January 15, 2010

We have just concluded 2009, a record leasing year for W&H Properties under the supervision of Malkin Holdings, as well as a banner year for Malkin Properties. With the outstanding participation of 41 brokerage firms representing 105 tenants, we signed new and expansion leases for 851,870 square feet, renewed 419,980 square feet, and paid $12.3 million dollars of commissions, 100% on signing. This would not have been possible without fantastic broker community engagement at each and every building in our Manhattan and suburban office and retail portfolios.

Most exciting to us, our new tenants represent some of the very best in credit quality and reputation in the New York Metropolitan Area. High caliber tenants, brought to us by top quality brokers, benefit from the stability, certainty, and peace of mind offered by W&H and Malkin Properties. Our disciplined approach to real estate ownership and operation allows us to offer top quality properties, compete effectively, close deals, always meet our financial and performance obligations to tenants, and always provide the highest level of tenant and broker service and satisfaction in the industry.

Among 2009's greatest achievements were the launches of our global ground breaking work on energy efficiency at the Empire State Building and the unveiling of the fully restored and modernized Empire State Building lobby. The fruits of our $550 million Empire State Re-Building program are now clearly visible. If you have not yet visited, you must let your tenants see for themselves our new, tenants-only lobby on 34th and 33rd StreetsÉ the original Art Deco masterpiece of gold, aluminum, and silver leaf with restored lighting treatments from the archives of the Corning Glass Museum and state of the art visitor service and security.

In 2010, we will share with you and the tenants you represent how offices in ESB can help them meet their carbon footprint reduction objectives and minimize their energy costs. The work we are doing in the ESB is a prime example under study by the United States government, BOMA, NYSERDA, and cities and countries around the world as the first viable, benchmarked, investment justified energy efficiency retrofit with a unique set of tools from which new ESB tenants already benefit through energy conservation without compromise in office space design, construction, and operation.

Our top quality office and retail spaces, high end pre-built suites, and crisp white-box units for customized build-outs are ready to accommodate your clients' needs. Beautiful and expertly maintained lobbies, elevators, air conditioned common area hallways, and bathrooms await your tour, for which an appointment is never necessary. As always, our standardized leasing process at each and every one of our buildings simplifies the process for you and the clients you represent. Be it our W&H Properties Pre-War Trophy office portfolio, our Malkin Properties Trophy suburban office portfolio, or our urban and suburban retail portfolio, we continue to be a solid rock of certainty in today's ever-changing world.

We welcome the chance to compete for your business.

Onward and upward.