MERCHANDISE MART PROPERTIES, INC. (MMPI) PARTNERS WITH BRIX & COMPANY

FOR 2005 LAUNCH OF 7 W. 34TH STREET ADVERTISING AND MARKETING CAMPAIGN

NEW YORK CITY (Dec. 1, 2004) -- Merchandise Mart Properties, Inc. (MMPI) is proud to announce its partnership with Brix & Company of Bethesda, Md., as it prepares to launch a massive advertising and marketing campaign in advance of the 2005 grand opening of The New York Gift Mart at 7 W. 34th Street, Midtown Manhattan’s new home for the gift, tabletop and home accessories industries. Brix, a real estate and marketing consultancy, is known for its collaboration with leading retailers and marketers in crafting and implementing innovative bricks-and-mortar strategies. At MMPI’s 7 W. 34th Street property, Brix will provide brand, marketing and environmental design services.

“It’s been our longtime goal to enter the New York marketplace, and as we gear up for our grand opening in April 2005, we will ensure that all of our constituencies in the gift, home décor and tabletop industries know we are blanketing them with a message that says we are bringing our recognized brand to a marketplace we love,” said Joan Ulrich, vice president of gift leasing and marketing, MMPI. “Retaining the services of such a well-respected retail branding consulting company as Brix helps develop and promote the extensive product, special events, programs and amenities that will be available at 7 W. 34th Street.”

Brix and MMPI have a long and successful history of working together, including the brand development, environmental design and market positioning of LuxeHome, the world’s largest collection of luxury boutiques for home building and renovation, which is located at The Merchandise Mart in Chicago and debuted in September 2003.

“7 W. 34th Street is a terrific business model, indicative of MMPI’s vision,” said Mark Rivers, president of Brix. “We’ve been brought to the table to contribute some additional firepower, creative resources and know-how to take the company’s vision to the next level. MMPI has a strong view to ensure that 7 W 34th Street is a world-class mart, and we’re always happy to contribute. Through unique design, brand positioning, marketing and consumer environments, we’ll help MMPI execute a program that looks to the future of these merchandise venues.”

Brix clients have included: Harrods Department Store in London; Ghirardelli Square; ESPN; the Phoenix Coyotes of the National Hockey League; the San Diego Padres; The Mills Corporation; and The White Company, a British retailer.

For more information about Merchandise Mart Properties, Inc. and The New York Gift Mart at 7 W. 34th Street, visit www.merchandisemart.com or call 800.677.6278 (MART). For more information about Brix and Company, visit www.brixandco.com or call 301.656.0079.

Merchandise Mart Properties, Inc. (MMPI) is a trade show and property management firm, specializing in managing buildings devoted to wholesale showrooms and commercial office space. MMPI produces more than 300 trade shows, market events and conferences each year.

MMPI manages The Merchandise Mart, Chicago Apparel Center, and 33 North Dearborn in Chicago; Market Square, the Suites at Market Square, Hamilton Market, Plaza Suites, Furniture Plaza and the National Furniture Mart in High Point, N.C.; the Architects & Designers Building and 7 W. 34th Street in New York; the L.A. Mart in Los Angeles; and the Washington Design Center and Washington Office Center in Washington, D.C.

Vornado Realty Trust, owner of MMPI, based in New York City, is a fully integrated equity real estate investment trust. Vornado's common shares are listed on the New York Stock Exchange and are traded under the symbol VNO.

MEDIA INQUIRIES ONLY:

Joanna Mineau

Director of Public Relations

Merchandise Mart Properties, Inc. (MMPI)

Phone: 312-527-7074

E-mail: jmineau@mmart.com

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