July 1, 2004

Press Release - 270 Madison Avenue

Open House

270 Madison Avenue hosted an Open House on May 19^th to introduce the midtown leasing brokers to the new team of owners and agents who are handling the property and to showcase the available units of office space located in the building.

Over 150 brokers came out on the rainy day to visit the building. According to John L. Gols, the building leasing agent, we were very pleased with the turnout. The Open House gave us the opportunity to speak directly with the brokers and explain the plans for the building and vacancies. John added, “We cooperate 100% with the brokers and try to make it as easy as possible for them to negotiate a lease with their prospective tenant.

According to Ken Kronstadt, a broker who attended the Open House, “This is true. I called one day with a tenant, the same day we met. Four weeks later the lease was closed for a substantial size space.”

Since the ABPartners assumed management duties on February 3, 2004, two floors consisting of approximately 15,479 sq ft have been leased to accounting firms. At this time we have available the Entire 7^th floor of 15,998 sq ft. In addition there are units of 771 sq ft and 1,500 sq ft located on the upper floors. Both units have exceptional light overlooking Madison Avenue. The building contains many prominent law, accounting and financial firms.

At the Open House, Gregg Schenker, Partner of ABPartners announced that in 2004 all six (6) passenger elevators will be replaced with new state of the art high-speed elevators at a cost exceeding $1,000,000. According to Schenker, the owners are committed to in the building long-term and believe in the location. He added, “Investing in the building infrastructure can only serve the Tenants well and make 270 Madison Avenue a better place to do business.”

                                                                        Earle S. Altman

                                                                        Managing Partner

                                                                        ABPartners, LLC

                                                                        1140 Avenue of the Americas

                                                                        NYC, NY  10036

                                                                        (212)398-8014

                                                                        ealtman@murrayhill.com

7/1/04