164,442 Square Feet signed in 2Q Transactions

SHORT HILLS, N.J., JULY 22, 2008 – RexCorp Realty LLC’s (“RexCorp”) completed the second quarter of 2008 with another period of strong leasing activity with new leases and renewals across the Company’s New Jersey portfolio of trophy properties.

“While there are challenges in the economy and real estate markets, corporations continue to place a premium on the highest end office product statewide, and that’s a market niche RexCorp has historically dominated,” said Todd Rechler, President of RexCorp’s New Jersey Division and RexCorp Construction and Development LLC. “At RexCorp we continue to remain focused on exceeding our tenants exacting requirements for office space that offers the most strategic locations, high quality finishes and outstanding on-site amenities. Our efforts have resulted in strong tenant relationships, which is evident by large and long-term renewal commitments. ”

RexCorp’s recent office leasing activities for the quarter include:

At Executive Hill Office Park in West Orange, Idearc Media renewed 35,855 square feet of office space at 200 Executive Drive. In the same office park, Kinloch Consulting Group expanded their offices at 300 Executive Drive. Executive Hill Office Park is a four-building 400,000 square-foot Class-A office complex overlooking Route 280. With its array of amenities, which include a health club, conference room, full service café and shuttle services, this building continues to attract new tenants. The office park is located next to the Marriott Courtyard and the Essex Green Shopping Center.

WTAS leased 6,792 square feet at One Giralda Farms in Madison, New Jersey. One Giralda Farms is a 160,000 square-foot, five-floor Class-A office building located within the premier 310-acre Giralda Farms Corporate Park. Directly accessible to Routes 24 and I-287, the building is convenient to Morristown and Short Hills, train service, and Newark Liberty International and Morristown Municipal airports. RexCorp owns several trophy office properties within the Giralda Farms campus and is currently planning the development of Four and Six Giralda Farms. Brendan McBride of CB Richard Ellis was the broker representing WTAS.

At 44 Whippany Road in Morristown, New Jersey, Marsh USA renewed its lease of 77,155 square feet and Guy Carpenter renewed their 19,254 square-foot lease. 44 Whippany Road is a 220,000 square-foot Class-A office building overlooking a serene pond set amid meticulously landscaped park-like surroundings. Tenants are served with first-class amenities including an on-site café, dramatic three-story atrium lobby, security access and ample parking. This property is easily accessible to Interstate 287, the Morristown Airport, shopping and restaurants. CB Richard Ellis’ Craig Reicher, Ray Solmer and Craig Eisenhardt represented both Marsh USA and Guy Carpenter in the transaction.

GEICO signed a new lease at 3 University Plaza in Hackensack, New Jersey. 3 University Plaza is a 219,794 square-foot, six-floor building located in Hackensack, the municipal seat of Bergen County. The building is within 10 minutes of the George Washington Bridge, near Routes 4 and 17, and the Garden State Parkway. Corporate National Realty’s Neal Marchesano represented the tenant.

“The market is cyclical and in an environment like this, we have historically been a beneficiary of the flight to quality trend at RexCorp,” added Rechler.

Other renewals throughout New Jersey for the second quarter include Harivel & Beringer renewed their 2,110 square-foot lease at 100 Executive Drive, West Orange; Hockman-Lewis at 200 Executive Drive, West Orange, which was handled by Colliers Houston’s Scott Lawliss; Jomar Agency at 300 Executive Drive, West Orange; Volt Information at 119 Cherry Hill Road, Parsippany; and Entegee/ESG at 99 Cherry Hill Road, Parsippany.

About RexCorp

RexCorp Realty LLC, (“RexCorp”) is a fully integrated private real estate company with expertise in investment management, development, design, construction, leasing, financing, and asset management.

RexCorp’s core growth strategy is focused on the markets surrounding New York City. The Company is one of the largest owners, managers, and developers in the New York Tri-State area with approximately $3.5 billion in assets, with 70 properties comprised of over 11.2 million square feet, and approximately $3.5 billion in development projects. RexCorp, along with predecessor entities, has owned, managed and developed approximately $6 billion in assets encompassing over 20 million square feet.

RexCorp’s New Jersey portfolio features trophy assets strategically located in NJ's prime corporate locations including: 51 JFK Parkway, 101 JFK Parkway, and 103 JFK Parkway, all located within the premier Short Hills office market, and the Class-A Route 24 corridor properties, including: One Giralda Farms, Three Giralda Farms, Seven Giralda Farms, and Giralda Farms Office Park, a two-building, 451,431-square-foot ground-up development that offers an additional expansion opportunity of up to 1.25 million square feet of additional new space. The latest addition to the RexCorp portfolio is the recently completed world-class University Square property, a 313,000-square-foot building located in the thriving Princeton marketplace.