L.A. MART® ANNOUNCES MARKET AND EVENT DATES FOR 2005

LOS ANGELES (July 21, 2004) — Merchandise Mart Properties, Inc. (MMPI) and the L.A. Mart® are pleased to announce the 2005 dates for the Gift & Home Furnishings Market™at the L.A. Mart. The L.A. Mart leads the Western United States in offering the largest selection of gift and lifestyle products, bringing the most innovative resources conveniently to retailers and interior designers.

GIFT & HOME FURNISHINGS MARKET™ AT THE L.A. MART®

The Gift & Home Furnishings Market at the L.A. Mart consists of permanent showrooms and temporary exhibitors, covering more than 724,000 square feet of space on 13 floors of the L.A. Mart. The Gift & Home Furnishings Market also features Temporaries @ L.A. Mart, which debuted in January 2004. This showcase of new temporary exhibitors in 50,000 square feet of space on the renovated 2nd floor of the L.A. Mart enhances the building’s position to provide an array of cutting-edge gift and home décor products.

Permanent Showrooms: Jan. 18-25, 2005

Permanent Showrooms: March 19-21, 2005

Permanent Showrooms: July 19-26, 2005

Temporaries @ L.A. Mart July 22-25, 2005

SAMPLE SALE

The Gift & Home Furnishings Sample Sale offers retailers the largest selection of gifts, furniture, home décor and accessories priced at or below wholesale.

DESIGNERS' FORUMS

In partnership with leading design magazines, celebrated design authorities and the International Interior Design Association (IIDA), Designers’ Forum is a complimentary seminar series for interior designers featuring local and nationally recognized design experts who focus on topics facing today’s professionals. Dates will be forthcoming.

FIRST TUESDAYS

In addition to amazing showrooms and incredible product selection, First Tuesdays offer unbelievable sales and deals throughout the building for retailers, as well as free coffee and pastries in the mornings.

Feb. 1, 2005

March 1, 2005

April 5, 2005

May 3, 2005

June 7, 2005

Aug. 2, 2005

Sept. 6, 2005

Oct. 4, 2005

Nov. 1, 2005

Dec. 6, 2005

ABOUT THE L.A. MART

The L.A. Mart is the West Coast leader for buyers and interior designers to obtain the latest gifts, home décor, furniture and lifestyle merchandise. In business since 1956, the L.A. Mart has redefined market showrooms in the Western United States, providing thousands of novel product lines in one destination. The L.A. Mart, home to nearly 300 showrooms in more than 724,000 square feet of space, is centrally located in the new Furniture & Decorative Arts District, at 1933 South Broadway, Los Angeles, California, 90007, at the corner of Broadway and Washington Boulevard.

For more information about the L.A. Mart or to register for upcoming markets and events, visit www.merchandisemart.com (click on L.A. Mart under “Properties”) or call 1-800-LAMART-4.

The L.A. Mart is a registered trademark of MMPI. The Gift & Home Furnishings Market is a trademark of MMPI.

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.

MEDIA INQUIRIES ONLY:

Joanna Mineau

Director of Public Relations

Merchandise Mart Properties, Inc.

312.527.7074

jmineau@mmart.com

###