FOR IMMEDIATE RELEASE

THE CHICAGO GIFT & HOME MARKETANNOUNCES 2005 DATES

CHICAGO (July 19, 2004) — Merchandise Mart Properties, Inc. (MMPI) is pleased to announce the 2005 dates for all Chicago Gift & Home Markets.The Chicago Gift & Home Market is home to thousands of general gift, home and garden, and seasonal products on six full floors of The Merchandise Mart. MMPI announced earlier this year plans for the conversion of the entire 7th floor to Market Suites for the January 2005 Market. The 100,000-square-foot expansion brings the total amount of Chicago Gift & Home Market dedicated square footage to 1,050,000, which includes 350 permanent showrooms and almost 1,000 temporary exhibitors.

Beckman’s Handcrafted Gift ShowChicago adds a unique style to the Chicago Gift & Home Market with the works of the finest handcraft artisans in the nation. This comprehensive schedule offers retailers and designers the ultimate opportunity for inspiration with the latest trends in their industry, to consult with key representatives, and to attend educational seminars in one convenient location.

CHICAGO GIFT & HOME MARKET EVENT DATES

As the longest-running gift and home décor market in the country, the Chicago Gift & Home Market is a to-the-retail-trade market currently showcasing more than 10,000 product lines over six floors of The Merchandise Mart. Permanent showrooms and temporary Market Suites exhibitors showcase all gift and home product categories consisting of accessories, accent furnishings, apparel, bath & body, children’s giftware and products, collectibles, crafts, floral, garden, general gift, gourmet foods, holiday, home décor, home furnishings, linens, paper products, plush, stationery and tabletop.

Spring Chicago Gift & Home Market

Chicago Gift & Home Market Sample Sale

July Chicago Gift & Home Market

July 23-26, 2005

Chicago International Casual Furniture & Accessories Market

Permanent Showrooms (16th & 17th floors) and 7th & 8th floor Market Suites:

Sept. 14-17, 2005

Chicago Gift & Home Market Sample Sale

For more information about the Chicago Gift & Home Market, visit www.merchandisemart.com or call 800-677-6278 (MART).

The Chicago Gift & Home Market and the Chicago International Casual Furniture & Accessories Market are trademarks of Merchandise Mart Properties, Inc. (MMPI). 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 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

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