LI’s premier owner/developer offers reserved parking for “hybrids only” as a reward for conserving energy

RXR implements green initiative with incentive parking program

Uniondale, NY – June 17, 2008 – The most prized possession of any Long Island office complex, reserved parking adjacent to the front entrance, will be going green at all RXR office buildings throughout the region.

Scott Rechler, Chairman and CEO of RXR, has announced that hybrid automobiles will be getting preferential treatment as part of the Company’s Green Initiative that seeks to reduce its carbon footprint through a broad spectrum of conservation technologies, policies and innovations.

Encouraged by Congressman Steve Israel, who parked his hybrid vehicle in a prime space outside of his offices at 150 Motor Parkway, Mr. Rechler said, “We want to encourage environmentally conscious commuting for those who use their automobiles to get to work each day. Reserved parking for hybrids recognizes those who are aligned with the reduction of energy consumption wherever and whenever we can.”

Congressman Israel said, “Reserved parking spaces at work help send a message to those who believe that energy conservation is not part of their job. It is a reminder that the 247 million registered vehicles on America’s roads can, and must, play a role in reducing our dependence on foreign sources of oil. RXR is doing its job as a landlord by assuming a leadership role in the work place. As we pass these hybrid cars on our way to the office it’s a reminder that we now have to do ours.”

Hybrid cars have great potential to help achieve America's goal of energy conservation. Getting as much as 40 miles per gallon, hybrid cars come with a standard gasoline engine supplemented by an electric motor. When acceleration isn’t required (as in cruising on a highway), the electric motor draws on the battery, and the gasoline motor shuts down, thereby saving gasoline. When maximum power is required, the gasoline engine and the electric motor act together to power the vehicle.

RXR will be setting aside parking spaces at two office complexes, the Omni in Uniondale and 150 Motor Parkway in Hauppauge, with plans to offer priority hybrid parking across the Company’s Tri-State portfolio of office buildings.

About RXR

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

RXR’s core growth strategy is focused on the markets surrounding New York City. The Company is one of the largest owners, managers, and developers in the New York Tri-State Area with approximately $3.5 billion in assets, with over 70 properties comprised of approximately 11.2 million square feet, and approximately $3 billion in development projects. RXR, along with predecessor entities, has owned, managed and developed approximately $6 billion in assets encompassing over 20 million square feet.