New York, October 15, 2007 - Silverstein Properties announced today that renowned architect Robert A.M. Stern has been selected to design a new residential and hotel tower at 99 Church Street in Lower Manhattan. The new building, on Church Street between Barclay Street and Park Place, will include a five-star hotel, restaurant, and luxury condominiums. The project, which will begin construction in 2008, is scheduled for completion and occupancy in early 2011.

"99 Church will be a valuable and architecturally significant addition to the Downtown Manhattan community. This area has quickly become one of the nation's most dynamic live / work neighborhoods," said Larry A. Silverstein, President and CEO of Silverstein Properties. "I'm delighted to welcome Robert A.M. Stern Architects to the roster of world-class architects-David Childs, Lord Norman Foster, Fumihiko Maki and Lord Richard Rogers-who are working with us to transform the landscape downtown while at the same time honoring its rich architectural heritage."

"Lower Manhattan is one of the world's great places, and I am thrilled by the invitation of Larry Silverstein and his organization to be part of its rebirth with the design of a first-rate hotel and residences on a key site," said Robert A.M. Stern, founder and senior partner of Robert A.M. Stern Architects and Dean of the Yale School of Architecture. "For me, this is a dream project, a chance to help Lower Manhattan realize its potential as a great place to live."

Robert A.M. Stern Architects, LLP, is a 300-person firm of architects, landscape architects, interior designers, and supporting staff. Over its thirty-eight-year history, the firm has established an international reputation as a leading design firm with wide experience in residential, commercial, and institutional work. Recent residential projects in New York include Fifteen Central Park West, the Westminster in Chelsea, and Tribeca Park and Tribeca Green in Battery Park City.

Silverstein Properties and its joint venture partner, the California State Teachers' Retirement System (CalSTRS), purchased the 99 Church Street property in November 2006 from Moody's Corporation for $170 million. Moody's relocated its corporate headquarters to 7 World Trade Center earlier this year.

CalSTRS is advised by CB Richard Ellis Investors, a wholly owned subsidiary of CBRE. Vic Bucchere, Managing Director of CB Richard Ellis Investors, said, "The advent of 10 million square feet of new office space at the World Trade Center, plus the two and a half million square feet of Goldman Sachs space, is going to have a major beneficial impact on demand for high-end residential space Downtown."

The deal to purchase 99 Church Street marked the second investment under the joint venture between CalSTRS, a pension fund, and Silverstein Properties. The partnership provides Silverstein Properties with up to $2 billion in buying power to be used for acquisition and development purposes in the tri-state area. The partnership also acquired 575 Lexington Avenue in October 2006.

The demolition of the existing building at 99 Church Street will begin in October 2007. Foundation work for the new tower is expected to start in June 2008. The general contractor on the project is Tishman Construction Corp. Tishman built 7 World Trade Center for Silverstein Properties in 2006 and is the general contractor for several other Lower Manhattan projects including the Freedom Tower and the Goldman Sachs headquarters. The demolition contractor is Waldorf, which has 74 years experience in major demolition projects in New York. Recent projects include work at Lincoln Center, 55 Water Street, 40 Center Street and 85 10th Avenue.

The project schedule is as follows:

• Mid-October - Erection of exterior scaffolding and sidewalk bridges begins
•  Mid-November - Erection of exterior scaffolding and sidewalk bridges complete
• Mid-November - Structural demolition of exterior begins
• May 2008 - Structural demolition of exterior complete
• June 2008 - Foundation work begins on new building
• Early 2011 - New building complete

Silverstein Properties executives on the project include Senior Vice President Lisa Silverstein, Project Director Mickey Kupperman and Development Manager Richard McKinley. Lisa Silverstein oversees the firm's residential real estate portfolio, from deal evaluation, analysis and pre-development planning to construction, marketing, operations, sales and leasing. In addition to his responsibilities at 99 Church Street, Mickey Kupperman is the Design Director for Silverstein Properties for the World Trade Center project.

Richard McKinley has 22 years of construction management and development experience, most recently working for Lehrer McGovern Bovis (13 years) and Millennium Partners (9 ½ years). Since 1995, Mr. McKinley has worked on residential, commercial, institutional (Foley Square Courthouse), and five star hotel projects primarily in NYC. Mr. McKinley was the Project Manager for two high end residential projects in Battery Park City - the Ritz Carlton Hotel and Residence, BPC which opened Jan 2001 and the Millennium Tower Residences at 30 West Street which opened in December 2006. He has also worked in Miami, London and Barcelona.

 

About Silverstein Properties Silverstein Properties
is a Manhattan-based real estate development and investment firm that has developed, owned and managed more than twenty million square feet of office, residential and retail space. In July 2001, Silverstein completed the largest real estate transaction in New York history by acquiring the 10 million sq. ft. World Trade Center, only to see it destroyed by terrorist attacks six weeks later on September 11, 2001.

Silverstein is committed to the redevelopment of the World Trade Center site. On May 23, 2006, Silverstein Properties opened 7 World Trade Center, a 52-story, 1.7 million square foot office tower, at 250 Greenwich Street, just north of the World Trade Center site. In April 2006, Silverstein Properties started work on the Freedom Tower. In September 2006, designs were unveiled for three new office towers on the WTC site - 200, 175 and 150 Greenwich Street - that will be developed by Silverstein Properties. Construction on the three towers will begin in January 2008. For more information, visit www.wtc.com.

About Robert A.M. Stern Architects
Robert A.M. Stern Architects, LLP, is a 300-person firm of architects, landscape architects, interior designers, and supporting staff. Over its thirty-eight-year history, the firm has established an international reputation as a leading design firm with wide experience in residential, commercial, and institutional work. As the firm's practice has diversified, its geographical scope has widened to include current projects in Europe, Asia, South America, and throughout the United States. The firm maintains an attention to detail and commitment to design quality which has earned international recognition, numerous awards and citations for design excellence, including National Honor Awards of the American Institute of Architects, and a lengthening list of repeat clients. The firm's work in New York includes Fifteen Central Park West for Zeckendorf Development; residential buildings for Related, including the Chatham, the Westminster, Tribeca Park, Tribeca Green, the Brompton, the Harrison, and Superior Ink; improvements at the Kaufman Center on West 67th Street; and the new Museum for African Art on Museum Mile, together with residences at 1280 Fifth Avenue for Brickman Associates. The firm continues to work with the City and State of New York on the implementation of its design guidelines for the revitalization of the theater block of 42nd Street. For more information, visit www.ramsa.com.

Robert A.M. Stern, practicing architect, teacher and writer, is founder and senior partner of Robert A.M. Stern Architects and Dean of the Yale School of Architecture. Before returning to Yale, where he earned his Master of Architecture degree in 1965, as Dean in 1998, Mr. Stern was Professor of Architecture and Director of the Historic Preservation Program at Columbia University. Mr. Stern is co-author of a series of books documenting the development of New York City's architecture and urbanism from the end of the civil war through the millennium, including most recently New York 2000 (Monacelli, 2006).

About CalSTRS
With a $144 billion investment portfolio, the California State Teachers' Retirement System is the second-largest public pension fund in the United States. It provides retirement, disability and survivor benefits to California's 776,000 public school educators from kindergarten through community college. For more information, visit www.calstrs.com.