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Plans to revitalize Aqueduct racetrack

"We are proud to announce an agreement with Hard Rock Aqueduct that permits two leaders in their respective industries to work together to create live entertainment, hospitality and retail offerings that will complement the core horseracing and gaming enterprise at Aqueduct," said Marc Holliday, CEO of SL Green Realty Corp.

"Aqueduct has always been one of the world's best-known tracks but it has fallen on hard times," Holliday said. "By joining a preeminent real estate company with one of the world's most recognized names in gaming, hospitality and entertainment venues, we have created a bold and exciting vision for Aqueduct that will preserve a historic Queens landmark and transform it into a global destination."

SL Green's proposal, submitted to the State of New York on April 25, leverages its unparalleled reputation in New York City real estate. The company manages the largest portfolio of commercial real estate in New York City -- more than 24 million square feet of the city's finest properties. It is also an approximately $13 billion public company that directly or indirectly provides jobs to thousands of New Yorkers.

By bringing Hard Rock to Queens, SL Green is providing the best opportunity for New York State to leverage home-grown expertise in real estate with Hard Rock's global brand.

"Hard Rock Entertainment is proud to be a part of SL Green's proposal to the State of New York," said Jim Allen, Chairman of Hard Rock Entertainment, parent of Hard Rock Aqueduct LLC. "Our global presence and operational capabilities, along with SL Green's proven track record in New York, create an opportunity to turn Aqueduct into an unforgettable destination worldwide."

SL Green's vision for Aqueduct includes a gaming floor housing 4,500 video lottery terminals. Future amenities may also entail a Hard Rock hotel designed to 4-Diamond standards which would include restaurants, a spa and fitness center, Hard Rock's legendary pool experience and a display that would showcase some of Hard Rock's most valuable music memorabilia; an Aqueduct Entertainment Complex which would include nighttime entertainment and high-end retail and outlet shops; and a Hard Rock Live Entertainment venue that would feature some of the greatest names in the music industry. If selected, SL Green will work with the state and the local communities in realizing this vision for a revitalized Aqueduct.

All the Hard Rock projects will be managed and overseen by SL Green as part of its overall vision for the race track property.

SL Green has completed or is underway with more than $1 billion in redevelopment projects, including:

* A $72 million redevelopment of 100 Park Avenue. The project has been hailed as a "New Modern Classic" and received the Building Owners and Managers Association's Pinnacle Award for Renovated Building of the Year. Additionally, it is registered with the U.S. Green Building Council to receive a Leadership in Energy and Environmental Design (LEED) Silver Certificate in the fourth quarter of 2008.

* A dynamic $160 million redevelopment of the landmark property located at 1515 Broadway. This property serves as the worldwide headquarters for Viacom International Inc. and houses the MTV studios.

* A $30 million ground-up development joint venture of a flagship store for American Eagle Outfitters, one of the nation's premier retailers, at 1551-1555 Broadway, in the heart of New York City's Times Square. The New York Post called this project one of the most expensive retail deals ever made.

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