Paul Hastings Represents Marathon Asset Management In $2.1 Billion Asset Acquisition of Reckson Real Estate Portfolio From SL Green Realty Corp.

August 04, 2006

Paul Hastings Represents Marathon Asset Management In $2.1 Billion Asset Acquisition of Reckson Real Estate Portfolio From SL Green Realty Corp.

New York, NY (August 4, 2006) - Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, represented Marathon Asset Management, a hedge fund and investment management firm, in its agreement with the executive management of Reckson Associates to acquire the assets of a Reckson Associates Realty Corp. real estate portfolio from SL Green Realty Corp. The transaction, which closed on August 3, 2006, is valued at $2.1 billion.

Under the agreement, Marathon Asset Management will acquire all of Reckson's Long Island real estate assets, Reckson's fourteen property Eastridge portfolio in New York's Westchester County, Reckson's twenty office properties and three development parcels located in New Jersey, all of Reckson's interest in its Australian listed property trust, interests in Reckson's RSVP investment and an interest in certain structured finance instruments.

The Paul Hastings team, led by New York partner Robert Wertheimer, also included partners Marty Edelman, Josh Sternoff and Charles Baker; of Counsel Ilan Lerman; and associates Jennifer Goldfarb and Peter Ollen.

About Marathon Asset Management LLC: Marathon Asset Management LLC is a global asset management company with $7.5 billion in capital under management and $13 billion in assets. The investment firm holds offices in London, Hong Kong, Washington, D.C. and Los Angeles.

About Paul Hastings' Real Estate Department: With over 170 attorneys, Paul Hastings has one of the largest real estate practices of any international law firm. Recognized for its excellence, the firm's partners' cumulative experience extends to the lending, acquisition, leasing and investment of and in real estate assets on a national and international scale. The department has been at the forefront of the introduction of international standards and practices to the acquisition, financing and workout of non-performing secured and unsecured real estate and corporate loans and assets.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.

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