World Trade Center Properties LLC Appoints Aon Broker for Freedom Towe

NEW YORK, Feb. 1 /PRNewswire/ -- Aon Risk Services, Inc. has been appointed by World Trade Center Properties LLC, an affiliate of Silverstein Properties, Inc., as broker for insurance coverage related to the construction of the Freedom Tower in Lower Manhattan.

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The Freedom Tower is the 1,776 foot-tall building that will serve as the new soaring icon of the World Trade Center site. The July 4, 2004, groundbreaking ceremony marked the start of construction on what will be one of the world's tallest and greenest buildings. As with every building at the site, it will incorporate the highest standards of architectural design, life- safety, environmental sustainability and technology. As envisioned in the master plan, construction will be completed in 2009.

Patrick G. Ryan, chairman and CEO, Aon Corporation, said, "We are delighted to be working with the Silverstein team on a project that is so important to the people of New York and the Lower Manhattan business community."

"We are making great progress on one of the most important projects in New York City history," said Larry A. Silverstein, President and CEO of Silverstein Properties. "Aon is a welcome part of the team that is carrying on such important work."

Aon Risk Services, Inc., the risk management and insurance brokerage division of Chicago-based Aon Corporation, will arrange coverage for the construction as well as related risks, including builders' risk, general and excess liability, and workers compensation.

Tanenbaum-Harber Co., Inc. serves as insurance consultant to World Trade Center Properties LLC. Walter L. Harris, Chairman of Tanenbaum-Harber said, "We are extremely pleased at the selection of Aon as broker. We feel their level of expertise in large construction projects and their presence in the marketplace makes them best suited to represent Silverstein Properties in insuring the construction of this historic project."

About Aon

Aon Corporation ( http://www.aon.com/ ) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company employs approximately 51,000 professionals in its 600 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.

About Silverstein Properties, Inc.

Silverstein Properties, of which World Trade Center Properties LLC is a part, is a Manhattan-based real estate development and investment firm that has developed, owned and managed more than 20 million square feet of office, residential and retail space located primarily in Manhattan. The firm also built the 3.1 million sq. ft. Ronald Reagan Building in Washington, DC, the largest privately developed office building in the United States, occupied entirely by the United States government.

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. Silverstein has committed to the redevelopment of the World Trade Center site, including 7 World Trade Center, a 52-story, 1.7 million sq. ft. office tower to replace the original 7 World Trade Center that was destroyed.

The redevelopment of the site will have a substantial impact on the New York area economy. According to a report by the Lower Manhattan Development Corporation, "Rebuilding of the World Trade Center will generate $15 billion in total economic output in New York City and an average of 8,000 jobs each year for thirteen years."

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors. Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, resolution of pending regulatory investigations and related issues, including those related to compensation arrangements with underwriters, pension funding, ultimate paid claims may be different from actuarial estimates and actuarial estimates may change over time, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, and the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's filings with the Securities and Exchange Commission.

Contacts: Gary Sullivan, Aon, +1.312.381.2467 or Dara McQuillan, Silverstein Properties, Inc., +1.212.551.7352