CASUAL FURNISHINGS MANUFACTURERS EXPAND SHOWROOMS AT MERCHANDISE MART

FOR IMMEDIATE RELEASE

NINE TOP CASUAL FURNISHINGS MANUFACTURERS TO EXPAND

EXISTING SHOWROOM SPACE AT THE MERCHANDISE MART

Growing outdoor furnishings trend leads these businesses to increase product offerings

CHICAGO (July 20, 2004) — Merchandise Mart Properties, Inc. (MMPI) is pleased to announce the planned expansions of nine existing casual furnishings showrooms on the 16^th and 17^th floors of The Merchandise Mart. Taking advantage of the consumer’s growing interest in outdoor living and The Merchandise Mart’s ideal location for their businesses, these savvy showrooms will increase their selling space by anywhere from 25–68 percent.

“Americans continue to show more interest in their homes, and they are focusing on outdoor settings to enhance their relaxed lifestyles,” said Jack Shelburne, vice president of leasing, casual and residential furnishings, MMPI. “We are truly pleased to have these key industry players expand their presence at The Merchandise Mart, indicating better business conditions and backing Chicago as the epicenter for casual furniture.”

EXPANDING IN JULY 2004

Agio International Co., Ltd.: Suite 1636 will increase its showroom space by 50 percent.

Gloster Furniture, Inc.: Suite 1768 will double its showroom space.

Hanamint Corporation: Suite 1793 will increase its showroom space by 60 percent.

Laneventure: Suite 1748 will add more than 4,000 square feet of new showroom space.

Mallin Casual Furniture: Suite 1766 will increase its showroom space by 65 percent.

Rock Wood Casual Furniture: Suite 1760 will increase its showroom space by 50 percent.

Summer Classics: Suite 16-116 will increase its showroom space by 68 percent.

Telescope Casual Furniture: Suite 1776 will increase its showroom space by 25 percent.

Treasure Garden, Inc.: Suite 1655 will increase its showroom space by 50 percent.

These newly expanded showrooms and more will be available for viewing by the trade at the International Casual Furnishings & Accessories Market^™ from Sept. 18–22, 2004. Show days and hours are from Saturday to Monday, September 18–20, 8 a.m.–6 p.m., on Tuesday, September 21, 8 a.m.–8 p.m., and Wednesday, September 22, 8 p.m.–noon. For more information about the Chicago Casual Market, call 800.677.6278 [MART] or go to www.merchandisemart.com and follow the Chicago Casual Market link. To exhibit, contact Whitney Gillespie, sales director, MMPI, 312.527.7581 or wgillespie@mmart.com.

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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