Press Release

RXR Realty Closes $150 Million Commitment

Investment to provide additional growth capital for RXR's expansion in Manhattan and New York Tri-State Area.

Uniondale, NY – July 7, 2010 - RXR Realty LLC ("RXR"), a leading real estate operating and investment company in the New York Tri-State area, announced today that it has closed a $150 million commitment from Five Arrows Realty Securities V Limited Partnership (Five Arrows). RXR will use these funds as additional growth capital to continue its investment strategy in Manhattan and the surrounding New York Tri State area markets.

RXR is led by Scott Rechler and several key members of the former management team of Reckson Associates Realty Corp., which was sold to SL Green in January 2007. RXR has a team of over 150 people and owns interests in and or manages 102 properties encompassing approximately 12.9 million square feet in the New York Tri-State area.

Five Arrows is an investment fund managed by New York-based Rothschild Realty Managers, LLC ("Rothschild Realty"), which is a leading provider of growth capital to public and private real estate companies.

RXR intends to expand its presence in Manhattan and the New York Tri State area markets, focusing on real estate transactions where it can utilize its operating platform to create value. RXR recently announced its first direct property investment in Manhattan with the purchase of a 49% interest in 340 Madison Avenue.

RXR previously announced an initial closing of the RXR Real Estate Opportunity Fund. The Opportunity Fund will focus on distressed opportunistic real estate investments in the New York Tri-State area. RXR is estimating a total fund size of $250 to $300 million and is scheduling a second close in July.

"The Five Arrows commitment, combined with the Opportunity Fund and institutional separate account capital, provides us with a substantial war chest to take advantage of opportunities in this prime investment environment. Our focus is to utilize the depth of our operating platform to invest in a wide array of real estate investments that will include debt, preferred equity, restructuring capital and direct property investments in the New York Tri-State area" said RXR's Chairman and CEO Scott Rechler. "The endorsement by Rothschild Realty of our operating platform and track record signify a level of confidence that we are well prepared and positioned to take advantage of the complex and dislocated commercial real estate capital structures that exist today."

Matthew Kaplan, Managing Partner of Rothschild Realty, noted "We are making a $150 million commitment into RXR as we believe it is best positioned to take advantage of the real estate investment opportunities in Manhattan and the surrounding New York Tri-State area." Kaplan continued, "The RXR team has demonstrated its value creation capabilities over numerous business and real estate cycles to deliver superior returns to its investors and we are excited about being a part of its continued growth and success."

About RXR

RXR Realty LLC ("RXR") is a vertically integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing, financing and asset management.

RXR's growth strategy is focused on New York City and the surrounding markets. RXR is one of the largest owners, managers, and developers in the New York Tri-State Area with interests in approximately $2.5 billion in assets, comprised of 102 operating properties containing approximately 12.9 million square feet.

About Rothschild Realty Managers

Rothschild Realty Managers, LLC, based in New York City, is the pre-eminent provider of private placement growth capital to public and private real estate companies through their Five Arrows Realty Securities investment platform. With $1.5 billion under management Rothschild Realty Managers has been an industry leader since forming its groundbreaking Five Arrows fund in 1995, which was among the first funds created to invest directly in operating companies.

Five Arrows Realty Securities V, L.P. was formed in 2008 with $840 million in capital commitments and is currently reviewing potential investment opportunities. For additional information on the transaction please contact Andrew Silberstein at (212) 403-3511. For additional information regarding Rothschild Realty Managers please contact John Ryan at (770) 442-8020.