AOL Time Warner Center

MAYOR GIULIANI UNVEILS DESIGN FOR COLUMBUS CENTRE

PRESS OFFICE
Date: Wednesday, June 28, 2000
Former Coliseum Site to House AOL-Time Warner Headquarters,
Jazz at Lincoln Center, and 2.1 Million Square Feet
of Office, Retail and Entertainment Space

Mayor Rudolph W. Giuliani today unveiled the design for the Columbus Centre project, a 2.1 million square-foot mixed-use facility that is the key site in the redevelopment of Columbus Circle. The building is slated to open in the Fall of 2003, and will contain the world headquarters of AOL-Time Warner, a five-star hotel, retail, commercial, residential space and a new state-of-the-art facility for Jazz at Lincoln Center, including the first concert hall ever designed specifically for jazz. The announcement comes almost two years after the development team was selected.

Joining the Mayor for today's announcement were developers Stephen M. Ross, Chairman and CEO of The Related Companies, William L. Mack of Apollo Real Estate Advisors, Richard Parsons, Chairman of AOL-Time Warner, David Childs, project architect at Skidmore, Owings and Merrill, and City Planning Chairman Joseph B. Rose.

The project is one of the most important urban development sites in the world and is a key part of the total reconfiguration of Columbus Circle. The City has undertaken a complete redesign of the traffic circle, which will improve traffic flow, expand public space, enhance pedestrian access, and harmonize with the Columbus Centre Site.

The Department of City Planning has been working closely over the last several years with the community, civic groups, and the Departments of Parks & Recreation, Transportation, and Design & Construction on the redesign of both the Circle and the Columbus monument area. A temporary redesign was completed last year and included a new sitting area, surfacing and plantings.

Joseph B. Rose, Chairman of the City Planning Commission, said, "This project, at a site that was once a symbol of frustration and inability to get things done, will now instead be a great asset to its community and the City a whole. It is a welcome addition to the world's most spectacular skyline."

The $1.7 billion project is being developed by Columbus Centre, LLC. The partnership consists of The Related Companies, L.P., Apollo Real Estate Advisors, LP and The Palladium Company.

GMAC Commercial Mortgage is providing financing for the project. The $1.3 billion loan is the largest loan ever made for a private development project in the United States.

Stephen M. Ross, Chairman and CEO of The Related Companies, LP, said, "The development of the Coliseum site, at the southwest corner of Central Park will feature a dazzling combination of distinct urban land use elements to create the world's premier mixed-use development. Each element of this mixed land use tapestry fits seamlessly together offering New York City and the world a truly unique place to live, work, shop and be entertained."

William L. Mack, co-founder and senior partner of Apollo Real Estate Advisors, LP, said, "Our ability to bring a substantial amount of equity to this landmark project is testimony to the fact that investors have great confidence in New York City, and they can envision the future success of this extraordinary development."

The development will include:

AOL-Time Warner New Facilities which will include office and studio space for the world's largest media company, with state of the art digital production and broadcast facilities for live transmission of CNN and CNNfn.

The Palladium, a retail venue consisting of shops, restaurants, entertainment uses and grand public spaces.

The Residences, which will consist of 203 luxury condominiums offering exceptional views of Central Park and the highest levels of amenities and services.

The Mandarin Oriental Five Star Luxury Hotel, with 249 guestrooms which will be among the finest guest and meeting room facilities in New York City. The hotel will have extraordinary banquet facilities and grand public spaces with spectacular views of Central Park.

Jazz at Lincoln Center, which will house the first and only performance spaces in the world created specifically for jazz. The new spaces include a concert theatre of 1,100 seats, a 600-seat performance atrium, and a 140 seat jazz cafe, recording studios and classroom space.

Class A office space, which will offer expansive views of Central Park and the most advanced mechanical and technical amenities and services. The corporate offices of the development partners, The Related Companies, LP, Apollo Real Estate Advisors, LP and the Palladium Company will be located in the new space, as will first class rental space for other corporate tenants.

Parking to accommodate 548 cars with 24 hour valet service will be available in three below ground levels.