CHICAGO CASUAL MARKET ANNOUNCES 7TH FLOOR EXPANSION FOR 2005 SHOW

FOR IMMEDIATE RELEASE

THE INTERNATIONAL CASUAL FURNITURE & ACCESSORIES MARKET^™ ANNOUNCES

7^TH FLOOR EXPANSION FOR 2005 SHOW

New Market Suites temporaries to add 100,000 square feet of exhibit space to the casual furnishings industry's annual premier event, Sept. 14–17, 2005

CHICAGO (July 20, 2004) — Merchandise Mart Properties, Inc. (MMPI) announced plans today for the conversion of the entire 7^th floor to Market Suites from its previous use as former headquarters of the Chicago Transit Authority (CTA). The entire look and feel of this floor will reflect its new usage as a temporary trade show floor for Mart trade shows, including the International Casual Furniture & Accessories Market^™ (Chicago Casual Market). There will be convenient access between the 7^th and 8^th floors ensuring an easy and productive experience for exhibitors and attendees. All of the temporary exhibitors will be located on these two floors.

Current 2^nd floor Market Suites exhibitors at the Chicago Casual Market will be relocated to the 7^th floor in 2005, which allows for a 100,000-square-foot expansion of exhibit space, making it home to hundreds of new casual furnishings exhibitors. The 7^th floor expansion will feature a combination of previous Market exhibitors who want to expand their offerings by showcasing their product in a larger space, as well as brand new manufacturers that will be showing product for the first time.

"The Mart's expansion for the Chicago Casual Market in 2005 coincides with the casual furnishings industry's continued growth. The conversion of the 7^th floor to temporaries allows us to accommodate the many manufacturers eager to exhibit in next year’s Market," said John H. Brennen III, executive vice president, MMPI. "The retailers and interior designers will benefit from having more resources from which to purchase."

NEW SHOW FLOOR LAYOUT

Keeping in mind the needs of the retailers and designers and their full schedules during the International Casual Furniture & Accessories Market, the redeveloped 7^th floor is designed for easy access and navigation. The new Market Suites layout, similar to those found on floors 2 and 8, also includes state-of-the-art and modernized exhibit floor features. It includes the hardwall system so popular with Chicago exhibitors, as well as additional amenities and enhancements that are sure to resonate with Market attendees.

CONVENIENT ACCESS TO POPULAR AND NEWLY REFURBISHED 8^th FLOOR TEMPORARIES

As a result of the 7^th floor expansion, MMPI is completely refurbishing the 8^th floor Market Suites. A popular attraction during the Chicago Casual Market, the 8^th floor will be completely modernized and renovated for the September 2005 show. Furthermore, traffic flow will be improved and exposure will be enhanced for all exhibitors due to the temporary space in the new, contiguous area. The new layout will accommodate special exhibits and displays to be showcased. The 8^th floor will provide common areas for special show features while also securing space for operational conveniences during the Market.

CASUAL & RESIDENTIAL FURNISHINGS INCREASES BY 33 PERCENT

This expansion increases the amount of casual and residential furnishings exhibit space by 33 percent at The Merchandise Mart, including: 400,000 square feet of temporary exhibit space on floors 7 and 8; 200,000 square feet of permanent casual showrooms on floors 16 and 17; and 600,000 square feet of permanent residential showroom space on floors 6, 16, 17 and 18.

GRAND OPENING

The unveiling of the new expansion will be held on Sept. 14, 2005, with the grand opening of the temporaries on both floors. Included in the celebration will be a host of special events (details to follow).

ABOUT THE INTERNATIONAL CASUAL FURNITURE & ACCESSORIES MARKET

The annual International Casual Furniture & Accessories Market in Chicago is the industry’s premier event for casual indoor/outdoor furnishings and features approximately 300 exhibiting manufacturers in the casual furniture and casual accessories industries. The Market attracts approximately 7,000 attendees and is open to the trade only.

Attendees include specialty casual furniture retailers, home furnishings retailers, pool and spa retailers, garden center retailers, hearth and fireplace retailers, cataloguers, hardware stores, discount/mass merchandisers, gift and decorative accessory retailers, and interior designers. Products represented at the Chicago Casual Market include wrought iron/aluminum, cast metal/combination, rattan/wicker/woven materials, resin/fiberglass, wood casual furniture, dining tables and umbrellas, hammocks, outdoor lighting, outdoor accessories/statues/fountains, outdoor bars, barbecues, pool & spa accessories, tubular materials and much more.

For more information about leasing a temporary exhibit space at The Merchandise Mart during the International Casual Furnishings & Accessories Market, please contact Whitney Gillespie, director of Market Suites sales, at 312.527.7581 or wgillespie@mmart.com. For more information about MMPI and the International Casual Furnishings Market, visit www.merchandisemart.com or call 800.677.6278 [MART]. The 2005 International Casual Furniture & Accessories Market will be held Sept. 14–17.

PRESS INQUIRIES ONLY:

Elizabeth D. Cooley

Public Relations Manager

Merchandise Mart Properties, Inc.

Phone: 312.527.7555

E-mail: ecooley@mmart.com

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 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.

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