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TIAA APPEAL REGARDING FOUR SEASONS RESTAURANT GRANTED BY COURT

 NEW YORK, April 1 /PRNewswire/ -- Teachers Insurance and Annuity Association ("TIAA") today announced that the Court of Appeals of the State of New York has granted its motion for leave to appeal the ruling upholding the landmark designation of the Four Seasons Restaurant, which is owned by TIAA and located in the landmark Seagram Building in Manhattan. The appeal deals only with the designation of the Four Seasons, and not with the landmark designation of the Seagram Building, which was actively supported by TIAA. TIAA acquired the Seagram Building in 1980 and supported the landmarking designation of the building's exterior, its plaza and its ground floor lobby.
 In seeking leave to appeal, TIAA argued that the landmark designation of the Four Seasons presented important issues as to the scope of New York's landmark preservation law which deserve review by the Court of Appeals. In particular, it argued that the landmarks preservation statute does not permit the landmarking of interior commercial space such as the Four Seasons Restaurant which was not constructed for any particular public-oriented use, and does not, like an auditorium, theater or courthouse, possess any distinctively public character. TIAA also argues that it was not permissible under the landmark statute to effectively limit a property to its existing use through a designation which made the property suitable only for that use, and further that the landmark designation of the Four Seasons improperly includes items of personal property which were not within the contemplated coverage of the statute. As part of the world's largest pension system, currently with $115 billion in assets under management and some $1.6 million policyholders, TIAA felt compelled to oppose the landmark designation of the Four Seasons before the Landmarks Preservation Commission, the Board of Estimate, and in the courts.
 A TIAA spokesperson said, "We are delighted that the Court of Appeals has decided to hear this appeal and consider these important pressing issues."
 It is anticipated that, after briefs on the issues are submitted by TIAA and the City of New York, the appeal will be argued some time in the Fall of 1993.
 -0- 4/1/93
 /CONTACT: Claire Sheahan, second vice president and public information officer of TIAA, 212-916-4666/


CO: Teachers Insurance and Annuity Association ST: New York IN: SU:

TS-LD -- NY113 -- 2260 04/01/93 17:17 EST
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Date:Apr 1, 1993
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