In excess of 325,000 square feet of leasing transactions closed by RXR reflects Company’s position as quality leader in the marketplace

SHORT HILLS, NJ (MAR 16, 2009) – RXR Realty LLC (“RXR”) the leading real estate operating company in the New York, tri-state region, has reported a strong year of leasing performance in 2008 throughout its New Jersey portfolio. The Company has announced that leases and renewals for the year exceeded 325,000-square-feet throughout its northern New Jersey holdings. This robust leasing activity in a challenging marketplace reflects RXR’s market position as one of the leading office landlords in the New York Metropolitan area.

“In all market cycles, RXR remains focused on tenant satisfaction throughout all of our Class-A properties,” said Todd Rechler, President RXR New Jersey. “RXR’s significant rate of tenant retention and strong leasing activity within our growing portfolio in 2008 is a testament to tenants’ flight to quality and strength of ownership during these volatile economic times.”

Notable transactions completed in 2008 within RXR’s New Jersey portfolio include a new 32,041-square-foot lease with Bausch & Lomb Inc. at 7 Giralda Farms; over 100,000 square feet in lease renewals at 44 Whippany Road in Morristown with Marsh & McLennan Inc. and Guy Carpenter & Company, LLC.; a 35,855-square-foot lease renewal with Idearc Media Sales – East Co. at 200 Executive Drive in West Orange.

RXR’s portfolio of Class-A office properties continues to attract a high quality tenant roster. New and existing tenants recognize the value inherent in the superior building architecture, strategic locations, amenity packages and RXR’s dedication to service.

In New Jersey, RXR owns one of the highest quality Class-A office portfolios in the state including:

• The Office Center in Short Hills, 51 JFK Parkway, 101 JFK Parkway and 103 JFK Parkway, totaling 564,051 square feet, is an elite trophy property offering Class-A office space, located directly across from the Short Hills Hilton, New Jersey’s only 5-star hotel and the famed Short Hills Mall. The campus is immediately accessible to the New Jersey Turnpike and parkway system, and is within minutes of the Newark Liberty International Airport.

• RXR’s Giralda Farms distinctive Madison properties include 3 Giralda Farms, 7 Giralda Farms and the Giralda Farms Office Park, a two-building, 451,431-square-foot ground-up development offers an additional expansion opportunity of up to 1.25 million square feet of additional new space. RXR’s Giralda Farms portfolio is strategically located along the Route 24 corridor, and is considered to be the finest in the region providing unparalleled amenities within an exquisite campus setting.

• In Princeton, RXR has recently completed the world-class University Square development, a 313,000-square-foot Class-A office building featuring state-of-the-art amenities, a gourmet café, world-class fitness center and a dramatic two-story atrium lobby with sophisticated cherry wood and granite finishes. University Square is located within minutes of downtown Princeton Borough’s Palmer Square Shoppes and Princeton University. The Hyatt Regency Hotel and Conference Center are adjacent to the office campus.

• In Morristown, 44 Whippany Road is a 220,000-square-foot Class-A office building overlooking a serene pond, and is set amid meticulously landscaped park-like surroundings. Tenants enjoy first-class amenities including an on-site café, dramatic three- story atrium lobby, security access and ample parking. This property is easily accessible to Interstate 287, the Morristown Airport, shopping and restaurants.

• In West Orange, Executive Hill Office Park is a four-building 400,000-square-foot Class-A office complex, which is strategically-located along Route 280. With its array of amenities, which include a health club, conference room, full service café and shuttle services, 44 Whippany continues to attract new tenants. The office park is located next to the Marriott Courtyard and the Essex Green Shopping Center.

RXR additionally has ownership interests in the following Class-A New Jersey properties:

• In Parsippany, the 99 and 119 Cherry Hill Road property is a twin building 188,974 square-foot office park situated on one of the township’s park-like properties with a pond. With easy accessibility to Routes 80 and 46, the buildings offer many tenant amenities including on-site café and conference room.

• In Hackensack, 3 University Plaza is a 219,794 square-foot, six-story office building located in the municipal seat of Bergen County. The property is within 10 minutes of the George Washington Bridge, near Routes 4 and 17, and the Garden State Parkway.

• In East Hanover, 72 Eagle Rock is a smart-built 144,500-square-foot three-story Class-A campus style office park offering the finest amenities and facilities that today’s discriminating tenants require.

• In Rockaway, 100, 200, 300 and 400 Forge Way are part of a 73,000 square-foot office/flex building located on a sprawling four-building campus overlooking a pond. The campus features multi-use, multi-tenant workspace solutions – all with the convenience of private entry.

• In Clifton, 1255 Broad Street is a 193,574-square-foot dual-storied building that features attractive alluocobond exterior with reflective glass, an on-site café and is conveniently situated at the intersection of the Garden State Parkway and Route 3.

About RXR

RXR Realty LLC (“RXR”) is a vertically 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 interests in approximately $3 billion in assets, comprised of 70 properties containing approximately 11.2 million square feet, and an extensive development pipeline.