LAS VEGAS MARKET CENTER SECURES $225 MILLION IN PERMANENT FINANCING

LAS VEGAS --  World Market Center Las Vegas  has obtained $225 million in permanent financing from Bear Stearns Commercial Mortgage, according to an announcement by WMC and New York-based Ackman-Ziff Real Estate Group LLC.

The financing will be used to take out Phase One construction loan previously made by Hypo Real Estate, also in New York.

WMC is being developed by World Market Center, LLC and The Related Companies, LP.

"This loan is a continued sign of the strength of World Market Center and our successful leasing and construction activities,€VbCrLf said Marty Burger, president of Related Las Vegas and a partner of WMC. "Typically, permanent financing such as this does not take place until after the opening of the building. In the case of World Market Center, the financial community is highly confident of the success of the project and has accelerated the time table.€VbCrLf

Jack Kashani and Shawn Samson, managing partners of WMC added, "We are on schedule to start the construction of Phase Two before the Grand Opening of the first building. This is great news for the hundreds of prospective tenants who are on our waiting list for space for future phases.€VbCrLf

"World Market Center has experienced an exceptionally strong and positive reception from the financial community,€VbCrLf said Alex Draganiuk, director of The Ackman-Ziff Real Estate Group LLC, which specializes in debt, mezzanine and equity financing for commercial real estate. "As a result, we were able to secure favorable financing terms and repay the construction financing for Phase One well ahead of schedule. This will enable World Market Center's management to move forward on an accelerated basis with construction of Phase Two.€VbCrLf

Upon completion of Phases One and Two in early 2007, WMC will offer nearly  3 million sq. ft.  of permanent showroom space, plus an additional 350,000 sq. ft. of flexible space in large scale pavilions constructed on site.

The long-term complete build-out of the project, which is projected for 2015, will offer more than 12 million sq. ft. of customized permanent showrooms and flexible space. The project is located near  downtown Las Vegas.

 The partners in WMC include The Related Companies, LP, a fully integrated real estate company headquartered in New York.The Related Companies will oversee construction and financing requirements of all phases of WMC.

The first Market will be held in Las Vegas from July 25 to 29 2005.

7.14.05