BNA to Relocate to Crystal City.

PARAMUS, N.J. -- VORNADO REALTY TRUST (NYSE:VNO) today announced that it has entered into an agreement to sell its 277,000 square foot Crystal Mall Two office building to The Bureau of National Affairs, Inc. ("BNA"), for their corporate headquarters. Simultaneously, Vornado has agreed to acquire a three building complex from BNA containing approximately 300,000 square feet, which is located in Washington's West End between Georgetown and the Central Business District.

Vornado will receive sales proceeds of approximately $100 million from BNA for Crystal Mall Two and recognize a net gain of approximately $23 million, which will be part of a Section 1031 tax-free "like-kind" exchange. Vornado will pay BNA $111 million for the three buildings it is acquiring. One of the buildings containing 130,000 square feet will remain an office building, while the other two buildings will be redeveloped into residential condominiums. These transactions are expected to close in the second half of 2007.

BNA is a leading publisher of print and electronic news and information for professionals in business and government. BNA will be relocating to Crystal City in 2007, from the nation's capital where it has been headquartered for more than 75 years, and is the oldest wholly employee-owned company in the United States.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.