NEW SHOWROOMS, TREND-SETTING “ONLY IN L.A.” PRODUCT INTRODUCTIONS,

BUSINESS-BOOSTING SEMINARS, AND A WORLD-FAMOUS CELEBRITY HIGHLIGHT

THE JULY 2005 GIFT & HOME FURNISHINGS MARKET AT THE L.A MART®

LOS ANGELES (July 29, 2005) – Warm hospitality, the freshest and hottest product resources, more than 24 state-of-the-art new and expanded showrooms, and special events ranging from ribbon cuttings to a festive fundraiser with Grammy and Emmy-winning “American Idol” celebrity Paula Abdul helped greet enthusiastic crowds of retailers attending the July 2005 Gift and Home Furnishings Market.™ The market was held July 19-26, 2005, at the L.A. Mart,® the West Coast’s premier market center.

“We know that the July market is critical for retailers concentrating on placing both their everyday and holiday product orders. The L.A. Mart’s new showrooms and major showroom expansions, along with a dynamic array of fresh exhibitors in the Temporaries @ L.A. Mart allowed our valued buyers to access the best products and resources the industry has to offer,” said Gerry Seibel, vice president and general manager, L.A. Mart. “We also know it is our responsibility to create a fun, easy and enjoyable experience for our retailing guests, and believe that our special events, buyer education programs, and especially our ‘Takin’ it to the Beach’ outdoor fundraising event with Paula Abdul made this a winning market.”

The plethora of trend-setting, marketable resources and the festive atmosphere impressed the steady stream of buyers attending the show from across the country and around the globe. “I come to the L.A. Mart because of the services that are offered – the free parking, the complimentary refreshments – that keep me going, and I love the Late Nite shopping. I’m here to buy, and those extra hours really help! I always find wonderful things here, and I think this show is spectacular,” said Rhonda Coleman, owner of Rooms & Blooms.

Other retailers echoed similar sentiments. “I have come here every year for the last 24 years. The L.A. Mart offers great new products and is very convenient,” said retailer Elizabeth Riefel, Lewis & Clark.

Highlights of the July 2005 Gift & Home Furnishings Market at the L.A. Mart include:

New Showrooms & Showroom Expansions: With a record 21 celebratory ribbon-cuttings, the L.A. Mart helped launch a number of new and expanded showrooms in the building and welcomed back several prestigious tenants after their brief stay at the California Market Center. Among the new showrooms that opened their doors at market time: 18 Karat (Suite 800); BX Glass (Suite 760); D.B. Imports (Suite 351); Fiorentina (Suite 371); Firestone Marketing Group (Suite 330); Giftbay Creations (Suite 602); Holiday Souvenirs (Suite 428); L.A. Productions Home & Garden, Inc. (Suite 469); Les Jardins (Suite 1122); and Roger Wilson & Associates (Suite 410).

In addition, 13 existing showrooms expanded their facilities, including: Encore, Sales Producers and the Rosenberg Group. New tenants and veteran showrooms alike were pleased with the results of the July market.

“We are so glad to be here. The L.A. Mart is a great building and we have had many new and excited buyers,” said Grant Ohman, vice president sales, 18 Karat.

Said long-time tenant Stephen Young, “We had a record-breaking market. We didn’t know what to expect of this market and we have been overwhelmed. There is a great mix of buyers, and even buyers who have not come in a while are returning to the L.A. Mart.”

Temporaries @ L.A. Mart: The Temporaries @ L.A. Mart, the L.A. Mart’s popular 50,000-square-foot

temporary exhibit space on the building’s second floor, once again proved to be a discovery zone for brand new vendors and “only in L.A.” resources. Many of the 93 manufacturers in the exhibit hall were making their Los Angeles as well as wholesale trade show debut, including Del Mare, a resource for striking shell and sterling silver decorative accessories, and Klique Photography, showcasing dramatically eye-catching photographic images from around the world. Buyers expressed their appreciation for the variety of fresh products they could discover – ranging from the finest home furnishings and wall décor to cutting-edge fashion accessories and textiles – and exhibitors seemed equally pleased with the constant flow of buyers.

“This was my first experience at a wholesale show, and all my expectations were exceeded. I made many outstanding contacts, and I was impressed by the quality of buyers and reps interested in my product,” said new exhibitor Lisa Kray, Del Mare Treasures from the Sea.

Echoes Ray Segal of the Home Gallery Collection, “We are doing better than we ever expected. I used to come to these markets as a buyer and I like how the L.A. Mart has really changed the market into something really exciting.”

Milestone Anniversaries: Showrooms and manufacturers alike were in a celebratory mood as they marked the passing of milestone anniversaries with festivities throughout the L.A. Mart. Observing milestone events were: The Newcombs (90 years); Robert Snoddy & Associates (50 years); Stanley Papel (50 years, represented by the Encore Group); Biedermann & Sons (50 years, represented by JoAnne B. Harken); and Intrada (25 years).

“The show has been excellent. It is our 25th anniversary, and we are still getting quality buyers coming to the market,” said Sonia Kassabian, executive vice president, Intrada.

Educational Seminars: The L.A. Mart provided buyers with strategic skills and useful retail survival tools in a series of 10 well-attended educational seminars with topics ranging from e-commerce techniques and marketing holiday gift baskets, to professional tricks for top-notch visual merchandising. As part of its continuing commitment to buyer education, the L.A. Mart also held its first-ever, invitation-only Retailer’s Forum event, where some of Southern California’s leading retailers were treated to a revealing presentation on “Future Trends: Cutting Edge Directions in Color, Style & Design” with Michelle Lamb, one of the industry’s best-known trend experts. “I will be able to keep up with the trends and color schemes for the next two to three years because the information I received was so helpful and on target,” said Shirly Smith, owner of A Child’s Room.

ABOUT THE L.A. MART

The L.A. Mart is the pre-eminent center for gift and home furnishings products in the Western United States. With nearly 300 showrooms encompassing 724,000 square feet of showroom space, the L.A. Mart is dedicated to showcasing a wide array of lifestyle merchandise including gifts, fine furniture and home décor, decorative accessories, tabletop, stationery, collectibles, holiday ideas, gourmet foods, floral, linens, paper products, bath & body items, apparel, children’s giftware and handcrafted products. The L.A. Mart is centrally located within the Furniture & Decorative Arts District at 1933 S. Broadway, Los Angeles, Calif., 90007, at the corner of Broadway and Washington Boulevard.

For more information about the L.A. Mart and its home furnishings business, please visit www.merchandisemart.com (click on “L.A. Mart” under "Properties") or call 800.LAMART.4.

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, 350 W. Mart 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 New York 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

Managing Director of Public Relations

Merchandise Mart Properties, Inc. (MMPI)

Phone: 312.527.7074

E-mail: jmineau@mmart.com

Debra Gold

Gold & Company

Phone: 818.567.4653

E-mail: lamart@goldsco.com

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