Fitch Rates 280 Park Avenue.

Business/Banking Editors

NEW YORK--(BUSINESS WIRE)--Feb. 9, 2001

280 Park Avenue's commercial mortgage pass-through certificates, series 2001-XL280 are rated by Fitch as follows:

--$35,656,000 class A-1 `AAA';

--$56,344,000 class A-2 `AAA';

--$73,000,000 class A-2F `AAA';

--$269,805,327 class X-1 `AAA';

--$31,000,000 class B `AA';

--$31,000,000 class C `A';

--$8,000,000 class D `A-`;

--$23,000,000 class E `BBB';

--$11,805,327 class F `BBB'.

All classes are privately placed pursuant to rule 144A of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, which consists of the fee interest in 280 Park Avenue, a two-tower, Class A New York City office building located on the westerly block-front of Park Avenue between East 48th and East 49th Streets in midtown Manhattan. The collateral secures a $270 million loan, which is evidenced by a non-recourse not secured by a first lien on the borrower's fee interest in the property. For a detailed description of Fitch's rating analysis, please see the Report titled '280 Park Avenue Trust' dated Jan. 22, 2001 available on Fitch's web site at 'www.fitchratings.com'.