Advanced Radio Telecom Secures Strategic Portfolio Agreement with The Blackstone Group; Agreement Provides ART Rooftop Access to Prime Office Buildings Nationwide.

Business Editors/Technology Writers

BELLEVUE, Wash.--(BUSINESS WIRE)--Oct. 5, 2000

Advanced Radio Telecom Corp. (ART) (Nasdaq:ARTT), a leading broadband wireless Internet Protocol (IP) access services provider, today announced the first portfolio-wide access agreement with Blackstone Real Estate Advisors, LP, a division of The Blackstone Group, a private investment banking firm.

This agreement allows ART to deliver its broadband IP products and services to Blackstone's entire real estate portfolio, currently consisting of 28 buildings located in San Francisco, Boston, Washington D.C. and New York, totaling approximately 13.8 million square feet.

"We recognize the need for high-speed, high-capacity, reliable bandwidth in order to attract and retain a high-caliber tenant base," said Gary Sumers, Sr. Managing Director of Blackstone Real Estate Advisors, LP. "This is the first portfolio-wide access agreement Blackstone has signed. We believe our current and future tenants will benefit greatly because ART's service will enable them to execute their business model more efficiently and with carrier-class quality of service."

"Securing targeted building access in major metropolitan areas is one of ART's top priorities and the agreement with Blackstone is a big win for us," said Anthony Bontrager, ART's vice president, real estate. "The agreement gives ART the opportunity to increase our addressable market by more than 800 businesses nationwide, and to build a strategic partnership with one of the top real estate investment firms in the nation."

About The Blackstone Group

The Blackstone Group is a privately held merchant banking firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman that is based in New York, with additional offices in Tokyo, Hong Kong and London. Blackstone is one of the world's largest private equity investment firms, having raised over $12 billion for discretionary investment funds focused on alternative asset classes. In addition to its investment activities, Blackstone has also advised on Mergers & Acquisitions and Restructurings and Reorganization Advisory transactions, with an aggregate value of approximately $200 billion.

Since 1991, Blackstone has invested over $2.5 billion of equity capital in 98 separate real estate investments, with a total transaction value of approximately $10.7 billion. In 1999, Blackstone raised its third real estate fund, Blackstone Real Estate Partners III, with committed equity of $1.5 billion for opportunistic investments in the U.S. In addition, Blackstone is in the process of raising an international real estate fund targeted primarily on investments in Western Europe.

About Advanced Radio Telecom

Advanced Radio Telecom Corp., headquartered in Bellevue, Wash., is a provider of broadband wireless Internet Protocol (IP) access services at speeds up to 155 Mbps. ART currently owns and operates broadband wireless metropolitan area networks in Dallas/Ft. Worth, Houston, Los Angeles, Phoenix, Portland, San Diego, San Jose, Seattle and Washington, D.C. and plans to expand to a total of 40 U.S. markets over the next two years. ART is a Cisco Powered Network(TM) service provider. ART has a nationwide footprint of 39GHz spectrum licenses in the United States, and owns 26GHz and/or 39GHz spectrum licenses in the United Kingdom and several Scandinavian countries. For more information, please visit ART's web site at www.ipsp.com.

The above information includes forward-looking statements regarding building access services, strategic partnerships and network expansion. These statements are not guarantees of future performance. Known and unknown risks, uncertainties, and other factors, including without limitation, capital requirements and other financial risks, customer demand, technological risks, management of growth, competition and government regulation may cause actual results to differ materially from the future results implied or expressed in the forward looking statements. Additional information about the most significant of such factors is set forth in ART's most recent annual report on Form 10-K. The Company does not undertake to update or revise its forward-looking statements publicly even if experience or future changes make clear that any projected results expressed or implied herein will not be realized.