Cantor Fitzgerald Launches Real Estate Group.

Real Estate Veteran Andrew N. Stark Will Lead Cantor's New Venture

NEW YORK -- Cantor Fitzgerald, L.P. today announced the creation of Cantor Real Estate, LLC and appointed Andrew N. Stark as Executive Managing Director to lead Cantor's entry into the real estate investment and development market. Under Mr. Stark's direction, Cantor plans to create a real estate opportunity fund as an investment vehicle for Cantor partners and other investors that focuses primarily on opportunistic investments in various real estate sectors, including dislocated assets.

Howard W. Lutnick, Chairman and Chief Executive Officer of Cantor Fitzgerald, said, "We view the current real estate environment as providing significant opportunities to take advantage of value-add investments and developments. Andrew's superb background in evaluating, acquiring and developing real estate assets represents a strategic advantage for Cantor in the acquisition of land and development projects. With the breadth of his talent and experience, we're confident that Cantor Real Estate is well positioned to bring a fresh perspective to adding value in today's real estate market by selectively acting upon advantageously situated properties."

"I have known Howard and members of the Cantor Fitzgerald team for many years and am excited about joining the firm and leading the development of Cantor's real estate group," Mr. Stark said. "Ours is an action-oriented and proactive approach. Current market conditions are causing some owners/developers of residential and commercial properties to focus on capital preservation, while lenders are faced with the need to evaluate and monetize their real estate/construction portfolios. In aligning with the strong team at Cantor, we are prepared to create solutions for real estate assets that can substantially unleash stalled intrinsic value. By seizing upon select value-add opportunities where others have been unable to execute, I am extremely confident that our business model represents an innovative and attractive approach to generating value in today's marketplace."

Mr. Stark has an extensive background and proven track record in real estate investing, development, and operations. Prior to joining Cantor, he was President of the Northeast and Mid-Atlantic regions of WCI Communities, Inc. where he acquired almost 5,000 residential units, having secured financing of more than $1 billion from domestic and international institutions, and was a driving force in the company's nine-fold growth of annual revenues to over $250 million. He began his career as a real estate attorney at Lord Day & Lord, Barrett Smith. After practicing law, Mr. Stark joined Halpern Real Estate Development, where he provided financial and legal counsel on a range of commercial and residential projects, including a merger with the real estate investment trust, Reckson Associates. At Reckson, Mr. Stark launched an opportunity fund that made acquisitions in the student housing, office suite and other niche real estate sectors.

Mr. Stark graduated from George Washington University with a B.A. in economics and received his law degree from Hofstra University School of Law, where he was a member of the Law Review. He serves as the Chair of the Residential Neighborhood Development Council of the Urban Land Institute and is a frequent panelist on emerging real estate trends.

About Cantor Fitzgerald, L.P.

Cantor Fitzgerald, L.P. is a leading global financial services firm. In addition to Cantor Real Estate, the Cantor Fitzgerald franchise includes institutional equity and fixed income sales and trading, investment banking, private equity, and asset management, as well as Cantor LifeMarkets, Cantor Gaming, CantorCO2e, Cantor Index, and other businesses and ventures. For over 60 years, Cantor Fitzgerald, a proven and resilient leader, has been committed to delivering a unique brand of unparalleled product expertise, innovative technology and customer service to its clients around the world. For more information, please visit www.cantor.com.