<SUBMISSION>
<ACCESSION-NUMBER>0001047469-04-000529
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20031229
<ITEMS>7
<FILING-DATE>20040109
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SL GREEN REALTY CORP
<CIK>0001040971
<ASSIGNED-SIC>6798
<IRS-NUMBER>133956775
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13199
<FILM-NUMBER>04516878
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>420 LEXINGTON AVENUE
<STREET2>ATTN: STEVEN KAHN
<CITY>NEW YORK
<STATE>NY
<ZIP>10170
<PHONE>2125942700
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>420 LEXINGTON AVENUE
<STREET2>ATTN: STEVEN KAHN
<CITY>NEW YORK
<STATE>NY
<ZIP>10170
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a2126204z8-k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04NYC1175_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<HR NOSHADE>
<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>FORM 8-K/A  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>CURRENT REPORT  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2>Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Date
of Report (Date of earliest event reported):<BR>
December&nbsp;29, 2003 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>SL GREEN REALTY CORP.<BR>  </B></FONT><FONT SIZE=2>(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>MARYLAND</B></FONT><FONT SIZE=2><BR>
(STATE OF INCORPORATION) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>1-13199</B></FONT><FONT SIZE=2><BR>
(COMMISSION FILE NUMBER)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>13-3956775</B></FONT><FONT SIZE=2><BR>
(IRS EMPLOYER ID. NUMBER)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>420 Lexington Avenue<BR>
New York, New York</B></FONT><FONT SIZE=2><BR>
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>10170</B></FONT><FONT SIZE=2><BR>
(ZIP CODE)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><B>(212)&nbsp;594-2700</B></FONT><FONT SIZE=2><BR>
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) </FONT></P>

<HR NOSHADE>
<HR NOSHADE>
<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=768493,FOLIO='blank',FILE='DISK015:[04NYC5.04NYC1175]BA1175A.;6',USER='WMERCED',CD=';9-JAN-2004;04:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_bc1175_1_2"> </A> </FONT> <FONT SIZE=2><B>ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;ACQUISITION OR DISPOSITION OF ASSETS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;29, 2003, SL Green Realty Corp. purchased a 45% ownership interest in 1221 Avenue of the Americas for $450&nbsp;million, or $394 per square
foot, from The McGraw-Hill Companies. Rockefeller Group International,&nbsp;Inc. will retain its 55% ownership interest in 1221 Avenue of the Americas and it will continue to manage the
property. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221
Avenue of the Americas, known as The McGraw-Hill Companies building, is an approximately 2.55&nbsp;million square foot, 50 story class "A" office building located in
Rockefeller Center. The property is 100% leased to tenants including The McGraw-Hill Companies, Rockefeller Group International,&nbsp;Inc., Morgan Stanley,
Soci&eacute;t&eacute; G&eacute;n&eacute;rale and J.P. Morgan Chase&nbsp;&amp; Co. The McGraw-Hill Companies has owned its interest and maintained a
significant presence in the building since its construction in 1972. The going-in unlevered cash NOI yield on investment is 8.0% based on fully escalated in-place rents
averaging $51.62 per square foot. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase price of $450&nbsp;million, which was determined through an arm's length negotiation between the Company and the seller was a negotiated price, was reduced by an amount
equal to 45% of underlying property ownership indebtedness in the amount of $175&nbsp;million, provided by Wachovia Capital Markets, LLC and was paid in cash. The Company funded the cash component,
in part, with proceeds from its offering of approximately $157.5&nbsp;million Series&nbsp;C Redeemable Preferred Stock that closed in December&nbsp;2003. The balance of the proceeds were funded
with the Company's unsecured line of credit and a $100&nbsp;million term loan provided by Wells Fargo Bank, N.A. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has included audited financial statements for Rock-McGraw,&nbsp;Inc. prepared pursuant to Rule&nbsp;3-14 of the Regulation&nbsp;S-X
of the Securities and Exchange Commission. Due to the non-related party nature of this transaction, only audited statements for the year ended December&nbsp;31, 2002 are required. The
Company is not aware of any material factors relating to this property that would cause the reported financial information not to be necessarily indicative of future operating results. </FONT></P>


<P><FONT SIZE=2><B>ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS  </B></FONT></P>

<P><FONT SIZE=2>(a)
and (b)&nbsp;FINANCIAL STATEMENTS OF PROPERTY ACQUIRED AND PRO FORMA FINANCIAL INFORMATION </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="92%"><FONT SIZE=2><BR>
PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Pro Forma Condensed Consolidated Balance Sheet (Unaudited) as of September 30, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
F2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Pro Forma Condensed Consolidated Income Statement (Unaudited) for the nine months ended September 30, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
F3</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Pro Forma Condensed Consolidated Income Statement (Unaudited) for the year ended December 31, 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
F4</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Notes to Pro Forma Financial Information</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
F5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="92%"><FONT SIZE=2><BR>
CONSOLIDATED FINANCIAL STATEMENTS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Report of Independent Auditors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
F8</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Revenues and Certain Expenses of Rock-McGraw, Inc. for the nine months ended September 30, 2003 (unaudited) and the year ended December 31, 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
F9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Notes to Financial Statements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
F10</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>EXHIBITS
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>10.1</FONT></DT><DD><FONT SIZE=2>Share
purchase agreement dated as of December&nbsp;24, 2003 by and between The McGraw-Hill Companies,&nbsp;Inc. as seller and Green Hill Acquisition LLC as purchaser
incorporated.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>23.1.</FONT></DT><DD><FONT SIZE=2>Consent
of Ernst and Young LLP. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=2,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=171739,FOLIO='2',FILE='DISK015:[04NYC5.04NYC1175]BC1175A.;9',USER='WMERCED',CD=';9-JAN-2004;04:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_be1175_1_3"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="be1175_signatures"> </A>
<A NAME="toc_be1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>SL GREEN REALTY CORP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>THOMAS E. WIRTH</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Thomas E. Wirth<BR>
Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Date:
January&nbsp;8, 2004 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=3,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=513513,FOLIO='3',FILE='DISK015:[04NYC5.04NYC1175]BE1175A.;2',USER='WMERCED',CD=';9-JAN-2004;04:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ca1175_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1175_sl_green_realty_corp._pro_form__sl_03349"> </A>
<A NAME="toc_ca1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>SL GREEN REALTY CORP.<BR>  <BR>    PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<BR>  (UNAUDITED)    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;29, 2003, the Company purchased a 45% interest in the property located at 1221 Avenue of the Americas, New York, NY
("Rock-McGraw,&nbsp;Inc.") from the McGraw-Hill Companies,&nbsp;Inc. for approximately $450.0&nbsp;million. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma condensed consolidated balance sheet of SL Green Realty Corp. (the "Company") as of September&nbsp;30, 2003 has been prepared as if the Company's acquisition of
the property located at 1221 Avenue of the Americas had been consummated on September&nbsp;30, 2003. The unaudited pro forma condensed consolidated income statements for the year ended
December&nbsp;31, 2002 and the nine months ended September&nbsp;30, 2003 are presented as if the Company's acquisition of the property located at 1221 Avenue of the Americas occurred on
January&nbsp;1, 2002 and the effect was carried forward through the year and the nine month period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pro forma condensed consolidated financial statements do not purport to represent what the Company's financial position or results of operations would have been assuming the
completion of the this acquisition had occurred on January&nbsp;1, 2002 and for the period indicated, nor do they purport to project the Company's financial position or results of operations at any
future date or for any future period. These pro forma condensed consolidated financial statements should be read in conjunction with the Company's 2002 Annual Report on Form&nbsp;10-K
and the Company's Quarterly Report on Form&nbsp;10-Q for the quarterly period ended September&nbsp;30, 2003. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F1</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=4,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=768134,FOLIO='1',FILE='DISK015:[04NYC5.04NYC1175]CA1175A.;5',USER='WMERCED',CD=';9-JAN-2004;04:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_cc1175_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cc1175_sl_green_realty_corp._pro_form__sl_05137"> </A>
<A NAME="toc_cc1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>SL GREEN REALTY CORP.<BR>  </B></FONT><FONT SIZE=2>PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET<BR>  AS OF SEPTEMBER 30, 2003<BR>  (UNAUDITED)<BR>  (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)    <BR></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="39%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>SL GREEN REALTY<BR>
CORP.<BR>
HISTORICAL<BR>
(A)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>PRO FORMA<BR>
ADJUSTMENTS<BR>
(B)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>SL GREEN<BR>
REALTY CORP.<BR>
PROFORMA</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>ASSETS:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Commercial real estate properties at cost:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Land and land interests</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>167,816</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>167,816</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Buildings and improvements</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>841,716</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>841,716</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Building leasehold</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>251,866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>251,866</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Property under capital lease</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>12,208</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>12,208</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>1,273,606</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>1,273,606</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Less accumulated depreciation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>(147,083</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>(147,083</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>1,126,523</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>1,126,523</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>14,171</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>14,171</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Restricted cash</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>110,639</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>110,639</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Tenant and other receivables, net of allowance of $7,599</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>14,022</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>14,022</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Related party receivables</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>7,068</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>7,068</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Deferred rents receivable, net of allowance for tenant credit loss of $7,029</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>61,361</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>61,361</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Structured finance investments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>167,954</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>167,954</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Investments in unconsolidated joint ventures</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>205,821</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>371,250</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>577,071</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Deferred costs, net</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>36,969</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>36,969</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Other assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>20,619</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>20,619</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Total Assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>1,765,147</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>371,250</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>2,136,397</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>LIABILITIES AND STOCKHOLDERS' EQUITY:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Mortgage notes payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>532,426</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>532,426</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Revolving credit facilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>95,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>113,750</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>208,750</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Unsecured term loan</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>165,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>265,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Derivative instruments at fair value</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>5,390</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>5,390</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Accrued interest payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>2,553</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>2,553</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Accounts payable and accrued expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>46,935</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>46,935</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Deferred revenue/ gain</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>9,267</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>9,267</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Capitalized lease obligations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>16,090</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>16,090</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Deferred land lease payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>15,106</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>15,106</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Dividend and distributions payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>17,914</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>17,914</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Security deposits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>21,110</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>21,110</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Total liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>926,791</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>213,750</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>1,140,541</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Commitments and Contingencies Minority interest in Operating Partnership</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>53,947</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>53,947</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Minority interest in partially owned entities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>525</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>525</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>STOCKHOLDERS' EQUITY</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 per value; 6,300 shares issued and outstanding on a pro-forma basis</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>157,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>157,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Common stock, $0.01 par value, 100,000 shares authorized, 35,876 issued and outstanding at September&nbsp;30, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>358</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>358</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Additional paid&#151;in capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>722,565</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>722,565</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Deferred compensation plans</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>(9,062</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>(9,062</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Accumulated other comprehensive loss</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>(5,382</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>(5,382</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Retained earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>75,405</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>75,405</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Total stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>783,884</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>157,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>941,384</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=1>Total liabilities and stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>1,765,147</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>371,250</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=1>2,136,397</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The accompanying notes are an integral part of these pro forma financial statements.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=5,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=407591,FOLIO='2',FILE='DISK015:[04NYC5.04NYC1175]CC1175A.;6',USER='WMERCED',CD=';9-JAN-2004;04:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ce1175_1_3"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce1175_sl_green_realty_corp._pro_form__sl_06355"> </A>
<A NAME="toc_ce1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>SL GREEN REALTY CORP.</B></FONT><FONT SIZE=2><BR>  PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT<BR>  FOR THE NINE MONTH PERIOD ENDED SEPTEMBER&nbsp;30, 2003<BR>  (UNAUDITED)<BR>  (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
   <BR></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>SL&nbsp;GREEN&nbsp;REALTY<BR>
CORP.<BR>
HISTORICAL<BR>
(A)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>PRO&nbsp;FORMA<BR>
ADJUSTMENTS</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>SL&nbsp;GREEN&nbsp;REALTY<BR>
CORP.<BR>
PRO&nbsp;FORMA</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>REVENUES:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Rental revenue</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>170,733</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>170,733</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Escalation and reimbursement revenues</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>31,586</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>31,586</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Signage rent</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>831</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>831</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Investment income</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>9,280</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>9,280</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Preferred equity income</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>2,945</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>2,945</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Other income</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>6,976</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>6,976</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Total revenues</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>222,351</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>222,351</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>EXPENSES:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Operating expenses including $5,416 to affiliates</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>59,532</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>59,532</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Real estate taxes</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>32,397</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>32,397</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Ground rent</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>9,796</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>9,796</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Interest</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>32,809</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>4,379</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>(B)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>37,188</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Depreciation and amortization</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>34,844</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>34,844</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Marketing, general and administrative</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>8,984</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>8,984</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Total expenses</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>178,362</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>4,379</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>182,741</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Income (loss) from continuing operations before equity in net loss from affiliates, equity in net income of unconsolidated joint ventures, minority interest and discontinued operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>43,989</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>(4,379</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>39,610</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Equity in net loss from affiliates</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>(196</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>(196</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Equity in net income of unconsolidated joint ventures</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>10,863</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>23,265</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>(C)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>34,128</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Income before minority interest</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>54,656</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>18,886</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>73,542</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Minority interest in partially owned entities</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>64</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>64</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Minority interest in operating partnership</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>(3,201</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>(1,390)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>(D)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>(4,591</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Income from continuing operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>51,519</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>17,496</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>69,015</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Income from discontinued operations, net of minority interest</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>3,173</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>3,173</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Gain on sale of discontinued operations, net of minority interest</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>21,269</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>21,269</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Net income</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>75,961</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>17,496</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>93,457</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Preferred stock dividends</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>(6,693</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>(6,693</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Preferred stock accretion</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>(394</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>(394</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Net income available to common shareholders</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>68,874</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>17,496</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>86,370</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1><BR>
BASIC EARNINGS PER SHARE:(E)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Net income before income from discontinued operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>1.43</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>1.99</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Income from discontinued operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>0.10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>0.10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Gain on sale of discontinued operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>0.69</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>0.69</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Net income</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>2.22</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>2.78</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>DILUTED EARNINGS PER SHARE:(E)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Net income before income from discontinued operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>1.41</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>1.90</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Income from discontinued operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>0.09</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>0.09</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Gain on sale of discontinued operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>0.59</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>0.59</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Net income</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>2.09</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>2.58</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Dividends per common share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>1.395</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>1.395</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Basic weighted average common shares outstanding</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>31,021</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>31,021</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="45%"><FONT SIZE=1>Diluted weighted average common shares and common share equivalents outstanding</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=1>38,748</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>38,748</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><I>The accompanying notes are an integral part of these pro forma financial statements.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=6,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=550956,FOLIO='3',FILE='DISK015:[04NYC5.04NYC1175]CE1175A.;12',USER='WMERCED',CD=';9-JAN-2004;04:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_cg1175_1_4"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cg1175_sl_green_realty_corp._pro_form__sl_05745"> </A>
<A NAME="toc_cg1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>SL GREEN REALTY CORP.<BR>  </B></FONT><FONT SIZE=2>PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT<BR>  FOR THE YEAR ENDED DECEMBER 31, 2002<BR>  (UNAUDITED)<BR>  (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)    <BR></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="38%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>SL GREEN REALTY<BR>
CORP. HISTORICAL<BR>
(A)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>PRO<BR>
FORMA<BR>
ADJUSTMENTS</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>SL GREEN<BR>
REALTY CORP.<BR>
PRO FORMA</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>REVENUES:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Rental revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>179,520</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>179,520</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Escalation and reimbursement revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>27,203</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>27,203</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Signage rent</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>1,488</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>1,488</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Investment income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>15,396</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>15,396</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Preferred equity income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>7,780</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>7,780</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Other income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>5,570</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>5,570</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Total revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>236,957</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>236,957</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>EXPENSES:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Operating expenses including $6,745 to affiliates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>56,172</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>56,172</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Real estate taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>28,287</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>28,287</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Ground rent</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>12,637</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>12,637</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>35,421</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>6,960</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;&nbsp;(B)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>42,381</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>37,600</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>37,600</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Marketing, general and administrative</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>13,282</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>13,282</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Total expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>183,399</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>6,960</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>190,359</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Income (loss) from continuing operations before equity in net income from affiliates, equity in net income of unconsolidated joint ventures, minority interest, and discontinued operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>53,558</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(6,960</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>46,598</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Equity in net income from affiliates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>292</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>292</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Equity in net income of unconsolidated joint ventures</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>18,383</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>23,435</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;&nbsp;(C)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>41,818</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Income before minority interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>72,233</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>16,475</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>88,708</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Minority interest in partially owned entities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Minority interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>(4,286</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(1,092</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)(D)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(5,378</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Income from continuing operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>67,947</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>15,383</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>83,330</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Income from discontinued operations, net of minority interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>6,384</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>6,384</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>74,331</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>15,383</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>89,714</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Preferred stock dividends</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>(9,200</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(9,200</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Preferred stock accretion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>(490</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(490</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Net income available to common shareholders</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>64,641</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>15,383</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>80,024</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>BASIC EARNINGS PER SHARE:(E)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Net income before, income from discontinued operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>1.93</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>2.44</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Income from discontinued operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>0.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.21</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>2.14</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>2.65</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>DILUTED EARNINGS PER SHARE:(E)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Net income before, income from discontinued operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>1.92</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>2.36</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Income from discontinued operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>0.17</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.17</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>2.09</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>2.53</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Dividends per common share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>1.7925</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>1.7925</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Basic weighted average common shares outstanding</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>30,236</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>30,236</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="38%"><FONT SIZE=2>Diluted weighted average common shares and common share equivalents outstanding</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>37,786</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>37,786</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><I>The accompanying notes are an integral part of these pro forma financial statements.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F4</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=7,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=861944,FOLIO='4',FILE='DISK015:[04NYC5.04NYC1175]CG1175A.;11',USER='JGUERRE',CD=';8-JAN-2004;21:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ci1175_1_5"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ci1175_sl_green_realty_corp._notes_to__sl_04451"> </A>
<A NAME="toc_ci1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>SL GREEN REALTY CORP.<BR>  <BR>    </B></FONT><FONT SIZE=2>NOTES TO PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET<BR>  SEPTEMBER 30, 2003<BR>  (UNAUDITED AND IN THOUSANDS)    <BR></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD><FONT SIZE=2>To
reflect the unaudited condensed consolidated balance sheet of SL Green Realty Corp. at September&nbsp;30, 2003 as reported on the Company's Quarterly Report on
Form&nbsp;10-Q.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD><FONT SIZE=2>To
reflect the purchase price allocation of the Company's acquisition of a 45% interest in the property located at 1221 Avenue of the Americas as of September&nbsp;30, 2003 for
$450,000. There was no independent valuation performed on this property. The Company intends to account for the acquisition in accordance with SFAS&nbsp;141. We are currently in the process of
analyzing the fair value of our in-place leases; and, consequently, no value has yet been assigned to the leases. Therefore, the purchase price allocation is preliminary and subject to
change. The purchase was financed through the assumption of our share of property level debt of $78,750 (45% of $175,000), the issuance of approximately $157,500 of preferred stock, a $100,000 term
loan and the balance ($113,750) was funded through the Company's unsecured and secured credit facilities. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ci1175_notes_to_pro_forma_condensed_c__not04502"> </A>
<A NAME="toc_ci1175_2"> </A>
<BR></FONT><FONT SIZE=2>NOTES TO PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT<BR>  NINE MONTHS ENDED SEPTEMBER 30, 2003<BR>  (UNAUDITED AND IN THOUSANDS)    <BR></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD><FONT SIZE=2>To
reflect the consolidated statement of income of SL Green Realty Corp. for the nine-month period ended September&nbsp;30, 2003 as reported on the Company's Quarterly
Report on Form&nbsp;10-Q/A.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD><FONT SIZE=2>To
record interest expense for borrowings under the term loan ($100,000 at the weighted average interest rate of 2.73% and the unsecured and secured credit facilities ($113,750 at the
weighted average interest rate of 2.73%). </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>F5</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=8,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=454443,FOLIO='5',FILE='DISK015:[04NYC5.04NYC1175]CI1175A.;8',USER='NDEWIND',CD=';8-JAN-2004;19:57' -->
<A NAME="page_ci1175_1_6"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(C)</FONT></DT><DD><FONT SIZE=2>To
adjust for SL Green's 45% equity interest in the net income of the joint venture: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Rock-McGraw, Inc. ACQUISITION HISTORICAL (a)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Rock-McGraw, Inc.<BR>
PRO FORMA ADJUSTMENTS</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>SL Green<BR>
PRO FORMA<BR>
ADJUSTMENTS</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>1221 A of A PRO FORMA</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>REVENUES:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Rental revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>85,890</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>935</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(b)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>86,825</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Escalation and reimbursement revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>13,493</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>13,493</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Other income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>151</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>151</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="19%"><FONT SIZE=2>Total revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>99,534</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>935</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>100,469</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>EXPENSES:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Operating expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>21,978</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>21,978</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Real estate taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>17,049</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>17,049</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>2,993</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(c)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2,993</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Depreciation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>6,750</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(d)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>6,750</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="19%"><FONT SIZE=2>Total expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>39,027</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>2,993</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>6,750</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>48,770</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>60,507</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>(2,993</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>(5,815</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>51,699</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>SL Green's 45% of joint venture pro forma net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(e)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23,265</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>This
represent the historical financial statements of Rock-McGraw,&nbsp;Inc. for the nine months ended September&nbsp;30, 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Rental
income from Rock-McGraw,&nbsp;Inc. was increased to reflect pro forma straight-line amounts as of January&nbsp;1, 2002 ($2,068) and the historic
straight-line amount ($1,133) was deducted.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>To
reflect interest expense on $175,000 of new property level mortgage debt ($2,993) at a weighted average annual rate of 2.28%.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>To
reflect straight-line depreciation for Rock-McGraw,&nbsp;Inc. based on an estimated useful life of 40&nbsp;years.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>To
reflect the Company's 45% equity interest in the pro forma net income of Rock-McGraw,&nbsp;Inc.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(D)</FONT></DT><DD><FONT SIZE=2>To
reflect the minority shareholders interest of 6.90% in the operating partnership.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(E)</FONT></DT><DD><FONT SIZE=2>Basic
income per common share is calculated based on 31,021 weighted average common shares outstanding and diluted income per common share is calculated based on 38,748 weighted
average common shares and common share equivalents outstanding. The preferred shares outstanding were dilutive during this period. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>F6</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=9,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=489246,FOLIO='6',FILE='DISK015:[04NYC5.04NYC1175]CI1175A.;8',USER='NDEWIND',CD=';8-JAN-2004;19:57' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ck1175_1_7"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ck1175_year_ended_december_31,_2002_n__yea04125"> </A>
<A NAME="toc_ck1175_1"> </A>
<BR></FONT><FONT SIZE=2>YEAR ENDED DECEMBER 31, 2002<BR>  NOTES TO PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT<BR>  (UNAUDITED AND IN THOUSANDS)    <BR></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD><FONT SIZE=2>To
reflect the consolidated statement of income of SL Green Realty Corp. for the year ended December&nbsp;31, 2002 as reported on the Company's Annual Report on
Form&nbsp;10-K/A.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD><FONT SIZE=2>To
record interest expense for borrowings under the term loan ($100,000 at the weighted average interest rate of 3.26%) and the unsecured and secured credit facilities ($113,750 at
the weighted average interest rate of 3.26%).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(C)</FONT></DT><DD><FONT SIZE=2>To
adjust for SL Green's 45% equity interest in the net income of the joint venture: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Rock-McGraw, Inc.<BR>
ACQUISITION<BR>
HISTORICAL<BR>
(a)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Rock-McGraw, Inc.<BR>
PRO FORMA<BR>
ADJUSTMENTS</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>SL Green<BR>
PRO FORMA<BR>
ADJUSTMENTS</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>1221 A of A<BR>
PRO FORMA</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>REVENUES:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Rental revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>90,508</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>141</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(b)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>90,649</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Escalation and reimbursement revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>19,195</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>19,195</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Other income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>199</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>199</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="25%"><FONT SIZE=2>Total revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>109,902</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>141</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>110,043</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>EXPENSES:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Operating expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>26,157</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>26,157</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Real estate taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>17,887</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>17,887</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>4,921</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(c)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,921</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Depreciation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>9,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(d)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>9,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="25%"><FONT SIZE=2>Total expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>44,044</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>4,921</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>9,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>57,965</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>65,858</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(4,921</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(8,859</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>52,078</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>SL Green's 45% of joint venture pro forma net income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(e)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>23,435</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>This
represents the historical financial statements of Rock-McGraw,&nbsp;Inc. for the year ended December&nbsp;31, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Rental
income from Rock-McGraw,&nbsp;Inc. was increased to reflect pro forma straight-line amounts as of January&nbsp;1, 2002 ($2,997) and the historic
straight-line amount ($2,856) was deducted.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>To
reflect interest expense on $175,000 of new property level mortgage debt ($4,921) at a weighted average annual rate of 2.81%.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>To
reflect straight-line depreciation for Rock-McGraw,&nbsp;Inc. based on an estimated useful life of 40&nbsp;years.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>To
reflect the Company's 45% equity interest in the pro forma net income of Rock-McGraw,&nbsp;Inc.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(D)</FONT></DT><DD><FONT SIZE=2>To
reflect the minority shareholders interest of 8.0% in the operating partnership.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(E)</FONT></DT><DD><FONT SIZE=2>Basic
income per common share is calculated based on 30,236 weighted average common shares outstanding and diluted income per common share is calculated based on 37,786 weighted
average common shares and common share equivalents outstanding. The preferred shares outstanding were dilutive during this period. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>F7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=10,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=859144,FOLIO='7',FILE='DISK015:[04NYC5.04NYC1175]CK1175A.;8',USER='WWASSER',CD=';8-JAN-2004;20:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_cm1175_1_8"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cm1175_report_of_independent_auditors"> </A>
<A NAME="toc_cm1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>Report of Independent Auditors    <BR>    </B></FONT></P>

<P><FONT SIZE=2>Board of Directors and Stockholders<BR>
SL Green Realty Corp. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the statement of revenues and certain expenses of Rock-McGraw,&nbsp;Inc. (the "Company") for the year ended December&nbsp;31, 2002. This statement is the
responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conducted our audit in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the statement of revenue and certain expenses is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the statement of revenue and certain expenses. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying statement of revenues and certain expenses of Rock-McGraw&nbsp;Inc. was prepared for the purpose of complying with Rule&nbsp;3-14 of
Regulation&nbsp;S-X of the Securities and Exchange Commission for inclusion in Form&nbsp;8-K of SL Green Realty Corp. and is not intended to be a complete presentation of
the Company's revenues and expenses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our opinion, the statement referred to above presents fairly, in all material respects, the revenues and certain expenses of the Company as described in Note&nbsp;1 for the year
ended December&nbsp;31, 2002, in conformity with accounting principles generally accepted in the United States. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>/s/ Ernst&nbsp;&amp; Young LLP</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>New York, New York<BR>
February&nbsp;4, 2003,<BR>
except for Note&nbsp;1, as to which the date is<BR>
December&nbsp;29, 2003 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=11,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=1031811,FOLIO='8',FILE='DISK015:[04NYC5.04NYC1175]CM1175A.;4',USER='MTITUSS',CD=';8-JAN-2004;16:04' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_co1175_1_9"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="co1175_rock-mcgraw,_inc._statements_o__roc02827"> </A>
<A NAME="toc_co1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>Rock-McGraw,&nbsp;Inc.<BR>  <BR>    Statements of Revenues and Certain Expenses<BR>  </B></FONT><FONT SIZE=2><I>(In Thousands)    <BR>    </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Nine Months ended<BR>
September 30, 2003<BR>
(Unaudited)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December 31, 2002</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Revenues:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Base rents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>85,890</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>90,508</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Tenant reimbursements</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>7,864</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>10,404</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Sales of services</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>5,629</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>8,791</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Other income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>151</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>199</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Total rental revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>99,534</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>109,902</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Certain expenses:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Real Estate taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>17,049</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>17,887</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Property operating expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>18,510</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>20,970</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Cost of service sales</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>3,468</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>5,187</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Total certain expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>39,027</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>44,044</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Revenues in excess of certain expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>60,507</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>65,858</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><I>See accompanying notes.  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F9</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=12,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=828180,FOLIO='9',FILE='DISK015:[04NYC5.04NYC1175]CO1175A.;5',USER='JGUERRE',CD=';8-JAN-2004;20:08' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_cq1175_1_10"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cq1175_rock-mcgraw,_inc._notes_to_sta__roc02666"> </A>
<A NAME="toc_cq1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>Rock-McGraw,&nbsp;Inc.    <BR>    <BR>    Notes to Statement of Revenues and Certain Expenses    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>December&nbsp;31, 2002  </B></FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock-McGraw,&nbsp;Inc. (the Company) is 55% owned by Rockefeller Group International,&nbsp;Inc. (RGII) and 45% owned by The
McGraw-Hill Companies,&nbsp;Inc. The Company owns and operates the McGraw-Hill building located at 1221 Avenue of the Americas, New York, New York (the "Property"). Presented
herein are the statements of revenues and certain expenses related to the operation of the Property. On December&nbsp;29, 2003, SL Green Realty Corp., acquired the 45% interest previously held by
the McGraw-Hill Companies&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying financial statements have been prepared in accordance with the applicable rules and regulations of the Securities and Exchange Commission for the acquisition of real
estate properties. Accordingly, the financial statements exclude certain expenses that may not be comparable to those expected to be incurred by the Company in the proposed future operations of the
aforementioned property. Items excluded consist of interest, depreciation and general and administrative expenses not directly related to the future operations. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of Estimates  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of the statement of revenues and certain expenses in conformity with accounting principles generally accepted in the United States requires
management to make estimates and
assumptions that affect the amounts reported in the statement of revenues and certain expenses and accompanying notes. Actual results could differ from those estimates. </FONT></P>


<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Recognition  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The property is being leased to tenants under operating leases. Minimum rental income is generally recognized on a straight-line basis over the term
of the lease. The excess of amounts so recognized over amounts due pursuant to the underlying leases amounted to approximately $2,517,000 (unaudited) for the nine months ended September&nbsp;30,
2003 and $8,986,000, for the year ended December&nbsp;31, 2002. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related Party Transactions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental revenue included $20,403,000 from the McGraw-Hill Companies,&nbsp;Inc. for the year ended December&nbsp;31, 2002. Rental revenue also
included $2,239,000 from RGII and a related subsidiary for the year ended December&nbsp;31, 2002. The Company receives a number of management and operating services from RGII and its affiliates.
Amounts included in operating expenses for these services were $6,346,000 for the year ended December&nbsp;31, 2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental
revenue included $15,270,000 from the McGraw-Hill Companies,&nbsp;Inc. for the nine months ended September&nbsp;30, 2003 (unaudited). Rental revenue also included
$2,370,000 from RGII and a related subsidiary for the nine months ended September&nbsp;30, 2003 (unaudited). The Company receives a number of management and operating services from RGII and its
affiliates. Amounts included in operating expenses for these services were $5,255,000 for the nine months ended September&nbsp;30, 2003. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F10</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=13,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=756917,FOLIO='10',FILE='DISK015:[04NYC5.04NYC1175]CQ1175A.;2',USER='NDEWIND',CD=';8-JAN-2004;16:09' -->
<A NAME="page_cq1175_1_11"> </A>
<BR>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Operating Expenses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses for the year ended December&nbsp;31, 2002 include $920,000 for insurance, $6,241,000 for utilities, $3,327,000 for cleaning costs,
$2,385,000 in repair and maintenance costs and $3,705,000 in payroll costs. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property
operating expenses for the nine months ended September&nbsp;30, 2003 (unaudited) include $1,682,000 for insurance, $5,265,000 for utilities, $2,835,000 for cleaning costs,
$1,547,000 for repairs and maintenance costs and $3,177,000 for payroll costs. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant Tenants  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three tenants constitute approximately 59% of rental revenue in both 2002 and for the nine months ended September&nbsp;30, 2003. </FONT></P>


<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant Leasing Arrangements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company leases office, retail, and storage space to tenants in the Mc-Graw-Hill Building through non-cancelable operating
leases expiring through 2020. The leases require fixed minimum monthly payments over their terms and also adjustments to rent for the tenants' proportionate share of changes in certain costs and
expenses of the building. Certain leases also provide for additional rent, which is based upon a percentage of the sales of the lessee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a schedule of minimum future rentals on non-cancelable operating leases as of December&nbsp;31, 2002: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="41%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Total</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>The&nbsp;McGraw-Hill<BR>
Companies,&nbsp;Inc.</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>RGII&nbsp;and&nbsp;Related<BR>
Subsidiaries</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>112,223,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>19,407,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>3,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>111,369,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>18,869,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>3,000,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>2005</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>111,167,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>18,600,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>3,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>2006</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>111,397,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>18,600,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>3,000,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>2007</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>107,024,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>18,600,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>3,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>Later years</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>732,882,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>227,849,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>11,850,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>Total minimum future rentals</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>1,286,062,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>321,925,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>26,850,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of lease incentives, the actual lease payments may vary significantly from the amounts presented above. Future rentals from two unrelated parties amount to approximately 34%
of total minimum future rentals listed above. Rental revenues from these tenants amounted to approximately 42% of total rental revenue for 2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGII's
lease expires as of December&nbsp;31, 2011. McGraw-Hill's lease expires as of March&nbsp;31, 2020. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim Unaudited Financial Information  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statement for the nine months ended September&nbsp;30, 2003 is unaudited, however, in the opinion of management all adjustments (consisting solely
of normal recurring adjustments), necessary for a fair presentation of the financial statement for the interim period have been included. The results of the interim period are not necessarily
indicative of the results to be obtained for a full fiscal year. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F11</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=14,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1",CHK=39924,FOLIO='11',FILE='DISK015:[04NYC5.04NYC1175]CQ1175A.;2',USER='NDEWIND',CD=';8-JAN-2004;16:09' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04NYC1175_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_be1175_1">SIGNATURES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca1175_1">SL GREEN REALTY CORP. PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cc1175_1">SL GREEN REALTY CORP. PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2003 (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ce1175_1">SL GREEN REALTY CORP. PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2003 (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cg1175_1">SL GREEN REALTY CORP. PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2002 (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ci1175_1">SL GREEN REALTY CORP. NOTES TO PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 2003 (UNAUDITED AND IN THOUSANDS)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ci1175_2">NOTES TO PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT NINE MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED AND IN THOUSANDS)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ck1175_1">YEAR ENDED DECEMBER 31, 2002 NOTES TO PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED AND IN THOUSANDS)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cm1175_1">Report of Independent Auditors</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_co1175_1">Rock-McGraw, Inc. Statements of Revenues and Certain Expenses (In Thousands)</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cq1175_1">Rock-McGraw, Inc. Notes to Statement of Revenues and Certain Expenses</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=ARUSS,SEQ=,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>a2126204zex-10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:'Times New Roman';">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1</font></b></p>

<p align="right" style="margin:0in 0in 48.0pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p align="right" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SHARE PURCHASE AGREEMENT</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">dated as of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 24, 2003</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by and between</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE MCGRAW-HILL COMPANIES, INC.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Seller</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GREEN HILL ACQUISITION LLC</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Purchaser</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=944795,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; TABLE
OF CONTENTS</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in .5in .0001pt 0in;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  I</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFINITIONS</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-2-</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-<font style="color:blue;text-decoration:underline;"><font color="black" style="color:windowtext;text-decoration:none;">2-</font></font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  II</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PURCHASE
  AND SALE OF SHARES</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:83.9%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-9-</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement to Purchase and Sell</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-9-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase Price</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-9-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.3</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposit Letter of Credit</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-10-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  III</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEPOSIT</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-10-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposit.</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-10-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Application of Deposit</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-10-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  3.3</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Escrow Agent</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-11-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  IV</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TITLE;
  CLOSING</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-<font style="color:blue;text-decoration:underline;"><font color="black" style="color:windowtext;text-decoration:none;">14-</font></font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  4.1</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:49.84%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title to Company Interests and Property</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.48%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-14-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  4.2</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:49.84%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing Date</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.48%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-14-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  4.3</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:49.84%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase Price Adjustments</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.48%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-15-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  4.4</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:49.84%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer Taxes</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.48%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-17-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  V</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPRESENTATIONS
  AND WARRANTIES OF SELLER.</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-17-</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Organization; Authorization; Etc.</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-17-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Conflict</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-17-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.3</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-18-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.4</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Orders, Claims or Judgements</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-19-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.5</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insolvency</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-19-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.6</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Basic Company Agreements</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-20-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.7</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intentionally Omitted</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-20-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.8</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Organization</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-20-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.9</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Conduct of Business</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-21-</font></font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="89" style="border:none;"></td>
  <td width="264" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="98" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-i-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=1011465,FOLIO='-i-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Page</font></u></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.10</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ownership and Possession of Shares</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-21-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.11</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalization</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-22-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.12</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pending Litigation</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-22-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.13</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Options to Purchase</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-22-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.14</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hazardous Materials</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-22-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.15</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Condemnation</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-23-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.16</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">McGraw-Hill Lease</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-23-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.17</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Statements</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-23-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.18</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital Contributions</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-24-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.19</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclaimer as to Subsidiaries</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-24-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.20</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclaimer as to Representations</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-24-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.21</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Knowledge of Seller</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-24-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.22</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insurance</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-24-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.23</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Undisclosed Liabilities</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-25-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  5.24</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manager&#146;s Certificate</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-25-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  VI</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPRESENTATIONS
  AND WARRANTIES OF PURCHASER</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-25-</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  6.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Organization; Authorization; Etc.</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-25-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  6.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Conflict</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-26-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  6.3</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Orders, Etc.</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-26-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  6.4</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insolvency</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-<font style="color:blue;text-decoration:underline;"><font color="black" style="color:windowtext;text-decoration:none;">26-</font></font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  VII</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SURVIVAL
  OF REPRESENTATIONS AND WARRANTIES;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEMNIFICATION;
  EXCLUSIVE REMEDIES</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-27-</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  7.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-27-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  7.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty Claims</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-28-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  7.3</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification Procedure</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-28-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  7.4</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole Remedy.</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-29-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  7.5</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification as Adjustment to Interest Purchase Price</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-30-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  7.6</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation of Liability</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-30-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  7.7</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Survival</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-31-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  VIII</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INTERIM
  COVENANTS</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-31-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  8.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller&#146;s Covenants</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-31-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  8.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Access and Investigation</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-33-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-ii-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=267201,FOLIO='-ii-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="83%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:83.68%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  IX</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CLOSING
  CONDITIONS</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-33-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  9.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conditions to Obligations of Seller</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-33-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  9.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conditions to Obligations of Purchaser</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-34-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  X</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CLOSING
  DELIVERIES</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-37-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  10.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller&#146;s Deliveries</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-37-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  10.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser&#146;s Deliveries</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-38-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  10.3</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estoppel Certificates</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-39-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  XI</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BROKER</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-40-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  XII</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFAULT</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-41-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  12.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser Default</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-41-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  12.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller Default</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-41-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  12.3</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Personal Liability</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-42-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  XIII</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CASUALTY
  AND CONDEMNATION</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-42-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  13.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Condemnation</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-42-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  13.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Casualty</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-43-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
  XIV</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-43-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.1</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-43-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.2</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law; Venue</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-45-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.3</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Headings</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-45-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.4</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Business Days</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-45-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.5</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counterpart Copies</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-46-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.6</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Binding Effect</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-46-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.7</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Successors and Assigns</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-46-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.8</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assignment</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-46-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.9</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interpretation</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-46-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.10</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entire Agreement</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-47-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.11</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Severability</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-47-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.12</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibits</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-47-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.13</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prevailing Party</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.82%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-47-</font></font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-iii-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=4,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=966170,FOLIO='-iii-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><u><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Page</font></u></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.14</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Recording</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-47-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.15</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Other Parties</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-47-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.16</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver of Trial by Jury</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-48-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.17</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Confidentiality</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-48-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.18</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further Assurances</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-50-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
  14.19</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends after Closing</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:1.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font style="color:blue;text-decoration:underline;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-decoration:none;">-50-</font></font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.58%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.04%;">
  <p style="font-size:12.0pt;margin:0in .5in .0001pt 0in;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-iv-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=815206,FOLIO='-iv-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:31.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBITS
  AND SCHEDULES:</font></p>
  </td>
  <td width="0%" valign="top" style="padding:0in .7pt 0in .7pt;width:.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:31.84%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="0%" valign="top" style="padding:0in .7pt 0in .7pt;width:.52%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.54%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  A</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description
  of 1221 Avenue of the Americas Property</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  B-1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description
  of 166 West 48<sup>th</sup> Street Property</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  B-2</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description
  of 151West 48<sup>th</sup> Street Property</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  C</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference
  Balance Sheet</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  D</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  Deposit Letter of Credit</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  E-1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of MGH Estoppel Certificate</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  E-2</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of Tenant Estoppel Certificate</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  F</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of Manager&#146;s Certificate</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  G</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of Seller&#146;s Estoppel</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  H</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of Non-Imputation Affidavit</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  I</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-Closing
  Balance Sheet</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  J</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of Restated Certificate of Incorporation</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  K</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of Amended Bylaws</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  L</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of Shareholders&#146; Agreement</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  M</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of First Amendment to Management Agreement</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  N</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of Third Amendment to RGI Lease</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  O</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="68%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
  of REIT Qualification Opinion</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="31%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:31.84%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="0%" valign="top" style="padding:0in .7pt 0in .7pt;width:.52%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.54%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="73" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="97" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="314" style="border:none;"></td>
  <td width="98" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule
  3.3(j)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Permitted
  Investments</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule
  4.1(a)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest
  Permitted Encumbrances</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule
  5.6</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic
  Company Agreements and Defaults</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule
  5.14</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Environmental
  Matters</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule
  9.2(b)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Permitted
  Encumbrances</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule
  9.2(f)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Required
  Consents</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.1%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-v-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=861720,FOLIO='-v-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SHARE PURCHASE AGREEMENT</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SHARE PURCHASE AGREEMENT, dated as of the 24<sup>th</sup>
day of December, 2003 by and between THE MCGRAW-HILL COMPANIES, INC., a New
York corporation (the &#147;<u>Seller</u>&#148;), having an address at 1221 Avenue of the
Americas, New York, New York 10020 and GREEN HILL ACQUISITION LLC, a Delaware
limited liability company (&#147;<u>Purchaser</u>&#148;), having an address at 420
Lexington Avenue, New York, New York&#160;
10170.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">W I T N E S S E T H</font></u><font size="2" style="font-size:10.0pt;">:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Seller and Rockefeller Group
International, Inc., a New York corporation (&#147;<u>RGI</u>&#148;), are the sole
shareholders of Rock-McGraw, Inc., a New York corporation (the &#147;<u>Company</u>&#148;)
with Seller owning nine hundred (900) shares (the &#147;<u>Shares</u>&#148;) of the
issued and outstanding capital stock of the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Company is the (i) sole equity
member of 1221 Avenue Holdings LLC, a Delaware limited liability company (&#147;<u>Holdings</u>&#148;),
which is the owner of certain real property located in New York, New York known
more particularly as 1221 Avenue of the Americas and more particularly
described on <u>Exhibit A</u> attached hereto and made a part hereof (such real
property, together with the all improvements situated thereon being hereinafter
referred to as the &#147;<u>1221 Avenue of the Americas Property</u>&#148;) and (ii)
owner of all of the outstanding shares of Brumas Pembroke Inc. (&#147;<u>BPI</u>&#148;)
and Night Watch Realty Corp. (&#147;<u>NWRC</u>&#148;, and together with BPI, the &#147;<u>Subsidiaries</u>&#148;)
each of which owns real property located in New York, New York known more
particularly as 166 West 48<sup>th</sup> Street, New York, New York (the &#147;<u>166
West 48<sup>th</sup> Street Property</u>&#148;) and 151 West 48<sup>th</sup> Street,
New York, New York (the &#147;<u>151 West 48<sup>th</sup> Street Property</u>&#148; and
together with the 1221 Avenue of the Americas Property and the 166 West 48<sup>th</sup>
Street Property, the &#147;<u>Property</u>&#148;), respectively, and more particularly
described on <u>Exhibits B-1 and B-2</u> hereto; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Seller desires to sell, and
Purchaser desires to purchase, the shareholder interests held by Seller in the
Company evidenced by the Shares (such shareholder interests being referred to
hereinafter as the &#147;<u>Company Interests</u>&#148;) on the terms and conditions
hereinafter set forth.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein and other good and valuable
consideration, the receipt and </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=334700,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">sufficiency of which are hereby acknowledged by the parties hereto,
such parties do hereby agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFINITIONS</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
I.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions</u></font><font size="2" style="font-size:10.0pt;">.&#160; The following terms shall have the following meanings:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>151 West 48<sup>th</sup> Street Property</u>&#148;
shall have the meaning assigned thereto in the Recitals hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>166 West 48<sup>th</sup> Street Property</u>&#148;
shall have the meaning assigned thereto in the Recitals hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>1221 Avenue of the Americas Property</u>&#148;
shall have the meaning assigned thereto in the Recitals hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Auditor</u>&#148; shall have the meaning
assigned thereto in Section 4.3(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Balance of the Purchase Price</u>&#148; shall
have the meaning assigned thereto in Section 2.2(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Balance Sheet</u>&#148; shall mean either the
Reference Balance Sheet, the Pre-Closing Balance Sheet or the Closing Balance
Sheet, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Basic Agreement</u>&#148; means that certain
Basic Agreement dated as of May&nbsp;1, 1969 between Seller and Rockefeller
Center, Inc. (predecessor in interest to RGI).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Basic Company Agreements</u>&#148; shall have
the meaning assigned thereto in Section 5.6 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Broker</u>&#148; shall have the meaning
assigned thereto in Article XI hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Day</u>&#148; shall have the meaning
assigned thereto in Section 14.4 hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-2-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=393493,FOLIO='-2-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Closing</u>&#148; shall have the meaning
assigned thereto in Section 4.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Closing Balance Sheet</u>&#148; means the
balance sheet for the Company as of December 31, 2003 prepared in accordance
with Section 4.3(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Closing Certificate</u>&#148; shall have the
meaning assigned thereto in Section 10.1(j) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Closing Date</u>&#148; shall have the meaning
assigned thereto in Section 4.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Closing Date Working Capital</u>&#148; shall
have the meaning assigned thereto in Section 4.3(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Code</u>&#148; means the Internal Revenue Code
of 1986, as amended.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company</u>&#148; shall have the meaning
assigned thereto in the Recitals hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company Debt</u>&#148; shall mean difference
between (A) the sum of (i) the outstanding principal balance of any
indebtedness of the Company secured by a mortgage on the Property and (ii) the
outstanding principal balance of the E&amp;P Distribution Borrowing and (B) the
amount of any cash and/or cash equivalents (which shall include items
identified as &#147;CMA&#148; and &#147;Short Term Investments&#148; on any Balance Sheet of the
Company) retained by the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company Interests</u>&#148; shall have the
meaning assigned thereto in the Recitals hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Current Assets</u>&#148; shall mean the amount
set forth as &#147;current assets&#148; on the applicable Balance Sheet of the Company
for the date at issue.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Current Liabilities</u>&#148; shall mean the
amount set forth as &#147;current liabilities&#148; on the applicable Balance Sheet of
the Company for the date at issue, and shall include, for purposes of this
Agreement, all liabilities of the Company as of the date of such Balance Sheet
which are (i) payable not more than one (1) year from the date incurred, (ii)
pursuant to written agreements entered into by the Company, and (iii) </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-3-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=593530,FOLIO='-3-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incurred in connection with services which have been fully performed or
rendered to the Company or goods which have been delivered.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Deposit</u>&#148; shall have the meaning
assigned thereto in Section 2.2(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Deposit Letter of Credit</u>&#148; shall have
the meaning assigned thereto in Section 2.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Determination Date</u>&#148; shall have the
meaning assigned thereto in Section 4.3(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>E&amp;P Distribution Borrowing</u>&#148; shall
mean any borrowing by the Company for the purpose of paying all or a portion of
the E&amp;P Dividend or any amounts due under any notes issued by the Company
in payment of the E&amp;P Dividend and such other uses as the Company may
determine.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>E&amp;P Dividend</u>&#148; shall mean the
dividend declared by the Company prior to the date hereof to shareholders of
record as of December 23, 2003 in the amount of $230,000,000.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Environmental Laws</u>&#148; means any
existing federal, state or local law, ordinance, rule or regulation which
pertains to soil, water, air or any other aspect of the environment, including
health, industrial hygiene or environmental conditions, Hazardous Materials,
natural resources, pollution, or environmental safety with respect to the
Property including without limitation, the Comprehensive Environmental
Response, Compensation and Liability Act, the Resource Conservation and
Recovery Act of 1976, the Clean Water Act, the Safe Water Drinking Act, the
Federal Water Pollution Control Act, the Hazardous Materials Transportation
Act, the Clean Air Act, the Federal Insecticide Fungicide &amp; Rodenticide
Act, Emergency Planning and Community Right-To-Know Act, Occupational Safety
and Health Act, the Residential Lead-Based Paint Hazard Reduction Act or any
analogous state or local laws, any super-lien and/or environmental clean-up
statutes, any amendments thereto and the regulations promulgated pursuant to
such laws, and amendments to any of the foregoing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Escrow Agent</u>&#148; shall have the meaning
assigned thereto in Section 3.1 hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-4-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=806605,FOLIO='-4-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Estoppel Shortfall</u>&#148; shall have the
meaning assigned thereto in Section 10.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Existing Shareholders</u>&#148; shall mean
Seller and RGI.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>GAAP</u>&#148; shall mean United States
generally accepted accounting principles, consistently applied.&#160; All financial statements and balance sheets
to be delivered in accordance with this Agreement shall be prepared in accordance
with GAAP.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Governmental Authority</u>&#148; means any
governmental, quasi-governmental, regulatory, administrative or judicial
agency, body or entity, foreign or domestic.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Hazardous Materials</u>&#148; shall mean
asbestos, urea formaldehyde insulation, lead, petroleum products and any
fraction thereof, mercury, oil, PCB&#146;s, mold, toxic mold, mycotoxins, fungus or
any pathogen or other biological agent, manufactured gas plant waste, or any
other substances or materials which are regulated or governed under the
Environmental Laws.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Holdings</u>&#148; shall have the meaning
assigned thereto in the Recitals hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indemnifying Party</u>&#148; shall have the
meaning assigned thereto in Section 7.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Informed Party</u>&#148; shall have the
meaning assigned thereto in Section 14.17 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interest</u>&#148; shall have the meaning
assigned thereto in Section 3.2(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interest Permitted Encumbrances</u>&#148;
shall have the meaning assigned thereto in Section 4.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interest Purchase Price</u>&#148; shall have
the meaning assigned thereto in Section 2.2 hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-5-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=186455,FOLIO='-5-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Law</u>&#148; means all federal, state or
local laws, common laws, regulations, rules, ordinances, orders, codes,
licenses, permits, decrees and judgments of or by any Governmental Authority.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Liability Cap</u>&#148; shall have the meaning
set forth in Section 7.6 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Lien</u>&#148; means any lien, mortgage,
pledge, security interest, option, charge, restriction, easement, encumbrance
claim, lease, right of first refusal, preemptive right, transfer restriction
under any agreement or any other restriction or limitation whatsoever.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Manager&#146;s Certificate</u>&#148; shall mean a
certificate (together with all schedules and exhibits thereto) executed by the
property manager of the Property, which may be relied upon by Purchaser, in the
form attached as <u>Exhibit F</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>McGraw-Hill Lease</u>&#148; means the Lease
dated March 27, 1998 between the Company and The McGraw-Hill Companies, Inc.,
as the same may have been amended and/or modified.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>McGraw Hill Premises</u>&#148; means the
premises demised to Seller under the McGraw-Hill Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>MGH Estoppel</u>&#148; shall have the meaning
assigned thereto in Section 10.1(d) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Order</u>&#148; shall have the meaning
assigned thereto in Section 9.1(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Permitted Assignee</u>&#148; shall have the
meaning assigned thereto in Section&#160;
14.8 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Permitted Encumbrances</u>&#148; shall mean,
with respect to (a) the 1221 Avenue of the Americas Property, those matters set
forth on <u>Schedule 9.2(b)</u> attached hereto relating to the 1221 Avenue of
the Americas Property, (b) the 166 West 48<sup>th</sup> Street Property, those
matters set forth on <u>Schedule 9.2(b)</u> relating to the 166 West 48<sup>th</sup>
Street Property and (c) the 151 West 48<sup>th</sup> Street Property, those
matters set forth on <u>Schedule 9.2(b)</u> relating to the 151 West 48<sup>th</sup>
Street Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Permitted Investments</u>&#148; shall have the
meaning assigned thereto in Section 3.3(j) hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-6-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=350794,FOLIO='-6-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148; shall mean any individual,
corporation (including any non-profit corporation), general or limited
partnership, limited liability company, joint venture, estate, trust,
association, organization, labor union, or other entity or Governmental
Authority.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Pre-Closing Balance Sheet</u>&#148; means a
projection of Working Capital of the Company as of December 31, 2003 prepared
by the Company (i) based off the most recent balance sheet of the Company, to
the extent one more recent than the Reference Balance Sheet exists (but in any
event in substantially the same form as the Reference Balance Sheet), (ii) in
accordance with GAAP, (iii) in a manner consistent with manner of preparation
of the Reference Balance Sheet of the Company, and (iv) taking into account the
E&amp;P Distribution Borrowing and the E&amp;P Dividend prior to Closing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Pre-Closing Working Capital</u>&#148; shall
have the meaning assigned thereto in Section 4.3(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Property</u>&#148; shall have the meaning
assigned thereto in the Recitals hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Purchaser</u>&#148; shall have the meaning
assigned thereto in the Preamble&#160;
hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Purchaser&#146;s Advisors</u>&#148; shall have the
meaning assigned thereto in Section 8.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Purchaser&#146;s Closing Documents</u>&#148; shall
have the meaning assigned thereto in Section 10.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Purchaser Indemnified Party</u>&#148; shall
have the meaning assigned thereto in Section 7.1(a) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Purchaser Warranty Claim Termination Date</u>&#148;
shall have the meaning assigned thereto in Section 7.1(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Reference Balance Sheet</u>&#148; means the
September 30, 2003 balance sheet of the Company annexed hereto as <u>Exhibit C</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>REIT Condition</u>&#148; shall mean that (i)
there has been no passage after the date hereof, but prior to December 29, 2003
(or December 31, 2003, if the circumstances described in subclause (ii) of the
definition of REIT Condition are in effect on December </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-7-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=13,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=793589,FOLIO='-7-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29, 2003) of legislation that would prohibit the Company from becoming
a REIT effective as of January 1, 2004 or maintaining its REIT status
thereafter, nor has any legislation, rules or regulations been approved by the
House Ways and Means Committee or the Senate Finance Committee after the date
hereof but prior to December 29, 2003 (or December 31, 2003, if the
circumstances described in subclause (ii) of the definition of REIT Condition
are in effect on December 29, 2003) that would prohibit &#147;closely held&#148; or
&#147;private&#148; REITS which would have the effect of prohibiting the Company from
becoming a REIT effective as of January 1, 2004 or maintaining its REIT status
thereafter, as contemplated herein, and (ii) none of the House, the Senate, the
House Ways and Means Committee or the Senate Finance Committee is in session on
December 29, 2003 or has announced that it (or any of them) will be in session
on any of December 29, 2003, December 30, 2003 or December 31, 2003.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Representatives</u>&#148; shall have the
meaning assigned thereto in Section 14.17 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Revenues</u>&#148; shall mean all revenues of
the Company from all sources, including, without limitation, from the proceeds
of operations, leasing, financing and payments on construction warranties and
guarantees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>RGI</u>&#148; shall have the meaning assigned
thereto in the Recitals hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Seller</u>&#148; shall have the meaning
assigned thereto in the Preamble hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Seller Estoppels</u>&#148; shall have the
meaning assigned thereto in Section 10.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Seller&#146;s Closing Documents</u>&#148; shall
have the meaning assigned thereto in Section 10.1 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Seller Indemnified Party</u>&#148; shall have
the meaning assigned thereto in Section 7.1(b) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Seller Warranty Claim Termination Date</u>&#148;
shall have the meaning assigned thereto in Section 7.1(c) hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Shares</u>&#148; shall have the meaning
assigned thereto in the Recitals hereto.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-8-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=14,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=327139,FOLIO='-8-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Subsidiaries</u>&#148; shall have the meaning
assigned thereto in the Recitals hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Target Working Capital Amount</u>&#148; shall
mean $16,600,000.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Tenant Estoppels</u>&#148; shall have the
meaning assigned thereto in Section 10.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Violations</u>&#148; shall have the meaning
assigned thereto in Section 4.1(b)&#160;
hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Warranty Claim</u>&#148; shall have the
meaning assigned thereto in Section 7.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Working Capital</u>&#148; means, as of the
date of any Balance Sheet (including, but not limited to, the Pre-Closing
Balance Sheet) of the Company certified by Seller as being accurate to the
knowledge of Seller, the sum of (i) an amount equal to the difference between
(x) Current Assets and (y) Current Liabilities (other than liabilities
attributable to any indebtedness for borrowed money including, without
limitation, (a) indebtedness of the Company secured by a mortgage on the
Property and (b) the E&amp;P Distribution Borrowing), plus (ii) all unbudgeted
capital expenditures made by the Company from and after the date hereof, all as
more particularly shown on any such Balance Sheet of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">PURCHASE AND SALE OF SHARES</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
II.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Agreement to Purchase
and Sell</u></font><font size="2" style="font-size:10.0pt;">.&#160; Subject to the terms and conditions hereinafter set forth,
Seller, in consideration of the payment of the Interest Purchase Price and the
performance by Purchaser of the agreements of Purchaser herein contained,
agrees to sell, assign and convey to Purchaser, and Purchaser, in consider&#173;ation
of the performance of the agreements of Seller and in reliance upon the
representations and warranties of Seller herein contained, agrees to buy and
pay for, the Company Interests.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
II.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchase Price</u></font><font size="2" style="font-size:10.0pt;">.&#160; The purchase price for the Company Interests (the &#147;<u>Interest
Purchase Price</u>&#148;) shall be FOUR HUNDRED FIFTY MILLION </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-9-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=15,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=907930,FOLIO='-9-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DOLLARS ($450,000,000), subject to adjustment
in accordance with Section 4.3 hereof.&#160;
The Interest Purchase Price shall be payable as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a cash deposit in the amount of FORTY FIVE MILLION DOLLARS
($45,000,000) (the &#147;<u>Deposit</u>&#148;) delivered into escrow pursuant to the
provisions of Section 3.1 hereof; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an amount equal to the Interest Purchase Price less the
Deposit (the &#147;<u>Balance of the Purchase Price</u>&#148;) payable by wire transfer
of immediately available funds to such financial institutions as may be
designated by Seller, on the Closing of the transactions contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
II.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Deposit Letter of
Credit</u></font><font size="2" style="font-size:10.0pt;">.&#160; In lieu of a cash Deposit, Purchaser may
deliver to Escrow Agent a clean, unconditional and irrevocable letter of credit
having a term of not less than one (1) year (a &#147;<u>Deposit Letter of Credit</u>&#148;),
naming Seller as the beneficiary, in the form attached hereto as <u>Exhibit D</u>,
issued by Fleet Bank, NA or any other bank which is reasonably acceptable to
Seller.&#160; If Purchaser delivers cash for
the Deposit, Purchaser may thereafter substitute a letter of credit for all,
but not for part of, such cash deposit.&#160;
If at Closing the Deposit consists of a Deposit Letter of Credit, then
at Closing (i) Purchaser shall wire transfer to Seller, in addition to the wire
transfers set forth in Section 2.2(b) above, the full amount of the Deposit,
(ii) such amount shall be delivered to Seller, (iii) Escrow Agent shall return
to Purchaser such Deposit Letter of Credit, undrawn and (iv) Seller shall, upon
request by Purchaser, deliver a letter releasing Purchaser from its obligations
with respect to the Deposit Letter of Credit and relinquishing all of Seller&#146;s
rights to such Deposit Letter of Credit.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEPOSIT</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Deposit</u>.</font><font size="2" style="font-size:10.0pt;">&#160; Concurrently with the execution of this Agreement, and as a
condition precedent to the effectiveness of this Agreement, Purchaser shall
deposit with Skadden, Arps, Slate, Meagher &amp; Flom LLP (the &#147;<u>Escrow Agent</u>&#148;)
the Deposit, the receipt of which is hereby acknowledged by Escrow Agent&#146;s
execution hereof.&#160; The Deposit and
Interest accrued thereon shall be held in escrow, and not in trust, by the
Escrow Agent in an interest bearing account pursuant to the terms and
conditions contained herein.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-10-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=16,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=54785,FOLIO='-10-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
III.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Application of Deposit</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Closing occurs as contemplated hereunder, then the
Deposit shall be paid to Seller and the interest on the Deposit (&#147;<u>Interest</u>&#148;),
if any, shall be paid or credited to the Purchaser.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that the Closing does not occur for any
reason,&#160; the Deposit and all Interest
shall be paid to and retained by the party entitled thereto pursuant to this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Until such time that the Deposit and Interest are released
pursuant to this Section 3.2, Purchaser shall be considered the owner of the
Deposit and Interest for tax purposes.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If either party makes a demand upon the Escrow Agent for
delivery of the Deposit and/or Interest, the Escrow Agent shall promptly give
notice to the other party of such demand.&#160;
If a notice of objection to the proposed payment is not received from
the other party within seven (7) Business Days after receipt by such other
party of the notice from the Escrow Agent, the Escrow Agent is hereby
authorized and instructed to deliver the Deposit and all Interest to the party
who made the demand.&#160; If the Escrow
Agent receives a notice of objection within said seven (7) Business Day period,
then the Escrow Agent shall deliver a copy of such objection letter to the
other party and shall have the right, at its option, to either (i) continue to
hold the Deposit and thereafter pay it to the party entitled thereto when the
Escrow Agent receives (a) a notice from the objecting party withdrawing the
objection, (b) a notice signed by both parties directing disposition of the
Deposit and Interest or (c) a final judgment or order of a court of competent
jurisdiction or (ii) deposit the same with a court of competent jurisdiction in
the State of New York, and Escrow Agent shall rely upon the decision of such
court or a written statement executed by both Seller and Purchaser setting
forth how the Deposit and Interest should be released.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Purchaser elects to deliver the Deposit Letter of
Credit in lieu of a cash Deposit pursuant to Section 2.3 hereof, then in any
instance under this Agreement where the Deposit is to be paid (a) to Seller,
Escrow Agent shall deliver the Deposit Letter of Credit to Seller upon demand
and Seller shall be entitled to draw upon the Deposit Letter of Credit or (b)
to Purchaser, Escrow Agent shall return the Deposit Letter of Credit to
Purchaser.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-11-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=17,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=886425,FOLIO='-11-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Deposit Letter of Credit has not been renewed or
replaced within thirty (30) days prior to its expiry, Escrow Agent, without notice
to Purchaser, shall deliver the Deposit Letter of Credit to Seller and Seller
shall be entitled to draw the Deposit Letter of Credit and return the proceeds
thereof to Escrow Agent to hold as a cash Deposit in accordance with this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
III.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Escrow Agent</u></font><font size="2" style="font-size:10.0pt;">.&#160; The parties further agree that:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Escrow Agent is executing this Agreement to
acknowledge the Escrow Agent&#146;s responsibilities hereunder, which may be
modified only by a written amendment signed by all of the parties.&#160; Any amendment to this Agreement that is not
signed by the Escrow Agent shall be effective as to the parties thereto, but
shall not be binding on the Escrow Agent to the extent the same modifies the
duties or responsibilities of the Escrow Agent.&#160; Escrow Agent shall accept the Deposit with the understanding of
the parties that Escrow Agent is not a party to this Agreement except to the
extent of its specific responsibilities hereunder, and does not assume or have
any liability for the performance or non-performance of Purchaser or Seller
hereunder to either of them.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Escrow Agent shall be protected in relying upon the
accuracy, acting in reliance upon the contents, and assuming the genuineness of
any notice, demand, certificate, signature, instrument or other document which
is given to the Escrow Agent without verifying the truth or accuracy of any
such notice, demand, certificate, signature, instrument or other document.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Escrow Agent shall not be bound in any way by any
other agreement or understanding between the parties hereto, whether or not the
Escrow Agent has knowledge thereof or consents thereto unless such consent is
given in writing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Escrow Agent&#146;s sole duties and responsibilities shall be
to hold and disburse the Deposit and Interest accrued thereon in accordance
with this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Escrow Agent shall not be liable for any action taken or
omitted by the Escrow Agent in good faith and believed by the Escrow Agent to
be authorized or within its rights or powers conferred upon it by this
Agreement, except for damage caused by the gross negligence or wilful
misconduct of the Escrow Agent.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-12-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=18,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=905122,FOLIO='-12-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon the disbursement of the Deposit and Interest accrued
thereon in accordance with this Agreement, the Escrow Agent shall be relieved
and released from any liability under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Escrow Agent may resign at any time upon at least ten
(10) days prior written notice to the parties hereto.&#160; If, prior to the effective date of such resignation, the parties
hereto shall all have approved, in writing, a successor escrow agent, then upon
the resignation of the Escrow Agent, the Escrow Agent shall deliver the Deposit
and Interest accrued thereon to such successor escrow agent.&#160; From and after such resignation and the
delivery of the Deposit and Interest accrued thereon to such successor escrow
agent, the Escrow Agent shall be fully relieved of all of its duties,
responsibilities and obligations under this Agreement, all of which duties,
responsibilities and obligations shall be performed by the appointed successor
escrow agent.&#160; If for any reason the
parties hereto shall not approve a successor escrow agent within such period,
the Escrow Agent may bring any appropriate action or proceeding for leave to
deposit the Deposit and Interest accrued thereon with a court of competent
jurisdiction, pending the approval of a successor escrow agent, and upon such
deposit the Escrow Agent shall be fully relieved of all of its duties,
responsibilities and obligations under this Agreement, provided, that the
Escrow Agent shall continue to act as escrow agent hereunder and hold the
Deposit and Interest in escrow in accordance with the terms and conditions contained
herein until the parties shall approve a successor escrow agent in writing or
the Deposit and Interest is deposited with a court of competent jurisdiction in
accordance with the terms hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Seller and Purchaser hereby agree to, jointly and severally,
indemnify, defend and hold the Escrow Agent harmless from and against any
liabilities, damages, losses, costs or expenses incurred by, or claims or
charges made against, the Escrow Agent (including reasonable attorneys&#146; fees,
expenses and court costs) by reason of the Escrow Agent&#146;s acting or failing to
act in connection with any of the matters contemplated by this Agreement or in
carrying out the terms of this Agreement, except as a result of the Escrow
Agent&#146;s gross negligence or willful misconduct.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that a dispute shall arise in connection with
this Agreement, or as to the rights of any of the parties in and to, or the
disposition of, the Deposit, the Escrow Agent shall have the right to (w) hold
and retain all or any part of the Deposit until such dispute is settled or
finally determined by litigation, arbitration or otherwise, or (x) deposit the
Deposit in an appropriate court of law, following which the Escrow Agent shall
thereby and thereafter be relieved and released from any liability or
obligation under this Agreement, or (y) institute an action in interpleader or
other </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-13-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=19,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=445804,FOLIO='-13-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">similar action permitted by stakeholders in the State of New York, or
(z) interplead any of the parties in any action or proceeding which may be
brought to determine the rights of the parties to all or any part of the
Deposit.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Escrow Agent shall invest the Deposit in the investments
described in <u>Schedule 3.3(j)</u> attached hereto (&#147;<u>Permitted Investments</u>&#148;).&#160; The Escrow Agent shall not have any
liability or obligation for loss of all or any portion of the Deposit by reason
of the insolvency or failure of the institution of depository with whom the
escrow account is maintained.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It is acknowledged by the parties hereto that Escrow Agent,
in its capacity as a law firm, has been representing Seller in connection with
this Agreement and the transaction referred to herein.&#160; Purchaser agrees that, notwithstanding
Escrow Agent&#146;s functions under this Agreement, Escrow Agent may, in its
capacity as a law firm, represent Seller in connection with any dispute between
Seller and Purchaser (and notwithstanding that Escrow Agent may be a party to
that dispute and may, in Escrow Agent&#146;s capacity as a law firm, represent
itself) with respect to the Deposit, this Agreement and the transaction
contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">TITLE; CLOSING</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
IV.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Title to Company
Interests and Property</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On the Closing Date, Seller shall transfer the Company
Interests to Purchaser free and clear of all Liens and encumbrances except for
those matters set forth on <u>Schedule 4.1(a)</u> attached hereto and made a
part hereof (the &#147;<u>Interest Permitted Encumbrances</u>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Seller shall not, with respect to the Property, have any
obligation to, or cause the Company to, cure any violations of law or municipal
ordinances, orders or requirements, whether or not notices are now or hereafter
noted in or issued by the departments of buildings, fire, labor, health or
other federal, state, county, municipal or other departments and governmental
agencies having jurisdiction against or affecting the Property (collectively,
the &#147;<u>Violations</u>&#148;).&#160; Subject to
Section 9.2 of this Agreement, Seller does not agree to undertake, and nothing
herein contained shall be construed to require Seller to undertake, any action
or proceeding or otherwise to </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-14-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=20,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=76176,FOLIO='-14-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incur any expense whatsoever to render title to the Property either
acceptable to Purchaser or insurable.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
IV.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Closing Date</u></font><font size="2" style="font-size:10.0pt;">.&#160; The consummation of the transactions contemplated hereby (the &#147;<u>Closing</u>&#148;)
shall take place at 10:00 A.M. on December 29, 2003 or such other date to which
counsel for Seller and Purchaser shall mutually agree (the &#147;<u>Closing Date</u>&#148;).&#160; The closing shall be held at the offices of
Skadden, Arps, Slate, Meagher &amp; Flom LLP, located at 4 Times Square, New
York, New York 10036.&#160; Seller and
Purchaser agree to meet on December 28, 2003 at such offices for a pre-closing
of the transactions contemplated hereby.&#160;
TIME SHALL BE OF THE ESSENCE AS OF DECEMBER 30, 2003.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
IV.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchase Price Adjustments</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Seller and Purchaser hereby agree that the Interest Purchase
Price shall be (i) increased (or decreased if the amount in clause (a)(i)
hereof is a negative number) by an amount equal to the product of (a) the
excess of Working Capital stated in the Pre-Closing Balance Sheet (the &#147;<u>Pre-Closing
Working Capital</u>&#148;), which is attached hereto as <u>Exhibit I</u>, over the
Target Working Capital Amount, and (b) forty-five percent (45%), and (ii)
decreased by an amount equal to the product of (a) the Company Debt as of the
Closing Date, and (b) forty-five percent (45%).&#160; To the extent within the possession of Seller, Purchaser shall be
provided with copies of, or access to, all books, records, employees and other
materials and matters of the Company and the Property as Purchaser determines
is reasonably necessary for its review of the Pre-Closing Balance Sheet.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(21)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As soon as reasonably practicable following the Closing
Date, but in no event later than September 30, 2004, (i) Purchaser shall use
reasonable efforts to cause the Company to prepare and deliver to Seller the
Closing Balance Sheet and (ii) Purchaser shall prepare and deliver to Seller a
calculation of Working Capital of the Company as of December 31, 2003 (&#147;<u>Closing
Date Working Capital</u>&#148;).&#160; The Closing
Balance Sheet shall (i) be prepared on a basis consistent with the Reference
Balance Sheet, and (ii) reflect accounting entries determined in accordance
with GAAP.&#160; Seller and Purchaser each
shall bear its own expenses in the review of the Closing Balance Sheet.&#160; To the extent same is within the possession
of Purchaser, Purchaser shall provide Seller with such access to the books,
records, employees and other matters of the Company as Seller determines is
reasonably necessary for its review of the Closing Balance Sheet.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-15-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=21,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=322240,FOLIO='-15-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(22)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon delivery of the Closing Balance Sheet, Purchaser will
provide Seller reasonable access to any of Purchaser&#146;s records not otherwise
available to Seller as a result of the transactions contemplated by this
Agreement, to the extent reasonably related solely to Seller&#146;s evaluation of
the Closing Balance Sheet and the calculation of Closing Date Working Capital.&#160; If Seller shall disagree with the
calculation of Closing Date Working Capital or any element of the Closing
Balance Sheet relevant thereto, it shall, within thirty (30) Business Days
after its receipt of the Closing Balance Sheet, notify Purchaser of such
disagreement in writing, setting forth in detail the particulars of such
disagreement.&#160; In the event that Seller
does not provide such notice of disagreement within such thirty (30) Business
Day period, Seller shall be deemed to have accepted the Closing Balance Sheet and
the calculation of the Closing Date Working Capital delivered by Purchaser,
which shall be final, binding and conclusive for purposes of this Agreement and
not subject to any further recourse by Seller .&#160; In the event any such notice of disagreement is timely provided,
Purchaser and Seller, in conjunction with their respective independent
accounting firms, shall use reasonable best efforts for a period of ten (10)
Business Days (or such longer period as they may mutually agree) to resolve any
disagreements with respect to the calculation of Closing Date Working
Capital.&#160; If, at the end of such period,
they are unable to resolve such disagreements, then Seller and Purchaser agree
that Ernst &amp; Young LLP (the &#147;<u>Auditor</u>&#148;) shall be empowered to resolve
any remaining disagreements.&#160; Purchaser
and Seller agree to use commercially reasonable efforts to cause the Auditor to
determine as promptly as practicable whether the Closing Balance Sheet was
prepared in accordance with the standards set forth in this Agreement and, only
with respect to the disagreements submitted to the Auditor, whether and to what
extent (if any) Closing Date Working Capital requires adjustment.&#160; Purchaser and Seller agree to use
commercially reasonable efforts to cause the Auditor to promptly deliver to
Purchaser and Seller its determination in writing, which determination shall be
made subject to the definitions and principles set forth in this Agreement, and
shall be (i) consistent with either the position of Seller or Purchaser or (ii)
between the positions of Seller and Purchaser.&#160;
The fees and expenses of the Auditor shall be paid one-half by Purchaser
and one-half by Seller.&#160; The
determination of the Auditor shall be final, binding and conclusive for
purposes of this Agreement and not subject to any further recourse by Purchaser
or Seller under any provision hereof.&#160;
The date on which Closing Date Working Capital is finally determined in
accordance with this Section 4.3(c) is hereinafter referred to as the &#147;<u>Determination
Date</u>.&#148;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(23)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to subsections (e) and (f) below, in the event that
Closing Date Working Capital, as finally determined pursuant to Section 4.3(c)
above, exceeds the Pre-Closing Working Capital, then Purchaser shall pay to
Seller an amount </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-16-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=22,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=140614,FOLIO='-16-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">equal to 45% of the amount by which Closing Date Working Capital, as
finally determined, exceeds the Pre-Closing Working Capital.&#160; Subject to subsections (e) and (f) below, in
the event that the Pre-Closing Working Capital exceeds the Closing Date Working
Capital, as finally determined pursuant to Section 4.3(c) above, then Seller
shall pay to Purchaser an amount equal to 45% of the amount by which the
Pre-Closing Working Capital exceeds the Closing Date Working Capital, as finally
determined.&#160; All payments under this
subsection (d) shall be made within seven (7) Business Days of the
Determination Date and shall be paid in cash by wire transfer of immediately
available funds.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(24)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Legal fees incurred on or prior to the Closing Date, and
fees payable by the Company to Ernst &amp; Young in connection with the E&amp;P
Dividend and the examination of the REIT consequences of certain relationships
between the Company and RGI and certain parties related to RGI, that are
chargeable to the Company on account of the transactions contemplated by this
Agreement, whether billed to the Company or charged through to the Company by
RGI, and which fees are presently estimated to be $350,000, shall be: (i)
excluded from Current Liabilities for all purposes of Section 4.3 (except as
provided in subparagraph (ii) hereof) and (ii) shall be included in Current
Liabilities for purposes of Closing Date Working Capital under Section 4.3(d)
hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any increase required under GAAP in Income Taxes Payable (as
shown on the Reference Balance Sheet) by the Company at December 31, 2003 in
excess of $1,500,000, that is attributable to calendar year 2003 taxable income
and that is not offset by a debit to Deferred Income Taxes (as shown on the
Reference Balance Sheet), shall be considered a Current Liability for purposes
of Closing Date Working Capital under Section 4.3(d) hereof in the same manner
as the fees in subsection (e) above.&#160;
Except as provided herein, Income Taxes Payable shall not be included in
the Working Capital adjustment provided for in Section 4.3 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(26)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All adjustments
pursuant to this Section 4.3 shall be made as if the Closing had occurred on
December 31, 2003 in accordance with the Balance Sheet of the Company as of
such date.&#160; Any amounts payable under
this Section 4.3 shall accrue interest thereon at a rate equal to five percent
(5%) per annum from the date that is 30 days after same is payable until the
date such amounts are paid in full.&#160;
Seller and Purchaser agree that the amounts payable under this Section
4.3 shall not be subject to the limitations set forth in Section 7.6 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
IV.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transfer Taxes</u></font><font size="2" style="font-size:10.0pt;">.&#160; Seller shall pay the real property transfer </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-17-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=23,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=836875,FOLIO='-17-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">tax, if any, imposed by Title 11 of Chapter 21 of the Administrative
Code of the City of New York and the real estate transfer tax, if any, imposed
by Article 31 of the New York State Tax Law on the sale of the Company
Interests as set forth on the tax returns required by said statutes and the
regulations issued pursuant to the authority thereof.&#160; The provisions of this Section 4.4 shall survive the Closing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
V</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPRESENTATIONS
AND WARRANTIES OF SELLER</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller
hereby represents and warrants to Purchaser, for the purpose of inducing
Purchaser to enter into this Agreement and to proceed to the Closing, that on
the date hereof and as of the Closing Date:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization;
Authorization; Etc.</u></font><font size="2" style="font-size:10.0pt;">&#160; Seller is a corporation duly organized,
validly existing and in good standing under the laws of the State of New York
and every other jurisdiction in which it does business, is not a &#147;foreign
person&#148; under Section 1445 of the Code, and has been duly authorized by all
necessary and appropriate action to enter into this Agreement and the
transactions contemplated by this Agreement, to own, lease and operate its
properties, including the Shares, and conduct its business as it is currently
being conducted and to cause the consummation of the transactions contemplated
herein, and the individuals executing this Agreement on behalf of Seller have
been duly authorized by all necessary and appropriate action on behalf of
Seller.&#160; When executed and delivered by
Seller, this Agreement will constitute valid and legally binding obligations of
Seller, enforceable against Seller in accordance with its terms.&#160; Seller has provided Purchaser true and
complete copies of the organizational and similar governing documents, the
stock books, stock transfer records and minutes of meetings of the board of
directors and shareholders of the Company and each of the Subsidiaries, and all
written consents in lieu thereof, since October 1, 1997 to the extent in the
possession of Seller.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Conflict</u></font><font size="2" style="font-size:10.0pt;">.&#160; Neither the execution nor the delivery of this Agreement nor the
consummation of the transactions contemplated hereby nor fulfillment of or
compliance with the terms and conditions hereof (A) conflict with or will
result in a breach of any of the terms, conditions or provisions (or give rise
to any termination, cancellation, acceleration or modification) of (i) the
organizational and similar governing documents of the Seller or the Company or
(ii)&nbsp;any agreement, order, judgment, decree, arbitration award, statute,
regulation or instrument to which Seller or </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-18-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=24,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=844370,FOLIO='-18-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Company or either of the Subsidiaries is a party or by which it is
bound, or constitutes or will constitute a breach, violation or default under
any of the foregoing, (B) require any permit, authorization, consent of or
filing with or notification to any Governmental Authority by Seller or the
Company or either of the Subsidiaries or violate any Law of any Governmental
Authority applicable to Seller or the&#160;
Company or either of the Subsidiaries or (C) to Seller&#146;s knowledge,
violate, conflict with, result in the breach or termination of, constitute a
default under, accelerate the performance required by, or result in the
creation of any Lien, or other charge upon any of the assets or properties of
the Company or either of the Subsidiaries pursuant to any agreement, commitment
or instrument to which the Company or either of the Subsidiaries is a party or
by which the Company or either of the Subsidiaries or any of its assets or
properties, including, without limitation, the Property, is or are bound.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Taxes</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(27)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No federal, state or
local taxing authority has asserted in writing any tax deficiency, Lien,
interest or penalty or other assessment against the Company Interests which has
not been paid which reasonably may be expected to result in a tax deficiency,
Lien, interest, penalty or other assessment against the Company Interests or,
to Seller&#146;s knowledge, the Property or the Company or either of the
Subsidiaries and there is no pending audit or inquiry from any federal, state
or local tax authority relating to Seller which reasonably may be expected to
result in a tax deficiency, Lien, interest, penalty or other assessment against
the Company Interests or, to Seller&#146;s knowledge, the Property or the Company or
either of the Subsidiaries.&#160; To Seller&#146;s
knowledge, the amounts accrued for taxes (other than deferred taxes) in the
Company&#146;s and each of the Subsidiaries&#146; financial statements are sufficient for
the payment of all taxes of the Company and each of the Subsidiaries, whether
or not disputed, which are properly accruable on the results of operations
through the date of such statements.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(28)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To Seller&#146;s
knowledge, the Company and each of the Subsidiaries has prepared and filed with
the appropriate taxing authorities all tax returns (including, without
limitation, all information returns) required to be filed on or prior to the
date hereof and all such tax returns are true, correct and complete in all
material respects; the Company and each of the Subsidiaries has paid all taxes,
if any, shown to be due on such returns; no waiver or extension is in effect
with respect to the filing of any tax return or the payment of any tax by the
Company or either of the Subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Orders, Claims or
Judgements</u></font><font size="2" style="font-size:10.0pt;">.&#160; No action, suit, claim, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-19-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=25,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=625375,FOLIO='-19-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">investigation or proceeding, whether legal or administrative or in
mediation or arbitration or otherwise, is pending or, to the&#160; knowledge of Seller, threatened, at law or
in equity, by, against, or relating to Seller or the Company or either of the
Subsidiaries which, if determined adversely to Seller or the Company or either
of the Subsidiaries, could reasonably be expected to interfere in any material
respect with the ability of Seller to perform its obligations pursuant to this
Agreement or materially and adversely affect the value of the Company Interests
or the Property, and Seller has no knowledge of any facts that would give rise
to any action, suit, claim, investigation or proceeding.&#160; There are no judgments, decrees or orders
entered or any suit or proceeding pending or, to Seller&#146;s knowledge, threatened
in writing against Seller or the Company or either of the Subsidiaries which,
if determined adversely to Seller or the Company or either of the Subsidiaries,
could reasonably be expected to restrain, prohibit, invalidate, set aside,
rescind, prevent, make unlawful or otherwise interfere in any material respect
with the execution, delivery or consummation of the transactions contemplated
under this Agreement or materially and adversely affect the value of the
Company Interests or the Property and Seller is not aware of any facts that
would give rise to any such judgment, decree, order or suit.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insolvency</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(29)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Seller is not
presently insolvent, will not be rendered insolvent by the sale of the Shares
and has not made a general assignment for the benefit of creditors, filed any
voluntary petition in bankruptcy or suffered the filing of any involuntary
petition in bankruptcy or suffered the filing of any involuntary petition by
any of its creditors, suffered the appointment of a receiver to take possession
of all, or substantially all, of its assets, suffered the attachment or other
judicial seizure of all, or substantially all, of its assets, admitted in
writing its inability to pay its debts as they come due or made an offer of
settlement, extension or composition to its creditors generally.&#160; Immediately after giving effect to the
consummation of the sale of the Shares: (i) Seller will be able to pay its
liabilities as they become due in the usual course of its business; (ii) Seller
will not have unreasonably small capital with which to conduct its present or
proposed business; (iii) Seller will have assets (calculated at fair market
value) that exceed its liabilities; and (iv) taking into account all pending
and threatened litigation, final judgments against Seller in actions for money
damages are not reasonably anticipated to be rendered at a time when, or in
amounts such that, Seller will be unable to satisfy any such judgements
promptly in accordance with their terms (taking into account the maximum
probable amount of such judgments in any such actions and the earliest
reasonable time at which such judgments might be rendered) as well as all other
obligations of Seller.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-20-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=26,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=948405,FOLIO='-20-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(30)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company is not
presently insolvent and has not made a general assignment for the benefit of
creditors, filed any voluntary petition in bankruptcy or suffered the filing of
any involuntary petition in bankruptcy or suffered the filing of any
involuntary petition by any of its creditors, suffered the appointment of a
receiver to take possession of all, or substantially all, of its assets,
suffered the attachment or other judicial seizure of all, or substantially all,
of its assets, admitted in writing its inability to pay its debts as they come due
or made an offer of settlement, extension or composition to its creditors
generally.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>The Basic Company
Agreements</u></font><font size="2" style="font-size:10.0pt;">.&#160; Seller, and to Seller&#146;s knowledge, the Company and each of the
Subsidiaries is not in violation of any of the provisions of any of the
agreements set forth in <u>Schedule 5.6</u> attached hereto (the &#147;<u>Basic
Company Agreements</u>&#148;).&#160; Seller has
not received any notice since October 1, 1997 alleging any violation by Seller
of any of the Basic Company Agreements, and Seller has not received any notice
alleging any violation by Seller of any of the Basic Agreements which has not
been withdrawn or cured.&#160; Seller has not
delivered or caused to be delivered any notice since October 1, 1997 alleging
any violation by RGI of any of the Basic Company Agreements and Seller has not
delivered or caused to be delivered any notice alleging any violation by RGI of
any of the Basic Company Agreements which has not been withdrawn or cured.&#160; To the best of Seller&#146;s knowledge, there is
no event, which with the passage of time or giving of notice, would constitute
a violation by Seller of any material provisions of any of the Basic Company
Agreements.&#160; To the best of Seller&#146;s
knowledge, and except as set forth in <u>Schedule 5.6</u> attached hereto, RGI
is not in violation of any of the provisions of the Basic Company Agreements,
and there is no event, which with the passage of time or giving of notice,
would constitute a violation by RGI of the material provisions of any of the
Basic Company Agreements.&#160; The Basic
Company Agreements are in full force and effect and have not been modified,
amended or otherwise supplemented except as indicated on <u>Schedule 5.6</u>
hereof.&#160; The Basic Company Agreements
represent the entire agreement between Seller, RGI and the Company.&#160; All of Seller&#146;s obligations under Section 5
of the Basic Agreement have been fully satisfied and there are no remaining
contingent liabilities or obligations of Seller thereunder.&#160; Seller has delivered to Purchaser a true and
correct copy of each Basic Company Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Intentionally Omitted</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Company Organization</u></font><font size="2" style="font-size:10.0pt;">.&#160; The Company is a corporation duly organized, validly existing and
in good standing under all applicable laws of the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-21-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=27,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=1046215,FOLIO='-21-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State of New York and such other states and jurisdictions where it does
business.&#160; Each of the Subsidiaries is a
corporation duly organized, validly existing and in good standing under all
applicable laws of the State of New York and such other states and jurisdic&#173;tions
where it does business.&#160; Holdings is a
limited liability company organized, validly existing and in good standing
under all applicable laws of the State of Delaware and all such other states
and jurisdictions where it does business.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Company Conduct of
Business</u></font><font size="2" style="font-size:10.0pt;">.&#160; To the best of Seller&#146;s knowledge, the Company, Holdings and each
of the Subsidiaries has all permits necessary to conduct the business of the
Company, Holdings and each of the Subsidiar&#173;ies and is not presently
conducting, and has not in the past conducted, any business other than
ownership of the Property and the Subsidiaries and activities related
thereto.&#160; To the best of Seller&#146;s
knowledge, none of&#160; the Company,
Holdings or either of the Subsidiaries owns any assets or is a party to any
agreement for real property in a state other than New York other than states
where such party is qualified to do business by the Secretary of State of such
state.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ownership and Possession
of Shares</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(31)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Seller is the record
and beneficial owner of the Shares. The certificates representing the Shares
are now, since their issuance and at all times during the term hereof shall be
held by Seller or by a nominee or custodian for the sole and exclusive benefit
of Seller, free and clear of all Liens whatsoever, except for (i) any Liens
created by this Agreement, (ii) the Lien created by the Basic Company Agree&#173;ments,
and (iii) Liens arising under the Securities Act or any applicable state
securities laws.&#160; The Shares are not subject
to any proxy or any power of attorney except as described herein.&#160; Seller does not directly or indirectly own
any other equity or debt securities of the Company or either of the
Subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(32)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company is the
sole member of Holdings and is the sole owner of all the capital stock of each
of the Subsidiaries and of the 1221 Avenue of the Americas Property, free and
clear of all Liens except for Permitted Encumbrances.&#160; To Seller&#146;s knowledge, BPI is the owner of the 166 West 48<sup>th</sup>
Street Property, free and clear of all Liens, except for Permitted
Encumbrances.&#160; To Seller&#146;s knowledge,
NWRC is the owner of the 151 West 48<sup>th</sup> Street Property, free and
clear of all Liens, except for Permitted Encumbrances.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Seller has no rights,
and no Affiliate of Seller has any rights, appurtenant to the Company,
Holdings, the Subsidiaries or the Property other </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-22-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=28,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=866551,FOLIO='-22-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">than
the Company Interests, the Basic Company Agreements and the McGraw-Hill Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Capitalization</u></font><font size="2" style="font-size:10.0pt;">.&#160; The authorized capital stock of the Company consists of 2,000
shares of common stock, par value $2.00 per share.&#160; As of the date hereof, (a) 2,000 shares of common stock are
issued and outstanding and (b) to Seller&#146;s knowledge, no shares of common stock
of the Company are owned by any Person other than Seller and RGI.&#160; All the Shares are duly authorized, validly
issued, fully paid and non-assessable.&#160;
Except as set forth in the Basic Company Agreements, as of the date
hereof, there are no existing options, warrants, calls, pre-emptive rights,
subscriptions or other rights, agreements, arrangements or commitments of any
character, relating to the Shares or, to Seller&#146;s knowledge, any other shares
of capital stock of the Company or either of the Subsidiaries or securities
convertible into or exercisable or exchangeable for the Shares or, to Seller&#146;s
knowledge, any other shares of capital stock of the Company or either of the
Subsidiaries.&#160; The Company does not own
any capital stock or other equity interest in any entity other than the
Subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Pending Litigation</u></font><font size="2" style="font-size:10.0pt;">.&#160; To Seller&#146;s knowledge, there are no suits, actions, litigations,
arbitrations, governmental, administrative or other proceedings presently
pending or, to Seller&#146;s knowledge, threatened in writing brought against the
Company or the Property and Seller has no knowledge of any facts that would
give rise to any of the above.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.13&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Options to Purchase</u></font><font size="2" style="font-size:10.0pt;">.&#160; Except as set forth in the Basic Agreement, there are no recorded
or, to the best of Seller&#146;s knowledge, unrecorded rights of first offer to
purchase, rights of first refusal to purchase, rights of negotiation, purchase
options or similar rights or contractually required rights or consents to
transfer pertaining to the Company Interests or the Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Hazardous
Materials</u></font><font size="2" style="font-size:10.0pt;">.&#160; To Seller&#146;s knowledge, and other than as disclosed to Purchaser
on <u>Schedule 5.14</u> attached hereto and made a part hereof, (i) there are
not present in, on or under the Property any Hazardous Materials nor has the
Property been used for the generation, transportation, storage or discharge of
any Hazardous Materials except for the use and storage in the ordinary course
of business and in full compliance with all Environmental Laws; (ii) there are
no environmental easements on the Property as described in N.Y. Envir. Conserv.
&#167; 71-3601 or under any Environmental Law; (iii) there are no deed restrictions
relating to environmental conditions on the Property; (iv) there are no
environmental liens on the Property under any Environmental Law or cleanup
program; and (v) there is not any summons, citation, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-23-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=29,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=530322,FOLIO='-23-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">directive,
notice of violation, letter, or other written communication, or cleanup
agreement, application, commitment or work plan requirement under a voluntary
or mandatory cleanup, brownfield or underground storage tank program from the
Federal Environmental Protection Agency, or any state, county or local
governmental authority, or any other agency or governmental board or entity
having jurisdiction over the Property that relate to &#160;any environmental condition of the Property or a&#160; violation of any Environmental Laws which
could reasonably be expected to materially and adversely affect the value of
the Company Interests.&#160; To Seller&#146;s
knowledge, there are no underground storage tanks under or affecting any
portion of the Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.14&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Condemnation</u></font><font size="2" style="font-size:10.0pt;">.&#160; There is no pending or, to Seller&#146;s knowledge, threatened
condemnation, eminent domain or similar proceeding affecting any portion of the
Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">McGraw-Hill Lease</font></u><font size="2" style="font-size:10.0pt;">.&#160; Seller is the tenant under the McGraw-Hill Lease.&#160; The McGraw-Hill Lease is in full force and
effect.&#160; The McGraw Hill Lease has not been
amended, modified or otherwise supplemented except as set forth in the MGH
Estoppel.&#160; Except as set forth in the
MGH Estoppel, the McGraw-Hill Lease represents the entire agreement between
Seller and the Company with respect to the leasing and occupancy of the
McGraw-Hill Premises.&#160; Seller has not
assigned its interest in the McGraw-Hill Lease nor has Seller entered into any
sublease or other agreement with regard to occupancy of any portion of the
premises demised under the McGraw-Hill Lease (other than the McGraw-Hill Lease
itself) except as set forth in the MGH Estoppel.&#160; To Seller&#146;s knowledge, there is no default by Seller or the
Company under the McGraw-Hill Lease, nor is there any event, which with the
passage of time or the giving of notice, would constitute a default by Seller
or the Company under the McGraw-Hill Lease.&#160;
Seller has not given or received any written notices asserting that the
Company or Seller is in default under the McGraw-Hill Lease.&#160; All of the obligations of the Company to be
performed prior to the date hereof under the McGraw-Hill Lease have been duly
performed and completed including, without limitation, any obligations of the
Company to make or to pay the Seller for any improvements, alterations or work
done on the McGraw-Hill Premises, and the improvements described in the
McGraw-Hill Lease have been constructed in accordance with the plans and
specifications therefor and have been accepted by Seller.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.16&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial Statements</u></font><font size="2" style="font-size:10.0pt;">.&#160; With respect to the Company, true and complete copies of (A) the
audited balance sheet as of December 31, 2002, statement of income, and
retained earnings and statement of cash flows of the Company for the year ended
December 31, 2002, and the audited balance sheets, statements of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-24-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=30,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=348521,FOLIO='-24-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">income and retained earnings and statements of cash flows of the
Company for the years ended December 31, 1997, December 31, 1998, December 31,
1999, December 31, 2000, December 31, 2001 and December 31, 2002, including in
each case the notes thereto and (B) the Reference Balance Sheet, have been made
available to Purchaser.&#160; No financial
statements of any other Person other than the Company and the Subsidiar&#173;ies are
required by GAAP to be included in the consolidated financial statements of the
Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Capital
Contributions</u></font><font size="2" style="font-size:10.0pt;">.&#160; Seller has no obligations to contribute
additional capital to the Company at this or at any time and no such
obligations are attached to the Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disclaimer as to
Subsidiaries</u></font><font size="2" style="font-size:10.0pt;">. Purchaser acknowledges
that except as expressly set forth herein, Seller has not made any
representations or warranties herein or otherwise with respect to the existence
of or business conducted by the Subsidiaries or any property (real or personal)
owned by them or any business activities engaged in by any of such
Subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.18&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disclaimer as to
Representations</u></font><font size="2" style="font-size:10.0pt;">. Purchaser acknowledges
that except as expressly set forth herein, Seller has not made any
representations or warranties with respect to the Shares, the Company, the
existence of or business conducted by the Company or any property (real or
personal) owned by the Company or any business activities engaged in by the
Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.19&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Knowledge of Seller</font></u><font size="2" style="font-size:10.0pt;">.&#160; For purposes of this Agreement and any document delivered at
Closing, whenever the phrases &#147;to Seller&#146;s knowledge&#148;, &#147;to the current, actual
knowledge of Seller&#148; or the &#147;knowledge&#148; of Seller or words of similar import
are used, they shall be deemed to refer to the actual knowledge of Robert J.
Bahash, Executive Vice President and Chief Financial Officer and Michelle R.
Ferguson, Senior Vice President &#151; Real Estate and Human Resources Services
only, which such individuals Seller represents are the individuals that have
actual knowledge of matters concerning the Company and the Property, and not
any implied, imputed or constructive knowledge of Robert J. Bahash and Michelle
R. Ferguson or any other party, without any independent investigation having
been made or any implied duty to investigate.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insurance</u></font><font size="2" style="font-size:10.0pt;">. To Seller&#146;s knowledge, (i)
the Company maintains insurance coverages that are customary for companies
owning assets similar to the assets of the Company, Holdings and each of the
Subsidiaries covering the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-25-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=31,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=104454,FOLIO='-25-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company,
its officers and directors and the Property in all respects, (ii) the insurance
maintained by the Company and each of the Subsidiaries is adequate in
accordance with all applicable leases for portions of the Property, (iii) such
policies are in full force and effect, (iv) the Company, Holdings and each of
the Subsidiaries has not received any written notice of cancellation or
nonrenewal of any such insurance policy, and (v) there are no claims relating
to the Property or other assets of the Company, Holdings and each of the
Subsidiaries which are not covered by insurance or with respect to which any of
the Company&#146;s and each of the Subsidiaries insurance providers has declined to
provide coverage.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.20&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">No Undisclosed Liabilities</font></u><font size="2" style="font-size:10.0pt;">. To Seller&#146;s knowledge, the
Company and each of the Subsidiaries has no liabilities, whether known or
unknown, absolute, accrued, contingent or otherwise, and no condition exists at
the Property which could result in a Violation, except as and to the extent set
forth in the Balance Sheets included in the Financial Statements or in the
notes thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
V.21&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Manager&#146;s Certificate</font></u><font size="2" style="font-size:10.0pt;">. To Seller&#146;s knowledge, the
state of facts set forth in the Manager&#146;s Certificate (as hereinafter defined)
are true, correct and complete in all material respects.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
VI</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPRESENTATIONS
AND WARRANTIES OF PURCHASER</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser
hereby represents and warrants to Seller, for the purpose of inducing Seller to
enter into this Agreement and proceed to the Closing, that:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VI.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization;
Authorization; Etc.</u></font><font size="2" style="font-size:10.0pt;">&#160; Purchaser is a limited liability company
duly organized, validly existing and in good standing under the laws of the
State of Delaware and has been (or by Closing shall be) duly authorized by all
necessary and appropriate action to enter into this Agreement and to cause the
consummation of the transactions contemplated herein, and the individuals
executing this Agreement on behalf of Purchaser have been duly authorized by
all necessary and appropriate action on behalf of Purchaser.&#160; When executed and delivered by Purchaser,
this Agreement will constitute valid and legally binding obligations of
Purchaser, enforceable against Purchaser in accordance with its terms except
(a) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and other similar laws of general application
affecting enforcement of creditors&#146; rights </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-26-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=32,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=325689,FOLIO='-26-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">generally and (b) the availability of the remedy of specific
performance or injunctive or other forms of equitable relief may be subject to
equitable defenses and would be subject to the discretion of the court before
which any proceeding therefor may be brought.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VI.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Conflict</u></font><font size="2" style="font-size:10.0pt;">.&#160; Neither the execution nor the delivery of this Agreement nor the
consummation of the transactions contemplated hereby nor fulfillment of or
compliance with the terms and conditions hereof (A) conflict with or will result
in a breach of any of the terms, conditions or provisions of (i)&nbsp;
Purchaser&#146;s organizational documents or (ii)&nbsp;any agreement, order,
judgment, decree, arbitration award, statute, regulation or instrument to which
Purchaser is a party or by which it is bound, or constitutes or will constitute
a breach, violation or default under any of the foregoing, or (B) require any
consent of or filing with or notification to any Governmen&#173;tal Authority by
Purchaser or violate any Law of any Governmental Authority applicable to
Purchaser.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VI.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Orders, Etc.</u></font><font size="2" style="font-size:10.0pt;">&#160; No action, suit, claim, investigation or proceeding, whether
legal or administrative or in mediation or arbitration or otherwise, is pending
or, to the knowledge of Purchaser, threatened, at law or in equity, by or
against Purchaser which, if determined adversely to Purchaser, could reasonably
be expected to interfere in any material respect with the ability of Purchaser
to perform its obligations pursuant to this Agreement.&#160; There are no judgments, decrees or orders
entered or any suit or proceeding pending or threatened against Purchaser
which, if determined adversely to Purchaser, could reasonably be expected to
restrain, prohibit, invalidate, set aside, rescind, prevent, make unlawful or
otherwise interfere in any material respect with the execution, delivery or
consummation of the transactions contemplated under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VI.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insolvency</u></font><font size="2" style="font-size:10.0pt;">.&#160; Purchaser is not presently insolvent, will not be rendered
insolvent by the purchase of the Shares and has not made a general assignment
for the benefit of creditors, filed any voluntary petition in bankruptcy or
suffered the filing of any involuntary petition in bankruptcy or suffered the
filing of any involuntary petition by any of its creditors, suffered the
appointment of a receiver to take possession of all, or substantially all, of
its assets, suffered the attachment or other judicial seizure of all, or
substantially all, of its assets, admitted in writing its inability to pay its
debts as they come due or made an offer of settlement, extension or composition
to its creditors generally.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
VII</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-27-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=33,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=158689,FOLIO='-27-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SURVIVAL
OF REPRESENTATIONS AND <u>WARRANTIES; INDEMNIFICATION; EXCLUSIVE REMEDIES</u></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VII.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Indemnification</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; From and after the
Closing Date, and subject to Sections 7.1(c) and 7.6 hereof, Seller agrees to
indemnify, protect, defend and hold harmless the Purchaser and each principal,
partner, member, director, officer, employee, stockholder, agent and other
representative of any of them (a &#147;<u>Purchaser Indemnified Party</u>&#148;), from
and against any and all losses, liabilities, suits, damages, expense and claims
(whether direct or indirect) asserted against, imposed upon or incurred by any
such Purchaser Indemnified Party by reason of or resulting from (a) any
representation or warranty by the Seller or fact set forth in any
representation of Seller, any of the Schedules relating to this Agreement or
any other Closing certificate or Closing document delivered by Seller pursuant
to this Agreement (including the Manager&#146;s Certificate) not having been true
and correct on the date hereof and as of the Closing (without giving effect to
any qualifications or exceptions relating to the knowledge of the Seller
contained in clause (C) of Section 5.2, Section 5.3(a) or (b), Section 5.6,
Section 5.10, Section 5.11, Section 5.21, Section 5.23, and Section 5.24) or
(b) the breach by Seller of any covenant or obligation of Seller in this
Agreement, including, without limitation, Seller&#146;s obligation to pay any taxes
required to be paid by Seller under Section 4.4 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; From and after the
Closing Date, and subject to Section 7.1(c) hereof, Purchaser shall indemnify
and hold harmless the Seller, any Affiliate of the Seller and any principal,
partner, member, director, officer, employee, agent or other representative of
any of them (a &#147;<u>Seller Indemnified Party</u>&#148;), from and against any and all
losses actually incurred by any such Seller Indemnified Party by reason of or
resulting from (a) the breach of any representation or warranty by the
Purchaser or any Closing certificate or Closing document delivered by Purchaser
pursuant to this Agreement or (b) the breach by Purchaser of any covenant or
obligation of Purchaser in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All representations
and warranties of the Seller contained herein or made pursuant hereto are given
and shall survive until the date that is twelve (12) calendar months after the
Closing Date except as set forth below; provided, however, that all representations
and warranties of the Seller set forth in Sections 5.10, 5.11 and/or 5.13 and
all of Article XIV shall survive the Closing until the expiration of the
applicable statute of limitations.&#160; The
date on which a given representation or </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-28-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=34,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=45609,FOLIO='-28-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">warranty
expires is referred to as the &#147;<u>Purchaser Warranty Claim Termination Date</u>&#148;
with respect to such representation or warranty.&#160; The representations and warranties of the Purchaser contained
herein or made pursuant hereto shall survive until the date that is twelve (12)
calendar months after the Closing Date (such relevant date being hereinafter
referred to as the &#147;<u>Seller Warranty Claim Termination Date</u>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VII.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Warranty Claims</u></font><font size="2" style="font-size:10.0pt;">.&#160; Subject to Section 7.1(c), any claim by either the Seller or the
Purchaser pursuant to Section 7.1 with respect to a claimed breach by the other
party of a representation or warranty (a &#147;<u>Warranty Claim</u>&#148;) shall expire,
if applicable, at the relevant Purchaser Warranty Claim Termination Date or the
Seller Warranty Claim Termination Date, as applicable,&#160; except with respect to Warranty Claims with
respect to which the party making any such claim hereunder has delivered
written notice of such claim to the other party.&#160; If any written notice of claim has been given by the Purchaser to
the Seller prior to the relevant Warranty Claim Termination Date or by the
Seller prior to the relevant Warranty Claim Termination Date, then the relevant
representations, warranties and indemnities shall survive the relevant
Purchaser Warranty Claim Termination Date or the Seller Warranty Claim
Termination Date, as applicable, as to (but only as to) such Warranty Claim,
until such Warranty Claim has been finally resolved, it being understood that
the Purchaser or the Seller, as applicable, may update or amend the Warranty
Claim to include facts and circumstances that relate to such claim but are only
later discovered or quantified, but may not assert any new or additional
claims.&#160; No Warranty Claim may be
brought by the Purchaser or the Seller if and to the extent that the matters
giving rise to the Warranty Claim were expressly disclosed in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VII.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Indemnification Procedure</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As a condition to
the indemnity obligations hereunder, the party seeking indemnification shall
notify the other party obligated to provide indemnification (the &#147;<u>Indemnifying
Party</u>&#148;) promptly after it obtains actual knowledge of the claims, events or
circumstances giving rise to its seeking indemnification.&#160; If such event involves any claim or the
commencement of any action or proceeding by a third person, the party seeking
indemnification will give such Indemnifying Party written notice of such claim
or the commencement of such action or proceeding.&#160; Such notice shall be a condition precedent to any liability of
the Indemnifying Party hereunder.&#160; Such
Indemnifying Party shall have a period of thirty (30) days within which to
respond thereto.&#160; If such Indemnifying
Party accepts responsibility or does not respond within such thirty (30) day
period, such Indemnifying Party shall be obligated to defend such claim, action
or proceeding, at its own expense and by counsel chosen by the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-29-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=35,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=922425,FOLIO='-29-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnifying
Party and reasonably satisfactory to the party seeking indemnification.&#160; If such Indemnifying Party does respond
within such thirty (30) day period and rejects its indemnification obligation
for such matter, in whole or in part, or does not respond and does not comply
with its obligations under the preceding sentence, the party seeking
indemnification shall be free to pursue, without prejudice to any of its rights
hereunder, such claims, rights, defenses and remedies as may be available to
such party under applicable law.&#160; If the
Indemnifying Party has assumed its indemnification obligation, (i) the party
seeking indemnification agrees to cooperate fully with the Indemnifying Party
and its counsel in the defense against any such asserted liability and shall
have the right to participate at its own expense in the defense of such
asserted liability and (ii) any compromise of such asserted liability by the
Indemnifying Party shall require the prior written consent of the party seeking
indemnification unless such compromise includes a general release from
liability in favor of the party seeking indemnification with respect to the
matters which are the subject of such compromise; <u>provided</u>, <u>however</u>,
that if the party seeking indemnification unreasonably refuses its consent to a
bona fide offer of settlement which the Indemnifying Party wishes to accept,
the party seeking indemnification may continue to pursue such matter, free of
any participation by the Indemnifying Party, at the sole expense of the party
seeking indemnification.&#160; In such event,
the obligation of the Indemnifying Party to the party seeking indemnification
shall be equal to the lesser of (i) the amount of the offer of settlement which
the party seeking indemnification refused to accept plus the costs and expenses
of such party prior to and including the date the Indemnifying Party notifies
the party seeking indemnifica&#173;tion of the offer of settlement and (ii) the
actual out-of-pocket amount the party seeking indemnification is obligated to
pay as a result of such party&#146;s continuing to pursue such matter.&#160; An Indemnifying Party shall be entitled to
recover from the party seeking indemnification any additional expenses incurred
by such Indemnifying Party as a result of the decision of the party seeking
indemnification to pursue such matter.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event of a
claim, action or proceeding against the Company which gives rise to any claim
hereunder, if the Indemnifying Party has no right to defend the Company against
such claim, action or proceeding, then the Indemnifying Party and Indemnified
Party shall cooperate in good faith to mitigate any damages resulting from such
claim, action or proceeding against the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VII.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Sole Remedy</u>.</font><font size="2" style="font-size:10.0pt;">&#160; The rights provided in this Agreement shall be the sole and
exclusive remedy for any breach of or any inaccuracy in any of the
representations and warranties of the Seller or the Purchaser contained in this
Agreement, the Schedules or any other certificate or document delivered
pursuant to this Agree&#173;ment or otherwise relating hereto or in respect hereof,
and the Purchaser shall not </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-30-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=36,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=590653,FOLIO='-30-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">assert any claim relating hereto or based hereon except by exercising
its rights under this Agreement other than claims for fraud or willful
misconduct and for the right to seek specific performance, injunctive relief or
other equitable remedies.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VII.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Indemnification as
Adjustment to Interest Purchase Price</u></font><font size="2" style="font-size:10.0pt;">.&#160; Any indemnification payment made pursuant to this Agreement shall
be treated as an adjustment to the Interest Purchase Price.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VII.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Limitation of Liability</u></font><font size="2" style="font-size:10.0pt;">.&#160; Notwithstanding anything to the contrary or inconsistent in this
Agreement or in any of the agreements, certificates or affidavits delivered by
Seller pursuant to this Agreement, (i) Seller shall have no liability for any
losses, claims, costs or expenses suffered or incurred by Purchaser as a result
of the inaccuracy of any of the representations or warranties of Seller set
forth in Article&nbsp;V hereof and/or under any of the schedules to this
Agreement or any agreements, certificates or affidavits delivered by Seller
pursuant to this Agreement (including the Manager&#146;s Certificate) or for the
breach of any covenant contained herein or in any such agreements, certificates
or affidavits whether delivered on or prior to Closing, if (x) the same in the
aggregate, shall have a monetary value (or be in a monetary amount claimed) of
less than Twenty Five Thousand Dollars ($25,000) (the &#147;<u>Liability Floor</u>&#148;)
or (y) Purchaser or any Affiliate shall have had actual knowledge (it being
agreed that the actual knowledge of Purchaser for purposes of this clause (y)
shall be limited to the actual knowledge of Marc Holliday and Andrew Levine
(and not any implied, imputed or constructive knowledge of such individuals),
without any independent investigation having been made or any implied duty to
investigate) of the matter constituting or giving rise to such inaccuracy of
any such representation or warranty by Seller, and (ii) the aggregate liability
of Seller arising pursuant to or in connection with the inaccuracy of any of
the representations or warranties of Seller set forth in Article&nbsp;V hereof
and/or under any of the schedules to this Agreement or any agreements,
certificates or affidavits delivered by Seller pursuant to this Agreement
(including the Manager&#146;s Certificate) or for the breach of any covenant
contained herein or in any such agreements, certificates or affidavits whether
delivered on or prior to Closing, shall not exceed Ten Million Dollars
($10,000,000) (the &#147;<u>Liability Cap</u>&#148;), in addition to any reasonable
attorneys&#146; fees and expenses payable by Seller to Purchaser in connection with
any legal action to recover on any such damage claim, provided that Purchaser
is the prevailing party in any such action; <u>provided</u>, <u>however</u>,
that if any claim for indemnification is based upon, attributable to or results
from a breach of the&#160; representations
and warranties set forth in Section 5.10(a), Section 5.10(c), Section 5.11
(with respect to the Shares only) or Section 5.13, or any covenant of Seller
contained in Section 4.4, Section 14.17, Section 14.18, Section 14.19 or
Article XI of this Agreement, neither the Liability Cap nor the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-31-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=37,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=708911,FOLIO='-31-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liability Floor shall be applicable.&#160;
It is expressly understood by the parties hereto that, except as
otherwise set forth in this Agreement, Seller makes no representations,
pursuant to this Agreement or otherwise, and the Seller shall not have any liability
with respect to (i) the valuation of the Company Interests, or (ii) any and all
projections or estimates in connection with the income or expenses of such
Company Interests or Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VII.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Survival</u></font><font size="2" style="font-size:10.0pt;">.&#160; The provisions of this <u>Article VII</u> shall survive the
Closing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
VIII</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">INTERIM
COVENANTS</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VIII.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Seller&#146;s Covenants</u></font><font size="2" style="font-size:10.0pt;">.&#160; Except as expressly provided in this Agreement and except as may
be consented to in writing by Purchaser (such consent not to be unreasonably
withheld or delayed), Seller shall, and shall cause its representatives on the
Com&#173;pany&#146;s board of directors (including voting accordingly at meetings of the
board of directors) to, after the date hereof and prior to the Closing Date:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Use its reasonable
efforts to cause the business of the Company to be conducted substantially in
the same manner as heretofore conducted and only in the ordinary course.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not approve of,
consent to, join in or otherwise act to permit the Company, Holdings or any of
the Subsidiaries, other than as contemplated herein to (i) amend its
certificate of incorporation or by-laws or similar organizational documents,
(ii) issue, sell, transfer, pledge, dispose of or encumber any shares of any
class or series of its capital stock, or securities convertible into or
exchangeable or exercisable for, or options, warrants, calls, commitments or
rights of any kind to acquire, any shares of any class or series of its capital
stock, (iii) split, combine or reclassify any shares of any class or series of
its stock, or (iv) declare, make or pay any dividend or other distribution,
whether in cash, securities or other property, (v) redeem, purchase or
otherwise acquire directly or indirectly any shares of any class or series of
its capital stock, or any instrument or security which consists of or includes
a right to acquire such shares, (vi) sell, ground lease, assign, transfer,
convey or otherwise dispose of all or any portion of the Property, (vii) fail
to use its commercially reasonable efforts to renew any agreement or contract,
or default in any respect under any contract or agreement that is </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-32-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=38,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=645692,FOLIO='-32-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">material
to the Company or any of the Subsidiaries, (viii) engage in any transactions
with any of its affiliates, (ix) make any changes in its or their accounting
methods which would be required to be disclosed under GAAP, or (x) file any voluntary,
or consent to the filing of any involuntary, petition for relief under title 11
of the United States Code or any successor statute or under any reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation law.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Use its reasonable
efforts (only to the extent that the Seller has any rights with respect to any
of such activities or matters) to cause the Company to not&#160; (i) incur or assume any debt, (ii) modify
the terms of any indebtedness or other liability, and (iii) assume or guarantee
the obligations of any other Person.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not approve of or
consent to any matter over which Seller or its representatives on the Com&#173;pany&#146;s
board of directors shall have the right of approval or consent pursuant to the
terms of the Basic Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not approve of,
consent to, join in or otherwise act to permit the Company to adopt a plan of
complete or partial liquidation, dissolution, merger, consolidation,
restructuring, recapitalization or other reorganization of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Confer with Purchaser
concerning operational matters of a material nature and otherwise periodically
report to Purchaser concerning the status of the business, operations, and
finances of the Com&#173;pany and each of the Subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not approve of,
consent to, join in or otherwise act to permit the Company to enter into any
agreement, contract, commitment or arrangement to do any of the foregoing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not to pursue,
market, solicit or negotiate for the sale, assignment, pledge, hypothecation or
other encumbrance of the Com&#173;pany Interests to any Person other than Purchaser.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Use its diligent
efforts to take such action as may be required under the Com&#173;pany&#146;s
organizational and other governing documents and the Law to cause the board of
directors of the Com&#173;pany to call a special meeting after the Closing for the
purpose of electing nominees of the Purchaser to be elected to the board of
directors at Closing.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-33-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=39,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=883437,FOLIO='-33-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Use its reasonable
efforts (only to the extent that the Seller has any rights with respect to any
such activities or matters) to cause the Company to not terminate or replace
any employees or consultants of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Use its reasonable
efforts (only to the extent that the Seller has any rights with respect to any
such activities or matters) to cause the Company to not file any litigation,
arbitration demand or initiate any other formal legal proceeding.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Use its reasonable
efforts (only to the extent that the Seller has any rights with respect to any
such activities or matters) to cause the Company to not take any action that
could reasonably be expected to result in any material adverse change in the
operations or financial situation of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not approve of,
consent to, join in or otherwise act to permit the Company, Holdings or any of
the Subsidiaries to, merge or consolidate with any other entity.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not file and
voluntary, or consent to the filing of any involuntary, petition for relief
under Title 11 of the United States Code or any successor statute or under any
reorganization, arrangement, insolvency, readjustment of debt, dissolution or
liquidation law.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Remove, or cause to
be removed, any Lien other than Interest Permitted Encumbrances which affect
the Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
VIII.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Access and Investigation</font></u><font size="2" style="font-size:10.0pt;">.&#160; Seller shall, and shall use diligent efforts
to cause the Company to (i) provide access to Purchaser and its representatives
and prospective lenders and their representatives (collectively, &#147;<u>Purchaser&#146;s
Advisors</u>&#148;) full and free access to the Com&#173;pany&#146;s and the Subsidiaries&#146;
properties, contracts, books and records, and other documents and data, and
(ii) furnish Purchaser and Purchaser&#146;s Advisors with copies of all such
contracts, books and records, financial reports, rent rolls and other existing
financing, operating and other documents and data regarding the Com&#173;pany and
the Subsidiaries as Purchaser may reasonably request (in each case, to the
extent in Seller&#146;s possession or can reasonably be obtained by Seller).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
IX</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-34-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=40,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=123693,FOLIO='-34-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CLOSING
CONDITIONS</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
IX.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Conditions to Obligations
of Seller</u></font><font size="2" style="font-size:10.0pt;">.&#160; The obligations of Seller under this Agreement to sell the
Company Interests and consummate the other transactions contemplated hereby
shall be subject to the satisfaction of the following conditions on or before
the Closing Date, except to the extent that any of such conditions may be
waived by Seller in writing at Closing in the Seller&#146;s sole and absolute
discretion.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(21)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations,
Warranties and Covenants of Purchaser</u>.&#160;
All representations and warranties of Purchaser contained in Article VI
of this Agreement shall be true and correct in all material respects as of the
Closing Date, with the same force and effect as if such representations and
warranties were made and all of such facts were true as of the Closing Date,
and Purchaser shall have performed and complied in all material respects with
all material covenants and agreements required by this Agreement to be
performed or complied with by Purchaser on or prior to the Closing Date.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(22)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Orders</u>.&#160; No order, writ, injunction or decree
(collectively, &#147;<u>Order</u>&#148;) shall have been entered and be in effect by any
court of competent jurisdiction or any authority, and no requirement shall have
been promulgated or enacted and be in effect, that restrains, enjoins or
invalidates the transactions contemplated hereby; provided that if any of the
foregoing shall be in effect as a direct or indirect result of Seller&#146;s acts or
omissions taken or omitted by Seller with the intention of preventing or
delaying the Closing, the failure of Seller to close by reason of any of the
foregoing shall constitute a default by Seller hereunder, entitling Purchaser
to all rights and remedies of Purchaser provided under Section 12.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(23)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Waiver of Right of
First Refusal</u>. RGI shall have waived in writing its right of first refusal
pursuant to the Basic Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(24)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Closing Deliveries</u>.&#160; Purchaser shall have delivered the documents
and instruments required to be delivered by Purchaser pursuant to Section 10.2
of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
IX.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Conditions to Obligations
of Purchaser</u></font><font size="2" style="font-size:10.0pt;">.&#160; The obligations of Purchaser under this Agreement to purchase the
Company Interests and consummate the other transactions contemplated hereby
shall be subject to the satisfaction of the following conditions on or before
the Closing Date, except to the extent that any of such </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-35-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=41,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=269679,FOLIO='-35-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">conditions may be waived by Purchaser in writing at Closing in the
Purchaser&#146;s sole and absolute discretion.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations,
Warranties and Covenants of Seller</u>.&#160;
All representations and warranties of Seller contained in Article V of
this Agreement and all of the facts set forth therein shall be true and correct
in all material respects as of the Closing Date, with the same force and effect
as if such representations and warranties were made and all of such facts were
true as of the Closing Date, and Seller shall have performed and complied in
all material respects with all material covenants and agreements required by
this Agreement to be performed or complied with by Seller and Seller shall not
have breached any covenant or agreement set forth herein and the Company shall
have taken no action that is the subject of any negative covenant of Seller
under this Agreement on or prior to the Closing Date.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(26)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ownership of
Property</u>.&#160; On the Closing Date,
Holdings and each of the Subsidiaries shall own the Property free and clear of
all Liens except for Permitted Encumbrances and the Company shall own Holdings
free and clear of all Liens.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(27)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Closing Deliveries</u>.&#160; Seller shall have delivered the documents
and instruments required to be delivered by Seller pursuant to Section 10.1 of
this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(28)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>REIT Condition</u>.&#160; The REIT Condition shall have been satisfied
or waived by Purchaser.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(29)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Orders</u>.&#160; No Order shall have been entered and be in
effect by any court of competent jurisdiction or any authority, and no
requirement shall have been promulgated or enacted and be in effect, that
restrains, enjoins or invalidates the transactions contemplated hereby;
provided that if any of the foregoing shall be in effect as a direct or
indirect result of Purchaser&#146;s acts or omissions taken or omitted by Purchaser
with the intention of preventing the Closing, the failure of Purchaser to close
by reason any of the foregoing shall constitute a default by Purchaser
hereunder, entitling Seller to all rights and remedies of Seller provided under
Section 12.1 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(30)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Consents</u>.&#160; The Seller shall have obtained the authoriza&#173;tions,
consents and approvals of all Government Authorities and all third parties
identified in <u>Schedule 9.2(f)</u> hereto in connection with the consummation
of the sale of the Property by Seller.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-36-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=42,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=813632,FOLIO='-36-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(31)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Liens</u>.&#160; There shall be no Liens encumbering the
Property other than Permitted Encumbrances.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(32)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Title Insurance</u>.&#160; A title insurance company licensed in New
York and reasonably acceptable to Purchaser shall be prepared to insure
Purchaser, at regular rates, that the Company is vested with fee simple title
to the Property, subject only to the Permitted Encumbrances.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Leases in Effect</u>.&#160; The McGraw-Hill Lease and leases representing
at least 80% of the remaining occupied square footage of the Property shall be
in full force and effect.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(34)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Waiver of Right of
First Refusal</u>. RGI shall have waived in writing its right of first refusal
pursuant to the Basic Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(35)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transactions with
RGI</u>.&#160; RGI shall have executed and
delivered to Purchaser (i) a Shareholder&#146;s Consent adopting the restated and
amended certificate of incorporation of the Company in the form attached hereto
as <u>Exhibit J</u> and the amended bylaws of the Company in the form attached
hereto as <u>Exhibit K</u>, (ii) a Shareholders&#146; Agreement in the form attached
hereto as <u>Exhibit L</u>,</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(36)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transactions with
RGI and the Company</u>.&#160; RGI (or its
affiliate) and the Company shall have executed (i) a First Amendment to
Management Agreement in the form attached hereto as <u>Exhibit M</u> and (ii) a
Third Amendment to Lease in the form attached hereto as <u>Exhibit N</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(37)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other</u>.&#160; Purchaser shall have received (i) a REIT
qualification&#160; opinion from Pillsbury
Winthrop in the form attached hereto as <u>Exhibit O</u>, (ii) resolutions from
RGI authorizing the transactions contemplated by the documents described in
subsections (k) and (l) hereof, and (iii) confirmation by Pillsbury Winthrop
that it has destroyed those documents held by it in escrow pursuant to that
certain Escrow Agreement dated as of December 23, 2003 between Seller, RGI and
Pillsbury Winthrop.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event Seller
shall elect not to close due to the failure </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-37-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=43,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=640024,FOLIO='-37-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
any one or more of the conditions precedent to Seller&#146;s obligation to sell set
forth in Section 9.1 (other than the conditions set forth in subsection (a),
(b) or (c) of Section&nbsp;9.1 which shall constitute a default hereunder by
Purchaser as described in Section 12.1 hereof) which has not been waived by
Seller in writing in Seller&#146;s sole and absolute discretion, Seller shall so
notify Purchaser in writing specifying the unfulfilled conditions, Seller shall
promptly direct the Escrow Agent to return the Deposit and the Interest to
Purchaser and this Agreement shall terminate, and neither party shall have any
further obligation under this Agreement except for those obligations which are
expressly stated to survive.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event
Purchaser shall elect not to close due to the failure of any one or more of the
conditions precedent to Purchaser&#146;s obligation to consummate this transaction
set forth in Section 9.2 which has not been waived by Purchaser in writing in
Purchaser&#146;s sole and absolute discretion, Purchaser shall so notify Seller in
writing specifying the unfulfilled conditions, Seller shall promptly direct the
Escrow Agent to return the Deposit and the Interest to Purchaser and this
Agreement shall terminate, and neither party shall have any further obligation
under this Agreement except for those obligations which are expressly stated to
survive, provided, however, if the failure of any of the conditions precedent
to Purchaser&#146;s obligation to consummate this transaction set forth in Section 9.2
is caused by or is a result of a breach by Seller of any representation,
warranty, covenant, term, provision, agreement or obligation of Seller
hereunder, Purchaser shall have the right to seek the remedies referred to in
Section&nbsp;12.2 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
X</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CLOSING
DELIVERIES</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
X.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Seller&#146;s Deliveries</u></font><font size="2" style="font-size:10.0pt;">.&#160; At the Closing, Seller shall execute and deliver, or cause to be
executed and delivered, the following documents and instruments (&#147;<u>Seller&#146;s
Closing Documents</u>&#148;) to Purchaser:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; one or more certificates representing the Shares, each such
certificate to be duly and validly endorsed in favor of Purchaser or
accompanied by a separate stock power duly and validly executed by Seller for
transfer&#160; to Purchaser;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; resignations of each
director and officer, if any, of the Company appointed by Seller;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-38-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=44,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=529861,FOLIO='-38-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a certificate of
non-foreign status of Seller which complies with the requirements of Section
1445 of the Code;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an estoppel
certificate from the tenant under the McGraw-Hill Lease in the form attached
hereto as <u>Exhibit E-1</u> (the &#147;<u>MGH Estoppel</u>&#148;) and the other Tenant
Estoppels (as hereinafter defined) required pursuant to Section 10.3 hereof
and, if applicable, the Seller Estoppel (as hereinafter defined) pursuant to
Section 10.3 hereof;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; opinion from the
General Counsel&#146;s office of Seller, dated the Closing Date, in a form
reasonably satisfactory to Purchaser;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the certificate of
incorporation of the Com&#173;pany and each of the Subsidiaries and all amendments
thereto, certified by the Secretary of State of the State of New York;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; certificates
evidencing the good standing of each of Seller,&#160; the Company and each of the Subsidiaries under the laws of the
State of New York or the state of its organization;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; copies of the
resolutions and consents adopted by the Seller authorizing the execution and
delivery of this Agreement and the other Closing documents to which Seller is a
party, and the performance by Seller of its obligations hereunder and
thereunder;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a certificate (the &#147;<u>Closing
Certificate</u>&#148;) from Seller (i) indicating that the representations and
warranties of the Seller set forth herein are true and correct in all material
respects on and repeated as of the Closing Date, or, if there have been changes
after the date hereof which are permitted hereunder, describing such changes;
(ii) Seller has performed and complied in all material respects with all
covenants and agreements required by this Agree&#173;ment to be performed or
complied with by Seller on or prior to the Closing Date; and (iii) the
conditions set forth in Section&nbsp;9.2(b) have been satisfied.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; evidence reasonably
satisfactory to Purchaser of the payment of any taxes required to be paid by
Seller pursuant to Section 4.4 and the delivery of all real property transfer
tax forms required to be filed in connection therewith;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-39-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=45,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=531064,FOLIO='-39-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the extent not
previously delivered to Purchaser, copies of all files of Seller with respect
to the Com&#173;pany, Holdings and the Property, including but not limited to, any
leasing and tenant files, financial statements, operating or management
reports, rent rolls, financing documents, books and records and tax returns;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the
provisions of Section 10.3 hereof, all executed tenant estoppels and, if
required, the Seller Estoppel;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a non-imputation
endorsement affidavit in the form attached hereto as <u>Exhibit H</u>; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all other documents
reasonably necessary or appropriate to be executed and delivered by the Seller
to consummate the transaction contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
X.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchaser&#146;s Deliveries</u></font><font size="2" style="font-size:10.0pt;">.&#160; At the Closing, Purchaser shall execute and deliver, or cause to
be executed and delivered, the following documents and instruments (&#147;<u>Purchaser&#146;s
Closing Documents</u>&#148;) to Seller:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; payment of the
Balance of the Purchase Price in accordance with the terms of this Agreement;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; copies of the
resolutions and consents adopted by the Purchaser authorizing the execution and
delivery of this Agreement and the other Closing documents to which Purchaser
is a party, and the performance by Purchaser of its obligations hereunder and
thereunder;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(19)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a Closing Certificate
from Purchaser (i) indicating that the representations and warranties of the
Purchaser set forth herein are true and correct in all material respects on and
repeated as of the Closing Date, or, if there have been changes after the date
hereof which are permitted hereunder, describing such changes; (ii) Purchaser
has performed and complied in all material respects with all covenants and
agreements required by this Agree&#173;ment to be performed or complied with by
Purchaser on or prior to the Closing Date; and (iii) the conditions set forth
in Section&nbsp;9.2(a) have been satisfied; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all other documents
reasonably necessary or appropriate to be executed and delivered by the
Purchaser to consummate the transaction contemplated </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-40-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=46,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=497372,FOLIO='-40-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">hereby.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
X.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Estoppel Certificates</u></font><font size="2" style="font-size:10.0pt;">.&#160; Seller shall request (or cause the Company to request) and use
reasonable efforts to obtain and deliver to Purchaser, when received by Seller,
an estoppel certificate from all tenants at the 1221 Avenue of the Americas
Property substantially in the form of <u>Exhibit E-2</u> dated no more than
thirty (30) days prior to the originally scheduled Closing Date (collectively,
the &#147;<u>Tenant Estoppels</u>&#148;).&#160; Seller
shall deliver to Purchaser at the Closing the MGH Estoppel and the Tenant
Estoppels (in such forms described in the immediately preceding sentence or
substantially in conformance with the requirements of the applicable Lease
relating to estoppel certificates) from tenants occupying eighty percent (80%)
of the occupied square footage of the Property.&#160; Purchaser shall not be obligated to accept a Tenant Estoppel if
the tenant described therein is in default of a lease obligation which default
has not been cured by the expiration of the applicable grace period, if any,
under the applicable Lease or if such Tenant Estoppel reflects any adverse
matter or any statement whose substance indicates that any state of facts
described in a representation or warranty under this Agreement was untrue in
any material respect when made.&#160; If
Seller obtains Tenant Estoppels from tenants occupying no less than seventy
percent (70%) of the occupied space footage of the Property, Seller shall have
satisfied its obligation with regard to delivering any additional Tenant
Estoppels if Seller delivers to Purchaser at the Closing a certificate (the &#147;<u>Seller
Estoppel</u>&#148;) substantially in the form of <u>Exhibit G</u>, covering Leases
that constitute the positive difference (the &#147;<u>Estoppel Shortfall</u>&#148;), if
any, between (x) eighty percent (80%) of the occupied square footage of the
Property and (y) the occupied square footage represented by the Tenant
Estoppels delivered by Seller.&#160; If Seller
does not obtain Tenant Estoppels from tenants occupying at least seventy
percent (70%) of the occupied square footage of the Property, said failure
shall not be a default under this Agreement and Purchaser, as its sole remedy
for such failure, but without waiving any of Purchaser&#146;s other rights or
remedies under this Agreement for reasons other than Seller&#146;s failure to
deliver Tenant Estoppels, shall have the right to either (a) terminate this
Agreement, in which event Escrow Agent shall promptly return the Deposit and
the Interest to Purchaser and this Agreement shall terminate, and neither party
shall have any further obligation under this Agreement except for those
obligations which are expressly stated in this Agreement to survive or (b)
waive the condition in writing and accept the delivery of a Seller Estoppel
covering Leases that constitute the lesser of (x) ten percent (10%) of the
occupied square footage of the Property and (y) the Estoppel Shortfall.&#160; Notwithstanding anything to the contrary contained
in this Section, (i) failure to deliver the MGH Estoppel shall be a default by
Seller under this Agreement and (ii) Purchaser, but not Seller, shall have the
right to waive any condition with regard to Tenant Estoppels or the Seller
Estoppel contained in this Section.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-41-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=47,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=689324,FOLIO='-41-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
XI</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">BROKER</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each
of the parties hereto agree that they have not dealt with any broker, finder or
like agent in connection with this transaction other than CB Richard Ellis Real
Estate Services, Inc., Woody Heller and Carly Borg (collectively, &#147;<u>Broker</u>&#148;).&#160; Seller agrees to pay a commission to the
Broker.&#160; Each of the parties hereto
shall indemnify the other against, and shall hold the other harmless from, any
claims for brokerage commissions made by any broker, finder or like agent
claiming to have dealt with such party other than the Broker, with respect to
Purchaser and including Broker with respect to Seller, and Seller agrees that
such indemnification will not be subject to any of the limitations on liability
set forth in Section&nbsp;7.6 of this Agree&#173;ment.&#160; Seller shall indemnify Purchaser for any claims made against
Purchaser for brokerage commissions by the Broker and Seller agrees that such
indemnification will not be subject to any of the limitations on liability set
forth in Section&nbsp;7.6 of this Agree&#173;ment.&#160;
The provisions of this Article&nbsp;XI shall survive the Closing or the
termination of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XII</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFAULT</font></u></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XII.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchaser Default</u></font><font size="2" style="font-size:10.0pt;">.&#160; If Seller shall perform all of its obligations hereunder in full
compliance with the terms hereof and if all conditions to Purchaser&#146;s
obligation to close have been satisfied, and if Purchaser shall be in default
in the performance of its obligations hereunder (including, without limitation,
its failure or refusal to consummate the transaction contemplated by this
Agreement as required by the terms hereof), or if the failure of any of the
conditions precedent to Seller&#146;s obligation to close under Section&nbsp;9.2 is
caused by or is a result of a breach by Purchaser of any representation,
warranty, covenant, term, provision, agreement or obligation of Purchaser hereunder,
then Seller&#146;s sole remedy shall be to elect to terminate this Agreement and
retain the Deposit (including any Interest thereon), as and for liquidated
damages, it being understood and agreed that Seller&#146;s actual damages in such
circumstances would be extremely difficult, if not impossible, to ascertain,
and, upon such payment, this Agreement shall terminate and neither party hereto
shall have any further rights or obligations hereunder.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-42-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=48,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=1039228,FOLIO='-42-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XII.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Seller Default</u></font><font size="2" style="font-size:10.0pt;">.&#160; If Purchaser shall perform all of its obligations hereunder in
full compliance with the terms hereof and if all conditions to Seller&#146;s
obligation to close have been satisfied (provided Purchaser shall not be
required to tender the Purchase Price to Seller), and if Seller shall be in
default in the perfor&#173;mance of its obligations hereunder, or if the failure of
any of the conditions precedent to Purchaser&#146;s obligation to close under
Section&nbsp;9.2 is caused by or is a result of a breach by Seller of any
representation, warranty, covenant, term, provision, agreement or obligation of
Seller hereunder, then Purchaser&#146;s sole remedy shall be to either (a) file an
action to obtain specific performance of Seller&#146;s obligations hereunder, it
being acknowledged and agreed that the subject matter of this transaction is
unique or (b) terminate this Agree&#173;ment by giving written notice thereof to
Seller and Escrow Agent, in which case, (i) the Deposit, together with all
Interest accrued thereon, shall be returned to Purchaser, and (ii) this Agree&#173;ment
shall terminate and neither party hereto shall have any further rights or
obligations hereunder.&#160; Notwithstanding
anything to the contrary contained in this Section, if Purchaser shall perform
all of its obligations hereunder in full compliance with the terms hereof and
if all conditions to Seller&#146;s obligation to close have been satisfied (provided
Purchaser shall not be required to tender the Purchase Price to Seller), and if
Seller shall be in Willful Default (as hereinafter defined), then Seller shall
reimburse Purchaser for all of Purchaser&#146;s third party costs, fees and expenses
(including, without limitation, attorney&#146;s fees, costs and expenses, inspection
fees, appraisal fees, environmental inspection fees and engineering fees)
incurred in connection with this Agreement and the transactions contemplated
hereunder and all other agreements related to the sale of the Company Interests
to Purchaser up to a maximum of One Million Dollars ($1,000,000).&#160; As used in this Section 12.2, the term
&#147;Willful Default&#148; shall mean Seller&#146;s willful refusal to perform its obligation
to sell, assign and convey to Purchaser the Company Interests in accordance
with terms of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XII.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Personal Liability</u></font><font size="2" style="font-size:10.0pt;">.&#160; In no event shall any general or limited partner, joint venturer,
affiliate, shareholder, member, employee, representative, agent, director or
officer of Seller or Purchaser that is an individual (including officers,
directors and shareholders of any partner thereof) have any personal liability
whatsoever under this Agreement, and neither Seller nor Purchaser shall seek or
be entitled to any personal judgment against any property owned by Seller or
Purchaser other than to the extent of the proceeds actually received from this
transaction.&#160; In the event of any
default by Seller under this Agreement, Purchaser may proceed only against Seller&#146;s
interest in the Company Interests and in any event subject to Section 7.6
hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-43-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=49,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=939541,FOLIO='-43-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ARTICLE
XIII</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CASUALTY
AND CONDEMNATION</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIII.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Condemnation</u></font><font size="2" style="font-size:10.0pt;">.&#160; If, prior to the Closing Date, all or any &#147;Significant Portion&#148;
(as hereinafter defined) of the Property is taken, or rendered unusable for its
current purpose or reasonably inaccessible by&#160;
eminent domain (or is the subject of a pending or contemplated taking
which has not been consummated), Seller shall notify Purchaser of such fact and
Purchaser shall have the option to terminate this Agreement upon notice to
Seller given not later than thirty (30) days after receipt of Seller&#146;s notice.
For purposes of this Section 13.1 and Section 13.2 hereof, a &#147;<u>Significant
Portion</u>&#148;<b><font style="font-weight:bold;">  </font></b>shall mean Thirty
Million Dollars ($30,000,000) or more in the aggregate of the value of the
Property.&#160; If this Agreement is
terminated as aforesaid, Escrow Agent shall promptly return the Deposit and the
Interest to Purchaser and this Agreement shall terminate, and neither party
shall have any further obligation under this Agreement except for those
obligations which are expressly stated in this Agreement to survive.&#160; If Purchaser does not elect to terminate
this Agreement, or if the portion of the Property which is taken or rendered
unusable or reasonably inaccessible by eminent domain (or is the subject of a
pending or contemplated taking which has not been consummated) is not a Significant
Portion of the Property, Purchaser shall accept so much of the Property as
remains after such taking with no abatement of the Purchase Price, and at the
Closing Seller shall assign and turn over to Purchaser, and Purchaser shall be
entitled to receive and keep, all of Seller&#146;s interest in and to all awards for
such taking by eminent domain.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIII.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Casualty</u></font><font size="2" style="font-size:10.0pt;">.&#160; If, prior to the Closing Date, a Significant Portion of the
Property is destroyed by fire or other casualty, or if less than a Significant
Portion of the Property is so destroyed and the applicable insurance carrier
denies coverage under the policy for the full cost of reconstruction, Seller
shall notify Purchaser of such fact and Purchaser shall have the option to
terminate this Agreement upon ten (10) days notice to Seller given not later
than thirty (30) days after receipt of Seller&#146;s notice.&#160; If this Agreement is terminated as
aforesaid, Escrow Agent shall promptly return the Deposit and the Interest to
Purchaser and this Agreement shall terminate, and neither party shall have any
further obligation under this Agreement except for those obligations which are
expressly stated in this Agreement to survive.&#160;
If Purchaser does not elect to terminate this Agreement as provided
above, or if the portion of the Property so damaged or destroyed is not a
Significant Portion of the Property, Purchaser shall accept the Property in its
then &#147;as is&#148; condition with no abatement of the Purchase Price, and at the
Closing Seller shall assign and turn over to Purchaser, and Purchaser shall be
entitled </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-44-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=50,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=563640,FOLIO='-44-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to receive and keep, all of Seller&#146;s interest in and to all casualty
insurance proceeds payable in connection with such casualty (except that the
proceeds of any business interruption or rental value insurance payable to
Seller shall be apportioned as of the Closing Date), and, to the extent the
casualty was to a Significant Portion, Purchaser shall receive a credit against
the Purchase Price at the Closing in the amount of Seller&#146;s pro rata share of
any loss deductible payable by Seller in connection with casualty
coverage.&#160; This Article is an express
agreement to the contrary of <u>Section 5-1311</u> of the New York General
Obligation Law.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE
XIV</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u></font><font size="2" style="font-size:10.0pt;">.&#160; Any and all notices, requests, demands or other communications
hereunder shall be given in writing and by hand delivery with receipt therefor,
by facsimile delivery (with confirmation by hard copy and simultaneously sent
by one of the other means provided in this Section&nbsp;14.1), by
reputable&#160; overnight courier, or by registered
or certified mail, return receipt requested, first class postage prepaid
addressed as follows (or to such new address as any party hereto notify the
other party hereto in accordance with this Section&nbsp;14.1). Any notice
required or permitted to be given hereunder shall be deemed given and effective
upon receipt or refusal thereof by the recipient (and in the case of a
facsimile delivery, upon receipt of such facsimile by the recipient):</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Seller:</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The McGraw-Hill Companies,
  Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1221 Avenue of the
  Americas</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&#160; Frank J. Kaufman</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.: (212) 512-6679</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a copy to:</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The McGraw-Hill Companies,
  Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1221 Avenue of the
  Americas</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&#160; General Counsel</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.: (212) 512-3997</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And with an additional</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">copy to:</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Skadden, Arps, Slate,
  Meagher &amp; Flom LLP</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-45-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=51,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=141549,FOLIO='-45-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Four Times Square</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10036</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&#160; Neil L. Rock, Esq.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.: (212) 735-2000</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Purchaser:</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o SL Green Realty Corp.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">420 Lexington Avenue</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10170</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Marc Holliday and
  Andrew Levine, Esq.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.: (212) 216-1785</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a copy to:</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greenberg Traurig LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200 Park Avenue</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10166</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Stephen L.
  Rabinowitz, Esq.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.: (212) 805-9295</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Escrow Agent:</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Skadden, Arps, Slate,
  Meagher &amp; Flom LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Four Times Square</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York&#160; 10036</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&#160; Neil L. Rock, Esq.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="77%" valign="top" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.: (212) 735-2000</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchaser&#146;s
counsel may give any notices or other communications hereunder on behalf of
Purchaser and Seller&#146;s counsel may give any notices or other communications
hereunder on behalf of Seller.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law; Venue</u></font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(21)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement was
negotiated in the State of New York and was executed and delivered by Seller
and Purchaser in the State of New York, which State the parties agree has a
substantial relationship to the parties and to the underlying transactions
embodied hereby, and in all respects, including, without limiting the
generality of the foregoing, matters of construction, validity, enforcement and
performance, this Agreement and the obligations arising hereunder shall be
governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and performed wholly within such State, without
giving effect to the principles of conflicts of law of such jurisdiction.&#160; To the fullest extent permitted by law, the
parties hereby unconditionally and irrevocably waive and release any claim that
the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-46-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=52,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=438374,FOLIO='-46-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">law
of any other jurisdiction governs this Agreement and this Agreement shall be
governed and construed in accordance with the laws of the State of New York as
aforesaid pursuant to Section 5-1401 of the New York General Obligations Law.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(22)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the maximum extent
permitted by applicable law, any legal suit, action or proceeding against any
of the parties hereto arising out of or relating to this Agreement shall be
instituted in any federal or state court in New York, New York pursuant to
Section 5-1402 of the New York General Obligations Law and each party hereby
irrevocably submits to the exclusive jurisdiction of any such court in any such
suit, action or proceeding.&#160; Each party
hereby agrees to venue in such courts and hereby waives, to the fullest extent
permitted by law, any claim that any such action or proceeding was brought in
an inconvenient forum.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Headings</u></font><font size="2" style="font-size:10.0pt;">.&#160; The captions and headings herein are for convenience and
reference only and in no way define or limit the scope or content of this
Agreement or in any way affect its provisions.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Business Days</u></font><font size="2" style="font-size:10.0pt;">.&#160; If any date herein set forth for the performance of any obligations
of Seller, Purchaser or Escrow Agent or for the delivery of any instrument or
notice as herein provided should be on a Saturday, Sunday or legal holiday, the
compliance with such obligations or delivery shall be deemed acceptable on the
next Business Day following such Saturday, Sunday or legal holiday.&#160; As used herein, the term (i) &#147;<u>legal
holiday</u>&#148; means any state or Federal holiday for which financial
institutions or post offices are generally closed in the State of New York and
(ii) &#147;<u>Business Day</u>&#148; means any weekday of Monday through Friday which is
not a legal holiday.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterpart Copies</u></font><font size="2" style="font-size:10.0pt;">.&#160; This Agreement may be executed in two or more counterpart copies,
all of which counterparts shall have the same force and effect as if all
parties hereto had executed a single copy of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.6&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Binding Effect</u></font><font size="2" style="font-size:10.0pt;">.&#160; This Agreement shall not become a binding obligation upon Seller
or Purchaser unless and until the same has been fully executed by Purchaser and
Seller and a fully executed counterpart has been delivered by Seller to
Purchaser.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.7&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors and Assigns</u></font><font size="2" style="font-size:10.0pt;">.&#160; This Agreement shall be binding upon, and inure to the benefit
of, the parties hereto and their respective successors and permitted assigns.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-47-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=53,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=723172,FOLIO='-47-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.8&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Assignment</u></font><font size="2" style="font-size:10.0pt;">.&#160; This Agreement may not be assigned by Purchaser except to an
entity which directly or indirectly controls, is controlled by, or is under
common control with Purchaser (any such entity, a &#147;<u>Permitted Assignee</u>&#148;)
and any other assignment or attempted assignment by Purchaser shall constitute
a default by Purchaser hereunder and shall be deemed null and void and of no
force or effect.&#160; A copy of any
assignment permitted hereunder, together with an agreement of the assignee
assuming all of the terms and conditions of this Agreement to be performed by
Purchaser, in form reasonably satisfactory to counsel for Seller, shall be
delivered to the attorneys for Seller prior to the Closing, and in any event no
such assignment shall relieve Purchaser from Purchaser&#146;s obligations under this
Agreement nor result in a delay in the Closing. In the event that Purchaser
assigns this Agreement to a Permitted Assignee, all representations and
warranties and covenants and obligations of Purchaser hereunder shall apply
with equal force to such Permitted Assignee.&#160;
For purposes hereof, the term &#147;control&#148; (including, with correlative
meanings, the terms &#147;controlled by&#148; and &#147;under common control with&#148;) means the
ownership, directly or indirectly, of more than fifty percent (50%) of the
interests in an entity, together with the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of
such entity, whether through ownership of voting stock, by contract or
otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.9&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Interpretation</u></font><font size="2" style="font-size:10.0pt;">.&#160; This Agreement shall not be construed more strictly against one
party than against the other merely by virtue of the fact that it may have been
prepared by counsel for one of the parties, it being recognized that both
Seller and Purchaser have contributed substantially and materially to the
preparation of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.10&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u></font><font size="2" style="font-size:10.0pt;">.&#160; This Agreement and the Exhibits and Schedules attached hereto
contain the final and entire agreement between the parties hereto with respect
to the sale and purchase of the Shares and are intended to be an integration of
all prior negotiations and understandings.&#160;
Purchaser, Seller and their respective agents shall not be bound by any
terms, conditions, statements, warranties or representations, oral or written,
not contained herein.&#160; No change or
modifications to this Agreement shall be valid unless the same is in writing
and signed by the parties hereto.&#160; Each
party reserves the right to waive any of the terms or conditions of this
Agreement which are for their respective benefit and to consummate the
transactions contemplated by this Agreement in accordance with the terms and
conditions of this Agreement which have not been so waived.&#160; Any such waiver must be in writing signed by
the party making such waiver.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-48-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=54,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=292492,FOLIO='-48-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.11&#160;&#160;&#160;&#160;&#160; <u>Severability</u></font><font size="2" style="font-size:10.0pt;">.&#160; If any one or more of the provisions hereof shall for any reason
be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision
hereof, and this Agreement shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein, unless and to the
extent that the invalidation of any such term or provision materially alters
the intent of the parties hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.12&#160;&#160;&#160;&#160;&#160; <u>Exhibits</u></font><font size="2" style="font-size:10.0pt;">.&#160; Each of the Exhibits and Schedules attached hereto are
incorporated herein by reference.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.13&#160;&#160;&#160;&#160;&#160; <u>Prevailing Party</u></font><font size="2" style="font-size:10.0pt;">.&#160; Should either party employ an attorney to
enforce any of the provisions hereof (whether before or after Closing, and
including (x) any claims or actions involving amounts held in escrow, if any),
and (y) any claims or actions for a breach of representation, the nonprevailing
party in any final judgment agrees to pay the other party&#146;s reasonable attorneys&#146;
fees and expenses in or out of litigation and, if in litigation, trial,
appellate, bankruptcy or other proceedings, expended or incurred in connection
therewith, as determined by a court of competent jurisdiction.&#160; The provisions of this Section 14.13 shall
survive Closing and/or any termination of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.14&#160;&#160;&#160;&#160;&#160; <u>No Recording</u></font><font size="2" style="font-size:10.0pt;">.&#160; Neither this Agreement nor any memorandum or
short form hereof shall be recorded or filed in any public land or other public
records of any jurisdiction, by either party and any attempt to do so may be
treated by the other party as a breach of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.15&#160;&#160;&#160;&#160;&#160; <u>No Other Parties</u></font><font size="2" style="font-size:10.0pt;">.&#160; This Agreement is not intended, nor shall it be construed, to
confer upon any person or entity, except the parties hereto and their
respective heirs, successors and permitted assigns, any rights or remedies
under or by reason of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.16&#160;&#160;&#160;&#160;&#160; <u>Waiver of Trial by Jury</u></font><font size="2" style="font-size:10.0pt;">.&#160; The respective parties hereto shall and hereby do waive trial by
jury in any action, proceeding or counterclaim brought by either of the parties
hereto against the other on any matters whatsoever arising out of or in any way
connected with this Agreement, or for the enforcement of any remedy under any
statute, emergency or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
XIV.17&#160;&#160;&#160;&#160;&#160; <u>Confidentiality</u></font><font size="2" style="font-size:10.0pt;">.&#160; (a)&#160; Subject to Section
14.17(c), prior&#160; to the Closing, each
party to this Agreement (an &#147;<u>Informed Party</u>&#148;) shall hold, and shall use
its best efforts to cause its partners, officers, directors, employees,
consultants, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-49-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=55,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=935789,FOLIO='-49-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">advisors, agents and representatives (including without limitation, its
attorneys, accountants and financial advisors) (collectively, its &#147;<u>Representatives</u>&#148;)
to hold, in confidence, unless compelled to disclose by regulatory or judicial
process (such Informed Party&#146;s counsel having reasonably advised such Informed
Party that such disclosure is compelled), all documents and information
concerning the Seller, the Company Interests, the Company, the Property,
Purchaser and the transactions contemplated hereby furnished to such party in
connection with the transactions contemplated by this Agreement, except to the
extent that such information can be shown (i) to have been previously known on
a nonconfidential basis by the Informed Party, (ii) is or becomes generally
available to the public other than as a result of and through no fault of the
Informed Party or its Representatives or (iii) to have been later lawfully
acquired by the Informed Party other than in connection with the transactions
contemplated hereby; <u>provided</u> that the Informed Party may disclose such
information to its Representatives, lenders and other investors and prospective
lenders and other investors in connection with the transactions contemplated by
this Agreement so long as same are informed by the Informed Party of the confidential
nature of such information and are directed by the Informed Party to treat such
information confidentially in accordance with the terms of this Agreement.&#160; Notwithstanding anything contained herein to
the contrary, in the event the Informed Party is required by regulatory or
judicial process to disclose any confidential documents or information, the
Informed Party may do so, provided that prior to disclosing same, the Informed
Party shall promptly notify the other party to this Agreement in writing of
such required disclosure and shall reasonably cooperate to limit the required
disclosure.&#160; If this Agreement is
terminated such confidence shall be maintained and the Informed Party shall,
and shall use its best efforts to cause its partners, officers, directors,
employees, consultants, advisors and agents to, destroy or deliver to Purchaser
or Seller, as applicable, upon request, all documents and other materials, and
all copies thereof, obtained by the Informed Party or on its behalf in
connection with this Agreement that are subject to such confidence, with any
such destruction certified by an officer of the Informed Party to Purchaser or
Seller, as applicable, in writing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(23)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the Closing,
Purchaser and Seller agree that no public release or announcement concerning
the transactions contemplated hereby shall be issued by either party and that
Seller shall use its reasonable efforts to cause the Company not to issue any
such public release or announcements, except as such release or announcement
may be required by law, in which case the applicable party shall use reasonable
efforts to accommodate the other party with respect to language or timing of
such release or announcement in advance of such issuance.&#160; Promptly following the Closing, each of
Purchaser and Seller agrees to consult with the other in issuing any </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-50-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=56,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=1025245,FOLIO='-50-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">press
release or otherwise making any announcement with respect to the transactions
contemplated hereby, and shall not issue any such press release or make any
such announcement prior to such consultation and the written consent of the
other party with respect to the form, substance and timing thereof, except as
may be required by law, in which case the applicable party shall use reasonable
efforts to accommodate the other party with respect to language or timing of
such release or announcement in advance of such issuance.&#160; Notwithstanding anything to the contrary
contained in this Section 14.17, Seller recognizes that SL Green Realty Corp.,
who indirectly owns interests in Purchaser, is a public company and,
accordingly, Seller acknowledges and agrees that Purchaser or SL Green Realty
Corp. may disclose in press releases, filings with governmental authorities,
financial statements and/or other communications such information regarding the
transactions contemplated hereby as may be necessary or advisable under
securities laws, including without limitation, the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, and any, rules or
regulations thereunder, GAAP or other accounting rules or procedures or SL
Green Realty Corp.&#146;s prior custom, practice or procedure.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(24)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
anything to the contrary herein, Seller acknowledges and agrees that Purchaser
and its brokers, advisors, consultants, attorneys, representations or agents,
shall have the right at any time to approach, discuss meet with or otherwise
engage in a discussion with RGI or any general or limited partner, joint
venturer, affiliate, shareholder, employee, representative, agent, director or
officer of RGI with respect to the Property, the Company, the Com&#173;pany
Interests, the Basic Documents, the existence or subject matter of this
Agreement or any matter relating to any of the foregoing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the
foregoing, the parties (and each employee, representative, or other agent of
either party) may disclose to any and all persons, without limitation of any
kind, the tax treatment and any facts that may be relevant to the tax structure
of the transaction; <u>provided however</u>, that neither party (nor any
employee, representative or other agent thereof) may disclose any other
information that is not relevant to understanding the tax treatment and tax
structure of the transaction (including the identity of any party and any
information that could lead another to determine the identity of any party) or
any other information to the extent that such disclosure could result in a
violation of any federal or state securities laws.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(26)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The provisions of
Section 14.17(a) and (b) shall survive the earlier termination of this
Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-51-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=57,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=603024,FOLIO='-51-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Further
Assurances</u></font><font size="2" style="font-size:10.0pt;">.&#160; Seller and Purchaser shall, at or after the Closing,
execute, acknowledge and deliver to each other such documents, instruments and
further assurances which Seller or Purchaser may reasonably request in order to
carry out the purpose of this Agree&#173;ment.&#160;
This Section 14.18 shall survive the Closing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Dividends
after Closing</u></font><font size="2" style="font-size:10.0pt;">.&#160; Seller hereby covenants and agrees that in
the event Seller receives any dividend or other payment from the Com&#173;pany
declared after the Closing Date, Seller shall promptly pay such amount to
Purchaser.&#160; This Section&nbsp;14.19
shall survive the Closing.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-52-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=58,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=874685,FOLIO='-52-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, this
Agreement has been duly executed by the parties hereto as of the day and year
first above written.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="44%" style="border-collapse:collapse;margin-left:228.7pt;width:44.6%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SELLER</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="10%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="10%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE MCGRAW-HILL COMPANIES,
  INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="91%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">PURCHASER</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="10%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="10%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GREEN HILL ACQUISITION LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="91%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="24" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="243" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned has executed
this Agreement</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">solely to confirm its
acceptance of the duties</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of Escrow Agent as set forth
in Section 3 hereof:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SKADDEN, ARPS, SLATE,
MEAGHER &amp; FLOM LLP</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="53%" style="border-collapse:collapse;width:53.94%;">
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:92.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:92.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-53-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=59,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=120507,FOLIO='-53-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description of 1221 Avenue of the Americas Property</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALL that certain plot, piece
or parcel of land, situate, lying and being in the Borough of Manhattan,
County, City and State of New York, bounded and described as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BEGINNING at the corner
formed by the intersection of the southerly side of West 49th Street and the westerly
side of Avenue of the Americas;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RUNNING THENCE westerly
along the southerly side of West 49th Street 543 feet to a point on the
southerly side of West 49th Street;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE southerly parallel
with the westerly side of Avenue of the Americas, 100 feet 5 inches;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE easterly parallel
with the southerly side of West 49th Street 3 feet;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE southerly parallel
with the westerly side of Avenue of the Americas and part of the way through a
party wall 100 feet 5 inches to the northerly side of West 48th Street;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE easterly along the
northerly side of West 48th Street 540 feet to its intersection with the
westerly side of Avenue of the Americas;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE northerly along the
westerly side of Avenue of the Americas 200 feet 10 inches to the point or place
of BEGINNING.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-54-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=60,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=1041006,FOLIO='-54-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT B-1</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description of 166 West 48<sup>th</sup> Street Property</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALL that certain plot, piece
or parcel of land, situate, lying and being in the Borough of Manhattan,
County, City and State of New York, bounded and described as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BEGINNING at a point on the
southerly side of 48th Street, distant 120 feet easterly from the southeasterly
corner of Seventh Avenue and 48th Street;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RUNNING THENCE southerly and
partly through the center of a party or division wall between the dwelling
house on the lot hereby conveyed and the one on the lot adjoining the same on
the westerly side thereof and parallel with Seventh Avenue, 100 feet 4 inches
to the center line of the block;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE easterly along said
center line and parallel with 48th Street, 20 feet;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE northerly and
parallel with Seventh Avenue, 100 feet 4 inches to the southerly side of 48th
Street; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE westerly along said
southerly side of 48th Street, 20 feet to the point or place of BEGINNING.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-55-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=61,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=510024,FOLIO='-55-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT B-2</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description of 151 West 48<sup>th</sup> Street Property</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALL that certain plot, piece
or parcel of land, situate, lying and being in the Borough of Manhattan,
County, City and State of New York, bounded and described as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BEGINNING at a point on the
northerly side of 48th Street, distant 240 feet southeast&#173;erly from the
northwesterly corner of said street and Seventh Avenue;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RUNNING THENCE northeasterly
parallel with Seventh Avenue and through the center of a party wall, 89 feet 9
inches;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE southeasterly 10 feet
1 inch to a point, distant 250 feet southeasterly from the easterly side of
Seventh Avenue in a line drawn parallel with said street and distant 88 feet 5
inches northeasterly therefrom;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE northeasterly
parallel with said avenue, 12 feet to the center line of the block;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE southeasterly
parallel with said street, 10 feet;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE southwesterly
parallel with said avenue and through the center of another party wall, 100
feet 5 inches to the northerly line of 48th Street; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THENCE northwesterly along
said northerly line of 48th Street, 20 feet to the point or place of BEGINNING.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-56-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=62,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=182898,FOLIO='-56-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT C</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference Balance Sheet</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Attached]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-57-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=63,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=839579,FOLIO='-57-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT D</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form Deposit Letter of Credit</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="58%" valign="top" style="padding:0in .7pt 0in .7pt;width:58.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit No.
  ____________________</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in .7pt;width:41.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_______________,
  2002</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_______________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_______________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_______________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&#160; __________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By
order and for the account of _______________________, a _______________________
(the &#147;Purchaser&#148;), __________________, a ___________ banking ______________
(&#147;Bank&#148;) hereby opens in favor of _______________________ (&#147;Beneficiary&#148;) in
connection with a certain [Purchase and Sale Agreement] dated as of
____________ ____, 200___ (the &#147;Purchase Agreement&#148;) entered into between
Beneficiary, as seller and Purchaser, as purchaser, Banks&#146;s Irrevocable and
Unconditional Credit No. _______________ for _______________________
($____________) effective on ____________ ____, 200___ and expiring at the
close of business on ____________ ____, 200___.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Funds
under this Credit may be drawn by Beneficiary upon demand by delivering to the
Bank a Demand Draw and Direction (the &#147;Demand Draw and Direction&#148;) dated as of
the date of any such draw signed by Beneficiary, which Demand Draw and
Direction shall be in the form attached hereto as <u>Exhibit A</u> and shall be
delivered to the Bank at the following address or to such other address in New
York City as may from time to time be notified by the Bank to Beneficiary in
writing:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_____________________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_____________________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_____________________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_____________________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-58-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=64,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=315008,FOLIO='-58-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partial
draws under this Letter of Credit are not permitted.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Bank is authorized to accept and shall accept any statement furnished hereunder
as binding and correct without investigation or responsibility for the
accuracy, veracity, conclusory correctness or validity of the dame or any part
thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
the Banks receives a Demand Draw and Direction in conformity with the
provisions of this Credit on any banking day at any time prior to 5:00 p.m. on
[January 31, 2004], the Bank will honor such Demand Draw and Direction by
paying the proceeds thereof pursuant to the provisions of the Demand Draw and
Direction by the close of business on the day after receipt of the Demand Draw
and Direction if received not later than 12:30 p.m. New York City time, or by
the close of business on the second banking day following receipt fo the Demand
Draw and Direction if received after 12:30 p.m. New York City time.&#160; The term &#147;banking day&#148; as used herein shall
mean any day other than a Saturday, Sunday or holiday or a day on which banks
located in New York City are required or authorized to close or a day on which
the New York Stock Exchange is closed.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Credit is, except as expressly stated herein, subject to the provisions of the
Uniform Customs and Practice for Documentary Credits (1993 Revision),
International Chamber of Commerce Publication no. 500, as in effect on the date
hereof.&#160; If this Credit expires during
an interruption in business, as described in Article 17 of said publication
500, the Bank specifically agrees to honor a Demand Draw and Direction
presented in conformity with the provisions of this Credit within thirty (30)
days after the resumption of the Bank&#146;s business.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except
as set forth in the next sentence, the reference in this Credit or in the
Exhibit attached hereto to any other documents or instruments shall in no event
be construed as having the effect of incorporating by reference the provision
of any such other document or instrument in this Credit or in the Exhibit
attached hereto.&#160; This Credit includes
the Exhibit attached hereto which in incorporated in this Credit by reference.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Should
Beneficiary have occasion to communicate with the Bank regarding this Credit,
kindly address such correspondence to ________________, Attention:
__________________, mentioning specifically the Bank&#146;s Credit No.
_____________, or to such other address in New York City as may from time to
time be notified by the Bank to Beneficiary in writing.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-59-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=65,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=851901,FOLIO='-59-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
hereby engage with drawers endorsers and bona fide holders that drafts and or
documentation drawn under and in compliance with the terms of this Credit are
duly honored.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Credit shall not be transferable by Beneficiary without the prior consent of
the Bank.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="39%" style="border-collapse:collapse;margin-left:228.7pt;width:39.36%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours.</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:33.34%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.66%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[BANK]</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="90%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:90.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:90.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Authorized Signature)</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="24" style="border:none;"></td>
  <td width="56" style="border:none;"></td>
  <td width="160" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-60-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=66,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=380385,FOLIO='-60-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit A</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Demand Draw and Direction</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">____________________,
200___</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_____________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_____________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_____________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_____________________</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference
is made to a certain irrevocable and unconditional Letter of Credit (the
&#147;Credit&#148;) No. __________________ dated ____________ ____, 200___, in the amount
of $_________________ issued by __________________ (&#147;Bank&#148;) by order of and for
the account of ___________________ (the &#147;Purchaser&#148;) in favor of
_____________________ in connection with a certain Purchase and Sale Agreement
dated as of ____________ ____, 200___ (the &#147;Purchase Agreement&#148;) entered into
between Beneficiary and the Purchaser.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beneficiary
hereby requests the Bank to honor the demand draw (the &#147;Draw&#148;) under, and in
the full amount of, the Credit, and in connection therewith certifies to the
Bank that Beneficiary has the right to make the Draw under the Credit pursuant
to the provisions of the Purchase Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beneficiary
directs the Bank to remit the proceeds of the draw as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[INSERT
WIRE INFORMATION FOR BENEFICIARY]</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
undersigned representative of Beneficiary certifies to the Bank that he is such
representative and has the full power and authority as such representative to
signed and deliver this Demand Draw and Direction to the Bank on behalf of
Beneficiary.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="41%" style="border-collapse:collapse;margin-left:228.7pt;width:41.98%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.38%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.62%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:90.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.38%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-61-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=67,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=77015,FOLIO='-61-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; EXHIBIT
E-1</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of McGraw-Hill Estoppel</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS
LEASE ESTOPPEL CERTIFICATE (this &#147;<u>Certificate</u>&#148;) is made this ___ day of
______________, 2003, by _____________, a ___________________ (&#147;<u>Tenant</u>&#148;),
to and for the benefit of ______________________ (&#147;<u>Landlord</u>&#148;), and may
be relied upon by Landlord and by any purchaser of an interest in Landlord or
Landlord&#146;s interest in the building (the &#147;<u>Building</u>&#148;) located at 1221
Avenue of the Americas, New York, New York (&#147;<u>Buyer</u>&#148;), together with any
and all lenders to Landlord or Buyer, the rating agencies (in the event of the
securitization of the loan made by the lenders to Landlord or Buyer) and any
and all of the respective immediate and remote successors and/or assigns of any
of the foregoing (all of the foregoing, individually and/or collectively, the &#147;<u>Addressees</u>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITNESSETH</font></u><font size="2" style="font-size:10.0pt;">:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
Landlord has requested that Tenant provide certain certifications with respect
to the Lease (as such term is hereinafter defined) which may be relied upon by
the Addressees;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, as of the date first set forth above, Tenant hereby certifies as
follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant is the tenant under that
certain Agreement of Lease dated as of__________, as amended by those certain
documents listed on the schedule annexed hereto and made a part hereof as
Exhibit &#147;A&#148; (said Agreement of Lease, as so amended, is hereinafter referred to
as the &#147;<u>Lease</u>,&#148; and the premises demised to Tenant thereunder are
collectively hereinafter referred to as the &#147;<u>Premises</u>&#148;).&#160; Terms used in this Certificate and not
otherwise defined herein shall have the respective meanings ascribed thereto in
the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The documents pursuant to which
each portion of the Premises was demised to Tenant, and the term, Annual Basic
Rent, deemed rentable square foot area, deemed building denominator, Tax Base
Year, and the Operating Expense Base Year with respect each such portion of the
Premises, are as set forth on the schedule annexed hereto and made a part
hereof as Exhibit &#147;B&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Lease is in full force and
effect, has not been modified (except as set </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-62-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=68,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=971367,FOLIO='-62-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">forth in Exhibit A), and
represents the entire agreement between Landlord and Tenant with respect to (i)
the Premises and (ii) Tenant&#146;s interest (both real property and personal) in
the Building and the Real Property, except as set forth in the documents listed
on the schedule annexed hereto and made a part hereof as Exhibit &#147;C&#148; (with relate
to certain portions of the Building other than the Premises more particularly
described therein); and no other agreement or representation, oral or written,
has been made regarding the Premises, the Building or the Real Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The dates to which the Fixed Rent,
all additional rent, any other items of Rental have been paid for each portion
of the Premises are as set forth in the schedule annexed hereto and made a part
hereof as Exhibit &#147;D&#148;.&#160; No Fixed Rent,
additional rent, any other items of Rental have been paid more than thirty (30)
days in advance of their respective due dates.&#160;
Tenant&#146;s obligation to pay Fixed Rent under the Lease has commenced with
respect to each portion of the Premises, all free rent periods under the Lease
have expired and Tenant is not entitled to any future rent concessions.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Landlord is not in default of its
obligations under the Lease and no event has occurred which, by the giving of
notice or the passage of time, or both would constitute an event of default by
Landlord under the Lease.&#160; Tenant has no
offsets, defenses, claims, or counterclaims to the payment of rent or other
sums, or the performance of any of Tenant&#146;s other obligations, under the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The term of the Lease has commenced
with respect to, and Tenant has taken possession of, each portion of the
Premises.&#160; All work to be performed by
Landlord under the Lease has been completed in accordance with the Lease and
all contributions, reimbursements, rent concessions, work credits and
allowances due to Tenant under the Lease in connection with any work or
otherwise have been paid in full, and there are no other sums currently owed to
Tenant by Landlord.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant does not have any right to
purchase the Building or any part thereof or any interest therein by right of
refusal, first offer or negotiation, option or otherwise.&#160; Tenant does not have any right to terminate
the Lease, in whole or in part, except to the extent expressly provided for in
Articles _______of the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All rights granted to Tenant to
lease or license space in the Building by right of refusal, first offer or
negotiation, option or otherwise, have either expired or are otherwise no
longer effective except as follows: ___________.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant does not have any right to
renew the Lease or extend the term </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-63-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=69,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=51079,FOLIO='-63-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">thereof, except to the
extent expressly provided for in Article ___ of the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No part of the Premises has been
subleased, nor has the Lease been assigned, except as follows:___________.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The total security on deposit with
Landlord under the Lease, whether in the form of cash or otherwise, is
$__________.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No actions, whether voluntary or
otherwise, are pending against Tenant (or Guarantor) under the bankruptcy laws
of the United States or any state or country and there are no claims or actions
pending against Tenant (and/or Guarantor) which if decided against Tenant
(and/or Guarantor) would materially and adversely affect Tenant&#146;s (and/or
Guarantor&#146;s) financial condition or ability to perform Tenant&#146;s (and/or
Guarantor&#146;s) obligations under, or in respect of, the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This certificate has been duly
authorized, executed and delivered by Tenant.&#160;
The Lease is guaranteed by ___________ and such guaranty is in full
force and effect.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tenant
acknowledges and agrees that this certificate may be relied upon by, and shall
inure to the benefit of the Addressees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN
WITNESS WHEREOF, Tenant has executed this Certificate as of the date above
first written.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="23%" style="border-collapse:collapse;margin-left:216.7pt;width:23.62%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TENANT:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-64-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=70,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=180010,FOLIO='-64-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT E-2</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Tenant Estoppel Certificate</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TENANT ESTOPPEL CERTIFICATE</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Rock-McGraw,
Inc., its current and future shareholders, and their current and future
lenders, together with their respective successors and assigns (collectively,
the &#147;<b><font style="font-weight:bold;">Estoppel Parties</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Property Address:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1221
Avenue of the Americas,</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New
York, New York,</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(the
&#147;<b><font style="font-weight:bold;">Property</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lease
Date:&#160; ___________________</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendments:&#160; ___________________</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Landlord:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Rock-McGraw,
Inc., together with its successors and assigns] (&#147;<b><font style="font-weight:bold;">Landlord</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tenant:&#160; ___________________ (&#147;<b><font style="font-weight:bold;">Tenant</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Square
Footage Leased:___________________</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite
No./Floor: ___________________ (the &#147;<b><font style="font-weight:bold;">Premises</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
undersigned, as the tenant under the above-referenced lease (the &#147;<b><font style="font-weight:bold;">Lease</font></b>&#148;), hereby certifies to the Estoppel
Parties the following:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The lease attached hereto as <u>Exhibit
A</u> is a true, correct, and complete copy of the Lease, is in full force and
effect and has not been modified, supplemented, or amended in any way, and the
Lease represents the entire agreement between the parties as to the Premises,
the Building or any portion thereof</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The amount of fixed monthly rent is
$___________.&#160; The base year for
operating expenses and real estate taxes, as defined in the Lease, is
_______________________.&#160; No such rent
has been paid more than one (1) month in advance of its due date, except as
follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant&#146;s security deposit is
$___________.&#160; Tenant has paid rent for
the Premises up to and including ___________, 2003 and is not in default under
the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant is currently in occupancy of
the Premises.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=71,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=842618,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The commencement date of the Lease
was ________________, the Lease terminates on _________________ and Tenant has
the following renewal/extension option(s):&#160;
________________________________________________. All rights granted to
Tenant to lease or license space in the Building by right of refusal, first
offer or negotiation, option or otherwise, have either expired or are otherwise
no longer effective except as follows: ___________. Tenant has not surrendered,
or sent any notice of surrender with respect to, any portion of the Premises.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All work to be performed by
Landlord under the Lease has been performed as required and has been accepted
by Tenant; and any payments, free rent, or other payments, credits, allowances
or abatements required to be given by Landlord to Tenant has already been
received by Tenant, except as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the best knowledge of Tenant,
Landlord is not in default of its obligations under the Lease and no event has
occurred which, by the giving of notice or the passage of time, or both would
constitute an event of default by Landlord under the Lease.&#160; Tenant has no offsets, defenses, claims, or
counterclaims to the payment of rent or other sums, or the performance of any
of Tenant&#146;s other obligations, under the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant has received no notice from
Landlord of any prior sale, assignment, pledge or other transfer of the Lease
or of the rents received therein.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant has not assigned the Lease
or sublet all or any portion of the Premises except
________________________.&#160; Tenant does
not hold the Premises under assignment or sublease, nor does anyone except
Tenant and its employees occupy the Premises, except:______________________.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant has no right or option to
terminate the Lease or purchase all or any part of the Premises or the building
of which the Premises is a part or to occupy any additional space at the
Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No actions, whether voluntary or otherwise,
are pending against Tenant under the bankruptcy laws of the United States or
any state and there are no claims or actions pending against Tenant which if
decided against Tenant would materially and adversely affect Tenant&#146;s financial
condition or Tenant&#146;s ability to perform its obligations under the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The statements contained herein may
be relied upon by the Estoppel Parties.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-2-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=72,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=920726,FOLIO='-2-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned is duly authorized to
execute this certificate.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated
this ___________ day of December, 2003.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="34%" style="border-collapse:collapse;margin-left:228.7pt;width:34.1%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TENANT</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.54%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="88%" valign="top" style="padding:0in .7pt 0in .7pt;width:88.46%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="88%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:88.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="88%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:88.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="88%" valign="top" style="padding:0in .7pt 0in .7pt;width:88.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-3-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=73,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=809119,FOLIO='-3-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT F</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Manager&#146;s Certificate</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
undersigned Rockefeller Group Development Corporation (the &#147;<u>Property Manager</u>&#148;),
in its capacity as property manager of 1221 Avenue of the Americas, New York,
New York (the &#147;<u>Property</u>&#148;), hereby certifies to The McGraw Hill Companies
Inc. (&#147;<u>MGH</u>&#148;) that, as of December __, 2003, and to its knowledge:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are no leases, licenses or
other occupancy agreements, or any modifications, amendments or supplements
thereof, affecting any portion of the Property on the date hereof and that are
binding on Rock-McGraw Inc. (the &#147;<u>Com&#173;pany</u>&#148;), except for the leases, and
any modifications, amendments or supplements thereof, described in the schedule
of leases annexed as <b><font style="font-weight:bold;">Schedule 1</font></b>
hereto (such schedule, the &#147;<u>Lease Schedule</u>&#148;, and the leases, and any
modifications, amendments or supplements thereof described on such schedule,
collectively, the &#147;<u>Leases</u><b><font style="font-weight:bold;">&#148;</font></b>);</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as set forth on <b><font style="font-weight:bold;">Schedule 2</font></b> attached hereto, the Company has
no obligations for tenant allowances or contributions towards tenant
improvements, including but not limited to concessions, payments and expenses
required under the express provisions of a Lease to be paid or incurred by the
landlord thereunder, the costs and expenses, or reimbursements, to prepare the
space thereunder for the initial occupancy of the tenant, lease buyout costs
and moving allowances in connection with the foregoing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i) The Leases set forth the entire
agreements between the Company and the tenants thereunder (collectively, &#147;<u>Tenants</u>&#148;)
for the use and occupancy of their respective demised premises; (ii) no Tenant
is in arrears in the payment of rent for more than the current calendar month,
except as set forth in the tenant arrearages schedule annexed as <b><font style="font-weight:bold;">Schedule 3</font></b> hereto; (iii) no notices of
default with respect to the Leases have been sent or received, which have not
been cured, and there are no disputes with any Tenant in connection with the
tax, operating expense or other escalations or amounts due under the Leases;
and (iv) no Tenant is entitled to &#147;free&#148; rent, rent concessions, rebates, rent
abatements, set-offs or offsets against rent except as set forth in <b><font style="font-weight:bold;">Schedule 3A </font></b>annexed hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Schedule 4</font></b> hereto is a true and complete
copy of the rent roll of the Property as of December __, 2003.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=74,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=203755,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless otherwise indicated on the
Lease Schedule, the Company has received no written notice from any Tenants
claiming any extension, renewal, expansion, or termination options other than
as set forth in their Leases.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise set forth in the
schedule of security deposits annexed as <b><font style="font-weight:bold;">Schedule
5</font></b> hereto, there are no Tenant security deposits being held by the
Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Leases furnished or made
available to MGH are true and complete copies thereof.&#160; To the knowledge of the Company, there are
no subtenants of any Tenant except as set forth in <b><font style="font-weight:bold;">Schedule 6</font></b>.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company has not entered into any
employment contracts relating to the Property, except that the Company is a
party to or is otherwise bound by the collective bargaining agreements between
the Realty Advisory Board on Labor Relations, Inc. and the following labor
unions:&#160; (i) Local 32B-32J of the
Service Employees International Union, AFL-CIO, covering all of the employees
of the Company employed at the Property below the level of Chief Engineer; (ii)
Local Union Nos. 94, 94A, and 94B of the International Union of Operating
Engineers, covering the employees employed by the Company at the Property as
Chief Engineer, (iii) Local Union 157 covering all locksmiths employed by the
Company at the Property, and (iv) Local Union 638 covering all steamfitters and
plumbers employed by the Company at the Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We have delivered copies to McGraw
Hill of all service contracts, including management, brokerage, and operating
agreements, affecting the Property and currently binding on the Company (the &#147;<u>Contracts</u>&#148;).
The copies of the Contracts furnished or made available to MGH are true and
complete copies of the originals represented thereby.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  Except as set forth in <b><font style="font-weight:bold;">Schedule 7</font></b> annexed hereto, there are no
material suits, actions, litigations, arbitrations, governmental, administrative
or other proceedings presently pending or, to the knowledge of the undersigned,
threatened against the Company or the Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
purposes hereof, the term &#147;to its knowledge&#148; or words of similar import shall
be deemed to mean, and shall be limited to, the actual (as distinguished from
implied, imputed or constructive) knowledge of Manager after, and based solely
upon, making inquiry of the person(s) charged with the management
responsibility for </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-2-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=75,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=598915,FOLIO='-2-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Property, without such
person(s) having any obligation to make an independent inquiry or
investigation.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition, this certificate is given on the express understanding that (and MGH
has induced Manager to deliver this certificate on the express condition and
understanding that) Manager shall not be liable to MGH for any misstatement or
for incompleteness herein or in any of the Schedules attached hereto, and that
MGH shall have no remedy against Manager for any misstatement made by Manager (herein
or in any of the Schedules attached hereto) and/or for the incompleteness of
any of the statements made herein or in any of the Schedules attached hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MGH
hereby acknowledges the statements made in the preceding paragraph, and
confirms that it has had access to Manager&#146;s files and conducted its own due
diligence of the Property, the Leases, the Contracts, and the operation of (and
any matter relating to) the Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" colspan="3" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p></td>
  <td width="51%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:51.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rockefeller Group
  Development</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="3" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p></td>
  <td width="51%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:51.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="3" style="border:none;font-size:12.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p></td>
  <td width="51%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:51.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="3" style="border:none;font-size:12.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p></td>
  <td width="51%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:51.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="3" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p></td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:46.08%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreed and Accepted:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The McGraw Hill Companies
  Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:28.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="67%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:67.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="25" style="border:none;"></td>
  <td width="176" style="border:none;"></td>
  <td width="96" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="281" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-3-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=76,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=100911,FOLIO='-3-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT G</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Seller&#146;s Estoppel</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Rock-McGraw,
Inc., its current and future shareholders, and their current and future
lenders, together with their respective successors and assigns (collectively,
the &#147;<b><font style="font-weight:bold;">Estoppel Parties</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Property Address:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1221
Avenue of the Americas,</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New
York, New York,</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(the
&#147;<b><font style="font-weight:bold;">Property</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lease
Date:&#160; ___________________</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendments:&#160; ___________________</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Landlord:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Rock-McGraw,
Inc., together with its successors and assigns] (&#147;<b><font style="font-weight:bold;">Landlord</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tenant:&#160; ___________________ (&#147;<b><font style="font-weight:bold;">Tenant</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Square
Footage Leased:___________________</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite
No./Floor: ___________________ (the &#147;<b><font style="font-weight:bold;">Premises</font></b>&#148;)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
undersigned, on behalf of the tenant under the above-referenced lease (the &#147;<b><font style="font-weight:bold;">Lease</font></b>&#148;), hereby certifies to its knowledge,
to the Estoppel Parties the following matters:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The lease attached hereto as <u>Exhibit
A</u> is a true, correct, and complete copy of the Lease, is in full force and
effect and has not been modified, supplemented, or amended in any way, and the
Lease represents the entire agreement between the parties as to the Premises,
the Building or any portion thereof</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The amount of fixed monthly rent is
$___________.&#160; The base year for
operating expenses and real estate taxes, as defined in the Lease, is
_______________________.&#160; No such rent
has been paid more than one (1) month in advance of its due date, except as
follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant&#146;s security deposit is
$___________.&#160; Tenant has paid rent for
the Premises up to and including ___________, 2003 and is not in default under
the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant is currently in occupancy of
the Premises.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The commencement date of the Lease
was ________________, the Lease terminates on _________________ and Tenant has
the following renewal/extension </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=77,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=813358,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">option(s):&#160;
________________________________________________. All rights granted to
Tenant to lease or license space in the Building by right of refusal, first
offer or negotiation, option or otherwise, have either expired or are otherwise
no longer effective except as follows: ___________. Tenant has not surrendered,
or sent any notice of surrender with respect to, any portion of the Premises.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All work to be performed by
Landlord under the Lease has been performed as required and has been accepted
by Tenant; and any payments, free rent, or other payments, credits, allowances
or abatements required to be given by Landlord to Tenant has already been
received by Tenant, except as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Landlord is not in default of its
obligations under the Lease and no event has occurred which, by the giving of
notice or the passage of time, or both would constitute an event of default by
Landlord under the Lease.&#160; Tenant has no
offsets, defenses, claims, or counterclaims to the payment of rent or other
sums, or the performance of any of Tenant&#146;s other obligations, under the Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant has received no notice from
Landlord of any prior sale, assignment, pledge or other transfer of the Lease
or of the rents received therein.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant has not assigned the Lease
or sublet all or any portion of the Premises except
________________________.&#160; Tenant does
not hold the Premises under assignment or sublease, nor does anyone except
Tenant and its employees occupy the Premises, except:______________________.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tenant has no right or option to
terminate the Lease or purchase all or any part of the Premises or the building
of which the Premises is a part or to occupy any additional space at the
Property.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No actions, whether voluntary or
otherwise, are pending against Tenant under the bankruptcy laws of the United
States or any state and there are no claims or actions pending against Tenant
which if decided against Tenant would materially and adversely affect Tenant&#146;s
financial condition or Tenant&#146;s ability to perform its obligations under the
Lease.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The statements contained herein may
be relied upon by the Estoppel Parties.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned is duly authorized to
execute this certificate.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-2-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=78,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=424172,FOLIO='-2-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;width:85.42%;">
 <tr>
  <td width="63%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:63.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated this ___________ day
  of December, 2003.</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="63%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:63.14%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="58%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p></td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="58%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p></td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.6%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p></td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.6%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="36%" valign="top" style="padding:0in .7pt 0in .7pt;width:36.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="305" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="192" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-3-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=79,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=350356,FOLIO='-3-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT H</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Non-Imputation Affidavit</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State of New York</font></p>
  </td>
  <td width="80%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:80.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">}</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">} ss:</font></p>
  </td>
  <td width="70%" valign="top" style="padding:0in .7pt 0in .7pt;width:70.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December
  ___, 2003</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">County of New York</font></p>
  </td>
  <td width="80%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:80.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">}</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
The McGraw-Hill Companies, Inc. (&#147;Seller&#148;) and Rockefeller Group International
Inc. (&#147;RGI&#148;) are the owners of the shares of Rock-McGraw, Inc. (&#147;RMI&#148;), the
sole equity member of 1221 Avenue Holdings LLC, a Delaware limited liability
company (&#147;Holdings&#148;), the owner of the premises known as 1221 Avenue of the
Americas, New York, New York (the &#147;Premises&#148;), which is described in the
Certificate and Report of Title No. ________ issued by Lawyers Title Insurance
Company (the &#147;Company&#148;);</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
Green Hill Acquisition, LLC (&#147;Purchaser&#148;) has requested that the Company
include a non-imputation endorsement as part of the owner&#146;s policy so that the
Company will not deny liability by virtue of the imputation of knowledge of the
Seller, RGI or RMI by operation of law to Purchaser;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW
THEREFORE, to induce the Company to issue the non-imputation endorsement,
Seller states that to Seller&#146;s current actual knowledge, without any
independent investigation having been made, or any implied duty to investigate,
the matters set forth in Exhibit A attached hereto and made a part hereof are
true, correct and complete in all material respects.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=80,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=202777,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seller will hold the Company
harmless from loss, claim or damage (other than consequential, indirect or
punitive damages) it sustains because of any statement made herein being false,
perjurious or fraudulent; <u>provided</u>, <u>however</u>, that this affidavit
is delivered on and subject to the condition that in no event shall Seller&#146;s
liability hereunder, when taken together with any claims by Purchaser under the
Agreement of Sale dated December ___, 2003 between Seller and Purchaser, exceed
Ten Million Dollars ($10,000,000).</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="44%" style="border-collapse:collapse;margin-left:228.7pt;width:44.6%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE MCGRAW-HILL COMPANIES, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="91%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-2-</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=81,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=101099,FOLIO='-2-',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A TO AFFIDAVIT</font></u></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Attach Manager&#146;s Certificate]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=82,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=950040,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT I</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-Closing Balance Sheet</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Attached]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=83,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=295516,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT J</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Restated Certificate of Incorporation</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=84,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=273612,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT K</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Amended Bylaws</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=85,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=1006168,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT L</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Shareholders&#146; Agreement</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=86,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=215617,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT M</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of First Amendment to Management Agreement</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=87,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=513335,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT N</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Third Amendment to RGI Lease</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=88,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=101827,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT O</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of REIT Qualification Opinion</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=89,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=569565,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 3.3(j)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Permitted Investments</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Money Market Account</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=90,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=31109,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 4.1(a)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Permitted Encumbrances</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Amended and
Restated Certificate of Incorporation of the Company dated as of May 14, 1969
and filed with the New York Secretary of State on May 19, 1969.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">By-Laws of the
Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Basic Agreement
dated as of May 1, 1969 between Seller and RGI.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=91,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=934599,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SCHEDULE
5.6</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Basic Company
Agreements</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Amended and
Restated Certificate of Incorporation of the Company dated as of May 14, 1969
and filed with the New York Secretary of State on May 19, 1969.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">By-Laws of the
Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Basic Agreement
dated as of May 1, 1969 between Seller and Rockefeller Center, Inc.
(predecessor in interest to RGI).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Agreement dated August 15, 1996 between Seller and RGI.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Management
Agreement dated December 1, 1982 between the Company and RGI.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All documents
entered into by the Company and/or Holdings in connection with the&#160; E&amp;P Distribution Borrowing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Defaults Under
Basic Company Agreements</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=92,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=42230,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SCHEDULE
5.14</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Environmental Matters</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There may be asbestos
containing materials located in the building which, to Seller&#146;s knowledge, are
not friable and which, to Seller&#146;s knowledge, may be managed in place under
existing Environmental Laws.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=93,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=766428,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SCHEDULE
9.2(b)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Permitted Encumbrances</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any state of facts
shown on a survey of the Property provided such state of facts do not render
title to the Property unmarketable;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All laws,
ordinances, rules and regulations of any&#160;
governmental authority, as the same now exist or may be hereafter
modified, supplemented or promulgated provided none of the foregoing are
violated by the use or condition of the Property;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Right, lack of
right or restricted right of any owner of the Property to construct and/or
maintain (and the right of any governmental authority to require the removal
of) any vault or vaulted area, in or under the streets, sidewalks or other
areas abutting the Property, and any applicable licensing statute, ordinance
and regulation, the terms of any license pertaining thereto and the lien of
vault taxes not yet due and payable;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All presently
existing and future liens of real estate taxes or assessments and water rates,
water meter charges, water frontage charges and sewer taxes, rents and charges,
if any;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All violations
of laws, ordinances, orders, requirements or regulations of any governmental
authority, applicable to the Property whether or not noted in the records of or
issued by, any governmental authority, existing on the Closing Date other than
violations which Seller, as tenant under the McGraw-Hill Lease is obligated to
cure;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Minor
variations between the tax lot lines and the description of the Property set
forth on <u>Exhibit A-1</u>, <u>A-2</u> and <u>A-3</u> attached hereto and made
a part hereof;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All matters
identified in Schedule B-2 to Title Commitment Number LT030355 issued by
Lawyers Title Insurance Corporation and dated December ___, 2003 (1221 Avenue
of the Americas Property).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All matters
identified in Schedule B-2 to Title Commitment Number LT030378 issued by
Lawyers Title Insurance Corporation and dated December 23, 2003 (151 West 48<sup>th</sup>
Street Property).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=94,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=567847,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All matters
identified in Schedule B-2 to Title Commitment Number LT030377 issued by
Lawyers Title Insurance Corporation and dated December 23, 2003 (166 West 48<sup>th</sup>
Street Property).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=95,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=686334,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 9.2(f)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Required Consents</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=96,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2",CHK=454305,FOLIO='',FILE="DISK015:[04NYC5.04NYC1175.EDGAR]EX10-1_1175.CHC",USER="ARUSS",CD='Jan  8 18:22 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

</div>

<BR>
<!-- SEQ=,FILE='QUICKLINK',USER=ARUSS,SEQ=,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>a2126204zex-23_1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04NYC1175_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;23.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cs1175_consent_of_independent_auditors"> </A>
<A NAME="toc_cs1175_1"> </A>
<BR></FONT><FONT SIZE=2><B>Consent of Independent Auditors    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the incorporation by reference in the Registration Statements (Form&nbsp;S-3 for the registration of (i)&nbsp;$400,000,000 of its
common and preferred stock, No.&nbsp;333-68493; (ii)&nbsp;2,383,284 shares of its common stock, No.&nbsp;333-70111 and (iii)&nbsp;1,173,232 shares of its common stock,
No.&nbsp;333-30394 and Form&nbsp;S-8 pertaining to the Amended 1997 Stock Option and Incentive Plan) of SL Green Realty Corp. and in the related Prospectus of our report
dated February&nbsp;4, 2003, except for Note&nbsp;1, as to which the date is December&nbsp;29, 2003, with respect to the statement of revenues and certain expenses of
Rock-McGraw&nbsp;Inc. for the year ended December&nbsp;31, 2002, included in its Current Report on Form&nbsp;8-K dated January&nbsp;6, 2004, filed with the Securities
and Exchange Commission. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>Ernst&nbsp;&amp; Young LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>New
York, New York<BR>
January&nbsp;5, 2004 </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="3",CHK=199242,FOLIO='blank',FILE='DISK015:[04NYC5.04NYC1175]CS1175A.;6',USER='NDEWIND',CD=';8-JAN-2004;20:04' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04NYC1175_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cs1175_1">Consent of Independent Auditors</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=ARUSS,SEQ=,EFW="2126204",CP="SL GREEN REALTY CORP.",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SUBMISSION>
