Joint Venture Led by Tishman Speyer Agrees to Acquire Stuyvesant Town & Peter Cooper Village From MetLife

Oct 17, 2006, 01:00 ET from Tishman Speyer

    NEW YORK, Oct. 17 /PRNewswire/ -- Tishman Speyer, a real estate owner,
 developer and investor, in a joint venture with BlackRock Realty, the real
 estate arm of BlackRock, Inc. (NYSE:   BLK), announced today that it has
 agreed to acquire the Stuyvesant Town and Peter Cooper Village properties
 in New York City from MetLife, Inc. (NYSE:   MET). The properties, which are
 located on First Avenue between 14th and 23rd Streets in Manhattan, were
 built in the late 1940's by MetLife and encompass 11,232 apartments.
     Jerry I. Speyer, President and CEO of Tishman Speyer, said: "As a
 business with deep roots in New York City, we have a sincere appreciation
 for these cherished neighborhoods, and we are honored to become stewards of
 the property. We are committed to working closely with residents, elected
 officials and community leaders to help ensure a dynamic and vibrant future
 for this New York community. The thousands of tenants in rent-stabilized
 apartments are completely protected by the existing system. No one should
 be concerned about a sudden or dramatic shift in this neighborhood's
 make-up, character or charm."
     Rob Speyer, Senior Managing Director of Tishman Speyer, said:
 "Stuyvesant Town and Peter Cooper Village have provided thousands of New
 Yorkers a beautiful place to live for almost 60 years. We are proud to play
 a role in maintaining its place in our city's future."
     Fred Lieblich, Managing Director at BlackRock and head of BlackRock
 Realty, commented, "We look forward to working with our partners at Tishman
 Speyer and all of those who care deeply about Stuyvesant Town and Peter
 Cooper Village to build on the legacy of this wonderful community."
     Tishman Speyer will serve as managing partner of the joint venture with
 BlackRock Realty. Wachovia and Merrill Lynch & Co. are acting as advisors
 and lenders to Tishman Speyer and BlackRock. Darcy Stacom and William
 Shanahan of CBRE acted as the agents for MetLife.

SOURCE Tishman Speyer