EXHIBIT 99
Investment Properties Associates Agrees
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In Principle to Sell 000 Xxxxx Xxxxxx and 000 Xxxxx Xxxxxx, N.Y., N.Y.
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New York, New York, April 12, 2000...Investment Properties Associates ("IPA")
announced today that, subject to a variety of conditions, including additional
due diligence by the buyer and definitive documentation, it has agreed in
principle to sell 000 Xxxxx Xxxxxx and 000 Xxxxx Xxxxxx, Xxx Xxxx, X.X. to a
fund controlled by Xxxx Xxxx Xxxxxxxxx Realty Advisors Inc.
A spokesman for IPA said that there could be no assurances that the conditions
to the agreement in principle would be satisfied or that the sale would be
consummated. If all conditions are met, it is expected that the closing will
occur within the next forty days. IPA will continue to update all material
events concerning this transaction.
Contact: Xxxxxx Xxxxxxxxx - (000) 000-0000
General Partner, Investment Properties Associates
Co-Chairman & Chief Operating Officer, Helmsley-Spear, Inc., Agent
Xxxxxx Xxxxx - (000) 000-0000
Chief Financial Officer, Investment Properties Associates
Vice President of Finance, Helmsley-Spear, Inc., Agent
