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Time Warner Center celebrates topping out of great steel podium

Steel Base Completed for Landmark Mixed-Use Development 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.

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