The community of our tenants and the brokers who bring them to us may not be aware that the W&H Properties portfolio is owned by a myriad of smaller investors who have partnered through generations with Wien & Malkin, the nation's oldest real estate syndication company. The firm's founder, Lawrence A. Wien, created the practice of syndicating income-producing property in 1934 so that ownership could be shared by investors who were not extremely wealthy. The concept was soon widely embraced.

In the early 1950s, Mr. Wien structured the first public real estate syndications. Together with his son-in-law, Peter L. Malkin, and Harry Helmsley (the "H" in W&H), he then assembled an enduring portfolio of syndicated properties, now known as the Pre-War Trophy W&H Properties portfolio.

Today, under the direction of chairman Peter L. Malkin and president Anthony E. Malkin, Wien & Malkin-led partnerships own some 10 million square feet of trophy office property in the Greater New York area, and 2.0 million square feet of retail, 1.4 million square feet of warehouse/distribution, and 2,700 multi-family units.

In addition, the firm's Strategic Capital program originates yield-oriented mezzanine loans and preferred-equity investments nationwide to assist real estate entrepreneurs in recapitalizing and acquiring properties.

Wien & Malkin is recognized for its highly disciplined approach to investment, its financial stability, conservative use of leverage, and strong institutional lender relationships.

The credit freeze and softening markets are likely to produce many choice opportunities for value-oriented investments in the next few years. If you are considering real estate as a means of diversifying your investment portfolio, think of Wien & Malkin. For information, visit www.wienmalkin.com, or contact Ned H. Cohen, Executive Vice President, Wien & Malkin Securities Corp., 212-850-2695; ncohen@wmsecurities.com.