Time Warner Center Named The Office Building of the Year by the Mid Atlantic Conference of Building Owners and Managers Association; New York City's Newest Legacy Building Celebrates Prestigious Award;

Time Warner Center, New York City's iconic mixed-use property developed by Related Companies and Apollo Real Estate Advisors, L.P. , which serves as the world headquarters for Time Warner Inc. and boasts 80 floors of bustling office space, luxury dining, shopping, entertainment and residences, has been named the 2008 winner of The Office Building of the Year (TOBY) Award in the "Over 1 Million Square Feet" category by the Mid Atlantic Conference (MAC) of Building Owners and Managers Association (BOMA). Time Warner Center previously won the qualifying TOBY of New York in the same category.

The award was created in 1985 to salute excellence in the office building industry. More than 25 years later, it remains the most prestigious and comprehensive program of its kind in commercial real estate, recognizing quality in office buildings and rewarding excellence in office building management. Buildings are judged on more than 80 operational points in categories as far ranging as energyand environmental management, to emergency preparedness, tenant relations and community impact. 15 local chapters from Washington, DC to Boston comprise the Mid Atlantic Conference. The receipt of the award qualifies Time Warner Center to compete in BOMA's international competition later this year.

"Time Warner Center is proud to be the recipient of this esteemed award," said Jeffrey I. Brodsky, President of Related Management, Related Companies. "This award is a tribute to our successful relationship with our corporate partner Time Warner Inc., as well as our outstanding management team whose hard work and dedication make Time Warner Center such a dynamic and thriving place to work while enjoying the best that New York has to offer."

Time Warner Center includes Time Warner Inc. World Headquarters, The Shops at Columbus Circle, The Restaurant & 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 complex has served as a catalyst to the revitalization of Columbus Circle and the surrounding neighborhood. Time Warner Center is a symbol of Related's 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 & 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 has achieved a LEED silver rating and 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.