MERCHANDISE MART PROPERTIES, INC. NAMES SHEILA CHARTON

DIRECTOR OF LEASING OF 7 W. 34TH STREET

NEW YORK CITY (Nov. 24, 2004) -- Merchandise Mart Properties, Inc. (MMPI) is pleased to announce the appointment of Sheila Charton as director of leasing for The New York Gift Mart at 7 W. 34th Street, the new home of New York City’s gift, tabletop and home accessories industries in Midtown Manhattan. In her new role, which officially began Nov. 22, 2004, Charton is responsible for the day-to-day leasing of permanent and market-time showrooms in approximately 450,000 square feet of space housing more than 150 tenants. Charton reports directly to Su Hilty, general manager of 7 W. 34th Street.

“We’re so pleased to welcome Sheila to our seasoned team,” said Joan Ulrich, vice president of gift leasing and marketing, MMPI. “Sheila’s understanding of New York as an international marketplace for the gift industry, coupled with her experience in trade shows and special events, make her the ideal person to bring the very best design-driven resources to 7 W. 34th Street.”

Prior to joining MMPI, Sheila served as director of cause-related marketing for the American Foundation for AIDS Research (amfAR) in New York City, after serving as director of special events and corporate development there. She was responsible for managing the Gift for Life board and numerous fundraising events for the organization. During her tenure at amfAR, Charton planned and executed local, national and international special events and worked closely with several gift and home manufacturers to forge partnerships and solicit donations to raise funds for the national nonprofit organization.

Charton’s 20 years of professional work experience include two years as senior director of development for the New York City Partnership & Chamber of Commerce where she managed events and business conferences. She also was president of Caradonna, an established importing and marketing company focused on selling and promoting European-made products in the United States. Charton began her career at WOR Radio in New York where she was director of public affairs and special projects.

As leasing director, Charton’s primary goals for the first quarter of 2005 are to lease the permanent and market-time showrooms leading up to the grand opening of The New York Gift Mart, which will begin with the New York Tabletop Market in April 2005. The grand opening will be followed by numerous markets, special events and day-to-day activities for the new building.

In addition to speaking Italian and Spanish, Charton is also a vice president of The Broadway Association. She received a bachelor of arts degree in speech from Boston University. For 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).

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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