FOR IMMEDIATE RELEASE

APF Properties, Prudential Real Estate Investors to buy 28 W. 44th St.

New York City (March 14, 2011)—A joint venture between APF Properties and Prudential Real Estate Investors has agreed to purchase 28 West 44th Street, a

midtown Manhattan office building, for $161 million, the companies announced today. The seller is SL Green Realty Corp. (NYSE: SLG).

The 367,000-square-foot tower is two blocks from Grand Central Station and located

in a stretch of midtown known as Club Row. The buyers plan a comprehensive $12 million capital improvement program to further upgrade the building, which is

currently 87 percent leased to a diverse group of tenants with staggered lease expiration dates.

“We particularly like the building because it has the characteristics of a core asset,

but is trading at a price reflective of its current state as a Class B building,” said Berndt Perl, a principal at APF Properties. “Our strategy for 28 West 44th Street has

four components: First, by taking advantage of the low interest rate environment we immediately create positive leverage. Second, our capital improvement campaign will

create a more appealing workplace, allowing us to better reap the benefits of this Class A location. Third, we will launch an aggressive leasing campaign to reduce the

vacancy of 13% that is higher than the vacancy at our other buildings in the area. And last, we will aggressively implement sustainable building management practices

and try to reduce energy and water use.”

28 West 44th Street fits perfectly within the tenets of APF’s platform, according to Kenneth Aschendorf, an APF Properties principal. Since its founding in 1995, the

company has focused consistently on acquiring, repositioning and operating well-located office properties that offered opportunities for upgrades. APF Properties owns

three similar type buildings in the immediate vicinity of 28 West 44th Street.(more)

As Manhattan emerges from the recession and leasing velocity accelerates in 2011,

well-located offices at a Class B prices are in high demand. “Small to mid-sized firms account for 94 percent of all commercial tenants in New York City.” Aschendorf said.

“Class B buildings in A locations are an attractive solution for smaller service firms that need to be close to their midtown corporate clients and that at the same time

have to carefully watch their bottom line.”

“APF Properties’ value proposition stems from the company’s proven ability to increase efficiency at properties in its market niche, driving double-digit and even

triple-digit returns from its investments. APF Properties has historically worked with high-net-worth private investors, and is thrilled to team up with an institutional

investor of the caliber of Prudential Real Estate Investors,” Perl says.

APF Properties buildings offer floor plates measuring 20,000 square feet or less – a good fit for small and mid-sized office tenants desiring the prestige of a full floor

identity. Its Manhattan holdings include:

24 West 57th Street, a 10-story Energy Star-rated office building near Fifth Avenue. The art deco structure measures 110,000 square feet.

286 Madison Avenue, an Energy Star-rated property on the corner of 40th Street and Madison Avenue that offers 128,000 square feet of offices.

1156 Avenue of the Americas, a boutique office and retail structure on Corporate Row. The asset is at the corner of 45th Street and measures 82,000

square feet.25 West 45th Street, an Energy Star-rated office building at the heart of

midtown. A short walk from Grand Central Station, the property is 185,000 square feet.

APF Properties has significant credentials in the area of sustainability. The firm obtained the first LEED certification in Philadelphia for its multi-tenant Class A tower at 1601 Market Street, has obtained the Energy Star for 93 percent of its square footage under management, and is launching extensive solar photovoltaic installations in its Pennsylvania and New Jersey suburban properties.

APF Properties is a fully integrated real estate investment firm with a commercial portfolio valued at more than $600 million. The firm focuses exclusively on commercial office buildings in the Northeastern seaboard region anchored by its New York and Philadelphia offices.

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