Feldman Equities

Feldman Equities Changes Name To Tower Realty Trust As Firm Adopts Public REIT Structure

Original press release from Tower Realty Trust.
New York, November 14, 1997

With the initial public offering of Tower Realty Trust, Inc. (NYSE: TOW) now complete, Feldman Equities, Inc., which formed the REIT and contributed to it all its assets and operations, today announced that it has retired the Feldman Equities name and will conduct business going forward as Tower Realty Trust.

"This name change reflects the final step in our transformation from a private real estate concern to a public operating company, giving us greater liquidity and improved access to capital markets," say Larry Feldman, President and CEO of Tower Realty Trust.

The newly named company, Tower Realty Trust, will continue and expand the commercial real estate business of Tower Equities, which since 1985 has been engaged in developing, acquiring, owning, renovating, managing and leasing properties.

"Tower realty Trust is based upon the same value-creation philosophy that positioned Feldman Equities in the New York commercial real estate market," Mr. Feldman adds.

Operations at Tower Realty will focus on acquiring office properties at a significant discount to replacement costs that are attractively priced due to physical, leasing and/or operational deficiencies, and upgrading them.

"We will continue to purchase under-performing properties, and upgrade and reposition them," confirms Mr. Feldman. "Whether it is through refurbishment of the building or the introduction of a proactive leasing strategy, or the two in combination, we have the ability to turnaround a building so it will conform to our high standards."

"The focus of Tower Realty's interests and holdings is in New York," affirms Mr. Feldman. "Our plan for the near future is to continue to expand our portfolio with a primary emphasis on the Manhattan office market."

Tower Realty's recent acquisition is 100 Wall Street, a 460,000 square foot, "AAA" office building. Situated on the corner of Water and Wall Streets in the middle of downtown Manhattan, the building is currently the headquarters for Waterhouse Securities and boasts a 90% tenancy.

"The 100 Wall Street office building is a perfect example of the type of property we seek to add to the Tower Realty portfolio," says Mr. Feldman. "Our philosophy is that we can create value through superior leasing and management expertise."

Tower Realty currently owns interests in 21 office buildings containing an aggregate of approximately 3.4 million square feet in the Manhattan, Phoenix/Tucson and Orlando markets. Currently, 54% of the company's rental stream is derived from Manhattan with holdings that include 120 West 45th Street, 100 Wall Street, and 292, 290, and 286 Madison Avenue.

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	Back Feldman Equities Changes Name To Tower Realty Trust As Firm Adopts Public REIT Structure Original press release from Tower Realty Trust. New York, November 14, 1997 With the initial public offering of Tower Realty Trust, Inc. (NYSE: TOW) now complete, Feldman Equities, Inc., which formed the REIT and contributed to it all its assets and operations, today announced that it has retired the Feldman Equities name and will conduct business going forward as Tower Realty Trust. "This name change reflects the final step in our transformation from a private real estate concern to a public operating company, giving us greater liquidity and improved access to capital markets," say Larry Feldman, President and CEO of Tower Realty Trust. The newly named company, Tower Realty Trust, will continue and expand the commercial real estate business of Tower Equities, which since 1985 has been engaged in developing, acquiring, owning, renovating, managing and leasing properties. "Tower realty Trust is based upon the same value-creation philosophy that positioned Feldman Equities in the New York commercial real estate market," Mr. Feldman adds. Operations at Tower Realty will focus on acquiring office properties at a significant discount to replacement costs that are attractively priced due to physical, leasing and/or operational deficiencies, and upgrading them. "We will continue to purchase under-performing properties, and upgrade and reposition them," confirms Mr. Feldman. "Whether it is through refurbishment of the building or the introduction of a proactive leasing strategy, or the two in combination, we have the ability to turnaround a building so it will conform to our high standards." "The focus of Tower Realty's interests and holdings is in New York," affirms Mr. Feldman. "Our plan for the near future is to continue to expand our portfolio with a primary emphasis on the Manhattan office market." Tower Realty's recent acquisition is 100 Wall Street, a 460,000 square foot, "AAA" office building. Situated on the corner of Water and Wall Streets in the middle of downtown Manhattan, the building is currently the headquarters for Waterhouse Securities and boasts a 90% tenancy. "The 100 Wall Street office building is a perfect example of the type of property we seek to add to the Tower Realty portfolio," says Mr. Feldman. "Our philosophy is that we can create value through superior leasing and management expertise." Tower Realty currently owns interests in 21 office buildings containing an aggregate of approximately 3.4 million square feet in the Manhattan, Phoenix/Tucson and Orlando markets. Currently, 54% of the company's rental stream is derived from Manhattan with holdings that include 120 West 45th Street, 100 Wall Street, and 292, 290, and 286 Madison Avenue. Return To Top
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