The property is expected to be owned through a limited partnership between TSP, the New York City Employees' Retirement System (NYCERS) and the Teachers' Retirement System (TRS). Similar limited partnerships also own the Lipstick Building in Manhattan and a 3 million square foot development site in Long Island City. The Times Building transaction is expected to close before the end of the year.

The Times Company will remain in the building as TSP's tenant until its new building is ready for occupancy in 2007. After the Times Company moves, Tishman Speyer will begin an extensive interior renovation to transform the building into a state-of-the-art, Class-A office property. In addition to a new lobby, tenant floors will be redesigned to take advantage of the building's high ceilings and many windows, while the building's loading docks will become retail space.

"The Times building represents an extraordinary opportunity to create a unique office environment, one that recognizes the great historic significance and inherent value of the property, with its unrivalled location and majestic facade," said Robert Speyer, senior managing director of TSP. "This will be an excellent addition to our New York City portfolio, in keeping with our other signature Manhattan properties."

"The Boards of Trustees of the New York City Employees' Retirement System and New York City Teachers' Retirement System have invested with Tishman Speyer because of their mutual commitment to the City," said New York City Comptroller William C. Thompson, Jr., the investment advisor to, and custodian of, the Funds. "This is a solid investment and one that will promote the economic health of New York City."

The 750,000 square foot building, located between Seventh and Eighth Avenues, features 15 floors of office space.

The New York Times Company (NYSE: NYT), a leading media company with 2003 revenues of $3.2 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 16 other newspapers, eight network-affiliated television stations, two New York City radio stations and more than 40 Web sites, including NYTimes.com and Boston.com. For the fourth consecutive year, the Company was ranked No. 1 in the publishing industry in Fortune's 2004 list of America's Most Admired Companies. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.

Tishman Speyer owns and manages signature properties around the world, including Rockefeller Center and Chrysler Center in New York, SonyCenter in Berlin and Messeturm in Frankfurt, among others. Tishman Speyer Properties is headquartered in New York City with sixteen offices and a staff of over 400 professionals worldwide. The company has developed or acquired a portfolio of more than 57 million square feet, which includes high-rise office buildings, retail spaces, residential properties and entertainment centers.

NYTC Contact:
Catherine J. Mathis, 212-556-1981
Tishman Speyer Properties Contact:
Steven Rubenstein, Rubenstein Communications, Inc., 212-843-8043
This press release can be downloaded from www.nytco.com