The Brompton's striking baths seamlessly blend a stunning array of materials for a soothing and indulgent experience. The master baths feature Calacatta Sponda marble flooring with inlaid marble accents, marble vanities and six-foot soaking tubs. Secondary baths feature rich Bottocino Super Light marble flooring along with an exquisite Maroto Oro Toscano marble vanity with white-lacquered wood custom cabinetry and white undermount bathtub and sink.

Unparalleled amenities include membership and privileged access to Fitness Lifestyle by Equinox, in addition to an entertainment lounge with outdoor terrace, a children's playroom outfitted by Dragons' of Walton Street in London with adjacent outdoor play area, and the ease and convenience of 24-hour concierge and doorman service. In addition, all residences are fully wired with an integrated technology system for high speed internet, cable, and voice and data distribution outlets.

The Brompton enjoys a premium location in one of the city's most established and coveted residential neighborhoods. The Upper East Side is home to world-renowned museums, The Metropolitan Museum of Art, Cooper Hewitt and Guggenheim, among others, and many of the finest public and private schools. Stylish boutiques, specialty stores, art and antiques galleries, world class dining and gourmet food stores are well placed throughout, and parks and recreation centers abound.

Embracing Upper East Side values by blending the best in traditional and contemporary styles, The Brompton offers a timeless quality that transcends and presents an enduring lifestyle that is always "Stylishly Proper."

The residences at The Brompton are scheduled for Fall 2008 occupancy. For further information, please contact: www.thebromptonnyc.com or call Related Sales, exclusive Marketing and Sales Agent at 212.249.8505.

The Brompton Sales and Design Showroom
1675 Third Avenue at 93rd Street
New York, New York 10128
(212) 249.8505
www.thebromptonnyc.com

About Related:

Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago, and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and The Grand Avenue development, situated directly across from the beloved Frank Gehry-designed Walt Disney Hall, which will include luxury residences, retail, notable restaurants, and a world class hotel.

Nearly a decade ago, Related pioneered the concept of commissioning celebrated architects to design residential properties by selecting Robert A.M. Stern to plan his firm's first luxury condominium, The Chatham. In the development of Time Warner Center combined super-luxury residences, the Mandarin Oriental hotel and residences, Jazz at Lincoln Center, stylish retail and the city's finest collection of four-star restaurants, Related redefined sophisticated metropolitan living in New York and trademarked the term "Five Star Living." A partial list of Related's condominiums in New York include: The Park Imperial, designed by Adam D. Tihany, Astor Place designed by Gwathmey Siegel and Associates and The Caledonia and The Veneto currently under construction.

This past year, Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in CharterMac, the largest financier of affordable housing in the country. For more information about Related Companies please visit www.related.com.


]]>Wednesday, July 25, 2007
Related WestPac today announced that the $2 billion 80-acre Snowmass Village, Colorado mixed-use development will combine groundbreaking environmental stewardship with a first-class resort experience. The development includes residential units, world-class hotels, retail, entertainment and restaurant amenities surrounding the renowned ski area. The Snowmass development seeks to create a new model in community and resort sustainable development and be one of the first and most ambitious projects to be chosen for the new LEED (Leadership in Energy and Environmental Design) Pilot Neighborhood Development certification program.

Related WestPac will incorporate LEED's pilot Neighborhood certification program and plans to augment these efforts by extending them into every aspect of the design, development, construction and operations at Snowmass Village. In partnership with the Town of Snowmass Village and the Aspen Skiing Company, Related WestPac is currently exploring best practices to maximize efficiencies through the utilization of renewable energy sources, stormwater management, carbon-neutral technologies, the use of high-performance mechanical ventilation low-VOC and no-VOC for healthy indoor air quality for all residents and visitors and the incorporation of eco-friendly components throughout all buildings. Additionally Related WestPac will create a community with seamless pedestrian-oriented neighborhoods designed with walkable destinations and gondola people-movers that allow for limited auto usage.

Patrick N. Smith, President of Related WestPac said, "Today the global sustainability momentum is undeniable and exciting. As a developer in Snowmass Village, Related WestPac has both an opportunity and an obligation to commit our strong resources toward sustainable, green development. Our vision is one where every resident, every visitor and every business will contribute to a brighter future through a raising of the green bar. Snowmass Village is known for its pioneers and Related WestPac is proud to continue that spirit by taking a leadership role in applying substantial sustainable practices to our redevelopment plans." Jeff T. Blau, President of Related Companies said, "We are proud to be a part of a ground-breaking program to create one of the world's most sustainable neighborhoods and set a new standard for environmental excellence in the development and hospitality industries in Snowmass Village. In order to effectively combat climate change an ecological consciousness and an environmental commitment from both the public and the private sectors is absolutely required. Through the new LEED Neighborhood Development Pilot Program, we will accelerate global progress towards sustainable development. We look forward to sharing our ideas and experience as we help create best practices with our partners the U.S. Green Building Council, National Resources Defense Council and the Congress for New Urbanism." Related Companies is staunchly committed to sustainable design. The firm developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and Chicago's first green residential building, 340 on the Park. Related is currently developing eight new LEED-certified residential buildings, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston, The Century in Los Angeles, The Village in Santa Monica and Canyon Ranch Living and The Peshtigo in Chicago.

The LEED for Neighborhood Development rating system integrates the principles of smart growth, new urbanism and green building into the first national standard for neighborhood design. LEED for Neighborhood Development is collaboration among the U.S. Green Building Council (USGBC), the Congress for the New Urbanism (CNU) and the Natural Resources Defense Council (NRDC). The rating system will evaluate the development based on smart location and linkage to the community at large; the neighborhood pattern and design; green construction and technology; and innovation and design process. LEED certification provides independent, third-party verification that a development's location and design meet accepted high standards for environmentally responsible and sustainable development. Snowmass would be one of the first development projects under this newly formed certification.

Rick Fedrizzi, President, CEO and Founding Chair, U.S. Green Building Council said, "The LEED for Neighborhood Development program is designed to go beyond the single green building approach and focus on design and development - on a community-wide scale. Our pilot projects are pioneers - paving the way for the development of smarter and healthier communities."

Snowmass Village Mayor Douglas "Merc" Mercatoris said, "The Town of Snowmass Village has consistently taken a leadership position to foster and encourage green building techniques of both the private and public sectors. We are pleased to be working with partners large and small to obtain these goals. The lead taken by Related WestPac with Aspen Ski Company and by having a LEED certified neighborhood with their new construction is a wonderful example of the private sector working for the environment."

Mike Kaplan, President and CEO of Aspen Skiing Company, said, "We applaud these efforts and are excited to work with partners who share Aspen Skiing Company's commitment to sustainable business practices and green building. With this announcement, Related/WestPac has taken an overall leadership position in the development business."

Related WestPac is a joint venture partnership of Related Companies, a fully integrated private real estate development company, and WestPac Investments Colorado LLC, a diversified Real Estate Investment and development company.]]>Thursday, July 19, 2007
"As we prepare to introduce The Century to Angelenos, we wanted to give the real estate community a first look at the incredible residences and lifestyle offered at The Century," said David Wine, Vice Chairman of Related. "In developing The Century, we knew we wanted to redefine condominium living in Los Angeles. Because this building is unlike anything offered before, we know there is much to be absorbed. Inviting brokers for a first preview will enable them to better inform their clients about the gracious estate living at The Century."

The Century Sales and Design Center designed by Robert A.M. Stern Architects stands forty-one floors above Century City with stunning views that stretch from the Pacific Ocean to the Hollywood Hills and the Downtown skyline. The showroom foretells the quality, craftsmanship and classic style of the Robert A.M. Stern-designed condominium. The Sales and Design Center features the impeccable and luxurious finishes one will experience living in a residence at The Century: marble, wood, nickel and granite being subtly employed to maximum effect, never distracting from the breathtaking views.

"When we commence showings in September, brokers will feel confident bringing their most discerning clients to experience the look and feel of The Century," said Susan de Franca, President of Related Sales Inc, the exclusive marketing and sales agent for The Century. "Guests who visit will be impressed with the four acres of lush estate grounds, exceptional interior appointments and the unparalleled list of unprecedented amenities, all on display in the most luxe sales center in the city."

Leading an evolution in Los Angeles living, these highly anticipated residences will offer sophisticated homeowners the ability to leave behind gated mansions for stylish, convenient condominium homes without compromising their estate lifestyles. With four acres of estate grounds designed by landscape architect Pamela Burton, the gardens will have both the attributes of wonderful estates such as a great lawn, courtyards, water features and architectural details, as well as elements for a more casual lifestyle including outdoor fireplaces and dining rooms, cabanas, walking paths and a dog run. The Century lifestyle is truly like living at a resort with a highly trained Related staff, a 75-foot pool with cabanas and views of the Pacific, catering and butler service from an onsite restaurant, an entertainment suite worthy of presidential fundraisers, a library turned into a culture lounge by the French publisher Assouline, spa and fitness facilities and so much more. Storage rooms and wine storage are included with every home purchase.

The Century will feature 140 gracious condominiums with two-to-four bedroom residences ranging from 2,400 to 10,000 square feet, and a limited collection of full and half floor penthouses and townhouses with stunning views from downtown to the coast. Related has a reputation for creating outstanding floor plans and Stern's design is no exception, with 20 different layouts. The building's dramatic elliptical shape was inspired by the cinemascope and affords the most dramatic, uninterrupted views. The exceptional details, attributes and ownership opportunities at The Century will be made available to interested parties when the Sales and Design Center opens in September 2007.

The Century Sales and Design Center is located at The Century Park Towers, at 2049 Century Park East, Suite 4150, Los Angeles, CA 90067. Real estate brokers and interested parties may call 310.552.2055 to arrange an appointment.

About Related
Heralded as one of the most prolific and visionary developers in the country, Related was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has affiliated companies and developments in Miami, Los Angeles and Chicago and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and The Grand Avenue development, situated directly across from the beloved Frank Gehry-designed Walt Disney Hall, which will include luxury residences, retail, notable restaurants, and a world class hotel.

Related is also the largest shareholder in CharterMac, the largest financier of affordable housing in the country. For more information about Related please visit www.related.com.
]]>Sunday, July 01, 2007
Related today received The National Building Museum Honor Award for 2007. The award was given in recognition of Related's promotion of architecture and design excellence in new development; commitment to high-profile, transformative urban mixed-use projects; leadership in the creation and management of affordable housing across the nation; and legacy of innovative business strategies that have become models for economic development and community revitalization. Stephen M. Ross, Chairman and CEO of Related Companies, and Jorge Perez, CEO of The Related Group, accepted the award on behalf of Related at a gala event this evening at the Museum in Washington, DC.

"Cities across the country have been transformed by Related," said National Building Museum executive director Chase Rynd. "The company's support of extraordinary architecture along with its contributions toward urban revitalization has resulted in tremendous economic, cultural, and civic benefits for our society. The Museum recognizes Related's significant achievements in improving our built environment."

For over 20 years, the National Building Museum's Honor Award has recognized outstanding individuals and companies who have made significant contributions in the fields of architecture, planning, construction, and building. The Honor Award is given annually by the Museum, and each recipient is chosen from a list of nominees by the Board of Trustees. Past honorees include the Rockefeller and Pritzker families, Senator Daniel Patrick Moynihan, and Michael D. Eisner and the Walt Disney Company.

Stephen M. Ross, Chairman and Founder of Related Companies said, "It is a tremendous honor to receive this esteemed award from such a distinguished institution. As one of the largest private developers in the nation, we take great pride in the extraordinary impact we can have on the economic vitality and quality of life in the communities in which we build. At Related, we feel it is both a responsibility and a privilege to play a role in helping to improve people's lives. It is rewarding to receive this recognition for our design excellence, commitment to affordable housing, and transformative projects."

Jorge Perez, Chairman and Founder of The Related Group said, "The Related Group has earned a national reputation for building luxury condominiums; however, since its inception, we have placed great priority on building affordable and attainable housing. We are extremely pleased to be recognized for our efforts in this area. Our greatest pride is to contribute to the development of 24-hour cities where the moderate-income earner can work, live, and be entertained. It's a great feeling to provide that kind of opportunity to people and to be recognized for doing that which we love."

Founded in 1972, Related is a fully-integrated, diversified real estate organization with in- house divisions in development, acquisitions, property management, marketing and sales. Nearly a decade ago, Related pioneered the concept of commissioning celebrated architects to design residential properties by selecting Robert A.M. Stern to plan his firm's first luxury condominium, The Chatham A partial list of Related's residential development in New York include: The Park Imperial, designed by Adam D. Tihany, and Astor Place designed by Gwathmey Siegel and Associates. The Brompton, The Harrison, and Superior Ink are all being designed by Robert A.M. Stern. Related has also developed, acquired or financed more than 300,000 units of affordable housing.

Related is staunchly committed to sustainable design and developed one of the first green residential buildings in the nation, Tribeca Green in Battery Park City, New York and Chicago's first green residential building, 340 on the Park. Related is currently developing seven new LEED-certified buildings, The Brompton, The Harrison, and Superior Ink in New York City, The Clarendon in Boston, The Century in Los Angeles, and Canyon Ranch Living and The Peshtigo in Chicago.

Related stands as one of the nation's most pre-eminent developers of mixed-use properties that feature the finest blend of retail, dining, entertainment, cultural, hotel, office and on-site residential uses. Developments such as Manhattan's Time Warner Center and West Palm Beach's CityPlace have become destinations in themselves combining urban planning and architectural design to bring forth the energy and vitality of a great urban location while resonating with the local lifestyle and culture. Related is currently developing an 80-acre destination resort in Snowmass, Colorado, a 144-acre, mixed-use development in Phoenix, Arizona, CityNorth, and the nine-acre Grand Avenue mixed-use development in downtown Los Angeles.

The National Building Museum, created by an act of Congress in 1980, is a private, nonprofit institution that examines and interprets achievements in building through exhibitions, education programs, and publications. The National Building Museum's Honor Award was instituted in 1986 to recognize individuals and organizations that have made important contributions to our nation's built environment. Annually, recipients are selected from a wide variety of backgrounds to call attention to the many factors that determine the form and quality of our built world. Additional information about the Honor Award can be found at www.nbm.org/honoraward.html.
]]>Friday, June 15, 2007
April 17, 2007-Related Companies proudly announced the complete sell out of The Caledonia's 190 condominium residences in just 8 months. Located at 450 West 17th Street between Ninth and Tenth Avenues and comprised on both luxury condominiums and luxury rentals, The Caledonia will be the first residential tower on the new High Line Park. This rapid pace of sales has proven that the chic, evolving neighborhood will be the place to live in coming years. The Caledonia is Related's second successful hybrid building offering both condominiums and luxury rental residences following One Carnegie Hill on the Upper East Side.

The Caledonia's 288 exclusive rental residences will be available for lease beginning this fall with occupancy expected in winter of 2008. Distinctive residences will range in size from alcove studios to two bedrooms and will feature the same unsurpassed amenities and a luxury lifestyle without compromise. Monthly rents are expected to range from $3,495 to over $10,000.

The Caledonia offers Zen luxury and enlightened design by renowned hospitality designer, Clodagh. Blending technology, primitive materials and ancient techniques such as Feng Shui, Clodagh approaches each residence as individual living spaces giving attention to the subtleties that make a luxury home, including details like bamboo flooring, oversized windows, and master spa bathrooms. Equinox, the leading operator of upscale fitness clubs in New York, Chicago, Los Angeles, San Francisco and South Florida, was acquired last year by Related. At The Caledonia, Equinox will open its first fitness center and spa fully integrated within a Related residential tower.

Featuring Fitness Lifestyle by Equinoxsm, The Caledonia will provide residents with private access to the fitness club, an exclusive resident fitness lounge with concierge, in-home training and spa services. Related has also partnered with ASSOULINE, France's most prominent publisher of art, culture, photography and fashion and style books, where Assouline will launch its first culture lounge at The Caledonia.

"We are extremely pleased with the sales success of The Caledonia. Its contemporary and soothing design complemented with exceptional amenities such as the fully integrated Equinox Fitness Club and desirable location have made The Caledonia another success story for Related," said Susan M. de Franca, President of Related Sales.

The residences at The Caledonia were selected by a diverse group of purchasers already living in the Chelsea and Greenwich Village area. Its unique location, nestled between the meatpacking district and Chelsea's art district, where designer boutiques, chic restaurants, lounges and world famous art galleries abound, has made The Caledonia a highly sought after living environment. The Caledonia has attracted local, out of state and international individuals who are seeking sophisticated urban living combined with full service amenities and the backing of an industry leader with a proven track-record in luxury residential development. The expected occupancy date for the condominium residences at The Caledonia is fall or late summer of 2008.

For more information on The Caledonia please visit the website at www.thecaledonia.com.
]]>Tuesday, April 17, 2007
PHOENIX - April 17, 2007 - Related Companies, the nation's most prominent private real-estate development firm, and Thomas J. Klutznick Company, a nationally renowned real-estate investment, development and consulting firm, today announced the formation of a joint venture to develop the 24-acre initial phase of CityNorth, a 144-acre, mixed-use development in Phoenix's burgeoning Northeast Valley. The joint venture, formed in association with JER Partners, the private equity arm of the J.E. Robert Companies, further announced the closing of $379 million in financing to move ahead with Phase One of the project, to be known as the High Street district.

Situated at the center of the 5,700-acre, master-planned community of Desert Ridge in Northeast Phoenix, which the Klutznick company has been developing since the 1980's, CityNorth will open in phases. When completed, the development will seamlessly integrate the finest aspects of urban life, amid engaging public spaces and captivating desert architecture across 144 acres and 5.5 million square feet designed by renowned architects Nelsen Partners, Inc. of Scottsdale and Boston-based Elkus?Manfredi Architects.

Already under construction, the High Street district will total approximately 1 million square feet and is scheduled to open in fall 2008. The centerpiece and main avenue of this first phase of CityNorth, High Street will be in the mode of classic streetscapes such as Newbury Street in Boston and Oak Street in Chicago. It will be comprised of 293,000 square feet of retail merchants and restaurateurs, 306,000 square feet of office space and 409,000 square feet of luxury condominiums and town homes that will crown ground-level boutiques and cafes. Currently, the retail portion of High Street is 70 percent committed. CityNorth's Phase Two will consist of approximately 2.5 million square feet on an additional 45 acres and is scheduled for initial openings beginning in November 2009. Nordstrom, the luxury department store, will open in 2009 as part of Phase Two, marking the department store's first foray into Phoenix. This second phase of CityNorth will provide for three additional department stores as well as more than 200,000 square feet of retail and restaurants to complement High Street. An additional planned phase of the development will include a five-star hotel and an upscale spa and health club, as well as more office and residential offerings.

The partnership of Related, Klutznick and JER has secured more than $290 million in financing from Capmark Finance Inc., one of the country's leading construction lenders, and $50 million in mezzanine financing from Centerline Capital Group.

"We are thrilled to be an equity partner in CityNorth," said Cia Buckley, President of U.S. Fund Business at JER Partners. "We have confidence that this project will be tremendously successful due to the combined expertise of Related Urban and the Klutznick company in mixed-use developments, the quality and number of leases being executed and unwavering support of the City of Phoenix."

"Securing the financing for CityNorth and solidifying our joint venture with the Klutznick company is a milestone for this development and a means to realizing our vision of creating a world-class destination at CityNorth," said Kenneth A. Himmel, President and CEO, Related Urban the mixed-use development division of Related Companies. "Together with our architectural partners at Elkus?Manfredi and Nelsen Partners, Inc., we have committed three years to studying desert architecture to ensure the feeling of a natural outdoor environment and community at CityNorth."

Said John F. Klutznick, Vice President of Thomas J. Klutznick Company: "We are delighted to continue our relationship with Ken Himmel, and we know CityNorth will thrive because of our partnership. For the better part of a generation, our combined experience and vision in mixed-use development has produced some of the highest-profile, landmark urban projects in the nation. CityNorth is the culmination of this collaboration and will redefine the lifestyle options for residents and visitors to Phoenix's Northeast Valley in much the same manner that we have done in Chicago, Boston, Seattle and Reston, VA."

This area of Phoenix has experienced rapid growth in recent years because of new infrastructure and demographic changes. CityNorth, which will be accessible to some 1 million metro area residents in 30 minutes or less, will provide the centerpiece for the Desert Ridge urban core, which is attracting an increasing population to the Northeast Valley.

CityNorth's development team has repeatedly proven its vision and commitment to building insightful, complex and site-sensitive projects. As a result of this dedication and expertise, the developments are well known, internationally renowned and immensely successful. Himmel and the Klutznick company have worked together for more than 25 years developing some of the nation's landmark mixed-use destinations, including Boston's Copley Place, Virginia's Reston Town Center and Chicago's 730 North Michigan Avenue.

For more information about CityNorth, please visit www.CityNorthAZ.com.
]]>Tuesday, April 17, 2007
Somerset principals, Keith Rubenstein and Marshall Allan, headed the transaction, with investment broker Douglas Harmon of Eastdil representing the firm in the sale.

"We recognized this building to be a diamond in the rough when we originally purchased it. Although, at the time of our purchase, the price seemed high to others, we knew that the unique nature of the building, its credit tenants and dynamic location were certain to allow us to realize substantial upside," said Keith Rubenstein, Principal, Somerset Partners.

"This acquisition demonstrates Related's ability to identify and acquire assets that are strategically well positioned in strong markets. As long-term investors, we firmly believe in the growth and vitality of the Chelsea area and the acquisition of 85 Tenth Avenue is just one of the many investments Related expects to make in this vibrant and historic urban area. Just across the street, Related is developing Manhattan's first luxury residential tower along the highly anticipated High Line and the condo apartments are already 95% sold. We are confident that 85 Tenth Avenue will prove to be a significant addition to our already impressive and diverse portfolio," said Stephen M. Ross, Chairman and CEO of Related Companies.

"The tenant quality, stature and landmark quality of the building coupled with the ability to further diversify our assets made acquiring 85 Tenth Avenue an extremely attractive opportunity for Related," said Bruce A. Beal Jr. Executive Vice President of Related Companies.

Purchased in July 2005, 85 Tenth Avenue represented the first office acquisition for Somerset Partners, who followed the purchase with the acquisition of 1801 K Street in Washington, DC for $250 million. In addition to its office portfolio, Somerset has built a $300 million portfolio of more than 3,000 apartments throughout the Southwest and Southeast U.S. over the last 5 years.

Built in 1913, 85 Tenth Avenue, the former Nabisco Factory, has since benefited from nearly $200 million of capital improvements which was invested by previous owners, and is today one of the most technically advanced buildings in the Country. With 12 building generators providing 2 megawatts of redundant (back-up) power each, the building can fully function on its own without public power or water for up to 30 days. The building is currently 100% leased to credit tenants including the U.S. Government, Lehman Brothers, Moet Hennessy and the State of New York. It features efficient 56,000-sq.ft. floor plates, high ceilings (up to 18-feet), 14-ft. window lines and unobstructed city and water views. 85 Tenth Avenue is also the home of two of New York's most renowned restaurateur's latest venues: Chef Tom Colicchio's Craft Steak and Chef Mario Batali's Del Posto.

About Somerset Partners
Somerset Partners, LLC, is a private equity firm focused on the preservation and growth of wealth through investment in real estate for its investors and principals. With a focus on long-term ownership and high-quality assets in economically sound markets, Somerset Partners matches its investments with the specific portfolio requirements of its equity partners. Somerset Partners is owned and managed by Keith Rubenstein, Marshall Allan and Philip Welch. For more information visit: www.somersetpartnersllc.com.

About Related Companies
Heralded as one of the most prolific and visionary developers in the country, Related was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has offices and major developments in Miami, Los Angeles, San Francisco, Chicago, and Boston and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and The Grand Avenue development, situated directly across from the beloved Frank Gehry-designed Walt Disney Hall, which will include luxury residences, retail, notable restaurants, a world class hotel.

This past year, Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in CharterMac, the largest financier of affordable housing in the country. For more information about Related Companies please visit www.related.com.

]]>Thursday, March 01, 2007
Time Warner Center, New York City's iconic mixed-use property developed by Related Companies, boasting 80 floors of bustling luxury dining, shopping, entertainment, residences and commercial space, today announced it welcomed over 16 million visitors in 2007. Time Warner Center also experienced its best year to date, with impressive end-of-year results with continued economic growth for the once blighted Columbus Circle.

With sales per square foot soaring to over $1,500 and year-to-date sales up over 15%, The Shops at Columbus Circle - Time Warner Center set the stage for one of 2007's most compelling retail stories. The Shops continued to build its best in class retail with the additions of bebe, Wolford and Swarovski, and True Religion will open at the Center this spring, bringing The Shops to 100 percent occupancy.

The Shops' J. Crew and Eileen Fisher are top performers of their respective portfolios, and Whole Foods Market is one of the most popular stores of its Company worldwide. Time Warner Center's reinvention of the "pop-up store," Luxury Merchandising Units, tapped into the luxury, temporary leasing market and helped fuel overall sales with an average of $3,300 sales per square foot.

Capitalizing on the strong influx of European travelers to New York City during the holiday season, The Shops' foreign tourism increased 25%, while continuing to grow an already strong, local customer base. This brought a dynamic mix of shoppers to the Center, bolstering the sales growth of The Shops and igniting a hugely successful holiday retail season.

"2007 marks our third year of double-digit sales increases. This trend has catapulted The Shops at Columbus Circle into the same league as Honolulu's Ala Moana Center and The Forum Shops at Caesars Palace, the highest grossing shopping venues in the country," said Webber Hudson, Executive Vice President of Related Urban, the mixed-use division of Related Companies. "We listen to the wants and needs of our customers. This is imperative at all levels, but especially in a difficult economic environment. It truly sets us apart from our competitors, allowing us to win over the New York locals as well as international shoppers who often follow New Yorkers' lead."

In addition, the Center's "The Restaurant and Bar Collection," featuring some of the city's finest restaurants and world-renowned chefs, has proven to be a key element in the success of Related Urban's properties. Each of the restaurants reported double-digit increases in total revenue for 2007, with Thomas Keller's Per Se up nearly 32%, and Masa, up over 13%.

"Many thought New Yorkers wouldn't embrace a vertical shopping and dining destination, but we knew differently," said Kenneth Himmel, President and CEO of Related Urban and the visionary behind The Restaurant and Bar Collection. "Time Warner Center is not a mall in Manhattan. We've just taken the street and run it vertically." Himmel added, "We handpick our restaurants and retailers very carefully, and we designed the Center in a way that would make people want to go up. We thought out of the box, and the city has embraced it."

Recognized as the catalyst to transform a long suffering Columbus Circle, Time Warner Center stands as the nucleus of this historic neighborhood. Where the skyline was once low, thriving developments now rise since the opening of Time Warner Center, spawning investor interest and increased demand in the area. New apartment, retail and office buildings mark a celebration of radical changes in the neighborhood, including 15 Central Park West, Museum of Arts and Design and 6 Columbus Circle.

In 2007, Time Warner Center maintained its position as an exciting and desirable venue by hosting some of the city's most high profile events and world-renowned brands including, The New York Film Festival, TIME Magazine's 100 Most Influential People Gala, Stuart Weitzman/ELLE Magazine/New York City Opera event, Ernie Barnes Exhibit, Susan G. Komen's Race for the Cure, and Johnnie Walker Blue. Event activity increased 30% from 2006, with highly anticipated events expected for 2008.
]]>Sunday, February 25, 2007
** 85% of residences sold in nine months**

February 5, 2007 (New York, NY) - There are 8 million stories in New York, and none more appealing than the 34 that have just been completed on Manhattan's East Side. The Veneto, a 34-story, modern classic luxury condominium residence from Related, had the finishing touches put on its upper-most floor on February 5, 2007, bringing to a high point one of the hottest contemporary real estate ventures in New York. Along with its "topping off" - a construction term signifying the structural completion of a building project - The Veneto has seen unprecedented sales success, with 85% of its residences sold in nine months.

Located at 250 East 53rd Street, near Sutton Place and Beekman Place, the latest luxury project from Related offers modern classic design and 137 residences with interiors by world-renowned interior designer Adam D. Tihany. The building's name evokes the 1950s-era European sophistication and style of the Via Veneto in Rome. Imagine "the sweet life" of that legendary thoroughfare, which embodied Italian elegance, treasures and tradition in a glamorous era not far removed from contemporary New York.

"Though we're stopping at 34 floors, the sky has always been the limit for The Veneto, a modern classic that is just what upscale New Yorkers are looking for," says Susan M. de Franca, President of Related Sales. "With its desirable location, seductive amenities, and especially its glamorously designed interiors by Adam D. Tihany, The Veneto is appealing on every level. The extraordinary sales pace in such a short period speaks for itself."

When owners begin taking up residence in Fall 2007, they'll have plenty to look forward to both on-site and in the neighborhood. The Veneto's Exclusive Residents Club designed by Tihany will feature a "Terzo Piano" Entertainment Lounge, adjacent "Giardino" Outdoor Garden, Fitness Lifestyle by Equinox including Fitness Concierge Services and "Arcobaleno" Children's Playroom.

Meanwhile, The Veneto is in the heart of one of the world's grandest cultural, shopping, restaurant and business scenes. MoMA and its signature restaurant The Modern, upscale retailers like Barney's and Bergdorf Goodman, the corporate towers of Midtown Manhattan, and the strikingly modernist U.N. Plaza are all just steps away.

The few remaining Veneto luxury condominium residences, most of which are above the 24th Floor or have terraces, range in size from 763 sq. ft to 1, 930 sq. ft and are priced from $955,000 to over $2.8 million. Related Sales LLC is the exclusive marketing and sales agent for The Veneto.

So "tops off" to The Veneto, a modern classic for contemporary New York!

For more information about The Veneto, please contact the exclusive marketing and sales agent, Related Sales LLC at (212) 688-5300, or visit www.theveneto.com.

For press information and hi-res renderings, please contact Emily Santos at Hawkins International PR at (212) 255-6541 or esantos@hawkpr.com.

Note to Editors: The original square footage ranged from 763 sq. ft to 2,548 sq. ft and original pricing started from $955,000 to over $5 million. The new square footage and price range reflects the sales of The Veneto penthouses. (October 2006).

Related
Heralded as one of the most prolific and visionary developers in the country, Related was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has affiliated companies and developments in Miami, Los Angeles and Chicago and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and The Grand Avenue development, situated directly across from the beloved Frank Gehry-designed Walt Disney Hall, which will include luxury residences, retail, notable restaurants, and a world class hotel.

Related boasts one of the longest and most impressive track records in the New York real estate industry, having completed 33 Manhattan development properties representing over 6,200 apartment homes, 3 million square feet of commercial space and over $4.6 billion in development costs since 1986. The firm is dedicated to architectural excellence and has distinguished itself as New York City's finest developer of luxury condominium properties such as The Chatham at 181 East 65th Street, The Park Imperial at 230 West 56th Street, and One Central Park Condominiums and The Residences at Mandarin Oriental at Time Warner Center.

Related's luxury rental portfolio of 17 properties in Manhattan includes such outstanding downtown properties as The Tate at 535 West 23rd Street, The Westminster at 180 West 20th Street, The Sierra at 130 West 15th Street and One Union Square South at 1 Union Square South. For more about Related please visit: www.related.com.
]]>Thursday, February 08, 2007
Designed by Frank Gehry

Los Angeles - Related today announced that it has signed an agreement with the Mandarin Oriental Hotel Group expressing intent to manage the hotel component at the prestigious Grand Avenue development in downtown Los Angeles. The hotel will occupy the first 20 floors of a 48-story tower designed by Frank Gehry that will feature luxury for-sale residences on the upper floors. The 275-room hotel, expected to open in Summer 2010, will introduce a world-renowned hotel to downtown that will attract new and diverse visitors to the city center.

"This marks a major milestone for Grand Avenue in our mission to create downtown Los Angeles' premier destination," said Stephen M. Ross, Chairman and CEO of Related. "Mandarin Oriental is legendary for its service and unsurpassed in hotel management and we intend to set a new standard for this region." He noted that Mandarin Oriental is highly sought after, but is extremely selective in its choice of venues. Related and the AAA Five-Diamond Mandarin Oriental New York at Related's Time Warner Center have together sold out The Residences at Mandarin Oriental New York which defined Five Star Living ? .

"This is great news for Grand Avenue and for downtown Los Angeles," said Eli Broad, chairman of the Grand Avenue Committee that has overseen the management of the redevelopment project for the past five years. "We are pleased with the prospect of having a hotelier of the stature of the Mandarin Oriental in what will be the most stunning high-rise in Los Angeles in the center of a burgeoning cultural district."

The hotel will create 400 to 500 new jobs for Los Angeles in addition to attracting visitors that will shop, dine and enjoy an evening's entertainment at one of downtown's many venues. The hotel will occupy the lower floors of an iconic 48-story tower designed by Frank Gehry. A dramatic soaring entrance lobby will take full advantage of its location directly opposite Gehry's Walt Disney Concert Hall. Set among 250,000 square feet of specialty retail and world-class restaurants, the tower will be the architectural centerpiece of Grand Avenue and will house luxury residential units on its upper floors above the hotel, which will feature dramatic and sweeping views.

Set on a full city block of four acres directly across the street from the city's signature Disney Hall, the first phase of Grand Avenue is slated to start construction late this year. Its mix of retail, restaurants and public amenities as well as the hotel and residential condominiums will create a destination that is pedestrian-friendly and attractive to residents and visitors.

Gehry's design for this large urban site is influenced by its context. It weaves landscaped public spaces into the neighborhood with both street-front and multi-level retail, plazas, terraces and walkways with expansive view corridors and pedestrian connections to downtown's cultural center, the new civic park and adjoining Grand Avenue, First, Second, and Olive Streets. The form and scale of the buildings respect Disney Hall and will create a striking landmark for the Grand Avenue neighborhood.

A broad spectrum of retail is planned in Grand Avenue phase one including a 50,000-square-foot specialty food market, a major bookstore, a food hall, a 35,000-square-foot premier health club, a 25,000-square-foot event facility, signature retailers and specialty apparel shops. A collection of local, regional and nationally recognized restaurants will play a major role in establishing the ambiance and appeal of this new downtown destination.

"We have received an enthusiastic response from a significant number of impressive retailers and restaurateurs, and are in serious discussions with many who have strong interest in locating at Grand Avenue," noted Kenneth A. Himmel, president and CEO, Related Urban Development. "We anticipate announcing additional commitments in the near future."?

The entire nine-acre Grand Avenue mixed-use redevelopment comprises 450,000 square feet of retail, the 275-room hotel and up to 2,600 residences, providing a new and dynamic community for downtown as well as a Southern California destination that will engage the region's more than 17 million residents and 24 million annual visitors.

About Related
Heralded as one of the most prolific and visionary developers in the country, Related was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has affiliated companies and developments in Miami, Los Angeles and Chicago and boasts a team of more than 2,000 professionals. To date, Related has real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and The Grand Avenue development, situated directly across from the beloved Frank Gehry-designed Walt Disney Hall, which will include luxury residences, retail, notable restaurants, and a world class hotel.

Related is also the largest shareholder in CharterMac, the largest financier of affordable housing in the country. For more information about Related please visit www.related.com.

]]>Thursday, January 25, 2007
ASPEN, COLORADO, January 3, 2007 - Jeff T. Blau President of New York based Related Companies, one of the nation's most prominent private real estate developers, and Patrick Smith Principal and CEO of WestPac Investments Colorado LLC, a diversified Real Estate investment and development company, today announced the formation of their joint venture partnership to purchase Snowmass Base Village. The joint venture known as Related WestPac has signed an agreement with current owners: Aspen Skiing Company and Intrawest. The sale is expected to close in February 2007.

The acquisition of Base Village complements properties already controlled by Related WestPac including a substantial amount of properties in West Village (Snowmass Mall) and Snowmass Center. With Related WestPac responsible for the three development sites surrounding Snowmass' world-class ski mountain, the firm will embark upon a cohesive master plan that respects the community's ideology and is befitting of a world class mountain resort. Patrick Smith will serve as President of Related WestPac based in Colorado.

Related WestPac will take over the existing Snowmass Base Village development formally approved by the Town of Snowmass Village in 2005, and previously spearheaded by Aspen Skiing Company and Intrawest. The previously envisioned plan will be implemented and features approximately one million square feet including 600 luxury residential units offering various ownership opportunities and amenities including fine dining and shopping for residents and visitors. The change in ownership will not affect the current residential units under contract at Capitol Peak Lodge and Hayden Lodge, which will be delivered as planned.

Related WestPac shares the vision of a Snowmass renaissance established by the Aspen Skiing Company and supported by the Town of Snowmass Village. Aspen Skiing Company (ASC) will remain involved in the long term operation and management of Snowmass Mountain and operate the highly anticipated 26,000 square foot Children's Center opening this Spring, the commercial spaces for ticket sales, ski retail and rental facilities in Snowmass Base Village. In addition, Aspen/Snowmass Hospitality, a division of ASC, will be responsible for hotel and residential property management. ASC is moving forward with over $78 million to date in on-mountain improvements that are an integral part of base village and the entire town's renewal, including this year's new eight person gondola and a six person high speed chair lift which allows skiers for the first time to be able to summit the mountain from one lift.

"We aspire for Snowmass to become the leading multi-season mountain resort in the country," said Patrick Smith, President of Related WestPac.

With estimated costs of several billion dollars across the three sites, the overall Snowmass development plan seeks to improve and expand the resort's amenities while integrating and respecting the scenic mountain landscape. The addition of new hotels, skier valet services, numerous fine restaurants and casual eateries, and a myriad of shops and entertainment options will enhance the appeal of this already highly sought after vacation and residential destination for all age groups. Related will draw upon its significant expertise in developing successful residential and mixed use developments, notably Time Warner Center in New York City and CityPlace in West Palm Beach, Florida to ensure the realization of this vision. WestPac will lend its experience as a multi-faceted resort developer in America's most exclusive markets, including Aspen, Colorado's acclaimed The Residences at The Little Nell. All development plans will adhere to the nationally recognized environmental guidelines established for development and land use planning.

About Related Companies


Heralded as one of the most prolific and visionary developers in the country, Related was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has affiliated companies and developments in Miami, Los Angeles and Chicago and boasts a team of more than 2,000 professionals. To date, Related has developed or acquired real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and The Grand Avenue development, situated directly across from the beloved Frank Gehry-designed Walt Disney Hall, which will include luxury residences, retail, notable restaurants, a world class hotel.

This past year, Related acquired Equinox(r) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in CharterMac (NYSE:CHC), the largest financier of affordable housing in the country. For more information about Related Companies please visit www.related.com.

About WestPac Investments, LLC
WestPac is a privately held Investment and Development Company doing business in five Western States. WestPac is a co-developer of The Residences at The Little Nell. The company's focus is residential in all forms, including single family, multifamily dwellings ranging from student housing to market rate apartments as well as senior housing. WestPac also develops condominiums and hotels. Another area where WestPac excels is in the development and operation of commercial real estate including offices buildings, medical facilities (which include award winning Alzheimer facilities) and retail. WestPac is vertically integrated in the management and operation of the properties we develop. For more information on WestPac Investments, LLC please call (970) 544-0620.

About Aspen Skiing Company
Aspen Skiing Company operates four destination mountains - Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk - and is the home of the ESPN Winter X Games through 2010. Aspen/Snowmass also offers unparalleled nightlife and off-slope activities as well as four award-winning Ski and Snowboard Schools. Aspen/Snowmass is accessible by two of the most convenient airports in the mountains - Aspen Sardy Field (3 miles from Aspen) and Eagle County Airport (70 miles from Aspen). For more information on Aspen/Snowmass, please call 800/525-6200 or 970/925-1220, or visit the company's website at www.aspensnowmass.com.
]]>Monday, January 22, 2007]]>Wednesday, November 15, 2006
New York, New York - The Related Companies, L.P. (Related), one of the nation's most prestigious real estate development firms, today announced the acquisition of Equinox Holdings Inc., in partnership with Equinox Company Management. Equinox is the leading operator of upscale fitness clubs in New York, Chicago, Los Angeles, San Francisco and South Florida. Valued at $505 million, the sale is expected to close in January 2006.

The Related Companies, L.P., founded in 1972 by Chairman and CEO Stephen M. Ross, is headquartered in New York City and oversees a real estate portfolio valued in excess of $15 billion. A fully integrated privately owned firm with divisions in development, acquisitions, financial services, property management, marketing and sales, Related is synonymous with architectural and service excellence, and has significant developments, partners and affiliates in Miami, Chicago, Boston, Los Angeles and San Francisco. Related's historic development of the 2.8 million square foot Time Warner Center has transformed Columbus Circle into one of New York City's premiere destinations and has significantly increased the value of commercial and residential property in the surrounding neighborhoods.

Related and Equinox have historically shared similar visions. Both companies are known for their commitment to lifestyle, service, innovation and design, and have a passionate following amongst dedicated upscale consumers. The companies' respective customers have similar demographic and psychographic profiles and both foster fiercely loyal clientele who are passionate about their brands.

Related has redefined the residential marketplace, created the benchmark for sophisticated urban living and has been committed to quality fitness facilities in its buildings since the mid-eighties. Since its inception 15 years ago, Equinox has been widely recognized for being an industry innovator and for delivering an unparalleled fitness experience.

Both companies will enjoy a number of key strategic opportunities from the partnership. Related will secure a well known brand as a quality anchor tenant for key current and future developments. This will also help Related to enhance the quality of its amenities and facilities available to residents. Equinox will leverage Related's real estate expertise and relationships to more efficiently secure sites, reducing its site identification and club development costs. Finally, both firms will benefit from current national growth plans already underway in key urban centers.

"Related is proud to be acquiring Equinox, a market leader with a broad portfolio of products, a strong customer-focused culture, a long history of profitability, clearly identified growth opportunities, and an extraordinary management team," stated Ross. In May 2005, Ross was appointed to the Equinox Board of Directors and at Time Warner Center, Related serves as landlord to the flagship 40,000 square foot club and its innovative "E", a 6,000 square foot elite training facility; the brand's sole invitation only private gym.

Harvey Spevak will continue to lead Equinox as CEO and President and the current Equinox management team will remain intact. Since 2000, Equinox has opened 21 new clubs in four new markets and more than doubled its membership. Revenues have grown from $63 million in 2000 to $168 million for the 12-month period ended September of 2005. The company offers an integrated selection of "Equinox-branded" programs, services and products, including strength and cardio training, group fitness classes, personal training, spa services and products, apparel and food/juice bars. In addition, Related and Equinox already have a luxury condominium project in the works together on the Upper West Side of Manhattan, where Equinox will operate a new 35,000 square foot club.

"We are looking forward to expanding upon the Equinox vision and growth strategy. We see natural synergies as a result of our partnership and are looking forward to creating new products to benefit our customers," stated Jeff T. Blau, President of The Related Companies, L.P.

"We're very excited about the future of Equinox with Related as our partner," said Harvey Spevak. "Given their expertise in the development and management of real estate holdings, and focus on lifestyle, Related will provide strategic value and facilitate the continued growth of the company."

In December of 2000, North Castle Partners (NCP) and J.W. Childs Associates partnered with Harvey Spevak and company management to acquire Equinox Holdings Inc. At that time, the company was a New York centric business. Since its purchase five years ago, Equinox has grown rapidly to become a nationally recognized lifestyle brand.

In this transaction, the buyer, Related, was represented by Merrill Lynch and Paul Hastings.

For more information about Equinox Fitness, Please visit www.equinoxfitness.com.
For more about The Related Companies, L.P Please visit www.related.com.
]]>Monday, December 05, 2005
New York, NY - Susan M. de Franca, President of Related Residential Sales LLC, today announced the major expansion of the marketing and sales division for The Related Companies' growing portfolio of properties nationwide. The recent promotions of Kathy Kaye to Senior Vice President of Sales and Alicia Goldstein to Vice President of Marketing and Communications will reinforce the company's executive team which is located at The Related Companies' corporate headquarters at Time Warner Center. In the past year, the value of Related Residential Sales transactions totaled more than $600 million.

Related Residential Sales proudly announces the addition of the following industry professionals which increases the team to over thirty members.

May Wong, Senior Vice President of Marketing. Ms. Wong has worked for notable companies such as Starwood Hotels and Resorts, The Sunshine Group, LTD., and Ogilvy and Mather Advertising. Ms. Wong will be an integral part of branding, marketing and public relations campaigns for residential developments throughout the country.

Sherry Tobak, Director of Sales. Ms. Tobak brings over 15 years of experience in the residential marketplace and a highly regarded reputation in the luxury brokerage community. Most recently, Ms. Tobak was affiliated with the Worldwide Group as Director of Sales for The Milan Condominium. Prior to that, she was Director of Sales for Trump World Tower.

Armelle Flood, Sales Associate. Ms. Flood has over 20 years of residential real estate experience and was formerly affiliated with Philip Johnson's Metropolitan Tower, and Robert A. M. Stern's The Seville; both located on the Upper East Side.

Focusing on the sale of super luxury high-rise condominiums, Related Residential Sales has had great success in the marketing and selling of new luxury properties throughout Manhattan. In less than one year the team has achieved over 65% to 85% in sales at The Related Companies' three newest properties currently on the market; Astor Place at 445 Lafayette Street, Gwathmey Siegel and Associates' first designed luxury residential tower, One Carnegie Hill at 215 East 96th Street, the Upper East Side's first building to offer both rentals and for-sale apartments with amenities and interiors by David Rockwell, and Riverwalk Place, the first luxury condominium on Roosevelt Island. The expansion of The Related Companies' portfolio throughout the country, and the growth of its marketing and sales division will enable the developer to provide a complete range of services to the residential market.

The exclusive marketing and sales team is collaborating with Related's development team on several new properties in New York specifically: 250 East 53rd Street, 450 West 17th Street, The Superior at Bethune and West Streets, Riverwalk Landing, the second luxury condominium to be developed on Roosevelt Island, and 450 West 42nd Street. Throughout the country Related Residential Sales is overseeing the firm's marketing and sales of new developments including The Clarendon, a new luxury high-rise in Boston's Back Bay area to be designed by Robert A.M. Stern, in Century City Los Angeles, a brand new super luxury condominium residential tower on the site of the former St. Regis Hotel, and in downtown Los Angeles on Grand Avenue, the luxury condominium at Related's planned mixed-use development across from the Frank Gehry designed Disney Hall .

The Related Companies, L.P. has a team of more than 1,500 professionals who oversee a real estate portfolio valued in excess of $15 billion. The most prominent privately owned real estate development firm in the United States, The Related Companies is a fully integrated firm with divisions specializing in development, acquisitions, financial services, property management, sales and marketing.

Over the past several years, The Related Companies made its mark in the super luxury condominium market by developing properties that have achieved record-breaking sales statistics in each of its submarkets and neighborhoods. In particular, the successful program for the One Central Park Condominiums and The Residences at Mandarin Oriental, New York, at Time Warner Center has received world wide recognition.
]]>Tuesday, November 01, 2005
Mayor Michael R. Bloomberg and Governor George E. Pataki today announced the selection of a developer to move forward with conversion of the Farley Post Office into the new Moynihan Train Station. This selection is a significant step in opening the West Side to further development. The Related Companies and Vornado Realty Trust have won the competition to create a new intermodal transportation facility for the City. The architect for the project is James Carpenter Design Associates in collaboration with Hellmuth, Obata + Kassabaum in New York. The plan also calls for a new residential building using some of the air rights that go with the Farley Building at One Penn West across Eighth Avenue from Moynihan Station. Joining the Mayor and the Governor were Empire State Development Chairman Charles E. Gargano, New York City Economic Development Corporation President Andrew M. Alper, Related CEO Stephen M. Ross and Vornado CEO Steven Roth.

"This new station fulfills Senator Moynihan's dream to build a world-class, 21st century transportation hub on the West Side," said Mayor Bloomberg. "Moynihan Station will also serve as a gateway to the vibrant new neighborhoods that we are building over the Far West Side. And Moynihan Station will be more than just a train station ? it will be a world class destination and one of the finest public buildings in a City famous for its public spaces."

"This is a tremendous step forward in the Moynihan Station project and in the redevelopment of the West Side," Governor Pataki said. "This project will provide as many as 10,000 temporary jobs and more than 3,300 permanent jobs, and when complete, give visitors and commuters a new and dynamic intermodal gateway, while preserving the beautiful facade of the historic Farley Building."

It is estimated that the construction of Moynihan Station, the commercial space and a residential tower will create more than 10,000 temporary construction jobs and more than 3,300 permanent jobs. The project also is expected to generate more than $50 million in annual tax revenue for the State and City when completed. Moynihan Station will cost $818 million to build and is being funded by the City, State, Federal Government, United States Postal Service, Vornado Realty Trust and The Related Companies.

The Moynihan Station project involves 300,000 square feet of space for the train station, 850,000 square feet for commercial space and up to one million square feet of air rights fro the residential housing across the street on Eighth Avenue. The Post Office will continue to occupy 250,000 square feet in the building.

With additional concourses and vertical circulation elements, the new station will reduce rail passenger crowding and congestion throughout the Penn Station complex. There also will be new taxi lanes on 31st and 33rd streets, along with improved truck loading docks for the Postal Service.

"With the new Moynihan Station we are going to give commuters a more modern, much expanded facility with increased access to the 11 boarding platforms that currently serve NJ Transit, Long Island Railroad and Amtrak passengers," said Empire State Development Chairman Charles A. Gargano. "We solicited proposals from top developers and we think this team has given us the best design and best plan for the use of the existing and potential space. Penn Station is now overcrowded and serves more than 500,000 daily commuters and passengers, making it the busiest passenger facility in the country."

"The new Moynihan Station represents a critical addition to New York City's transportation infrastructure and offers tremendous economic development opportunities," said Andrew Alper, president of the New York City Economic Development Corporation. "It will not only be a vast improvement for commuters, but it will be a key component of our plan to reclaim the Far West Side of Manhattan as a business and residential center."

Under the plan from the developers, Moynihan Station will include:


Wide variety of retail shops, restaurants and other food services, a boutique hotel, and a merchandise mart.
New passenger station for NJ Transit, featuring ticketing, customer services, train information systems, and passenger seating.
Long Island Rail Road information and ticketing.
Port Authority Airport Access, providing airline passenger and baggage check-in, flight information, and rail service to airports.
Cultural, entertainment and community events will be hosted in the spacious Intermodal Hall.
Thirty three new access routes, including elevators, escalators, and stairways, to the 11 boarding platforms serving Long Island Rail Road, NJ Transit, and Amtrak passengers.
New street entrances for all rail passengers will be provided on the west side of Eighth Avenue, on Ninth Avenue, and on 31st and 33rd Streets, mid-block between Eighth and Ninth Avenues.
Connecting corridors between Moynihan Station, Penn Station, and the Eighth Avenue Subway Station will be enlarged and provided with improved accessibility features.
Moynihan Station will be connected with Ninth Avenue and future West Side development by a street-level 32nd Street Concourse.
In January the City rezoned 60 blocks the far West Side to ensure that it becomes the home of vibrant new neighborhoods. The rezoning will allow for the expansion of Midtown's central business district towards the Hudson and for the construction of 14,000 new apartments, including 4,000 affordable units of housing and 20 acres of new parks. In 2006, the City and the MTA will break ground on an extension of the Number 7 line ? the first addition to our subway system in 20 years. In addition, the Javits Convention Center will undergo a $1.4 billion expansion which will make the Center competitive with the rest of the country.
]]>Monday, July 18, 2005
New York, NY - Related Apartment Preservation (RAP), a subsidiary of The Related Companies, LP, one of the nation's leading full-service real estate firms, today announced that it has purchased Ocean Park Apartments from the Ocean Park Company. Ocean Park is an existing affordable housing development originally constructed in 1972 under New York City's Mitchell Lama Program. Affordability was provided through rent regulation, real estate tax abatements and low interest rate loans. The Program's life was limited to twenty years, however, which has recently caused concern for Mitchell Lama residents as some owners have withdrawn their properties from the Program, thus reducing New York City's affordable housing stock.

RAP's purchase of Ocean Park is continued evidence of the commitment of The Related Companies to affordable housing in New York City. Related has been able to achieve this goal in this Far Rockaway location through use of the following financing methodologies:


RAP has been approved for the use of $39 million of tax-exempt bonds provided by the New York State Housing Finance Agency. The bonds were credit enhanced by Fannie Mae for 30 years; and were underwritten by Bank of America. The mortgage loan servicer is American Property Financing.

In exchange for receiving the tax-exempt financing, RAP has agreed to extend the property's affordability for an additional 40 years.

The Section 236 mortgage interest subsidy from the U.S. Department of Housing and Urban Development is being maintained along with the rent and income limitations of that federal program.

Related Capital Company, a subsidiary of Charter Mac (AMEX:CHC), one of the nation's premier financial services companies for the real estate industry, will invest almost $11 million in equity.

The property will benefit from the federal Low Income Housing Tax Credit program as provided for by the U.S. Department of the Treasury and administered by the New York State Housing Finance Agency. This program will further provide for restricted incomes and rents and long term affordability.

The new financing and equity infusion will enable RAP to invest extensively in property renovations including new roofs, new windows, a complete renovation of the outdoor concrete plaza, building facade repairs and interior and apartment renovations to improve the quality of life for the residents.

Property Description
Ocean Park is a 602-unit multi-family rental housing development consisting of two 26-story towers and two single story commercial buildings located at 125 Beach 17th Street, 120 Beach 19th Street, and 1721-1731 Seagirt Boulevard in Far Rockaway, Queens. The Project was originally built in 1972 and consists of 300 one-bedroom units, 250 two-bedroom units and 50 three-bedroom units, and two additional two-bedroom units set aside for the superintendents. The project also contains on-site parking with 329 covered garage spaces and 95 outdoor parking spaces, a swimming pool, playground area, community room and laundry facilities in each building.

The Project includes two one-story commercial buildings located on Seagirt Boulevard. The buildings contain 5 fully occupied retail units which include a drug store, bank, convenience store, sit-down restaurant and medical office.

Development Team
RAP was chartered to acquire, rehabilitate and preserve affordable housing around the country. Since 1998, RAP and its principals have successfully preserved in excess of 7,500 units of affordable housing in five states.

Related is a New York limited partnership founded by Stephen M. Ross. Operating through an affiliated group of companies referred to collectively as "Related" or "The Related Companies," Mr. Ross has been active in real estate acquisition, development, financial services and management since 1972. Today, Related is a fully integrated real estate firm with expertise in acquisition/development, financial services and property/asset management, overseeing a real estate portfolio valued in excess of $11 billion. Related, either directly or in partnerships with third parties, owns, operates or has under construction residential projects totaling approximately 137,000 apartments in 21 states. Related's principal offices are in New York City, Chicago, Illinois, Irvine California, and Miami, Florida.

The other member of the development team is DB Development, Ltd. The principals of DB Development, Ltd. are B. Tuckey Devlin and David B. Workman.

Related Management Company, L.P. ("RMC") will manage the Project. RMC presently manages approximately 120 apartment complexes in nine states containing over 23,800 housing units.
]]>Friday, June 03, 2005
The Related Companies, L.P., one of New York's most prominent real estate development firms, the Union Square Partnership and PENCIL, today announced that The Related Companies has provided a gift of three new computer labs to Washington Irving High School. The gift, which is valued at approximately $500,000, was provided by Related and its partners in the construction industry, through Related's involvement with both the Union Square Partnership and PENCIL (Public Education Needs Civic Involvement in Learning).

The Union Square Partnership, a community-based non-profit organization that provides economic development, marketing services and infrastructure initiatives to the area, has been operating an award winning public/private partnership at nearby Washington Irving High School for the past 10 years, involving over 75 businesses and institutional partners. Union Square Partnership's Education Program is geared towards leveraging the energy and resources of private sector companies, local universities and non-profit institutions to enhance the mission of the school. In addition to providing the linkages between the High School and the private sector, the USP supports programs in key areas of student life, with an award winning after-school program, college preparation and career readiness, including volunteer mentoring and tutoring programs.

The Related Companies first learned of Washington Irving's computer shortage through the Principal For A Day program, a philanthropic initiative run by PENCIL, which brings prominent business leaders, celebrities and politicians face-to-face with the principals of New York City schools. Jeff Blau, President of The Related Companies, participated in Principal For A Day at Washington Irving High School this year. The new state-of-the-art facilities will bring more than 100 computers to Washington Irving, a high school which serves approximately 3000 pupils from the five boroughs.

Blau, who is also a member of the Union Square Partnership's Board of Directors commented, "The private sector's support of New York City's public schools is essential in getting needed resources into the hands of students. We were thrilled to be able to donate technology equipment, and to use our expertise to actively participate in constructing the labs." Blau added, "These students are our future leaders and they need a strong foundation to help prepare them for the real world. I am a firm believer that with this gift and continued help from other companies, Washington Irving High School can deliver a top notch education to these teens."

Karen Shaw, Executive Director of the Union Square Partnership, stated, "the Union Square Partnership has long recognized that building an educated workforce would be one of the best contributions it could make to long-term community prosperity. Jeff Blau's involvement with WIHS is a perfect example of the important role of private enterprise in achieving this goal and in creating the best possible environment for children to learn."

In building the labs, Blau enlisted the help of Related's industry partners, including Plaza Construction, Zwicker Electric, Somerville, Newport Painting and Decorating, Pearlgreen Corporation, JB and B, Skidmore, Owings and Merrill LLP, Hoboken Floors, Bovis Lend Lease and Cardella Carting, whose efforts were invaluable. "These are incredible individuals who gave generously of their time, materials and expertise and worked evenings and weekends to better our public schools," said Blau.

PENCIL Executive Chairman Lisa Belzberg added, "It is encouraging that an organization such as The Related Companies was able to mobilize both their internal resources and those of their partners to make this essential change a reality. We have developed an incredible group of leaders who understand the critical role of reforming our school system. PENCIL thanks them for their support."

ABOUT THE RELATED COMPANIES: The Related Companies is a fully integrated real estate firm with divisions in development, acquisitions, property management and sales and marketing. Founded in 1972 by Stephen M. Ross, Chairman and CEO, to specialize in the development and finance of multi-family rental apartments, Related's mission is to develop, own and manage "best in class" real estate developments in each of its market segments, maximizing the benefits for its customers, communities, employees and partners.

With a portfolio valued in excess of $10 billion, Related has achieved a leadership position in the real estate industry and is regarded as one of the most prominent developers of luxury rental apartments, condominium residences and affordable housing, as well as retail and large-scale mixed-use properties. Related is probably best known to the public for the recent development of the 2.8 million square foot, $1.7 billion Time Warner Center, which has transformed Columbus Circle into one of New York's premier destinations.

Currently, Related has approximately $4 billion in projects under construction, making it the most prominent developer in the U.S. The Related Companies is also the largest shareholder in CharterMac, the country's largest financier of affordable housing in the United States, with approximately 250,000 units in forty-four states.

Headquartered in New York City, the company has development offices in Miami, Chicago and Los Angeles.

ABOUT UNION SQUARE PARTNERSHIP: Union Square Partnership, a private not-for-profit organization, consisting of New York's oldest Business Improvement District and the Local Development Corporation, works to ensure the community's vibrancy as a center for business, culture and education and to improve the quality of life for its residents and businesses, by providing supplemental public safety, sanitation, business promotion and economic development services throughout the district. The Union Square Partnership facilitates the area's continued growth by spearheading educational, economic, infrastructure and park projects and acting as a liaison between community, business and government leaders.

ABOUT PENCIL: PENCIL (Public Education Needs Civic Involvement in Learning) was founded in 1995 to galvanize and coordinate meaningful civic involvement in New York City public education to improve student achievement. Its flagship program, Principal For A Day, pairs thousands of New Yorkers from the private sector with the city's schools. This and other PENCIL programs foster hundreds of long-term partnerships with schools, generates millions of dollars worth of donations of cash, goods, and services for schools and school districts, and acts as a vehicle through which the city's private sector advocates for educational reform. PENCIL's programs continue to serve as national and international models of private sector engagement in public education.
]]>Wednesday, October 27, 2004
The 45 and 46 story Mitchell Lama-designated buildings, previously owned by Manhattan Plaza Associates LP, features two residential towers with over 1,500 Section 8 apartments of which 70% are occupied by qualified performing artists, ground level retail space, and a 1,000 car garage.

Since 1972, The Related Companies LP has been committed to affordable housing in New York City and throughout the country. Through its development, finance and management affiliates it has interests in over 200,000 affordable apartments. Commenting on the acquisition, Stephen M. Ross, Chairman of The Related Companies stated, "We look forward to maintaining Manhattan Plaza as the premier affordable housing resource for New York City for years to come."
]]>Tuesday, January 20, 2004
ANN ARBOR, Mich., April 8, 2003 - Borders Books and Music will open its fourth Manhattan store this fall in the new 2.1 million-square-foot AOL Time Warner Center on Manhattan's West Side at Columbus Circle. Borders will occupy 26,000 square feet of The Shops at Columbus Circle, a seven-story segment of the AOL Time Warner Center that will feature 350,000 square feet of retail. Co-tenants will include Whole Foods, A/X Armani Exchange, Cole Haan and Hugo Boss. The complex will house Jazz at Lincoln Center, a performing arts facility with three main performance venues.

"The AOL Time Warner Center offers Borders the amazing synergy of numerous upscale retailers," said Tami Heim, president of Borders. "With this store, we'll be able to serve Borders shoppers in midtown Manhattan, the Upper West Side and in the Central Park area. With the addition of Dean and Deluca, New York's premier food emporium, operating the cafe, our customers will be able to experience rich, distinctive coffees, fresh breads, pastries, sandwiches, and other gourmet foods and gift items. The center is sure to be one of the most exciting shopping environments in the nation and Borders looks forward to serving customers there."

"We view this Borders store as a significant anchor to our center that will be sure to draw an incredible amount of customer traffic on a daily basis," said Mitchell Friedel, senior vice president and director of leasing for Related Urban Development, a division of The Related Companies. "It serves as a valuable addition, not only the general public, but also for the occupants of our office, hotel and residential venues."

Borders currently operates two existing Manhattan stores at 461 Park Ave. and at Kip's Bay. The retailer also announced last October the planned opening of a new store at 100 Broadway in Lower Manhattan this spring. The Broadway store will also feature a Dean and Deluca cafe and replaces the World Trade Center location that was destroyed in the September 11 attacks.

"This is a natural fit," said Dean and Deluca's President and CEO, Dane Neller. "Both companies are passionate about offering superior products, service and merchandizing, and we are excited to be part of Borders' New York expansion."

Borders is an industry leader in selection, customer service and convenience. Borders stores offer up to 200,000 book, music, DVD and periodical titles, as well as cutting-edge service technology through Title Sleuth(tm), self-service computer stations located throughout the store. Title Sleuth allows Borders customers to easily determine if a particular book CD or movie is in stock at the store they are visiting or at a nearby Borders location and offers access to more than 15 million used, out-of-print and hard-to-find titles worldwide. For Borders.com and Amazon.com shoppers, "In-Store Express Pick Up" service combines the ease of ordering online with the convenience of paying for their purchase and picking it up the same day.

Exploring contemporary books and CDs by innovative authors and artists is easy with Borders' "Original Voices" program - featuring the works of more than 200 contemporary authors and illustrators from around the world in the categories of fiction, non-fiction, young adult and children's picture books throughout the year. For those unsure of what they're looking for, Borders' "We Recommend" titles and reviews are displayed throughout the store and knowledgeable booksellers are happy to suggest titles well suited to each customer. In the multimedia section, Borders B-Listening(tm) lets customers preview nearly every CD in store and view trailers of DVDs. In addition, Borders' experienced buying staff recommends music and movie titles everyone should have in their personal libraries through in-store "Borders Essentials" lists.

About Borders Group Borders Group is a leading global retailer of books, music, video and other information and entertainment items with stores in the United States, United Kingdom, Australia, New Zealand, Singapore, and the commonwealth of Puerto Rico. A FORTUNE 500 company headquartered in Ann Arbor, Mich., Borders Group employs 32,000 worldwide and operates over 410 Borders domestic superstores, 33 international Borders stores, 37 Books etc. locations and approximately 775 Waldenbooks stores. Teamed with Amazon.com, the company also offers online shopping through Borders.com (www.borders.com) and Waldenbooks.com (www.waldenbooks.com). More detailed information on the company is available at www.bordersgroupinc.com. Information on Borders stores is available through www.bordersstores.com.

About AOL Time Center Scheduled for completion in Fall 2003, the 2.1-million square-foot mixed-use complex currently under construction on Columbus Circle will be New York City's new landmark for the 21st Century. The complex, designed by David M. Childs of Skidmore, Owings and Merrill, is being developed by The Related Companies, L.P. and Apollo Real Estate Advisors, L.P. The project will feature the new world headquarters of AOL Time Warner, a Jazz at Lincoln Center performing arts facility with 3 main performance venues (totaling 1,970 seats), rehearsal and recording studios and classrooms, The Shops at Columbus Circle featuring luxury and specialty retail shops and fine dining, the One Central Park residential condominiums containing 191 luxury apartments, a 251 room five-star Mandarin Oriental, New York, 200,000 square feet of state-of-the-art Class A office space, and a 504 stall valet parking garage.

About Dean and Deluca Dean and Deluca is a specialty retailer of gourmet foods, premium wines and high-end kitchenware with twelve retail stores and cafes in select U.S. markets, a consumer and corporate gift catalogue, and an e-commerce site, www.deandeluca.com. Dean and Deluca also markets its private label products to other retailers and wholesalers throughout the world. New store openings in 2003 include a food emporium at Madison Avenue and 85th Street, two cafes at Borders' 100 Broadway and AOL Time Warner Center locations, and a flagship market in Tokyo through a licensing agreement with Itochu Corporation.
]]>Friday, June 13, 2003
New York, NY - Coach, Inc. (NYSE: COH), a leading marketer of modern classic American accessories, announced today the opening of a 5,200 square foot store to be located within The Shops at Columbus Circle, the retail component of the mixed-use complex that is now rising at Columbus Circle. The Coach store, scheduled to open in the Fall of 2003, will occupy a two-story space on the ground floor and mezzanine level of The Shops.

This new Manhattan Coach store will feature white maple and walnut cabinetry, white powder coat and polished nickel hardware and white travertine stone flooring within a white glazed brick interior. The sleek open and inviting format will offer a full selection of handbags, business and travel cases, outerwear, eyewear, watches, jewelry, small leather goods and footwear.

"We are delighted to have Coach, Inc. join the roster of premier retailers in this new landmark development, offering visitors to the complex a premier selection of leather goods and accessories," said Stephen M. Ross, chairman and CEO of The Related Companies, one of the development partners.

Coach is joining such other fashion retailers as Hugo Boss and Tourneau at this new world class shopping destination.

"We believe that The Shops at Columbus Circle provide a perfect venue for our newest Manhattan location, enabling us to significantly enhance our market share in New York City. This location is certain to become one of the world's top shopping, dining and entertainment destinations and we are delighted to be able to have such a significant space retail here," said Mike Tucci, president - Retail Division, North America of Coach, Inc.

Coach, with headquarters in New York, is a leading American marketer of fine accessories and gifts for women and men, including handbags, women's and men's small leathergoods, business cases, weekend and travel accessories, footwear, watches, outerwear, jewelry, sunwear, furniture and related accessories. Coach is sold worldwide through Coach stores, select department stores and specialty stores, through the Coach catalogue in the U.S. by calling 1-800-223-8647 and through Coach's website at www.coach.com. Coach's shares are traded on The New York Stock Exchange under the symbol COH.

About AOL Time Warner Center Scheduled for completion in Fall 2003, the 2.1-million square-foot landmark development currently under construction on Columbus Circle will be New York City's new landmark for the 21st century. The complex, designed by David M. Childs of Skidmore, Owings and Merrill, is being developed by The Related Companies, L.P. and Apollo Real Estate Advisors, L.P. The project will feature the new world headquarters of AOL Time Warner, a Jazz at Lincoln Center performing arts facility with 3 main performance venues totaling 1,970 seats, rehearsal and recording studios and classrooms, The Shops at Columbus Circle featuring luxury and specialty retail shops and fine dining, the One Central Park residential condominiums containing 191 luxury apartments, a 251 room five-star Mandarin Oriental, New York , 200,000 square feet of state-of-the-art Class A office space, and a 504 stall valet parking garage.

]]>Friday, June 13, 2003
New York, NY - WHOLE FOODS Markets (NASDAQ: WFMI), the world's largest natural and organic foods supermarket company, announces the opening of a new flagship store in the landmark Columbus Circle development. The 60,000 square foot store will be located on concourse level one within The Shops at Columbus Circle.

"WHOLE FOODS is clearly the nations' leader in quality food retailing. The store will be a wonderful compliment to the world class restaurants and shops that will be located at AOL Time Warner Center," said Stephen M. Ross, chairman and CEO of The Related Companies, one of the development partners.

The Columbus Circle store will offer a 250-seat eating area, highly unusual for a grocery store. In addition to the unusually large eat-in space for customers to enjoy the supermarket's fresh and extensive selection of chef-prepared meals, the store will also feature artisan baked goods made from scratch, a wine store, tempting meats free of added hormones and antibiotics, and fresh seafood shipped daily from the company's Pigeon Cove facility in Gloucester, MA. The store will appeal to a variety of customers ranging from health conscious households to serious gourmets at heart.

"We are excited that WHOLE FOODS will locate within The Shops at Columbus Circle. The natural and organic market will offer the upper West Side of Manhattan an unparalleled selection of quality foods and become the destination location for all New Yorkers who seek the freshest and finest food products," said Kenneth A. Himmel, president and CEO of Related Urban Development.

"We knew that a quality space was important to provide an atypical grocery shopping experience in Manhattan. The AOL Time Warner Center offers great space for Whole Foods Market to develop an innovative as well as comfortable shopping experience for New Yorkers on the West Side at this new landmark location," said John Mackay, CEO of Whole Foods Markets.

About AOL Time Warner Center Scheduled for completion in Fall 2003, the 2.1-million square-foot mixed use complex currently under construction at Columbus Circle, will be New York City's new landmark for the 21st Century. The complex, designed by David M. Childs of Skidmore, Owings and Merrill, is being developed by The Related Companies, L.P. and Apollo Real Estate Advisors, L.P. The project will feature the new world headquarters of AOL Time Warner, a Jazz at Lincoln Center performing arts facility with 3 main performance venues totaling 1,970 seats, rehearsal and recording studios and classrooms, The Shops at Columbus Circle featuring luxury and specialty retail shops and fine dining, the One Central Park residential condominiums containing 191 luxury apartments, a 251 room five-star Mandarin Oriental, New York , 200,000 square feet of state-of-the-art Class A office space, and a 504 stall valet parking garage.

About Whole Foods Market Founded in 1980 in Austin, Texas, Whole Foods Market(r) (www.wholefoodsmarket.com) is the largest natural and organic foods supermarket retailer. In fiscal year 2001, the company had sales of $2.3 billion and currently has 139 stores in the U.S. and Canada. The Whole Foods Market motto, "Whole Foods, Whole People, Whole Planet"(tm) captures the company's mission to find success in customer satisfaction and wellness, employee excellence and happiness, enhanced shareholder value, community support, and environmental improvements. Whole Foods Market, Bread and Circus(r), and Harry's Farmer's Market(r) are all registered trademarks owned by Whole Foods Market. The company employs more than 24,000 team members and has been ranked for five consecutive years as one of the "Top 100 Companies to Work for" in America by Fortune magazine.
]]>Friday, June 13, 2003
New York, NY - San Francisco-based real estate investment management firm MacFarlane Partners, in its largest urban redevelopment effort and investment to date, announced today that it is taking a key position in New York's new AOL Time Warner Center through a series of transactions.

First, the company has agreed to purchase 49.5 percent of the retail space, non-AOL Time Warner Inc. office space and the center's parking structure from Apollo Real Estate Advisors and The Related Companies. Apollo and Related will retain ownership of the remaining portion of these properties. The purchase price will not be set until January 31, 2005 when the transaction is complete, but its value is estimated to be between $425 and $500 million. AOL Time Warner Center is scheduled to open in the fall of 2003.

Second, the MacFarlane Partners venture is acquiring a $359 million participating interest in the project's $1.22 billion GMAC Commercial Mortgage construction loan. The entire commercial mortgage loan on the project totals $1.42 billion. Lastly, MacFarlane Partners is investing in a fund that will own and operate two of the restaurants and an upscale lounge bar in the center.

The investment agreement includes the following components of AOL Time Warner Center: the retail venue, called The Shops at Columbus Circle, encompassing 347,000 leasable square feet of shops, restaurants, entertainment uses and grand public spaces, approximately 90 percent of which has already been committed; 211,000 square feet of Class A office space, to be called 60 Columbus Circle, which will offer expansive views of Central Park and the most advanced mechanical and technological amenities and services; and a parking garage offering 24-hour valet service and accommodating 504 cars in three below-grade levels.

MacFarlane Partners' investment does not include other components of the development, such as 879,000 square feet of office space to be acquired by AOL Time Warner for its new world headquarters, Jazz at Lincoln Center, the Mandarin Hotel or 191 residential condominiums. The investment does not include any investments in, or obligations to, AOL Time Warner.

"MacFarlane Partners has a long, successful history of revitalizing urban areas and developing dynamic mixed-use properties that transform neighborhoods and communities into vital centers of growth and prosperity," said Chuck Berman, managing principal with MacFarlane Partners. "The AOL Time Warner Center fills a missing, much-needed link between Times Square and the Upper West Side and is an example of successful revitalization in the grandest terms. This will be a landmark property that not only positively impacts surrounding neighborhoods, but will be recognized and appreciated worldwide as the ideal New York address for living, working, shopping, dining and visiting."

MacFarlane's portfolio at AOL Time Warner Center will include:

* The Shops at Columbus Circle - a retail venue of 347,000 leasable square feet consisting of shops, restaurants, entertainment uses and grand public spaces. Approximately 90 percent of the space at The Shops has been committed. Tenants include: Hugo Boss, J. Crew, Cole Haan, A/X Armani, Stuart Weitzman, and LVMH's Sephora and Thomas Pink. The center also includes a 31,000-square-foot Equinox fitness center, and a Whole Foods upscale supermarket offering a 60,000-square-foot combination restaurant-market.

* Class A office space of 211,000 square feet, which will offer expansive views of Central Park and provide first-class, state-of-the-art rental space for corporate tenants, including the offices of the development partners, The Related Companies L.P. and Apollo Real Estate Advisors, L.P.

* A parking garage offering 24-hour valet service and accommodating 504 cars in three below-grade levels.

In addition, MacFarlane Partners is investing in a fund which will own and operate two showcase restaurants and an upscale lounge bar at AOL Time Warner Center: Chef Thomas Keller's encore to The French Laundry, his internationally renowned restaurant in California's Napa Valley; a world-class steakhouse presented by New York City's Jean-George Vongerichten, chef and owner of a number of New York City's most highly acclaimed restaurants including JoJo, Vong, Jean-Georges and The Mercer Kitchen; and nightclub owner Rande Gerber's latest creation.

"We welcome the addition of MacFarlane Partners' experience with urban retail and mixed-use urban core projects," said Stephen M. Ross, Chairman and CEO of The Related Companies. "They also bring a sensitivity to the surrounding community in which a large development like this resides. We expect this to be one of numerous deals we are pursuing with MacFarlane Partners across the country."

"This is our first partnership with MacFarlane Partners and we hope to be able to pursue future opportunities with them," said William Mack, co-founder and managing partner of Apollo Real Estate Advisors.

MacFarlane Partners' investment was made through a joint venture with CalPERS (California Public Employees' Retirement System).
]]>Friday, June 13, 2003
In a slight departure from the motif of Mr. Gerber's other ventures, including THE WHISKEY in New York and Los Angeles and WHISKEY SKY in Chicago and Las Vegas, the bar/lounge will offer guests a return to the classic hotel lounge experience, featuring contemporary decor created to accentuate the projects overall tone and design.

"I am taking a slightly different approach with this venture compared to our other properties across the country," said Mr. Gerber. "Everything from the design to furnishings, lighting and music will be a bit more sophisticated and elegant, while still maintaining a chic and sexy lounge that our guests expect from us."

According to Kenneth A. Himmel, president and CEO of the mixed use division of The Related Companies, "When plans for a lounge at the AOL Time Warner Center were initially conceptualized, we envisioned a warm, elegant and sexy setting created as a homage to the world's most unforgettable hotel lounges. Through the addition of Mr. Gerber's team to this project, we believe that we will be successful in creating a timeless centerpiece for our entertainment and dining center."

"With numerous high profile locations across the country, Mr. Gerber's company was the ideal choice to head up the launch of our bar/lounge at AOL Time Warner Center," added Stephen M. Ross, chairman and CEO of The Related Companies, a development partner.

The new bar/lounge will be part of the retail, entertainment and dining component of the new complex known as The Shops at Columbus Circle. It is estimated that 17 to 20 million people will go through the complex each year. The dining complex will include six world-class restaurants on the third and fourth floors of the Center, including establishments from Thomas Keller and Jean-Georges Vongerichten.

Over the last decade, Midnight Oil Company has become the most powerful and influential nightlife company in the country with 20 properties in New York, Los Angeles, New Orleans, Boston, Aspen, Chicago and Las Vegas. The company has continued its success by opening bars and lounges across the country, creating a national network of hip, sophisticated, gathering places that offer both intimacy and action.

About AOL Time Warner Center Scheduled for completion in Fall 2003, the 2.1-million square-foot landmark development currently under construction on Columbus Circle will be the largest mixed-use complex ever constructed in New York history. The complex, designed by David M. Childs of Skidmore, Owings and Merrill, is being developed by The Related Companies, L.P. and Apollo Real Estate Advisors, L.P. The project will feature the new world headquarters of AOL Time Warner, a Jazz at Lincoln Center performing arts facility with 3 main performance venues totaling 1,970 seats, rehearsal and recording studios and classrooms, The Shops at Columbus Circle featuring luxury and specialty retail shops and fine dining, the One Central Park residential condominiums containing 191 luxury apartments, a 251 room five-star Mandarin Oriental, New York , 200,000 square feet of state-of-the-art Class A office space, and a 504 stall valet parking garage.
]]>Friday, June 13, 2003
Nearly 30 years after plans were first drawn for Roosevelt Island's Southtown, a celebration was held today to mark the "topping out" of the $500 million development's first two buildings. With the Manhattan skyline as the backdrop, a cement bucket adorned with an American flag -- a construction industry tradition -- was hoisted sixteen stories in the air to finish the structure of the buildings.

Even as these buildings are nearing completion, the development team announced plans to begin construction of a third and fourth building.

Southtown represents the largest single residential development to move forward in New York City in decades. The nine-building complex will provide 2,000 residential units on the southern end of Roosevelt Island and will complete the development of the island, which began in the late 1960's.

A joint development of The Hudson Companies, Inc. and The Related Companies LP, Southtown will offer spectacular views of Manhattan, a waterfront setting, and full-service buildings - just minutes from midtown Manhattan. Staffs of leading medical institutions in Manhattan will occupy the first three buildings. Construction of the fourth building - to be developed on a speculative basis - will begin later this year. The 16-story, full-service building will offer 240 market-rate residences.

"Southtown has all of the benefits of being on a beautiful island, while being situated in the heart of the greatest city in the world," said David Kramer, principal with The Hudson Companies. "Southtown offers the York Avenue medical community an excellent opportunity to provide housing for their staffs. The fourth building, which will have outstanding amenities and some of the best views of the Manhattan skyline anywhere in New York, will offer New Yorkers the kind of residential opportunities that are found along East End Avenue."

"We are very excited about the type of residences we can offer at Southtown," notes Bruce Beal, senior vice president of The Related Companies. "Roosevelt Island offers a great deal of open space, including a soccer field, a softball field and a common square."

Judith Calogero, commissioner of the New York State Division of Housing and Community Renewal (DHCR) and chair of the Roosevelt Island Operating Corporation (RIOC), said, "Southtown shows Governor George E. Pataki's commitment to visionary public-private partnerships such as the one we are seeing today. Congratulations to the developers, medical institutions, and the workers who are making this vision real."

"Today is another milestone in the leadership of Governor George E. Pataki and the entrepreneurial spirit of The Hudson Companies, The Related Companies, Key Bank and Memorial Sloan-Kettering Cancer Center and Weill Medical College of Cornell University," said Robert H. Ryan, president and chief operating officer of RIOC. "These institutions are leading the way in the 21st Century."

The first building is being developed for Memorial Sloan-Kettering Cancer Center, which will use the 256 apartments for their employee housing: professionals, support staff and trainees. Sloan-Kettering will equip the building with a day-care center and health club.

The second building is committed to the Weill Cornell Medical College, which will house its staff in 136 apartments. Cornell's building will include recreational facilities that will complement those of its neighbors and provide its residents with an array of amenities not often found in affordable properties in Manhattan.

The third building, which will begin by the end of the year, will offer residences for a mix of institutions, including the Animal Medical Center. It will lease three floors for use as housing for staff residents and interns.

"We're very pleased at this opportunity to offer our faculty and post-doctoral fellows superb yet affordable housing, within 25 minutes of the campus, and with some of the best views of Manhattan," said Dr. Antonio Gotto, dean and provost, Weill Medical College of Cornell University. "Roosevelt Island offers the benefit of being a part of the Manhattan community while providing residents the amenities and open spaces for recreation and leisure activities generally found only at much greater distances from the city center."

Monadnock Construction is the construction manager, and Gruzen Samton Architects and Schuman Lichtenstein Claman Efron Architects designed the first three buildings. Key Bank provided the financing for phase one of the project.

The three medical institutions leasing in Southtown are all located across the East River from Roosevelt Island with access by tram, subway (the F line), car, and possibly in the future, by ferry.

Southtown will be one of New York City's newest and most dynamic residential communities. Surrounded by water and featuring dramatic views of the Manhattan skyline, Southtown will be bordered by the tram station, existing housing to the north, and East River promenades to the east and west.

Hudson and Related retained the architectural firms of Gruzen Samton to update the Master Plan of Southtown, which was originally completed in 1990. The architects have designed a village of nine new buildings, ranging in height from 16 to 28 stories, which are located along a new extension of Main Street, the spine of Roosevelt Island as well as its only street. At the heart of Southtown lies The Common, a public plaza directly behind Roosevelt Island's subway station, designed by the architectural landscape firm of Matthews Neilsen. Other amenities include new soccer and softball fields, which are now completed.
]]>Monday, July 15, 2002
New York, NY - Another milestone in the construction of AOL Time Warner Center, New York City's newest landmark, was reached today. A topping out ceremony was held this morning at the Columbus Circle site of the new mixed-use development.

The ceremony celebrated the completion of the commercial structure of the development which includes new facilities for AOL Time Warner, the world's first Internet-powered media and communications company, along with The Palladium specialty retail complex containing a mix of luxury retailers, entertainment uses, and destination restaurants, the new home of Jazz at Lincoln Center, and office space for The Related Companies and Apollo Real Estate Advisors along with 24 hour valet parking for over 500 cars. The steel frame podium also provides the base for the One Central Park condominiums and the Mandarin Oriental, New York that will rise above in two great concrete structures.

'Countless individuals including over 1200 building trades workers have labored tirelessly to keep construction on schedule and enable us to celebrate today. We are in the space that will be the magnificent new home of Jazz at Lincoln Center and on this historic day we can look confidently toward New York City's future,' said Stephen M. Ross, chairman and CEO of The Related Companies, L.P., one of the development partners.

Richard D. Parsons, CEO-designate of AOL Time Warner Inc., said: 'Today is an important milestone in the development of AOL Time Warner Center. This celebration is a testament to the tireless efforts of our outstanding development team, our world-class partners and, most important, the skilled construction workers who are raising this magnificent structure. Our company has been headquartered in New York City since the founding of Time magazine in 1923, and we could not be more proud to reaffirm our commitment to this great city with the construction of our beautiful new home.'

The steel base of AOL Time Warner Center is 480 feet wide and 434 feet deep. The structure rises 349 feet or 24 stories on the south and 315 feet or 20 stories on the north. The One Central Park condominiums and the Mandarin Oriental, New York will be the crown jewels atop the steel structure. The views will be extraordinary with Central Park the front door for both condominium residents and hotel guests alike.

'As this landmark project moves forward we continue to see great investor confidence in New York City as the world's premier city in which to live and work,' said William L. Mack co-founder and senior partner of Apollo Real Estate Advisors L.P., a development partner.

'AOL Time Warner Center will undoubtedly be a landmark destination to visit, shop, dine and enjoy world-class entertainment. This mixed-use complex will be unrivaled in what it will offer New Yorkers and world visitors alike,' said Kenneth Himmel president and chief executive officer of The Palladium Company, a development partner.

Wynton Marsalis, trumpeter and artistic director of Jazz at Lincoln Center (J@LC), performed as the last piece of steel was hoisted into place. Marsalis, who also announced the J@LC season of events in 2002-03, said, 'The art of jazz is the graceful art of negotiation. The project of this magnitude requires much give and take. Jazz at Lincoln Center would like to thank the dedicated construction workers for their concern and impeccable craftsmanship in building this new jewel in the Manhattan skyline. We are just two seasons away from inhabiting this facility, where we will trumpet the power of the arts to transform, heal and entertain.'

The construction of the development is expected to be completed in the fall of 2003 with over 2000 workers on the site over the three-year construction period.

'We are proud to be the construction manager for this landmark development and grateful to the thousands of dedicated construction workers from all of the New York building trades that have brought us to this milestone occasion,' said Peter Marchetto, president, northeast region, Bovis Lend Lease.

The 2.1 million square foot development will combine:
AOL Time Warner New Facilities, which will include office and studio space of 864,000 square feet, with state-of-the-art digital production and broadcast facilities for live transmission of CNN and CNNfn.
The Palladium, an extraordinary retail venue of 347,000 leasable square feet consisting of shops, restaurants, entertainment uses and grand public spaces.
One Central Park condominiums which will consist of 198 luxury condominiums offering five star living with exceptional views of Central Park and the highest levels of amenities and services.
Mandarin Oriental, New York will be among the finest guest and meeting room facilities in New York City. The hotel will have extraordinary banquet facilities and grand public spaces, including a world-class restaurant and bar, with spectacular views of Central Park.
Frederick P. Rose Hall, the new home of Jazz at Lincoln Center, which is the first facility in the world created specifically for jazz. The facility features three main performance venues: The Rose Room, a concert theatre of 1,100 seats, The Allen Room, a 600-seat performance atrium, and a 140 seat jazz caf鬠as well as The Irene Diamond Education Center, the Ertegun Jazz Hall of Fame, and full recording and broadcast capabilities.
Class A office space of 210,000 square feet, which will offer expansive views of Central Park and the most advanced mechanical and technological amenities and services. The corporate offices of the development partners, The Related Companies L.P., Apollo Real Estate Advisors, L.P., and The Palladium Company will be located in the new space, in addition to providing first class rental space for other corporate tenants.
Parking to accommodate 504 cars with 24-hour valet service will be available in three below grade levels.
'This development is one in which all New Yorkers should take great pride. We are celebrating this day as a result of the great team effort that is creating the most outstanding new mixed-use development of the 21st Century,' said Mr. Ross.


]]>Wednesday, February 27, 2002
Thomas Keller will open a top-tier fine dining restaurant that reflects the high standards he has established for food and service at The French Laundry, his internationally renowned restaurant in California's Napa Valley. The French Laundry has become a mecca for gourmet dining since Mr. Keller opened the restaurant in 1994. Mr. Keller is the first chef to win consecutive "Best Chef" awards from the James Beard Foundation. He was named "Outstanding Chef of the Year" in 1997 following the "Best Chef: California" award in 1996. He has received numerous other accolades and praise from virtually every major food and dining publication both in the United States and abroad. Mr. Keller is also the author of The French Laundry Cookbook, which has won many prestigious international awards.

-more- "We are thrilled to have Thomas and Jean-Georges as the first to announce that they will be opening new restaurants at AOL Time Warner Center. They are both at the pinnacle of cuisine in America today and their presence further reinforces this development as the New York cultural icon for the 21st Century," said Stephen M. Ross, chairman and CEO of The Related Companies, a development partner.

Jean-George Vongerichten will open a world-class steakhouse in the spectacular new dining complex. Mr. Vongerichten is the chef and owner of a number of New York City's most highly acclaimed restaurants including: JoJo, Vong, Jean-Georges and The Mercer Kitchen. His restaurants have been praised by numerous publications and the James Beard Foundation honored him in 1998 for Best New Restaurant and Outstanding Chef, for his four star restaurant Jean-Georges. He is the first chef to receive both of those awards in the same year. Mr. Vongerichten is also the owner of highly acclaimed restaurants in London, Paris, Hong Kong and Chicago.

"The confidence that these two great restaurant owners have shown in AOL Time Warner Center is further evidence of the extraordinary economic strength of this landmark development," said William L. Mack, co-founder and managing partner, Apollo Real Estate Advisors, a development partner.

The new restaurants will be part of the retail, entertainment and dining component of the new complex known as The Palladium at AOL Time Warner Center. The dining complex will include four additional world-class restaurants on the third and fourth floors of the Center.

"New Yorkers dine out as an entertainment experience. We are creating dining excitement unmatched in any one New York City location. With Thomas and Jean-George we begin our crown jewel restaurant collection with two outstanding culinary gems.

-more-

We are certain that The Palladium at AOL Time Warner Center will become a dining destination without equal in New York City," said Kenneth A. Himmel, president and CEO of The Palladium Company, the development partner responsible for the Center's retail, dining and entertainment component.

The collection of restaurants is being assembled under the direction of The Palladium Restaurant Group co-managing partner, Phil Suarez. Mr. Suarez is a noted New York restaurant owner, and consultant who currently is a partner with Mr. Vongerichten in several of his other restaurants. Mr. Suarez will be responsible for overseeing all aspects of The Palladium Restaurant Collection from design through opening and operations.

"I am thrilled to be working with this accomplished development team. The dining experiences that we are creating will be without equal and we will clearly establish The Palladium at AOL Time Warner Center as the culinary capital of the United States. With Thomas and Jean-Georges in the forefront, we have two chefs who are unquestionably the brightest stars in the restaurant world today," said Mr. Suarez.
]]>Tuesday, July 17, 2001
NEW YORK, NY, May 10, 2001- A new flagship store for international fashion retailer Joseph Abboud will be located within The Palladium at AOL Time Warner Center, the mixed-use complex under construction at Columbus Circle. " This is another major retail lease for this landmark development and shows the great confidence that a major international retailer such as Joseph Abboud has in this project and this location. We are excited that Joseph Abboud will join an extraordinary array of American and international fashion retailers at the new hub of luxury shopping in New York City, " said Kenneth A. Himmel, president and chief executive officer of The Palladium Company, one of the development partners.

" We are thrilled to be locating a Flagship Joseph Abboud store within The Palladium at AOL Time Warner Center. This location is unrivaled in the world and the new complex will be a perfect showcase for the Joseph Abboud men's wear products and our future women's wear collection. We know that New Yorkers and international visitors alike will be attracted to this spectacular new store in what will undoubtedly be an international shopping destination," said Robert J. Wichser, president and chief operating officer of JA Apparel.

The Joseph Abboud store will occupy approximately 6,500 square feet on two levels of The Palladium including the ground floor and mezzanine level. The company has signed a ten year lease for the location within The Palladium at the AOL Time Warner Center. The company is also looking for a midtown Flagship location which it has targeted for a late Fall 2001 or Spring 2002 launch.

"This lease evidences further confidence that world renown retailers in the business community have shown in this landmark development," said William L. Mack co-founder and managing partner of Apollo Real Estate Advisors L.P. a development partner.

" We are thrilled that Joseph Abboud has chosen The Palladium at AOL Time Warner Center for a Flagship store.

The high quality of the Joseph Abboud brand will clearly complement the luxury retailers that will make this one of the world's premier shopping destinations, " said Stephen M. Ross chairman and CEO of The Related Companies, one of the development partners.

The development team consists of three highly respected New York based development and finance entities, The Related Companies, L.P., Apollo Real Estate Advisors, L.P., and The Palladium Company. The Newmark New Spectrum retail team of Laura Pomerantz and John Brod represented Joseph Abboud in the transaction.

AOL Time Warner Center will combine:
AOL Time Warner's New Facilities which will include office and studio space of 864,000 square feet for the world's largest media company, with state-of-the-art digital production and broadcast facilities for live transmission of CNN and CNNfn.
The Palladium, an extraordinary retail venue of 364,000 leasable square feet consisting of luxury specialty retail stores, destination restaurants, entertainment uses and grand public spaces.
The Residences which will consist of 191 luxury condominiums offering exceptional views of Central Park and the highest levels of amenities and services.
The Mandarin Oriental Five-Star Luxury Hotel consisting of 251 guestrooms which will be among the finest guest and meeting room facilities in New York City. The hotel will have extraordinary banquet facilities and grand public spaces with spectacular views of Central Park.
Jazz at Lincoln Center, which will house the first and only performance spaces in the world, created specifically for jazz performances. The new spaces include a concert theatre of 1,100 seats, a 600-seat performance atrium, and a 140 seat jazz cafe recording studios and classroom space.
Class A office space of 201,000 rentable square feet, which will offer expansive views of Central Park and the most advanced mechanical and technological amenities and services. The corporate offices of the development partners, The Related Companies L.P., Apollo Real Estate Advisors, L.P., and The Palladium Company will be located in the new space.
Parking to accommodate 504 cars with 24 hour valet service will be available in three below grade levels.
]]>Thursday, May 10, 2001
The Related Companies, L.P., one of New York's most prominent real estate development firms, the Union Square Partnership and PENCIL, today announced that The Related Companies has provided a gift of three new computer labs to Washington Irving High School. The gift, which is valued at approximately $500,000, was provided by Related and its partners in the construction industry, through Related's involvement with both the Union Square Partnership and PENCIL (Public Education Needs Civic Involvement in Learning).

The Union Square Partnership, a community-based non-profit organization that provides economic development, marketing services and infrastructure initiatives to the area, has been operating an award winning public/private partnership at nearby Washington Irving High School for the past 10 years, involving over 75 businesses and institutional partners. Union Square Partnership's Education Program is geared towards leveraging the energy and resources of private sector companies, local universities and non-profit institutions to enhance the mission of the school. In addition to providing the linkages between the High School and the private sector, the USP supports programs in key areas of student life, with an award winning after-school program, college preparation and career readiness, including volunteer mentoring and tutoring programs.

The Related Companies first learned of Washington Irving's computer shortage through the Principal For A Day program, a philanthropic initiative run by PENCIL, which brings prominent business leaders, celebrities and politicians face-to-face with the principals of New York City schools. Jeff Blau, President of The Related Companies, participated in Principal For A Day at Washington Irving High School this year. The new state-of-the-art facilities will bring more than 100 computers to Washington Irving, a high school which serves approximately 3000 pupils from the five boroughs.

Blau, who is also a member of the Union Square Partnership's Board of Directors commented, "The private sector's support of New York City's public schools is essential in getting needed resources into the hands of students. We were thrilled to be able to donate technology equipment, and to use our expertise to actively participate in constructing the labs." Blau added, "These students are our future leaders and they need a strong foundation to help prepare them for the real world. I am a firm believer that with this gift and continued help from other companies, Washington Irving High School can deliver a top notch education to these teens."

Karen Shaw, Executive Director of the Union Square Partnership, stated, "the Union Square Partnership has long recognized that building an educated workforce would be one of the best contributions it could make to long-term community prosperity. Jeff Blau's involvement with WIHS is a perfect example of the important role of private enterprise in achieving this goal and in creating the best possible environment for children to learn."

In building the labs, Blau enlisted the help of Related's industry partners, including Plaza Construction, Zwicker Electric, Somerville, Newport Painting and Decorating, Pearlgreen Corporation, JB and B, Skidmore, Owings and Merrill LLP, Hoboken Floors, Bovis Lend Lease and Cardella Carting, whose efforts were invaluable. "These are incredible individuals who gave generously of their time, materials and expertise and worked evenings and weekends to better our public schools," said Blau.

PENCIL Executive Chairman Lisa Belzberg added, "It is encouraging that an organization such as The Related Companies was able to mobilize both their internal resources and those of their partners to make this essential change a reality. We have developed an incredible group of leaders who understand the critical role of reforming our school system. PENCIL thanks them for their support."

ABOUT THE RELATED COMPANIES: The Related Companies is a fully integrated real estate firm with divisions in development, acquisitions, property management and sales and marketing. Founded in 1972 by Stephen M. Ross, Chairman and CEO, to specialize in the development and finance of multi-family rental apartments, Related's mission is to develop, own and manage "best in class" real estate developments in each of its market segments, maximizing the benefits for its customers, communities, employees and partners.

With a portfolio valued in excess of $10 billion, Related has achieved a leadership position in the real estate industry and is regarded as one of the most prominent developers of luxury rental apartments, condominium residences and affordable housing, as well as retail and large-scale mixed-use properties. Related is probably best known to the public for the recent development of the 2.8 million square foot, $1.7 billion Time Warner Center, which has transformed Columbus Circle into one of New York's premier destinations.

Currently, Related has approximately $4 billion in projects under construction, making it the most prominent developer in the U.S. The Related Companies is also the largest shareholder in CharterMac, the country's largest financier of affordable housing in the United States, with approximately 250,000 units in forty-four states.

Headquartered in New York City, the company has development offices in Miami, Chicago and Los Angeles.

ABOUT UNION SQUARE PARTNERSHIP: Union Square Partnership, a private not-for-profit organization, consisting of New York's oldest Business Improvement District and the Local Development Corporation, works to ensure the community's vibrancy as a center for business, culture and education and to improve the quality of life for its residents and businesses, by providing supplemental public safety, sanitation, business promotion and economic development services throughout the district. The Union Square Partnership facilitates the area's continued growth by spearheading educational, economic, infrastructure and park projects and acting as a liaison between community, business and government leaders.

ABOUT PENCIL: PENCIL (Public Education Needs Civic Involvement in Learning) was founded in 1995 to galvanize and coordinate meaningful civic involvement in New York City public education to improve student achievement. Its flagship program, Principal For A Day, pairs thousands of New Yorkers from the private sector with the city's schools. This and other PENCIL programs foster hundreds of long-term partnerships with schools, generates millions of dollars worth of donations of cash, goods, and services for schools and school districts, and acts as a vehicle through which the city's private sector advocates for educational reform. PENCIL's programs continue to serve as national and international models of private sector engagement in public education.
]]>Thursday, November 16, 2000