Paul Hastings Represents The Related Companies, L.P. In $505 Million Acquisition of Equinox Holdings Inc.

December 19, 2005

Paul, Hastings, Janofsky & Walker LLP (“Paul Hastings”), a leading international law firm, represented New York-based The Related Companies, L.P. (Related) in the acquisition of Equinox Holdings Inc., valued at $505 million. The sale is expected to close early in 2006.

Paul Hastings assisted Related in negotiating the merger agreement and in completing the due diligence investigation for the merger and continues to assist Related in connection with the financing of the merger.

The Paul Hastings team was led by New York partner Tom Kruger. Tom was assisted by New York partners Barry Brooks, Marie Censoplano, Michael Chernick, Jeffrey Pellegrino, Leslie Plaskon, and William Schwitter; and Washington, D.C. partners Mark Poerio and Bruce Ryan.

About The Related Companies: The Related Companies, L.P., founded in 1972 by Chairman and CEO Stephen M. Ross, is headquartered in New York City and oversees a real estate portfolio valued in excess of $15 billion. A fully integrated privately owned firm with divisions in development, acquisitions, financial services, property management, marketing and sales, Related is synonymous with architectural and service excellence, and has significant developments, partners and affiliates in Miami, Chicago, Boston, Los Angeles and San Francisco. Related’s historic development of the 2.8 million square foot Time Warner Center has transformed Columbus Circle into one of New York City’s premiere destinations and has significantly increased the value of commercial and residential property in the surrounding neighborhoods.

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with 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, Coporate/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