Time Warner Center Wins Top Honor at the 2008 Building Owners and Managers Association’s International Awards

Feet Category

NEW YORK–(EMWNews)–Time Warner Center, New York City’s iconic

mixed-use property developed by Related Companies and Apollo Real Estate

Advisors, L.P., which houses the world headquarters for Time Warner Inc.

and boasts 80 floors of additional office space, luxury dining,

shopping, entertainment and Residences, was recently named the 2008

International winner of The Office Building of the Year (TOBY) Award in

the “Over 1 Million Square Feet”

category by Building Owners and Managers Association (BOMA)

International. This marks the first time in the history of the BOMA

Awards that an office building in New York has won the highly coveted

International award in this category.

The BOMA award was created in 1985 to salute excellence in the office

building industry. Nearly 25 years later, it remains the single most

prestigious and comprehensive distinction of its kind in commercial real

estate, recognizing quality in office buildings and excellence in office

building management. Buildings are judged on criteria that includes

tenant relations and community impact. Receiving the Mid-Atlantic award

qualified Time Warner Center for the international competition where it

bested five other finalists for the top award.

“Time Warner Center is proud to have achieved

this unprecedented and well deserved recognition for New York City from

the international building community,” said

Jeffrey I. Brodsky, President of Related Management, Related Companies. “This

award celebrates Related’s commitment to

excellence, creating and operating superior developments and maximizing

benefits for its owners, guests, communities, employees and partners.”

In addition to winning the 2008 International and Mid-Atlantic TOBYs,

Time Warner Center has also received the 2007 Pinnacle Award for

Operating Over 1 Million Square Feet, BOMA/NY; and 2005’s

Top Award for Mixed-Use Projects, Urban Land Institute. The

Related Companies was recognized in 2007 with The 21^st

Annual Honor Award for architecture and design excellence, commitment to

affordable housing and legacy of innovative business strategies by the National

Building Museum; The Inc. 5000 Fastest Growing Private Companies in

America, Inc. magazine; and The Alexander Hamilton Bronze Award

For Excellence in Cash Management, Treasury & Risk Management

magazine. Additional Related awards include the 2006 Developer of the

Year, Greater Los Angeles African-American Chamber of Commerce and

California Housing Hall of Fame, California Housing Consortium for

Related California; 2003 Regional Retail New Construction Award, Brooklyn

Chamber of Commerce, The Gateway Center; 2002 Award for Excellence, Urban

Land Institute, CityPlace, and the 2001 Excellence in Historic

Preservation Award, The Preservation League of New York State,

for The W Hotel New York, Union Square to name a few.

Related Companies’ Related Urban division is

currently near completion of Phase One of CityCenter of CityNorth, the

76-acre mixed-use portion of the 144-acre CityNorth®

development in the Northeast Valley of Phoenix. CityCenter of CityNorth®,

is envisioned to be the urban core of the Northeast Valley of Phoenix.

At completion, CityCenter of CityNorth will offer more than 3 million

square feet of vibrant shopping, dining, residential, hotel, office and

medical suite space, creating a unique urban village or “city

within a city.” And The Grand, its current

project in Los Angeles, will transform downtown Los Angeles into a true

24 hour, all-access destination. This three-phased, 3.6 million square

foot urban mixed-use project encompasses nine acres spanning three city

blocks and the revitalization of the adjacent 16 acre Civic Park. The

first phase, designed by distinguished architect Frank Gehry, consists

of an open air plaza surrounded by a vibrant mix of

vertically-integrated street-front and upper-level shops, restaurants

with landscaped terraces, a gourmet market, one the world’s

finest hotels, a 38,000 square foot luxury health club and 488

residences overlooking the city skyline.

Time Warner Center includes Time Warner Inc. World Headquarters, The

Shops at Columbus Circle, The Restaurant and Bar Collection, Jazz at

Lincoln Center, One Central Park condominiums, The Residences at the

Mandarin Oriental and the Mandarin Oriental five-star luxury hotel. The

facility has served as a catalyst to the revitalization of Columbus

Circle and the surrounding neighborhood. Time Warner Center is a symbol

of Related Companies’ dedication to building

and managing award-winning, legacy projects that not only transform

neighborhoods but become world renowned destinations.

About Time Warner Center

Time Warner Center, the 2.8 million square foot complex located at

Columbus Circle, opened to the public on February 5, 2004. The Shops at

Columbus Circle and The Restaurant and Bar Collection consist of retail,

food and beverage, and entertainment programming totaling 350,000 square

feet of leasable space. Together with Jazz at Lincoln Center’s

three performance halls, this world-class destination provides New York’s

West Side with 500,000 square feet of dynamic restaurant, retail and

entertainment uses. The complex includes Time Warner World Headquarters,

One Central Park condominiums, The Residences at the Mandarin Oriental,

and the Mandarin Oriental five-star luxury hotel. The $1.7 billion

project was developed by Columbus Centre LLC, a partnership consisting

of The Related Companies, L.P. and Apollo Real Estate Advisors, L.P. www.theshopsatcolumbuscircle.com

About Related Companies

Related Companies, heralded as one of the most prolific and visionary

developers, is considered the most prominent privately-owned real estate

development firm in the United States. Headquartered in New York City,

Related has offices or major developments in Chicago, Miami, Los

Angeles, Phoenix, Boston and Aspen/Snowmass and boasts a team of more

than 2,000 professionals with expertise in financing and acquisitions,

marketing and sales, construction and property management. In 2004,

Related completed the development of New York City’s newest landmark,

Time Warner Center, featuring an unparalleled restaurant collection by

renowned chefs Thomas Keller, Michael Lomonaco, Masayoshi Takayama and

Marc Murphy, signature shops, super-luxury condominiums, office

headquarters for both Related and the world headquarters for Time

Warner, Inc., the Mandarin Oriental New York and, overlooking Central

Park, the first ever concert hall designed specifically for jazz – Jazz

at Lincoln Center. Time Warner Center has transformed Columbus Circle.

Showcasing Related’s over $6 billion commitment to sustainable

development, Related developed Tribeca Green, which is LEED certified

Gold and was one of the first green residential buildings in the nation.

Related recently completed 340 on the Park, the first green residential

tower in the Midwest. The Grand in downtown Los Angeles is one of the

largest vertically-integrated, mixed-use projects under construction in

the nation. The multi-phase 3.6 million square foot development spanning

three city blocks will cost an estimated $3 billion to develop. Phase I

has been designed by world-renowned architect Frank Gehry for the

project developer, Related Companies. In Snowmass Colorado, Related is

setting a new paradigm in environmental sensitivity in resort living

through its 80-acre mixed-use development. Committed to architectural

and design excellence, Related works with award winning architects such

as Bernardo Fort-Brescia, David M. Childs, Charles Gwathmey and Robert

Siegel, Frank Gehry, Richard Meier, David Rockwell, Philippe Starck,

Robert A.M. Stern and Howard Elkus to create market defining properties. www.Related.com

Related Management

Since its inception in 1974, Related Management has become known for

professional, responsive management of both affordable and market-rate

residential communities. Related Management is a full service owner-

management company providing direct and asset management of a virtually

all of Related’s residential, mixed-use, retail and commercial

properties including 26,000 apartment units within 140 properties and

over 6 million square feet of commercial, retail and mixed-use space.

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