RFR Holding Acquires Seven-Building, 1.8-million-square Foot Stamford Office Portfolio

August 2007

NEW YORK - RFR Holding LLC has completed the acquisition of a seven-building, 1.8-million-square-foot Class A office portfolio in Stamford, Connecticut, formerly known as the Equity Office Stamford Portfolio. The property was purchased from The Blackstone Group.

The acquisition is RFR's first in Stamford and the sheer size of the portfolio makes RFR the largest office landlord in the market, as it represents 24 percent of the city's CBD. "This portfolio was attractive to RFR for several reasons," said Jason Brown, president of RFR Holding. "First, rental rates within Stamford are climbing and have increased 10 percent over the past year; the buildings are all Class A and will easily be upgraded further to make the aesthetics, services and amenities consistent with the entire renowned RFR portfolio; the tenant roster boasts some of the most coveted names in business such as Merrill Lynch, Price Waterhouse, Fidelity, Citigroup, Towers Perrin and Fortis Capital; and many Manhattan-based CEOs and other C-level executives live in the Stamford area and will find it a suitable site for headquarters relocation or satellite facilities."

A New York submarket located within affluent Fairfield County, the region is renowned for its well-educated workforce, variety of quality housing, superior public and private schools, access to Manhattan and major northeast cities, making it an ideal corporate location.

"We intend to invest in our Stamford portfolio with a significant capital improvement program that will impart a true corporate campus ambience with new building signage, attractive streetscapes and consistent landscape architecture. With enhanced services, amenities and physical plant upgrades, the property will deliver a suburban version of the exceptional tenant experience one would have in other RFR buildings such as 375 Park Avenue," said Michael Fuchs, partner of RFR Holding. "With the RFR brand upon it, we project that the Stamford portfolio will rise in value consistent with our acquisitions history."

RFR Holding LLC is a prominent Manhattan-based commercial owner/developer with a rapidly growing national portfolio. The firm owns and manages approximately nine million square feet of prime office and retail space in Manhattan, including the premier properties 375 Park Avenue and 390 Park Avenue (Lever House) and it controls additional properties in Miami's South Beach and Las Vegas, as well 2,500 luxury residential units in Manhattan.