TIAA-CREF Acquires 470 Park Avenue South; Appoints JRT Realty Group, Inc. Leasing and Property Management Assignment

Certified M/WBE Firm to Collaborate with Alliance Partner Cushman & Wakefield

NEW YORK, N.Y. April 15, 2008 - JRT Realty Group, Inc., the nation's largest certified woman-owned commercial real estate services firm, has been awarded the exclusive leasing and property management assignment for 470 Park Ave. South, by TIAA-CREF, the buildings owner. The 18-story Class-A office tower, on Park Avenue in the heart of Midtown Manhattan's elite business district, was recently acquired by TIAA-CREF, the national financial services provider.

JRT, a certified minority/woman-owned business enterprise (M/WBE), is collaborating with its strategic alliance partner, Cushman & Wakefield, on the assignment. Combined, the JRT/C&W portfolio now includes over 11 million square feet of office and industrial space in key markets nationwide, including leasing and property management at 780 Third Ave., also owned by TIAA-CREF.

"As a certified M/WBE and the only firm of its kind to have a strategic alliance with a global leader like Cushman & Wakefield, JRT Realty is being awarded prestigious assignments such as 470 Park Avenue South in the most competitive commercial real estate market in the United States," said Jodi Pulice, President and Founder.

"Demand in Midtown is significant for Class-A investments right now because owners are seeking to expand their asset portfolio in a market where leaseable first-class space is at a premium, which bodes well for high-quality buildings like 470 Park Avenue South," added Pulice, who noted that 470 Park Avenue South is 98 percent leased.

"We are pleased to expand our portfolio of high-quality, class-A properties in the New York area to include 470 Park Avenue South and to continue our relationship with JRT Realty and Cushman & Wakefield," said Steven Bither, Director, Real Estate Asset Management, TIAA-CREF Global Real Estate. "Through our consistent approach and deep market expertise, we believe a portfolio of properties including 470 Park Avenue South will help us deliver attractive risk-adjusted returns and long-term value for our clients."

Pulice and Greg Smith, JRT's Executive Vice President, will spearhead the alliance team which includes JRT's James Clifford and Cushman & Wakefield's John Peters. Commercial leasing services range from strategic planning and marketing to property repositioning.

Built in 1912, the 470 Park Avenue South property appeals to full-floor tenants and features 300,000 square feet of rentable Class-A space, including a penthouse office. The building is equidistant between Penn Station and Grand Central Station and is adjacent to the 6 train subway station. Amenities include classic architecture and high-end retail tenants as well as a recently renovated marble lobby and redesigned elevators.