EXHIBIT 99 Investment Properties Associates Agrees --------------------------------------- In Principle to Sell 245 Fifth Avenue and 261 Fifth Avenue, N.Y., N.Y. ---------------------------------------------------------------------- New York, New...Sale Agreement • April 13th, 2000 • Investment Properties Associates • Operators of nonresidential buildings
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 245 Fifth Avenue and 261 Fifth Avenue, New York, N.Y. to a fund controlled by Koll Bren Schreiber Realty Advisors Inc.
