New York Academy of Sciences Signs Lease at 7 WTC

NEW YORK, Dec. 15 /PRNewswire/ -- World Trade Center developer Larry A. Silverstein and New York Academy of Sciences President Ellis Rubinstein today announced that the internationally renowned academy has signed a 15-year, 40,000 sq. ft. lease for the entire 40th floor at 7 World Trade Center. The academy's new headquarters will be approximately one block from where it was originally founded in 1817.

"It seems almost providential that the New York Academy of Sciences is returning to its original neighborhood in Lower Manhattan, mere footsteps from where eight doctors created what has become one of the world's finest scientific institutions," said the Academy's President, Ellis Rubinstein. "As was the desire of those original founders, it is our mission to advance the understanding of science, technology, and medicine by embracing the future. With this move, we are continuing that mission while making a major commitment to the continuing revitalization of Downtown by making our new home in one of New York's best new locations."

Founded by doctors from Physicians and Surgeons, then independent of Columbia University and New York City's only M.D.-granting institution, the Academy is one of New York's oldest institutions. Former members have included Albert Einstein, Charles Darwin, Louis Pasteur, Alexander Graham Bell, Thomas Edison, Thomas Jefferson, James Watson, as well as most of the leading New York scientists of every era.

"We are pleased to welcome the New York Academy of Sciences to 7 World Trade Center, in what is the first of many leases to come in the future thanks in part to the incentive package recently enacted by government," said Mr. Silverstein. "This organization and the many that will follow them to the World Trade Center site will help bring a renewed vigor and vitality to the neighborhood and hasten its transformation into a dynamic, mixed-use, 24/7 community. While Lower Manhattan will always be recognized as the world's leading financial center, it is quickly becoming a magnet for all different kinds of businesses and organizations."

Today, with more than 24,000 members in 140 countries, the Academy counts among its Board of Governors and President's Council the current and two preceding Nobel-Prize-winning Presidents of Rockefeller University, 20 other Nobelists and the chairmen, CEOs and presidents of world-renowned companies, academies and national funding agencies. The Academy, which was represented in the transaction by the CB Richard Ellis team of Mary Ann Tighe, Tim Sheehan and Ken Meyerson, will occupy its new space beginning in the Spring of 2006.

"Today's decision by the Academy, one of the world's foremost institutions of scientific collaboration and exploration, marks a significant addition to the dynamic fabric of the new Downtown. It is fitting for this leading-edge, future focused organization to make its new home in the newest and most technologically advanced property on the Downtown skyline," said Mary Ann Tighe, Chief Executive Officer of the New York Tri-State Region of CB Richard Ellis.

The Academy's new home will include a world-class conferencing center in the space that will host major international conferences throughout the year on the most pressing current scientific issues. Additionally, scientists from the Tri-State area's foremost research institutions will use the space to discuss recent work in one of the 20 or more sections or discussion groups the Academy has made famous.

The law offices of Fried, Frank, Harris, Shriver & Jacobson served as the Academy's legal advisor on the transaction, while Skadden, Arps, Slate, Meagher & Flom assisted Silverstein Properties. CBRE's Global Chairman Steve Siegel, exclusive leasing agent for the building, represented Silverstein Properties.

About the New York Academy of Sciences

Since 1817, the New York Academy of Sciences has been bringing together scientists of different disciplines from around the world. Their purpose is to advance the understanding of science, technology, and medicine, and to stimulate new ways to think about how their research is applied in society and the world.

About Silverstein Properties

Silverstein Properties is a Manhattan-based real estate development and investment firm that has developed, owns and manages more than twenty million square feet of office, residential and retail space.

In July 2001, Silverstein completed the largest real estate transaction in New York history by acquiring the 10 million sq. ft. World Trade Center, only to see it destroyed by terrorist attacks six weeks later on September 11, 2001. Silverstein has committed to the redevelopment of the World Trade Center site.

About CB Richard Ellis

CB Richard Ellis , a FORTUNE 1000 company headquartered in Los Angeles, is the world's leading commercial real estate services firm (in terms of 2004 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, the company has over 300 offices in more than 50 countries around the world. Please visit our Web site at http://www.cbre.com/.