February 5, 2004

Press Release

February 3, 2004

Purchase of 270 Madison led by altman/burack Partners, LLC

Altman/Burack Partners LLC (AB Partners) announced its latest acquisition,

270 Madison Avenue, a 19 story, 274,000 square foot building located on the corner of Madison Avenue and 39^th Street.  The new ownership group of 270 Madison Avenue is represented by Daniel A. Burack, Earle S. Altman, Peter D. Burack, Gregg  L. Schenker and Steven Hornstock, all principals of AB Partners, LLC.

“As long term investors and managers, we are very pleased to acquire a prime midtown office building with excellent street frontage and visibility as well as access to Grand Central”, commented Earle S. Altman.  “The fundamentals of owning a corner parcel of real estate on Madison Avenue will always be strong and hopefully, will continue to increase in value,” added altman.

Built in the mid 1920’s the building features excellent rectangular floor plates, a recently renovated lobby with a concierge and six passenger elevators.  Many of the tenants in the building are law firms and professional firms.  In addition, the well known midtown Italian restaurant, Salute, is on the ground floor along with Duane Reade.

“We are very familiar and comfortable with the market and managing this type of building as the bulk of our portfolio is located south of 42^nd Street”, said Gregg L. Schenker, who is responsible for the property management and leasing of the AB Partners portfolio.  Schenker added that the ownership group has already committed to a modernization of the elevators to serve the long term needs of the tenants.

In addition to the purchase price, funds have been set aside to provide for new tenant installations in connection with the leasing of the 7^th, 14^th, 15^th and 16^th floors as well as the modernization and upgrading of the elevators.

The property currently has two full floor vacancies.  Within the next few weeks, schenker will be organizing an open house for brokers and expects to lease the floors quickly.  “Being brokers as well as owners, we fully understand the needs of the brokerage community and are excited to work with them on this property,” said Schenker.

Leasing will be handled by John L. Gols under the supervision of Gregg L. Schenker