Press Release November 20, 2006

BlackRock/Tishman Acquires Stuyvesant Town and Peter Cooper Village for $5.4 Billion

BOSTON, Nov. 20, 2006 — BlackRock Realty and Tishman Speyer Properties recently announced the acquisition of Stuyvesant Town and Peter Cooper Village in New York City for a record-setting price of $5.4 billion. The New York Times called the transaction the largest real estate deal in American history.

Stuyvesant Town and Peter Cooper Village make up a vast apartment complex overlooking the East River in lower Manhattan consisting of more than 80 acres of land and 56 apartment buildings, with 11,232 apartment units and approximately 25,000 tenants.

A team of 40 Goodwin Procter attorneys and paralegals worked on this transaction on behalf of BlackRock.