Document:

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                                                                   Exhibit 10.15

                                                                  EXECUTION COPY

                           PURCHASE AND SALE AGREEMENT

                                     Between

                                 MSDW 745, LLC,

                                     SELLER,

                                       and

                                   LB 745 LLC

                                   PURCHASER.

                                    PREMISES:
                               745 Seventh Avenue
                               New York, New York

                                October 19, 2001

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                                TABLE OF CONTENTS

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1.     DEFINITIONS...........................................................1

2.     PURCHASE AND SALE.....................................................4

3.     ACCESS TO PREMISES....................................................5

4.     PURCHASE PRICE AND DEPOSIT............................................7

5.     STATUS OF THE TITLE...................................................8

6.     TITLE INSURANCE; LIENS................................................9

7.     APPORTIONMENTS........................................................12

8.     PROPERTY NOT INCLUDED IN SALE.........................................14

9.     CERTAIN COVENANTS OF SELLER...........................................14

10.    ASSIGNMENTS BY SELLER AND ASSUMPTIONS BY PURCHASER; EMPLOYEES.........15

11.    REPRESENTATIONS.......................................................16

12.    DAMAGE AND DESTRUCTION................................................21

13.    CONDEMNATION..........................................................22

14.    BROKERS AND ADVISORS..................................................24

15.    TAX REDUCTION PROCEEDINGS.............................................24

16.    TRANSFER TAXES, RECORDING CHARGES AND SALES TAXES.....................25

17.    CONDITIONS OF CLOSING; DELIVERIES TO BE MADE ON THE CLOSING DATE......26

18.    CLOSING DATE..........................................................30

19.    NOTICES...............................................................31

20.    DEFAULT BY PURCHASER OR SELLER........................................32

21.    FIRPTA COMPLIANCE.....................................................33

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22.    ENTIRE AGREEMENT......................................................33

23.    AMENDMENTS............................................................34

24.    WAIVER................................................................34

25.    PARTIAL INVALIDITY....................................................34

26.    SECTION HEADINGS......................................................34

27.    GOVERNING LAW.........................................................34

28.    PARTIES; ASSIGNMENT AND RECORDING.....................................34

29.    CONFIDENTIALITY AND PRESS RELEASES....................................35

30.    FURTHER ASSURANCES....................................................36

31.    THIRD PARTY BENEFICIARY...............................................36

32.    JURISDICTION AND SERVICE OF PROCESS...................................36

33.    WAIVER OF TRIAL BY JURY...............................................37

34.    MISCELLANEOUS.........................................................37

35.    ORGANIZATIONAL REPRESENTATIONS........................................38

36.    CERTAIN GROUND LEASE PROVISIONS.......................................38

37.    CONDITION OF PREMISES AT CLOSING......................................40

38.    LIMITATION ON EMPLOYMENT..............................................41

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Schedules

A.       Description of the Land
B.       Easements, Conditions, Restrictions and Encumbrances
C.       Assumed Contracts
D.       Building Plans
E.       Interior Improvement Plans
F.       FF&E Specifications
G.       Hoist Related Work
H.       Employees
I.       Litigation Schedule
J.       Insurance Schedule
K.       IT Equipment Specifications
L.       Exterior Signs Specifications
M.       Notice to Landlord
N.       [Intentionally Deleted]
O.       Global IT Agreements

Exhibits

1.       Form of Deed
2.       Form of Assignment and Assumption of Ground Lease
3.       Form of Bill of Sale
4.       Form of FIRPTA Affidavit
5.       Form of Assignment and Assumption of JV Option Agreement
6.       Form of Assignment of Option to Lease Space Agreement
7.       Form of Assignment and Assumption of Contracts
8.       Form of General Assignment and Assumption Agreement
9.       Form of Substitute Guaranty
10.      Form of Opinion
11.      Form of Assignment of Management Agreement
12.      Form of Assignment of Plaza Agreement
13.      Form of Assignment of Publicity Agreement
14.      Form of Assignment of Rental Agency Agreement
15.      Agreement as to Post Closing Obligations

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         PURCHASE AND SALE AGREEMENT (this "AGREEMENT") made as of the 19day of
October, 2001 between MSDW 745, LLC, a Delaware limited liability company,
having an address at 1633 Broadway, New York, N.Y. 10036 ("SELLER") and LB 745
LLC, a Delaware limited liability company, having an address at 101 Hudson
Street, Jersey City, New Jersey 07302 ("PURCHASER").

                              W I T N E S S E T H :
                              - - - - - - - - - -

         WHEREAS, Seller is (i) the tenant under a ground lease (the "GROUND
LEASE") dated November 19, 1998 between Rock-Forty-Ninth LLC ("LESSOR"), as
landlord, and Seller, as tenant, of certain plots, pieces and parcels of land
("Land") more particularly described in SCHEDULE A annexed hereto and known as
745 Seventh Avenue, New York, New York (the Land and Seller's interest therein
under the Ground Lease, the "GROUND LEASEHOLD"), (ii) the owner of the building
and other improvements (collectively, the "BUILDING") located on the Land, (iii)
the owner of certain interior improvements affixed to and located on the floors
of the Building (the "INTERIOR IMPROVEMENTS"), (iv) the owner of certain
furniture fixtures and equipment located or to be located in the Building upon
the completion of the Interior Improvements (the "FF&E"), (v) the owner of
certain technological equipment (the "IT EQUIPMENT"), and (vi) the owner of
certain exterior signage (the "EXTERIOR SIGNS") (the Ground Leasehold, the
Building, the Interior Improvements and the Exterior Signs are hereinafter
sometimes collectively referred to as the "PREMISES" and the FF&E and IT
Equipment are sometimes collectively hereinafter referred to as the "PERSONAL
PROPERTY");

         WHEREAS, Seller desires to cause the sale, assignment, transfer and
conveyance of its interests in and to the Premises and the Personal Property to
Purchaser in accordance with the terms and provisions of this Agreement, and
Purchaser desires to purchase such interests from Seller upon the terms more
particularly set forth in this Agreement;

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, the parties hereto covenant and agree
as follows:

l.       DEFINITIONS.

         2001/2002 Tax Year                           Section 15
         AAA                                          Section 12(c)
         Adjourned Closing Date                       Section 6(a)
         Agreement                                    Preamble
         Apportionment Date                           Section 7(a)
         Approvals                                    Section 37

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         Approved Commitment Items                    Section 5(b)
         Assumed Contract                             Section 10(a)(ii)
         Base Building Punchlist                      Section 37(b)
         Broker                                       Section 14(a)
         Building                                     Recitals
         Building Plans                               Section 11(c)(ii)
         business day                                 Section 4(c)
         Cap Amount                                   Section 11(c)(xiii)
         Certification                                Section 17(a)(ii)
         Closing                                      Section 18
         Closing Date                                 Section 18
         Commitment                                   Section 6(a)
         Company                                      Section 6(a)
         Confidentiality Agreement                    Section 29(a)
         Contractors                                  Section 3
         Damages                                      Section 11(c)(xiii)
         Deposit                                      Section 4(a)
         Development Agreement                        Section 36(b)
         Disclosed Survey Items                       Section 5(a)
         Employment Contacts                          Section 10(b)
         Escrow Agent                                 Section 4(a)
         Excluded Personalty                          Section 8
         Exculpated Parties                           Section 11(a)
         Existing Guaranty                            Section 17(c)(iii)
         Exterior Signs                               Recitals
         FF&E                                         Recitals
         FF&E Contracts                               Section 10(a)(ii)
         FF&E Specifications                          Section 11(c)(iv)
         Final Closing Statement                      Section 7(e)
         FIRPTA                                       Section 21
         Full Stop Election                           Section 37(b)
         Global Agreements                            Section 8
         Ground Lease                                 Recitals
         Ground Leasehold                             Recitals
         Hoist Related Work                           Section 37(a)
         Interference Damages                         Section 20(a)
         Interior Improvement Plans                   Section 11(c)(iii)
         Interior Improvements                        Recitals
         IT Contracts                                 Section 10(a)(ii)
         IT Equipment                                 Recitals
         JV Option Agreement                          Section 2
         Land                                         Recitals

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         Landlord                                     Section 11(c)(viii)
         Later Closing Date                           Section 18
         Lessor                                       Recitals
         Letter Agreement                             Section 2
         LHI                                          Section 17(c)(iii)
         Management Agreement                         Section 2
         Manager                                      Section 10(b)
         MS                                           Section 2
         MSDW                                         Section 17(c)(iii)
         New Closing Notice                           Section 6(d)
         Notices                                      Section 19
         Non-Objectionable Encumbrances               Section 6(a)
         Operative Documents                          Section 2
         Objection Date                               Section 6(a)
         Option to Lease Space Agreement              Section 2
         Outside Date                                 Section 11
         Percentage Share                             Section 16(a)
         Permitted Encumbrances                       Section 5
         Plans                                        Section 37(a)
         Plaza Agreement                              Section 2
         Pledge                                       Section 2
         Post Closing Agreement                       Section 4(b)(ii)
         Premises                                     Recitals
         Preliminary Closing Statement                Section 7(e)
         Proceeding                                   Section 11(c)(xiii)
         Project                                      Section 37(a)
         Project Personnel                            Section 38
         Property                                     Section 2
         Property Taxes                               Section 7(a)(ii)
         Publicity Agreement                          Section 2
         Purchaser                                    Preamble
         Purchase Price                               Section 4
         Purchaser's Representatives                  Section 3(a)
         REBNY                                        Section 12(c)
         Rental Agency Agreement                      Section 2
         RET                                          Section 16(a)
         RFN                                          Section 2
         ROFO                                         Section 36(a)
         RP                                           Section 2
         RPT                                          Section 16(a)
         Rep Claim                                    Section 11(c)(xiii)
         Representation                               Section 11(c)

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         Scheduled Closing Date                       Section 18
         Seller                                       Preamble
         Seller Knowledge Individuals                 Section 11(c)(xiii)
         Seller Related Parties                       Section 3(c)
         Stop Work Notice                             Section 37(b)
         Subway Agreement                             Section 6(a)
         Subway Work                                  Section 37(a)
         Taking                                       Section 13(a)
         Termination Event                            Section 10(b)
         Termination Payment                          Section 10(b)
         Title Cure Notice                            Section 6(a)
         Title Cure Period                            Section 6(a)
         Turner                                       Section 37(b)
         Update Objections                            Section 6(a)
         Utilities                                    Section 7(c)

2.       PURCHASE AND SALE.

                  Seller agrees to sell, assign and convey to Purchaser, and
Purchaser agrees to purchase from Seller, subject to the terms and conditions of
this Agreement, all of Seller's right, title and interest, if any, in and to and
under (i) the Ground Leasehold, (ii) the Building; (iii) the Interior
Improvements; (iv) the FF&E; (v) the IT Equipment; (vi) the Exterior Signs;
(vii) the JV Option Agreement between Landlord and Seller dated November 19,
1998 (the "JV OPTION AGREEMENT") and Purchaser shall assume same from and after
the Closing Date; (viii) the Option to Lease Space Agreement (the "OPTION TO
LEASE SPACE AGREEMENT") between Landlord, Seller and Morgan Stanley & Co.
Incorporated ("MS") dated November 19, 1998 and Purchaser shall assume same from
and after the Closing Date, (ix) the Management Agreement dated November 19,
1998 between Seller and Rockefeller Center Management Corporation (the
"MANAGEMENT AGREEMENT") and Purchaser shall assume same from and after the
Closing Date; (x) the Plaza Agreement dated November 19, 1998 between Seller and
Landlord (the "PLAZA AGREEMENT") and Purchaser shall assume same from and after
the Closing Date; (xi) the Publicity Agreement dated November 19, 1998 between
Seller, Rockefeller Center Management Corporation, Rockefeller Group Development
Corporation, Rockefeller Forty-Ninth LLC and Rockefeller Group, Inc. (the
"PUBLICITY AGREEMENT") and Purchaser shall assume same from and after the
Closing Date; (xii) the Rental Agency Agreement dated March 1, 2001 between
Seller and the Rockefeller Group Development Corporation (the "RENTAL AGENCY
AGREEMENT") and Purchaser shall assume from and after the Closing Date, (xiii)
the Pledge and Security Agreement dated November 19, 1998, by Rock-Forty-Ninth,
Inc. ("RFN") and Rock-Plaza, Inc. ("RP") in favor of Seller (the "PLEDGE") and
Purchaser shall assume same from and after the Closing Date and the "PLEDGED
COLLATERAL" (as defined in the Pledge) thereunder; (xiv) the Letter Agreement
between

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Rockefeller Group, Inc. and Seller dated November 19, 1998 with respect to the
use of the name "Rockefeller" (the "Letter Agreement") and Purchaser shall
assume same from and after the Closing Date; (xv) the Assumed Contracts and
Purchaser shall assume same from and after the Closing Date, (xvi) any strips
and gores pertaining to the Premises; (xvii) all easements, rights of way,
reservations, privileges and appurtenances of Seller pertaining to the Premises;
and (xviii) the Plans, (the documents set forth in (vii), (viii), (ix), (x),
(xi) and (xii) shall be collectively referred to as the "OPERATIVE DOCUMENTS").
The items described in clauses (i) through (xviii) above shall be referred to
herein collectively as the "PROPERTY". The Property shall also include all of
the right, title and interest of MS under the Option to Lease Space Agreement.

3.       ACCESS TO PREMISES.

         (a) Subject to the provisions of SECTION 3(B), Purchaser and its
agents, employees, consultants, inspectors, appraisers, engineers and vendors
(collectively "PURCHASER'S REPRESENTATIVES") shall have the right, from time to
time, upon at least one business day's prior notice as required pursuant to
SECTION 3(B), to enter upon and pass through the Premises during normal business
hours to examine and inspect the same and to meet with the Contractors (as
defined in the Post Closing Agreement) to discuss the Project. Seller shall
reasonably cooperate with Purchaser to accommodate Seller's request but shall be
able to reschedule the time, provided the rescheduled time is within a
reasonable time from the time of Purchaser's original request, when Purchaser
and Purchaser's Representatives may enter the Premises or meet with the
Contractors upon notice to Purchaser. Notwithstanding any such inspection of the
Premises or discussions with the Contractors, Purchaser shall have no right to
terminate this Agreement or to obtain any reduction of the Purchase Price as a
result of any matters discovered by any such inspection.

         (b) In conducting any activity described in SECTION 3(A) above, neither
Purchaser nor any of Purchaser's Representatives shall (i) contact or have any
discussions with any of Seller's or Seller Related Parties' employees, agents,
contractors, consultants or representatives or the Contractors unless in each
case Purchaser obtains the prior consent of Seller, which consent shall not be
unreasonably withheld or delayed, it being agreed that all such contacts or
discussions shall, pending any such approval, be directed to John Pierce or
Kevin Murray, (ii) interfere with the construction of the Project or (iii)
damage the Premises or any portion thereof. In conducting any inspection or any
meeting or discussion, Purchaser and Purchaser's Representatives shall at all
times comply with, and shall be subject to, all other terms, covenants and
conditions of this Agreement. Seller may from time to time establish reasonable
rules of conduct for Purchaser and Purchaser's Representatives in furtherance of
the foregoing. Purchaser shall schedule and coordinate all inspections, meetings
and discussions with Seller and shall give Seller at least one (1) business day
prior notice thereof. Seller shall be entitled

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to have a representative of Seller be present at all times during each such
inspection, meeting or discussion. Notwithstanding the foregoing, if Purchaser
delivers a Full Stop Election, then, prior to Closing, Purchaser shall have the
right to meet with Turner, the FF&E Vendors and the IT Vendors without a Seller
representative being present, provided that such unsupervised meetings shall not
occur on the Premises. Purchaser agrees to pay to Seller, on demand, the cost of
repairing and restoring any damage or disturbance which Purchaser or Purchaser's
Representatives shall cause to the Premises or any portion thereof. All
inspection fees, appraisal fees, engineering fees and other costs and expenses
of any kind incurred by Purchaser or Purchaser's Representatives relating to
such inspection of the Premises and its review thereof shall be at the sole
expense of Purchaser. Purchaser shall deliver to Seller, at no cost to Seller,
copies of all written reports of tests, reports and inspections of the Premises
made and conducted by Purchaser or Purchaser's Representatives or for
Purchaser's benefit. In the event that the Closing hereunder shall not occur for
any reason whatsoever, then, promptly following the termination hereof,
Purchaser shall deliver to Seller, at no cost to Seller, the originals (or
copies, if the originals are not in Purchaser's possession) of all written
tests, reports and inspections of the Premises made and conducted by Purchaser
or Purchaser's Representatives or for Purchaser's benefit which are in the
possession or control of Purchaser or Purchaser's Representatives. Purchaser and
Purchaser's Representatives shall not be permitted to conduct borings of the
Premises or drilling in or on the Premises in connection with the preparation of
any environmental audit or in connection with any other inspection of the
Premises without the consent of Seller (which consent shall not be unreasonably
withheld or delayed). The provisions of this SECTION 3(B) shall survive the
Closing or any termination of this Agreement.

         (c) Purchaser agrees to indemnify and hold Seller and its direct and
indirect shareholders, officers, directors, partners, principals, members,
employees, agents, contractors, and any successors or assigns of the foregoing
(collectively with Seller, "SELLER RELATED PARTIES") harmless from and against
any and all losses, costs, damages, liens, claims, liabilities or expenses
(including, but not limited to, reasonable attorneys' fees, court costs and
disbursements) incurred by any of Seller's Related Parties arising from or by
reason of Purchaser's and/or Purchaser's Representatives' access to, or
inspection of, the Premises, or any tests, inspections or other due diligence
conducted in or about Premises pursuant to this Agreement. The provisions of
this SECTION 3(C) shall survive the Closing or any termination of this
Agreement.

         (d) Purchaser shall maintain or cause to be maintained, at Purchaser's
expense, a policy of commercial general liability coverage, with a broad form
contractual liability endorsement covering Purchaser's indemnification
obligations contained in Section 3(c) above, with a combined single limit of not
less than $5,000,000 per occurrence for bodily injury and property damage
insuring Purchaser, Seller and Seller Related Parties, as additional insureds
against any injuries or damages to persons or property that may result

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from or are related to (i) Purchaser's or Purchaser's Representatives entry upon
the Premises; (ii) any investigations or other activities conducted thereon, and
(iii) any and all other activities undertaken by Purchaser or Purchaser's
Representatives with respect to the Premises, all of which insurance shall be on
an "occurrence form" and otherwise in such form and with an insurance company
reasonably acceptable to Seller. Such insurance may be maintained under a
blanket policy. Purchaser shall deliver a copy of the insurance certificate
evidencing such insurance to Seller prior to Purchaser's entry on the Premises.

4.       PURCHASE PRICE AND DEPOSIT.

         The purchase price to be paid by Purchaser to Seller for the Property
(the "PURCHASE PRICE") is Seven Hundred Fifty Three Million Dollars
($753,000,000). The Purchase Price shall be allocated between: (a) Ground
Leasehold - $463,852,685, (b) Building and Interior Improvements - $153,947,315
and (c) FF&E - $135,200,000. The Purchase Price shall be payable as follows:

                  (a) Simultaneously with the execution of this Agreement by
Purchaser, Purchaser is delivering directly to Fried, Frank, Harris, Shriver &
Jacobson, as escrow agent ("ESCROW AGENT") by wire transfer the amount of One
Hundred Million Dollars ($100,000,000) (the "DEPOSIT"). The Deposit shall be
held in an interest bearing escrow account by Escrow Agent in accordance with an
escrow agreement between Seller, Purchaser and Escrow Agent, executed
simultaneously herewith. The Deposit shall be delivered by Escrow Agent to
Seller or Purchaser as hereinafter provided in this AGREEMENT and the Escrow
Agreement. All references to this Agreement to the Deposit shall mean the
Deposit and all interest accrued thereon.

                  (b) At the Closing, Escrow Agent shall deliver the Deposit to
Seller (it being understood that any interest on the Deposit shall not be
credited to the Purchase Price) and Purchaser shall deliver the balance of the
Purchase Price as follows:

                           (i) $615,500,000, subject to adjustment as provided
in ARTICLE 7 to Seller; and

                           (ii) $37,500,000 to Escrow Agent, or such other party
agreed to by the parties, as escrow agent, to be held and disbursed pursuant to
the Agreement as to Post Closing Obligations, attached hereto as EXHIBIT 15 (the
"POST CLOSING AGREEMENT").

                  (c) All monies payable by Purchaser under this Agreement,
unless otherwise specified in this Agreement, shall be paid by wire transfer of
immediately available federal funds for credit to such bank account or accounts
specified by Seller, and divided into such amounts as may be required to
consummate the transactions contemplated by this Agreement.

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                  As used in this Agreement, the term "BUSINESS DAY" shall mean
every day other than Saturdays, Sundays, all days observed by the federal or New
York State government as legal holidays and all days on which commercial banks
in New York State are required by law to be closed.

                  (d) Except as otherwise specified in SECTIONS 6(B), 12(A)(II),
13(A)(II) and 20(B) of this Agreement, the Deposit shall be non-refundable. The
provisions of this SECTION 4(D) shall survive the termination of this Agreement.

5.       STATUS OF THE TITLE.

         All Personal Property to be conveyed by Seller hereunder shall be free
of liens. Subject to the terms and provisions of this Agreement, Seller's
interest in the Premises shall be sold, assigned and conveyed by Seller to
Purchaser, and Purchaser shall accept same, subject only to the following
(collectively, the "PERMITTED ENCUMBRANCES"):

         (a) the state of facts disclosed on the survey prepared by Montrose
Surveying Co., LLP, dated October 12, 2001 (the "DISCLOSED SURVEY ITEMS") and
any further state of facts which are not Disclosed Survey Items as a current
survey of the Premises or a personal inspection would disclose provided such
facts would not (i) have a material adverse affect on the use of the Building
for a commercial office building or (ii) make it impossible to comply, in whole
or in part, with a requirement in the zoning applicable to the Building that
requires a portion of the Building to be used for a particular purpose;

         (b) the standard printed exclusions from coverage contained in the ALTA
form of owners title policy currently in use in New York, with the standard New
York endorsement, and the easements, conditions, restrictions, agreements,
encumbrances and rights of others to, and matters relating to, party walls, as
set forth on SCHEDULE B annexed hereto (collectively, the "APPROVED COMMITMENT
ITEMS");

         (c) Non-Objectionable Encumbrances (as hereinafter defined); and any
liens, encumbrances or other title exceptions approved or waived by Purchaser as
provided in SECTION 6;

         (d) real estate taxes, sewer rents and taxes, water rates and charges,
vault charges and taxes and business improvement district taxes and any other
governmental taxes or charges levied or assessed against the Premises subject to
apportionment in accordance with Section 7 hereof;

         (e) any laws, rules, regulations, statutes, ordinances, orders, permits
or other legal requirements affecting the Premises, including, without
limitation, those relating to zoning and land use;

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         (f) recorded and unrecorded utility company rights, easements and
franchises for electricity, water, steam, gas, telephone or other service or the
right to use and maintain poles, lines, wires, cables, pipes, boxes and other
fixtures and facilities in, over, under and upon the Premises, provided that, in
the case of any of the foregoing items which shall not be of record, the same do
not materially adversely affect the use or occupancy of the Premises as an
office building;

         (g) any installment not yet due and payable of assessments first
imposed after the date hereof affecting the Premises or any portion thereof;

         (h) all violations of laws, rules, regulations, statutes, ordinances,
orders or other legal requirements affecting the Premises, now or hereafter
issued or noted provided that Seller shall, post closing, pursuant to the
Post-Closing Agreement, cure and remove of record any violations that exist of
record as of the Closing Date; and

         (i) obligations imposed under the Emergency Repairs provisions of the
New York City Administrative Code.

6.       TITLE INSURANCE; LIENS.

         (a) Purchaser shall be required to purchase not less than twenty-five
percent (25%) of the title insurance obtained by Purchaser in connection with
its acquisition of the Premises from Title Associates, Inc., as agent for
Chicago Title Insurance Company. Title to be conveyed hereunder shall be as set
forth in the pro-forma policy attached hereto as SCHEDULE B (the "COMMITMENT")
and subject to the terms of that certain agreement between the New York City
Trust Authority, Rock-Forty-Ninth LLC and Seller dated October 18, 1999 (the
"SUBWAY AGREEMENT") that has or is about to be recorded and that certain
Termination of Agreement between the New York City Transit Authority,
Rock-Forty-Ninth, Inc. and Rock-Forty-Ninth LLC, dated as of October 18, 1999
that has or is about to be recorded. If the Subway Agreement has not been
recorded as of the Closing Date, Seller shall deliver a recordable copy of same
to the Company for recording. The Subway Agreement and all matters set forth in
the Commitment shall constitute Permitted Encumbrances. Purchaser has engaged
First American Title Insurance Company of New York to issue a portion of the
title insurance with respect to the Premises and will direct same to furnish
Seller with a copy of the commitment issued by it and copies of all updates or
revisions to such commitment. Title Associates and First American Title
Insurance Company of New York are hereinafter collectively referred to as the
"COMPANY." Upon receipt of any further updates or revisions to the Commitment
from the Company, Seller shall furnish copies thereof to Purchaser. Purchaser
shall, on or before the Objection Date, furnish to Seller a written statement
setting forth such exceptions to title appearing on such revisions or updates
which were not set forth in the Commitment and which Purchaser claims are not
Permitted Encumbrances (the "UPDATE OBJECTIONS"); it being agreed that Purchaser
shall have no

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right to object to the Permitted Encumbrances. "OBJECTION DATE" means the
Scheduled Closing Date; PROVIDED, that if Seller gives to Purchaser any such
update or revision accompanied by a notice in bold capital letters stating in
substance that Purchaser's failure to deliver a statement of Update Objections
with respect to such update or revision within five (5) business days after the
giving of such notice, then the Objection Date shall be such 5th business day.
If Purchaser does not deliver such written statement by the Objection Date,
Purchaser shall be deemed to have waived its right to object to such additional
exceptions to title appearing on such revisions or updates (and the same shall
not constitute Update Objections but shall be deemed Permitted Encumbrances).
Purchaser shall not be entitled to object to, and shall be deemed to have
approved, any liens, encumbrances or other title exceptions (and the same shall
not constitute Update Objections but shall be deemed Permitted Encumbrances) (i)
over which the Company is willing to insure or against which the Company is
willing to provide affirmative insurance (in either case without additional cost
to Purchaser); PROVIDED, the aggregate amount of Update Objections under this
CLAUSE (I) does not exceed $5,000,000, or (ii) which will be extinguished upon
the transfer of the Property (collectively the "NON-OBJECTIONABLE
ENCUMBRANCES"). Notwithstanding anything to the contrary contained herein, if
Seller is unable to eliminate the Update Objections by the Scheduled Closing
Date, unless the same are waived by Purchaser without any abatement in the
Purchase Price, Seller may, upon at least two (2) days' prior notice ("TITLE
CURE NOTICE") to Purchaser (except with respect to matters first disclosed
during the two (2) day period prior to the Scheduled Closing Date, as to which
matters notice may be given at any time through and including the Scheduled
Closing Date) adjourn the Scheduled Closing Date (the date to which Seller
adjourns the Scheduled Closing Date is herein referred to as the "ADJOURNED
CLOSING DATE"), for a period not to exceed ninety (90) days ("TITLE CURE
PERIOD") in order to attempt to eliminate such exceptions.

         (b) If Seller is unable to eliminate the Update Objections within the
Title Cure Period, unless the same are unconditionally waived by Purchaser,
then, Purchaser may (i) accept the Property subject to such Update Objections
without abatement of the Purchase Price, in which event (x) such Update
Objections shall be deemed to be, for all purposes, Permitted Encumbrances, (y)
Purchaser shall close hereunder notwithstanding the existence of same, and (z)
Seller shall have no obligations whatsoever after the Closing Date with respect
to Seller's failure to cause such Update Objections to be eliminated, or (ii)
terminate this Agreement by notice given to Seller within ten (10) business days
following receipt of notice from Seller that it was unable to eliminate the
Update Objections within the Title Cure Period, time being of the essence, in
which event Purchaser shall be entitled to a return of the Deposit. If Purchaser
shall fail to deliver the termination notice described in clause (ii) within the
10 business day period described therein, time being of the essence, Purchaser
shall be deemed to have made the election under CLAUSE (II) as of the last day
of such 10 business day period. Upon the timely giving of any termination notice
under clause (ii), or if Purchaser is deemed to have made such

                                      -10-
<Page>

election as aforesaid, this Agreement shall terminate and neither party hereto
shall have any further rights or obligations hereunder other than those which
are expressly provided to survive the termination hereof.

         (c) It is expressly understood that, except as provided in this CLAUSE
(C), in no event shall Seller be required to bring any action or institute any
proceeding, or to otherwise incur any costs or expenses in order to attempt to
eliminate the Update Objections or to otherwise cause title in the Premises to
be in accordance with the terms of this Agreement on the Closing Date.
Notwithstanding the preceding sentence, Seller shall be obligated, at Closing,
(i) to discharge or remove, of record, any mortgages or consensual liens created
by Seller; (ii) to bond, discharge or otherwise satisfy any liens or cause the
Company to insure over any liens (subject, in the case of liens that are insured
over but not bonded to the $5,000,000 "cap" set forth in Section 6(a)(i) which
are the result of work performed by Seller, or on its behalf, and which can be
so bonded, discharged or otherwise satisfied solely by the payment of a
liquidated sum and bond to the extent same are bondable or satisfy any judgments
against Seller; and (iv) to discharge any restrictive covenants, declarations,
easements or other similar instruments which are executed and acknowledged by
Seller prior to the Closing Date and recorded against the Premises, which are
not Permitted Encumbrances.

         (d) If Seller shall have adjourned the Scheduled Closing Date in order
to cure Update Objections in accordance with the provisions of this SECTION 6,
Seller shall, upon the satisfactory cure thereof, promptly reschedule the
Scheduled Closing Date, upon at least five (5) business days' prior notice to
Purchaser (the "NEW CLOSING NOTICE"). If any matters which are Update Objections
arise between the date the New Closing Notice is given and the rescheduled
Scheduled Closing Date, Seller may again adjourn the Closing for a reasonable
period or periods, in order to attempt to cause such exceptions to be eliminated
by sending Purchaser a Title Cure Notice. Seller shall not be entitled to
adjourn the Scheduled Closing Date pursuant to this SECTION 6 for a period or
periods in excess of ninety (90) days in the aggregate.

         (e) If the Commitment or any update or revision thereto discloses
judgments, bankruptcies or other returns against other persons having names the
same as, or similar to, that of Seller, Seller, upon request, shall deliver to
the Company affidavits showing that such judgments, bankruptcies or other
returns are not against Seller in order to induce the Company to omit exceptions
with respect to such judgments, bankruptcies or other returns or to insure over
same.

                                      -11-
<Page>

7.       APPORTIONMENTS.

         (a) The following shall be apportioned between Seller and Purchaser as
of the close of business on the day immediately preceding the Closing Date (the
"APPORTIONMENT DATE"):

                           (i) all Fixed Annual Rent and Additional Rent payable
                  under the Ground Lease provided that Seller shall be
                  responsible for the payment of the "Start-Up Fee" described in
                  Section 3.6.2 of the Ground Lease;

                           (ii) real estate taxes, business improvement district
                  charges, sewer rents and taxes, water rates and charges (to
                  the extent not accounted for pursuant to CLAUSE (I) above and
                  (III) below), vault charges and taxes, and any other
                  governmental taxes or charges levied or assessed against the
                  Premises (collectively, "PROPERTY TAXES"), on the basis of the
                  respective periods for which each is assessed or imposed, to
                  be apportioned in accordance with SECTION 7(C) hereof;

                           (iii) water rates and charges and sewer rents and
                  taxes (to the extent not accounted for pursuant to CLAUSE (I)
                  above), if any, based on meter readings to be apportioned in
                  accordance with SECTION 7(C) hereof;

                           (iv) fuel, if any, as estimated by Seller's supplier
                  not more than five (5) days prior to the Closing Date, at
                  current cost, together with any sales taxes payable in
                  connection therewith, if any (a letter from Seller's fuel
                  supplier shall be conclusive evidence as to the quantity of
                  fuel on hand and the current cost therefor);

                           (v) prepaid fees for assignable licenses and other
                  permits (other than construction permits for portions of the
                  Project for which Seller is responsible under the Post-Closing
                  Agreement) assigned to Purchaser at the Closing;

                           (vi) any amounts prepaid or payable by Seller under
                  the Assumed Contracts (as defined in SECTION 10(A)(II));

                           (vii) amounts payable under the Management Agreement,
                  including, without limitation, wages and fringe benefits
                  (including, without limitation, vacation pay, sick days,
                  health, welfare, pension and disability benefits) and other
                  compensation payable to all personnel, if any, employed at the
                  Building at Closing; and

                           (viii) amounts required to be paid by the owner of
                  the Premises under any instruments recorded against the
                  Premises as shown on

                                      -12-
<Page>

                  Schedule B except to the extent that such amounts are part of
                  the work to be performed by Seller pursuant to the Post
                  Closing Agreement.

          (b) If there are water meters at the Premises, the unfixed water rates
and charges and sewer rents and taxes covered by meters, if any, shall be
apportioned (i) on the basis of an actual reading done within thirty (30) days
prior to the Apportionment Date, or (ii) if such reading has not been made, on
the basis of the last available reading. If the apportionment is not based on an
actual current reading, then upon the taking of a subsequent actual reading,
such apportionment shall be readjusted and Seller shall promptly deliver to
Purchaser or Purchaser shall promptly deliver to Seller, as the case may be, the
amount determined to be due upon such readjustment.

         (c) Charges for all electricity, steam, gas and other utility services
(collectively, "UTILITIES") shall be billed to Seller's account up to the
Apportionment Date and, from and after the Apportionment Date, all utilities
shall be billed to Purchaser's account. If for any reason such changeover in
billing is not practicable as of the Closing Date, as to any Utility, such
Utility shall be apportioned on the basis of actual current readings or, if such
readings have not been made, on the basis of the most recent bills that are
available. If any apportionment is not based on an actual current reading, then
upon the taking of a subsequent actual reading, such apportionment shall be
readjusted and Seller shall promptly deliver to Purchaser, or Purchaser shall
promptly deliver to Seller, as the case may be, the amount determined to be due
upon such adjustment.

         (d) If the computation of the aforementioned apportionments shows that
a net amount is owed by Seller to Purchaser, such amount shall be credited
against the Purchase Price payable by Purchaser on the Closing Date. If such
computation shows that a net amount is owed by Purchaser to Seller, such amount
shall be added to the Purchase Price payable by Purchaser on the Closing Date.

         (e) At or prior to the Closing, Seller and Purchaser and/or their
respective agents or designees will jointly prepare a preliminary closing
statement reasonably satisfactory to Seller and Purchaser in form and substance
(the "PRELIMINARY CLOSING STATEMENT") which will show the net amount due either
to Seller or to Purchaser as the result of the adjustments and prorations
provided for herein, and such net due amount will be added to or subtracted from
the Purchase Price to be paid to Seller at the Closing pursuant to SECTION 4
hereof. Within sixty (60) days following the Closing Date, Seller and Purchaser
and/or their respective agents or designees will jointly prepare a final closing
statement reasonably satisfactory to Seller and Purchaser in form and substance
(the "FINAL CLOSING STATEMENT") setting forth the final determination of the
adjustments and prorations provided for herein and setting forth any items which
are not capable of being determined at such time (and the manner in which such
items shall be determined and paid). The net amount due Seller or Purchaser, if
any, by reason of adjustments to the Preliminary Closing Statement as shown in
the Final Closing Statement, shall be paid in

                                      -13-
<Page>

cash by the party obligated therefor within ten (10) days following that party's
receipt of the approved Final Closing Statement. The adjustments, prorations and
determinations agreed to by Seller and Purchaser in the Final Closing Statement
shall be conclusive and binding on the parties hereto except for any items which
are not capable of being determined at the time the Final Closing Statement is
agreed to by Seller and Purchaser, which items shall be determined and paid in
the manner set forth in the Final Closing Statement and except for other amounts
payable hereunder pursuant to provisions which survive the Closing (including,
without limitation, tax refunds pursuant to SECTION 15). Prior to and following
the Closing Date, each party shall provide the other with such information as
the other shall reasonably request (including, without limitation, access to the
books, records, files, ledgers, information and data with respect to the
Property during normal business hours upon reasonable advance notice) in order
to make the preliminary and final adjustments and prorations provided for
herein.

         (f) The provisions of this SECTION 7 shall survive the Closing.

8.       PROPERTY NOT INCLUDED IN SALE.

         Notwithstanding anything to the contrary contained herein, it is
expressly agreed by the parties hereto that none of Seller's (a) proprietary
technology and any intellectual property rights therein, proprietary signs and
the proprietary content thereof or proprietary fixtures, (b) trademarks, service
marks, logos, trade names and corporate names, (c) telephone numbers and
Internet Protocol ("IP") addresses, (d) Extended Carrier Agreements and systems,
(e) market data provider hardware and/or service contracts, (f) certain used
furniture shown on the Plans as being relocated from other facilities of Seller
(g) certain contracts that provide IT Equipment and services for the Building
and other facilities of Seller as identified on Schedule O hereto (the "Global
Contracts") (the items in clauses (a) through (g) are collectively, "EXCLUDED
PERSONALTY"), shall be included in the Property to be sold to Purchaser
hereunder. This SECTION 8 shall survive the Closing.

9.       CERTAIN COVENANTS OF SELLER.

         (a) During the period from the date hereof until the Closing Date:

                  (i) Seller shall maintain in full force and effect the
insurance policies, a schedule of which is attached hereto as SCHEDULE J,
currently in effect with respect to the Premises;

                  (ii) Seller shall not convey, or enter into any agreement to
convey, any development rights, "air" rights or comparable rights appurtenant to
the Premises;

                  (iii) Seller shall not enter into any lease or other agreement
for the occupancy of the Premises;

                                      -14-
<Page>

                  (iv) Seller shall not amend or modify (other than non-material
amendments or modifications) or renew any of the Assumed Contracts without
Purchaser's consent; and

                  (v) Seller shall not enter into any new contracts other than
market rate contracts with entities not affiliated with Seller relating to the
operation or maintenance of the Building, unless such contract may be terminated
by the owner of the Premises without penalty on not more than thirty (30) days
prior notice each of which shall be an Assumed Contract. Seller will provide
Purchaser with copies of all such new contracts upon execution thereof. The
foregoing shall not be deemed to preclude Seller from entering into new
contracts for the completion of the Project as contemplated by ARTICLE 37 hereof
provided that Purchaser shall have no obligation under such contract unless
Purchaser has specifically consented thereto.

         (b) Whenever in SECTION 9(A) hereof Seller is required to obtain
Purchaser's approval or consent with respect to any transaction described
therein, Purchaser shall, within three (3) business days after receipt of
Seller's request therefore, together with a complete copy of all relevant
documents, notify Seller of its approval or disapproval of same and, if
Purchaser fails to notify Seller of its disapproval within said three (3)
business day period, Purchaser shall in all events be deemed to have disapproved
same.

10.      ASSIGNMENTS BY SELLER AND ASSUMPTIONS
         BY PURCHASER; EMPLOYEES.

         (a) Effective as of the Closing Date, Seller agrees to assign to
Purchaser, without recourse, representation or warranty (except as set forth
herein), all of Seller's right, title and interest in, and Purchaser agrees to
assume Seller's obligations accruing on and after the Closing Date, the
documents described in clauses (i), (ii), (iii) and (iv) below:

                  (i) the Ground Lease;

                  (ii) the service, maintenance, supply and other agreements
relating to the operation of the Premises, together with all modifications and
amendments thereof and supplements relating thereto which are set forth on
SCHEDULE C attached hereto and any other service, maintenance, supply and other
agreements (or amendments or modifications) approved by Purchaser or otherwise
permitted hereunder other than the Construction Contracts and the contracts to
purchase the FF&E (the "FF&E CONTRACTS") and the Contracts to purchase the IT
Equipment (the "IT CONTRACTS") (collectively, "ASSUMED CONTRACTS"), in each case
to the extent then in effect;

                                      -15-
<Page>

                  (iii) the transferable permits and licenses, if any, relating
to the Premises and the other intangible personalty; and

                  (iv) the Operative Documents.

           (b) Purchaser agrees that, effective as of the date hereof, the
employees as set forth on Schedule H hereto (it being understood that the list
is of job descriptions and compensation, not individuals), are engaged in the
operation, maintenance cleaning or security of the Building as employees of
Rockefeller Center Management Corporation ("MANAGER"). Such employees and any
additional personnel that may be hired by Manager in accordance with the
Management Agreement shall be union employees who shall, as of the Closing Date,
be offered the same employment by Manager under their then current employment
contracts or agreements, including any collective bargaining agreements or other
union contracts (the "EMPLOYMENT CONTRACTS"). Seller shall not consent to the
hiring of additional employees prior to Closing without the consent of
Purchaser, not to be unreasonably withheld, except to the extent Seller is
required to do so under the Management Agreement. Purchaser acknowledges that in
the event it (or Manager) either (i) terminates any of such union employees,
(ii) terminates any cleaning contractor, security contractor or other service
provider to the Premises employing union personnel or requires any such service
provider to reduce their employees at the Premises and, as a result, any of the
union employees engaged by such service provider are terminated (each of the
events described in (i) and (ii), a "TERMINATION EVENT"), certain severance
payments and other termination benefits (collectively, "TERMINATION PAYMENTS")
may be payable with respect to such terminated employees. Purchaser agrees that
it shall be liable for the payment of all such Termination Payments and hereby
agrees to indemnify and hold harmless Seller and the other Seller Related
Parties from and against any loss, cost, damage, liability or expense
(including, without limitations, reasonable attorneys' fees, court costs and
disbursements) incurred by Seller or any other Seller Related Party arising from
or by reason of (1) the occurrence of a Termination Event, (2) Purchaser's
failure to pay such Termination Payments as and when due and payable, (3)
Purchaser's failure to comply with the preceding provisions of this SECTION
10(C) or (4) Purchaser's failure to comply with the obligations under the
Employment Contracts required to be performed by the owner of the Premises and
which accrue from and after the Closing Date (it being agreed that the
obligation to make Termination Payments shall be deemed an obligation which
accrues after the Closing Date).

         (c) The provisions of this SECTION 10 shall survive the Closing.

11.      REPRESENTATIONS.

         (a) Purchaser expressly acknowledges that, except as expressly set
forth in this Agreement, neither Seller, nor any person acting on behalf of
Seller, nor any person or entity which prepared or provided any of the materials
reviewed by Purchaser in

                                      -16-
<Page>

conducting its due diligence, nor any direct or indirect officer, director,
partner, shareholder, employee, agent, representative, accountant, advisor,
attorney, principal, affiliate, consultant, contractor, successor or assign of
any of the foregoing parties (Seller, and all of the other parties described in
the preceding portions of this sentence (other than Purchaser and any unrelated
(to Seller) third parties to Agreements being assigned to Purchaser hereunder)
shall be referred to herein collectively as the "EXCULPATED PARTIES") has made
any oral or written representations or warranties, whether express or implied,
by operation of law or otherwise, with respect to the design and construction of
the Property, the zoning and other laws, regulations and rules applicable
thereto or the compliance by the Property therewith, the revenues and expenses
generated by or associated with the Property, or otherwise relating to the
Property or the transactions contemplated herein. Purchaser further acknowledges
that, except as specifically set forth in this Agreement, all materials which
have been provided by any of the Exculpated Parties have been provided without
any warranty or representation, expressed or implied as to their content,
suitability for any purpose, accuracy, truthfulness or completeness and, except
as specifically set forth in this Agreement, Purchaser shall not have any
recourse against Seller or any of the other Exculpated Parties in the event of
any errors therein or omissions therefrom. Without any disclaimer as to any
representations made hereunder, Purchaser acknowledges that Purchaser has
conducted its own independent investigations with respect to the Premises,
including but not limited to environmental, structural, mechanical and
architectural inspections, and is thoroughly acquainted with all matters related
to the Premises. Without any disclaimer as to any representations made
hereunder, Purchaser is acquiring the Property based solely on its own
independent investigation and inspection of the Property and not in reliance on
any information provided by Seller, or any of the other Exculpated Parties.

         (b) Subject to Seller's obligations with respect to the Project as set
forth in ARTICLE 37 hereof, Purchaser acknowledges and agrees that it is
purchasing the Property based solely upon its inspection and investigations of
the Property and that Purchaser is purchasing the Property "AS IS" and "WITH ALL
FAULTS", based upon the condition of the Property as of the date of this
Agreement, reasonable wear and tear and, subject to the provisions of SECTIONS
12 and 13 of this Agreement, loss by condemnation or fire or other casualty
excepted. The foregoing shall not be deemed to waive any rights to warranties or
guaranties under the Construction Contracts assigned to Purchaser pursuant to
the Post Closing Agreement. Purchaser acknowledges and agrees that its
obligations under this Agreement shall not be subject to any financing
contingency or other contingencies or satisfaction of conditions of any kind
whatsoever and Purchaser shall have no right to terminate this Agreement or
receive a return of the Deposit except as expressly provided for in SECTIONS
6(B), 12(A)(II), 13(A)(II) and 20(B) of this Agreement.

         (c) Seller hereby represents and warrants to Purchaser as of the date
hereof as follows (each a "REPRESENTATION"):

                                      -17-
<Page>

                  (i) Attached hereto as SCHEDULE C is a list of the Assumed
Contracts in effect as of the date hereof which is true and complete in all
material respects (taking into account the Project as a whole).

                  (ii) Seller has made available to Purchaser for Purchaser's
review all of the plans and specifications pursuant to which the Building is
being constructed, a list of which plans and specifications which is true and
complete in all material respects (taking into account the Project as a whole)
dated as of October 3, 2001 is attached hereto as Schedule D (the "BUILDING
PLANS"), it being acknowledged by Purchaser that the Building Plans may not
reflect so-called "field changes" made in the ordinary course of construction of
the Building.

                  (iii) Seller has made available to Purchaser for Purchaser's
review all of the plans and specifications pursuant to which the Interior
Improvements are being constructed, a list of which plans and specifications
which is true and complete in all material respects (taking into account the
Project as a whole) as of October 12, 2001 is attached hereto as Schedule E (the
"INTERIOR IMPROVEMENT PLANS"), it being acknowledged by Purchaser that the
Interior Improvement Plans may not reflect so-called "field changes" made in the
ordinary course of construction of the Building.

                  (iv) Seller has made available to Purchaser for Purchaser's
review all of the specifications for the FF&E installed or to be installed in
the Building, a list of which specifications which is true and complete in all
material respects (taking into account the Project as a whole) as of October 12,
2001 is attached hereto as Schedule F (the "FF&E SPECIFICATIONS"), it being
acknowledged by Purchaser that Seller may substitute items of comparable quality
for items in the FF&E Specifications.

                  (v) Seller has made available for Purchaser's review all of
the specifications of the IT Equipment, a list of which specifications which is
true and complete in all material respects (taking into account the Project as a
whole) as of October 8, 2001 is attached hereto as Schedule K, it being
acknowledged by Purchaser that Seller may substitute items of comparable quality
for items constituting IT Equipment.

                  (vi) Seller has made available for Purchaser's review all of
the Specifications for Exteriors Signs to be installed on the exterior of the
Building, a list of specifications which is true and complete in all material
respects (taking into account the Project as a whole) as of September 15, 1999
is attached hereto as Schedule L, it being acknowledged by Purchaser that Seller
shall be entitled to modify the Exterior Signs and content thereof to remove any
proprietary content, software or images of Seller and Seller Related Parties.

                                      -18-
<Page>

                  (vii) There are no condemnation or eminent domain proceedings
pending or, to Seller's knowledge, threatened, against the Premises.

                  (viii) Seller has not granted to any other party any purchase
option or right of first refusal with respect to the purchase of the Premises or
any part thereof, any interest direct or indirect therein which remains in
effect except for the Right of First Offer in Favor of Rock-Forty-Ninth LLC
("LANDLORD") pursuant to Article 38 of the Ground Lease.

                  (ix) There is no action, suit or proceeding pending or, to
Seller's knowledge, threatened against or affecting the Premises, except as set
forth on SCHEDULE I. In the event any such proceeding is initiated prior to
Closing, Seller shall promptly advise Purchaser of same and shall defend or
cause to be defended, without cost to Purchaser, and shall indemnify Purchaser
from and against all loss, liability and expense including reasonable attorneys'
fees and disbursements, incurred by Purchaser by reason of such action, suit or
proceeding.

                  (x) Seller has not entered into any lease, license or other
agreement for the use or occupancy of the Premises or any portion thereof except
as set forth in the Commitment, the Subway Agreement, the Operative Documents or
as otherwise set forth in this Agreement.

                  (xi) Seller has delivered to Purchaser a true and complete
copy of the Ground Lease. The Ground Lease is in full force and effect, all
Fixed Annual Rent and Additional Rent due and payable under the Ground Lease
have been paid, and no notice of default has been given by the Landlord
thereunder which remains uncured.

                  (xii) Seller has delivered to Purchaser true and complete
copies of the Management Agreement, Plaza Agreement, Publicity Agreement, Rental
Agency Agreement, the Letter Agreement and the Subway Agreement. To the best of
Seller's knowledge, such documents are in full force and effect, Seller has not
given any notices to the parties thereto of a default thereunder and no notice
of material default by Seller has been given to Seller by the parties under such
agreements which remains uncured.

                  (xiii) The JV Option Agreement and the Option to Lease Space
Agreement are in full force and effect, Seller has not given any notice of
default to the "Land Owner" and no notice of default has been given by the "Land
Owner" under either such agreement which remains uncured and no notice has been
given under either such agreement of the exercise of any option granted
thereunder.

Any and all uses of the phrase, "to the best of the Seller's knowledge" or other
references to Seller's knowledge in this Agreement shall mean the actual,
present, conscious knowledge of David Arena, Nan Molofsky and John Pierce,
representatives of Seller (the

                                      -19-
<Page>

"SELLER KNOWLEDGE INDIVIDUALS"), as to a fact at the time given without
investigation or inquiry. Neither the actual, present, conscious knowledge of
any other individual or entity, nor the constructive knowledge of the Seller
Knowledge Individuals or of any other individual or entity, shall be imputed to
the Seller Knowledge Individuals.

         The representations and warranties of Seller contained in this Section
11(c) shall survive the Closing for two hundred seventy (270) days following the
Closing Date. Each such representation and warranty shall automatically be null
and void and of no further force and effect on the 270th day following the
Closing Date unless, prior to such 270th day, Purchaser shall have delivered a
written notice to Seller alleging that Seller shall be in breach of such
representation or warranty, that Purchaser did not have actual knowledge of such
breach on or prior to the Closing Date and that Purchaser shall have suffered
actual damages as a result thereof (a "REP CLAIM"). Notwithstanding anything to
the contrary contained herein, in no event shall Purchaser be entitled to make a
Rep Claim (or prosecute a proceeding) unless the aggregate amount of all Rep
Claims exceeds $500,000 in the aggregate. If a Rep Claim shall timely be made by
Purchaser as aforesaid and shall not be resolved by the parties by the 180th day
following the date Purchaser gave Seller notice of the Rep Claim (each, an
"OUTSIDE DATE"), then each such representation and warranty as to which such Rep
Claim shall have been made shall automatically be null and void and of no
further force or effect on the applicable Outside Date unless, prior to such
Outside Date, Purchaser shall have commenced a legal proceeding against Seller
making the same allegations as are set forth in such Rep Claim (a "PROCEEDING").
If Purchaser shall have timely commenced a Proceeding and a court of competent
jurisdiction shall, pursuant to a final, non-appealable order in connection with
such Proceeding, determine that (1) Seller was in breach of any of the
applicable representation or warranty as of the date of this Agreement and (2)
Purchaser suffered actual damages (the "DAMAGES") by reason of such breach and
(3) Purchaser did not have actual knowledge or constructive knowledge of such
breach on or prior to the Closing Date then, Purchaser shall be entitled to
receive an amount equal to the Damages; provided, that, in no event shall
Purchaser be entitled to consequential or punitive damages. Any such Damages
shall be refunded within thirty (30) days following the entry of such final,
non-appealable order and delivery of a copy thereof to Seller. Purchaser
acknowledges and agrees that, in the event that Seller shall be in breach of any
of the Representations, Purchaser shall have no recourse to the property or
other assets of Seller or any of the other Exculpated Parties (excluding the
proceeds), and Purchaser's sole remedy, in such event, shall be to receive a
refund from the net sales proceeds received by Seller from Purchaser at the
Closing in the amount of the Damages.

         (d) The foregoing right of Purchaser to pursue a Rep Claim shall be
null and void to the extent that Seller or Seller Related Parties have delivered
or made available to Purchaser any leases, contracts or other information with
respect to the Property at any time prior to the Closing Date, such leases,
contracts or other information contain

                                      -20-
<Page>

provisions that disclose that any of the Representations are untrue and
Purchaser had actual knowledge of such provisions; it being agreed that any such
Representations shall be deemed modified to conform to such provisions, and to
the extent that any information provided to Purchaser or acquired by it is
information which is available to or provided by Seller or Seller Related
Parties, such information discloses that any of the Representations herein are
untrue and Purchaser has actual knowledge of such information, such
representations shall be modified to conform to such information.

         (e) The provisions of SECTIONS 11(A), (B), (C), AND (D) shall survive
the Closing but such survival shall be limited, in the case of the
representations and warranties set forth in SECTION 11(C), to the extent set
forth therein.

12.      DAMAGE AND DESTRUCTION.

         (a) If all or any part of the Building is damaged by fire or other
casualty occurring following the date hereof and prior to the Closing Date,
whether or not such damage affects a material part of the Building, then:

                  (i) if the estimated cost of repair or restoration is less
than or equal to $75,000,000 and if the estimated time to complete such repair
or restoration is six (6) months or less, then (1) neither party shall have the
right to terminate this Agreement and the parties shall nonetheless consummate
this transaction in accordance with this Agreement, without any abatement of the
Purchase Price or any liability or obligation on the part of Seller by reason of
said destruction or damage, and (2) all of the casualty (and other) insurance
proceeds received under the casualty (and other) insurance policies in effect
covering physical damage or destruction of the Building shall be used for the
restoration and repair of the Building; it being agreed that Seller shall be
responsible to restore the work covered by the Building Plans and Purchaser
shall be responsible to restore the work covered by the Interior Improvement
Plans, the FF&E Specifications and the IT Specifications.

                  (ii) if the estimated cost of repair or restoration exceeds
$75,000,000 or if the estimated time to complete such repair or restoration
exceeds six (6) months, Purchaser shall have the option, exercisable within ten
(10) days after receipt of the estimates referred to in Section 12(b) (or, if
later, the determination of the arbitrator under Section 12(c)), time being of
the essence, to terminate this Agreement by delivering notice thereof to Seller,
whereupon the Deposit shall be returned to Purchaser and this Agreement shall be
deemed canceled and of no further force or effect, and neither party shall have
any further rights or liabilities against or to the other except for such
provisions which are expressly provided in this Agreement to survive the
termination hereof. If a fire or other casualty described in this CLAUSE (II)
shall occur and Purchaser shall not timely elect to terminate this Agreement,
then (1) Purchaser and Seller shall consummate this transaction in accordance
with this Agreement, without any abatement of the

                                      -21-
<Page>

Purchase Price or any liability or obligation on the part of Seller by reason of
said destruction or damage, and (2) all of the casualty (and other) insurance
proceeds received under the casualty (and other) insurance policies in effect
covering physical damage or destruction of the Building shall be used for the
restoration and repair of the Building; it being agreed that Seller shall be
responsible to restore the work covered by the Building Plans and Purchaser
shall be responsible to restore the work covered by the Interior Improvement
Plans, the FF&E Specifications and the IT Specifications.

         (b) The estimated cost to repair and/or restore and the estimated time
to complete contemplated in SUBSECTION (A) above, the amount of insurance
proceeds allocable for the restoration of the work covered by the Building
Plans, Interior Improvement Plans, FF&E Specifications and IT Specifications and
an equitable allocation of any shortfall between the insurance proceeds and the
cost to restore the work covered by the Base Building Plans and Interior
Improvement Plans, shall be established by estimates obtained by Seller from
independent contractors, subject to Purchaser's review and reasonable approval
of the same and the provisions of SECTION 12(C) below.

         (c) The provisions of this SECTION 12 supersede the provisions of
Section 5-1311 of the General Obligations Law of the State of New York. Any
disputes under this SECTION 12 as to the cost of repair or restoration or the
time for completion of such repair or restoration shall be resolved by expedited
arbitration before a single arbitrator acceptable to both Seller and Purchaser
in their reasonable judgment in accordance with the rules of the American
Arbitration Association ("AAA"); provided that if Seller and Purchaser fail to
agree on an arbitrator within five days after a dispute arises, then either
party may request the Real Estate Board of New York, Inc. ("REBNY"), to
designate an arbitrator. Such arbitrator shall be an independent architect or
engineer having at least ten (10) years of experience in the construction of
first-class office buildings in Manhattan. The determination of the arbitrator
shall be conclusive and binding upon the parties. The costs and expenses of such
Arbitrator shall be borne equally by Seller and Purchaser.

13.      CONDEMNATION.

         (a) If, prior to the Closing Date, any part of the Premises is taken
(other than a temporary taking), or if Seller shall receive an official notice
from any governmental authority having eminent domain power over the Premises of
its intention to take, by eminent domain proceeding, any part of the Premises (a
"TAKING"), then:

                  (i) if such Taking involves less than or equal to twenty
percent (20%) of the rentable area of the Building as determined by an
independent architect chosen by Seller (subject to Purchaser's review and
reasonable approval of such determination and the provisions of SECTION 13(B)
below), then (1) neither party shall have any right to terminate this Agreement,
and the parties shall nonetheless consummate this transaction

                                      -22-
<Page>

in accordance with this Agreement, without any abatement of the Purchase Price
or any liability or obligation on the part of Seller by reason of such Taking,
provided, however, that Seller shall, on the Closing Date, assign and remit to
Purchaser and Purchaser shall be entitled to receive and keep the net proceeds
of any condemnation award or other proceeds of such Taking and applicable to the
Premises (less all reasonable expenses incurred by Seller in connection with
such Taking) or (2) if no award or other proceeds shall have been collected,
deliver to Purchaser an assignment of Seller's right to such award or other
proceeds which may be payable to Seller as a result of such Taking and Purchaser
shall reimburse Seller for the reasonable expenses incurred by Seller in
connection with such Taking.

                  (ii) if such Taking involves more than twenty percent (20%) of
the rentable area of the Building as determined by an independent architect
chosen by Seller (subject to Purchaser's review and reasonable approval of such
determination and the provisions of SECTION 13(B) below), Purchaser shall have
the option, exercisable within twenty (20) business days after receipt of notice
of such Taking, time being of the essence, to terminate this Agreement by
delivering notice thereof to Seller, whereupon the Deposit (together with any
interest earned thereon) shall be returned to Purchaser and this Agreement shall
be deemed canceled and of no further force or effect, and neither party shall
have any further rights or liabilities against or to the other except pursuant
to the provisions of this Agreement which are expressly provided to survive the
termination hereof. If a Taking described in this CLAUSE (II) shall occur and
Purchaser shall not timely elect to terminate this Agreement, then (1) Purchaser
and Seller shall consummate this transaction in accordance with this Agreement,
without any abatement of the Purchase Price or any liability or obligation on
the part of Seller by reason of such Taking, assign and remit to Purchaser and
Purchaser shall be entitled to receive and keep the proceeds of any condemnation
award or other proceeds of such Taking and applicable to the Premises (less all
reasonable expenses incurred by Seller in connection with such Taking) or (2) if
no award or other proceeds shall have been collected, deliver to Purchaser an
assignment of Seller's right to such award or other proceeds which may be
payable to Seller as a result of such Taking and Purchaser shall, within 30 days
after the receipt of such award or proceeds, reimburse Seller for the reasonable
expenses incurred by Seller in connection with such Taking.

         (b) The provisions of this SECTION 13 supersede the provisions of
Section 5-1311 of the General Obligations Law of the State of New York. Any
disputes under this SECTION 13 as to whether the Taking involves more than
twenty percent (20%) of the rentable area of the Building shall be resolved by
expedited arbitration before a single arbitrator acceptable to both Seller and
Purchaser in their reasonable judgment in accordance with the rules of the AAA;
provided that if Seller and Purchaser fail to agree on an arbitrator within five
days after a dispute arises, then either party may request the REBNY designate
an arbitrator. Such arbitrator shall be an independent architect having

                                      -23-
<Page>

at least ten (10) years of experience in the construction of first-class office
buildings in Manhattan. The costs and expenses of such Arbitrator shall be borne
equally by Seller and Purchaser.

14.      BROKERS AND ADVISORS.

         (a) Purchaser represents and warrants to Seller that it has not dealt
or negotiated with, or engaged on its own behalf or for its benefit, any broker,
finder, consultant, advisor, or professional in the capacity of a broker or
finder (each a "BROKER") in connection with this Agreement or the transactions
contemplated hereby. Purchaser hereby agrees to indemnify, defend and hold
Seller and the other Seller Related Parties harmless from and against any and
all claims, demands, causes of action, losses, costs and expenses (including
reasonable attorneys' fees, court costs and disbursements) arising from any
claim for commission, fees or other compensation or reimbursement for expenses
made by any Broker engaged by or claiming to have dealt with Purchaser in
connection with this Agreement or the transactions contemplated hereby.

         (b) Seller represents and warrants to Purchaser that it has not dealt
or negotiated with, or engaged on its own behalf or for its benefit, any Broker
in connection with this Agreement or the transactions contemplated hereby.
Seller hereby agrees to indemnify, defend and hold Purchaser and its direct and
indirect shareholders, officers, directors, partners, principals, members,
employees, agents, contractors and any successors or assigns of the foregoing,
harmless from and against any and all claims, demands, causes of action, losses,
costs and expenses (including reasonable attorneys' fees, court costs and
disbursements) arising from any claim for commission, fees or other compensation
or reimbursement for expenses made by or any Broker engaged by or claiming to
have dealt with Seller in connection with this Agreement or the transactions
contemplated hereby.

         (c) The provisions of this SECTION 14 shall survive the termination of
this Agreement or the Closing.

15.      TAX REDUCTION PROCEEDINGS.

         Seller has settled its appeal for the reduction of the assessed
valuation of the Premises for real estate taxes for the New York City fiscal
year July 1, 2001 to June 30, 2002 (the "2001/2002 TAX YEAR"). The amount of any
tax refunds (net of attorneys' fees and other costs of obtaining such tax
refunds) with respect to any portion of the Premises shall be apportioned
between Seller and Purchaser as of the Apportionment Date and the party
receiving such refund from the taxing authority shall pay to the other party any
amount thereof which the other party is entitled to receive within ten (10)
business days following receipt of the funds resulting from such refund. If, in
lieu of a tax refund, a tax credit is received with respect to any portion of
the Premises for the tax year in which the

                                      -24-
<Page>

Apportionment Date occurs, then (x) within thirty (30) days after receipt by
Seller or Purchaser, as the case may be, of evidence of the actual amount of
such tax credit (net of attorneys' fees and other costs of obtaining such tax
credit), the tax credit apportionment shall be recalculated between Seller and
Purchaser, and (y) within ten (10) business days following realization by
Purchaser of a tax savings on account of such credit, Purchaser shall pay to
Seller an amount equal to the savings realized (as apportioned). All refunds,
credits or other benefits applicable to any fiscal period prior to the Tax Year
during which the Closing Date shall occur shall belong solely to Seller (and
Purchaser shall have no interest therein) and, if the same shall be paid to
Purchaser or anyone acting on behalf of Purchaser, same shall be paid to Seller
within five (5) business days following receipt thereof and, if not timely paid,
with interest thereon from the fifth business day following such receipt until
paid to Seller at a rate equal to the prime rate of interest announced by
Citibank, N.A. from time to time plus three percent (3%). At Closing, Seller
shall deliver a letter from the law firm representing Seller in the tax appeal
which letter shall set forth the fee arrangement between Seller and such counsel
or the tax appeal for the 2001/2002 Tax Year and the status of the tax appeal
proceedings affecting the Premises (the "TAX COUNSEL LETTER"). The provisions of
this SECTION 15 shall survive the Closing.

16.      TRANSFER TAXES, RECORDING CHARGES AND SALES TAXES.

         (a) At the Closing, Seller and Purchaser shall execute, acknowledge,
deliver and file all such returns as may be necessary to comply with Article 31
of the Tax Law of the State of New York and the regulations applicable thereto,
as the same may be amended from time to time (the "RET") and the New York City
Real Property Transfer Tax (Admin. Code Article 21) and the regulations
applicable thereto, as the same may be amended from time to time (the "RPT"). On
the Closing Date, Seller shall pay 48.67% and Purchaser shall pay 51.33% (the
"Percentage Share") of the amounts payable under the RET and RPT, if any.
Purchaser and Seller agree that to the extent there are any refunds or a
shortfall of RET and RPT taxes paid, Purchaser and Seller shall each be entitled
to receive or obligated to pay, as appropriate, their Percentage Share of such
amounts. Notwithstanding the foregoing, Purchaser shall be obligated to pay the
RET and RPT taxes attributable to the RET and RPT taxes paid by Purchaser on
Seller's behalf.

         (b) Notwithstanding anything to the contrary contained herein, upon
written request of Seller at least one (1) business days prior to the Closing
Date, Purchaser shall either (i) bring to the Closing separate certified or bank
checks in the amount of the taxes due with respect to the RET and the RPT, if
any, or (ii) on the Closing Date, wire transfer to the Company such amount (with
the Company agreeing in writing to make payment thereof directly to the
appropriate governmental authorities).

         (c) Purchaser shall be liable for the payment of all fees, expenses,
recording charges and taxes in connection with the conveyance of the Property to
Purchaser

                                      -25-
<Page>

(including, without limitation, the cost of all title related expenses and title
insurance purchased by Purchaser in connection with the Closing).

         (d) Seller and Purchaser agree to cooperate reasonably with one another
to minimize the amount of RET and RPT payable in connection with this
transaction.

         (e) Purchaser shall pay all sales and use taxes, if any, in connection
with the transfer of the Property to Purchaser. Purchaser and Seller shall
reasonably cooperate with one another to minimize the amount of such sales and
use tax payable in connection with this transaction.

         (f) By reason of arrangements with the New York City Industrial
Development Agency, dated as of November 1, 2000, certain purchases of materials
and equipment incorporated into or located with the Building were exempt from
New York State and New York City sales and use taxes. The estimated amount of
such exempted taxes is $18,000,000. Purchaser believes that, as a result of the
sale of the Property, repayment may be made of such taxes, together with
interest thereon, and any penalties that may be assessed by the taxing
authorities. In the event Seller repays all or any portion of such taxes,
interest and penalties, Purchaser shall reimburse Seller for fifty percent (50%)
of such amount so paid within fifteen (15) days of receipt of evidence of such
payments, provided that Purchaser's obligation shall not exceed $9,000,000. The
parties agree to cooperate with each other to minimize the amount of the
recapture obligations.

         (g) The provisions of this SECTION 16 shall survive the Closing.

17.      CONDITIONS OF CLOSING; DELIVERIES TO BE MADE ON THE CLOSING DATE.

         (a) It shall be a condition precedent to Seller's obligation to close
hereunder that Seller shall have received a release from the Landlord of all
obligations of Seller under the Ground Lease and of Seller and MS under the
Existing Guaranty and the other Operative Documents accruing from and after the
Closing Date in form acceptable to Seller. It shall be a condition precedent of
Seller's and Purchaser's obligation to close hereunder that Seller shall have
received a written waiver of Landlord's ROFO or, in lieu thereof, the
Negotiation Period shall have expired without, (x) Landlord and Seller having
entered into a Purchase and Sale Agreement and (y) Seller having received the
certification (the "CERTIFICATION") from Landlord contemplated by Section 38.1.6
of the Ground Lease confirming that except as otherwise provided in Section
3.8.2 and the terms of Section 38.17 of the Ground Lease the Landlord has no
further rights to purchase the Property.

         (b) SELLER'S DOCUMENTS AND DELIVERIES: On the Closing Date, Seller
shall deliver or cause to be delivered to Purchaser the following:

                                      -26-
<Page>

                  (i) A duly executed and acknowledged Bargain and Sale Deed
Without Covenant Against Grantor's Acts with respect to the Building and
Interior Improvements in the form attached hereto as EXHIBIT 1;

                  (ii) A duly executed Bill of Sale in the form attached hereto
as EXHIBIT 3;

                  (iii) Originals, if available, or true and complete copies of
the Assumed Contracts;

                  (iv) A duly executed certification as to Seller's nonforeign
status as prescribed in SECTION 21 hereof, if appropriate, in the form attached
hereto as EXHIBIT 4;

                  (v) an assignment of all of Seller's rights under (A) the
Pledge of RFN's and RP's respective interests in Landlord and (B) the Agreement
and Acknowledgement of Pledge, dated November 19, 1998, acknowledging the
pledges of RFN and RP of their membership interests in Landlord together with
appropriate UCC transfer instruments to be filed in the appropriate governmental
offices.

                  (vi) Originals if available, or true and complete copies of
all licenses, certificates and permits then in effect with respect to the
operation of the Premises;

                  (vii) The Plans;

                  (viii) Good standing Certificate for Seller issued by the
State of Delaware, evidence of Seller's authority to do business in the State of
New York, an incumbency certificate and a resolution of Seller authorizing the
transactions contemplated hereby;

                  (ix) A certification stating that the representations and
warranties made by Seller in SECTION 11(C) hereof remain true and correct in all
material respects as if made on the Closing Date (or, if not the case,
describing in reasonable detail, any changes thereto, provided that such changes
do not have a material adverse affect on Purchaser's ability to use the Project
for its intended purpose or a material adverse affect on the value of the
Project, in each case taking into account any ongoing obligations of Seller
which, upon performance of such obligations, will eliminate such material
adverse effect);

                  (x) An assignment of the Letter Agreement;

                  (xi) The jointly executed documents referenced in SECTION
17(D);

                  (xii) An Estoppel Certificate from the Landlord in the form
provided in Section 26.1 of the Ground Lease (subject to (a) non-material
modifications thereof, (b) Landlord noting as defaults by Seller any matters
which Seller is obligated to discharge hereunder or otherwise agrees to
discharge, and (c) modifications thereof to conform the same to other
information previously delivered to Purchaser or made available for its

                                      -27-
<Page>

review) or, if an Estoppel Certificate from Landlord is not delivered by Seller,
a indemnity from Seller in favor of Purchaser and LHI from any loss, liability
cost, damage or expense under the Ground Lease or Guaranty arising prior to the
date of Closing. Seller's obligation to indemnify under this section shall be
guaranteed by MSDW at Closing. Notwithstanding the foregoing, if following
Closing Seller is able to obtain an Estoppel Certificate from Landlord, Seller
shall be entitled to substitute the Estoppel Certificate and receive a release
of its indemnity and the guaranty thereof by MSDW;

                  (xiii) An estoppel certificate from the New York City Transit
Authority, to the extent contemplated by the Subway Agreement, provided however
that Seller's failure to deliver such certificate shall not be a breach of this
Agreement, or a failure of a condition to close and Purchaser shall be obligated
to close hereunder notwithstanding the non-delivery of such an estoppel
certificate.

                  (xiv) The Tax Counsel Letter;

                  (xv) All keys or combinations for the Property, to the extent
in Seller's possession and control;

                  (xvi) A title affidavit in customary and reasonable form,
provided that such title affidavit shall not increase or modify any
representations made by Seller hereunder;

                  (xvii) At Closing, Purchaser shall receive a credit against
the Purchaser Price in the amount, as reasonably estimated by Seller, of the
aggregate costs that Seller estimates will be required to complete Seller's
original scope of work contemplated by the work to be performed by consultants
and service providers listed on Schedule O annexed hereto with respect to the
post-Closing installation (through user acceptance testing) of all IT Equipment,
including without limitation such installation of the IT Equipment described in
Schedule K annexed hereto. If Purchaser disputes the amount of this credit at
Closing, Purchaser shall receive at Closing the proposed amount and the
appropriate amount of the credit shall be determined by arbitration pursuant to
the arbitration provisions in the Post-Closing Agreement.

                  (xviii) To the extent that Landlord is unwilling to eliminate
from the Substitute Guaranty (x) the obligation to pay the Start Up Fee, (y) the
obligations of Seller under the Development Agreement and (y) the obligations of
tenant under the Ground Lease for matters arising prior to the Closing Date,
Seller shall deliver an indemnity of MSDW from any loss, liability, cost, damage
or expense incurred by Purchaser arising out of Seller's failure to pay the
Start Up Fee, perform its obligations under the Ground Lease or other agreements
covered by such guaranty prior to the Closing Date or perform its obligations
under the Development Agreement; and

                                      -28-
<Page>

                  (xix) title to the IT Equipment.

         (c) PURCHASER'S DOCUMENTS AND DELIVERIES: On the Closing Date,
Purchaser, shall deliver or cause to be delivered to Seller or Landlord, as
indicated below, the following:

                  (i) payment of the balance of the Purchase Price payable at
the Closing, in the manner required under this Agreement;

                  (ii) the jointly executed documents referenced in Section
17(d);

                  (iii) delivery to Landlord of a guaranty of payment and
performance in the form required by Section 22.4.2.2 of the Ground Lease from
Lehman Brothers Holding Inc. ("LHI"), or if LHI does not meet the credit rating
requirements set forth below, another entity rated A by Standard & Poors or A2
by Moody's sufficient to obtain the release of Seller and Morgan Stanley Dean
Witter & Co. ("MSDW") from any further obligations under the Ground Lease or the
Guaranty of even date therewith (the "EXISTING GUARANTY") executed by MS in
favor of Landlord;

                  (iv) an indemnity from LHI in favor of MSDW, Seller and
all Seller Related Parties from any loss, liability, cost, damage, or expense,
under the Ground Lease or the Guaranty arising from after the date of Closing;

                  (v) a certification executed by Purchaser stating that
representations and warranties made by Purchaser in SECTION 36 hereof remain
true and correct in all material respect as of the Closing Date as are being
made by Purchaser in SECTION 36 hereof;

                  (vi) Resolution of Purchaser authorizing the transactions
contemplated hereby, a copy of a good standing certificate for Purchaser issued
by the State of Delaware, evidence of Purchaser's authority to do business in
the State of New York and an incumbency certificate by Purchaser.

         (d) JOINTLY EXECUTED DOCUMENTS: Seller and Purchaser shall, on the
Closing Date, each execute, acknowledge (as appropriate) and exchange the
following documents:

                  (i) The returns required under the RET, the RPT and any other
tax laws applicable to the transactions contemplated herein;

                  (ii) An Assignment and Assumption of Ground Lease in the form
attached hereto as EXHIBIT 2;

                  (iii) An Assignment and Assumption of JV Option Agreement in
the form attached hereto as EXHIBIT 5;

                                      -29-
<Page>

                  (iv) An Assignment and Assumption of Option to Lease Space
Agreement in the form attached hereto as EXHIBIT 6 (it being understood that
Seller shall cause MS to execute, acknowledge and deliver such Assignment and
Assumption as an additional assignor thereunder);

                  (v) An Assignment and Assumption of the Assumed Contracts in
the form attached hereto as EXHIBIT 7;

                  (vi) A General Assignment and Assumption Agreement in the form
attached hereto as EXHIBIT 8;

                  (vii) An Assignment and Assumption of the Management Agreement
in the form attached hereto as EXHIBIT 11;

                  (viii) An Assignment and Assumption of the Plaza Agreement in
the form attached hereto as EXHIBIT 12;

                  (ix) An Assignment and Assumption of the Publicity Agreement
in the form attached hereto as EXHIBIT 13;

                  (x) An Assignment and Assumption of the Rental Agency
Agreement in the form attached hereto as EXHIBIT 14;

                  (xi) The Agreement - Post Closing Obligations in the form
attached hereto as EXHIBIT 15 and the escrow agreement and all other documents
contemplated thereunder; and

                  (xii) Any other affidavit, document or instrument required to
be delivered by Seller or Purchaser on the Closing Date pursuant to the terms of
this Agreement.

18.      CLOSING DATE

         The closing (the "CLOSING") of the transactions contemplated hereunder
shall occur at 10:00 a.m. on November 13, 2001 (such date, or the date Seller
sets for the Closing if Seller shall elect to extend this date pursuant to
SECTION 6 hereof, is herein referred to as the "SCHEDULED CLOSING DATE"; the
actual date of the Closing is herein referred to as the "CLOSING DATE"), at the
offices of Sellers' attorneys, Fried, Frank, Harris, Shriver & Jacobson, One New
York Plaza, New York, New York 10004. Time is of the essence as to Purchaser's
obligation to close the transactions contemplated hereunder on the Scheduled
Closing Date. Notwithstanding the foregoing, Purchaser shall have a one time
right on written notice, to adjourn the Scheduled Closing Date for up to three
(3) business days (the "LATER CLOSING DATE"), time being of the essence for
Purchaser to close the transaction on the Later Closing Date.

                                      -30-
<Page>

19.      NOTICES.

         All notices, demands, requests or other communications (collectively,
"NOTICES") required to be given or which may be given hereunder shall be in
writing and shall be sent by (a) national overnight delivery service, or (b)
personal delivery, addressed as follows:

         (i)      If to Seller:

                                    Morgan Stanley & Co. Incorporated
                                    1633 Broadway
                                    New York, New York  10019
                                    Attention:  David Arena, Managing Director

                                    with a copy to:
                                    Morgan Stanley & Co. Incorporated
                                    1633 Broadway
                                    New York, New York  10019
                                    Attention:  Nan Molofsky
                                                Executive Director

                                    and a copy to:

                                    Fried, Frank, Harris, Shriver & Jacobson
                                    One New York Plaza
                                    New York, New York  10004
                                    Attention:  Jonathan L. Mechanic, Esq.

         (ii)     If to Purchaser:

                                    Lehman Brothers, Inc.
                                    101 Hudson Street
                                    Jersey City, New Jersey 07302
                                    Attention:  Mark J. Marcucci

                                    and a copy to:

                                    Office of the General Counsel
                                    Lehman Brothers, Inc.
                                    101 Hudson Street
                                    Jersey City, New Jersey  07302
                                    Attention:  Joseph Polizzotto, Esq.

                                    with a copy to:

                                      -31-
<Page>

                                    Weil, Gotshal & Manges LLP
                                    767 5th Avenue
                                    New York, New York  10153
                                    Attention:  Alan A. Lascher, Esq.

         Any Notice so sent by national overnight delivery service or personal
delivery shall be deemed given on the date of receipt or refusal as indicated on
the return receipt, or the receipt of the national overnight delivery service or
personal delivery service. A Notice may be given either by a party or by such
party's attorney. Seller or Purchaser may designate, by not less than five (5)
business days' notice given to the others in accordance with the terms of this
SECTION 19, additional or substituted parties to whom Notices should be sent
hereunder. The provisions of this Section 19 shall survive the termination
hereof or the Closing.

20.      DEFAULT BY PURCHASER OR SELLER.

         (a) If Purchaser shall default in the payment of the Purchase Price or
if Purchaser shall default in the performance of any of its other obligations to
be performed on the Closing Date, Seller's sole remedy by reason thereof shall
be to terminate this Agreement and, upon such termination, Seller shall be
entitled to retain the Deposit as liquidated damages for Purchaser's default
hereunder, it being agreed that the damages by reason of Purchaser's default are
difficult, if not impossible, to ascertain, and thereafter Purchaser and Seller
shall have no further rights or obligations under this Agreement except for
those that are expressly provided in this Agreement to survive the termination
hereof. If Seller terminates this Agreement pursuant to a right given to it
hereunder and Purchaser takes any action which interferes with Seller's ability
to sell, exchange, transfer, lease, dispose of or finance the Property or take
any other actions with respect thereto (including, without limitation, the
filing of any lis pendens or other form of attachment against the Property),
then the named Purchaser (and any assignee of Purchaser's interest hereunder)
shall be liable for all loss, cost, damage, liability or expense (including,
without limitation, reasonable attorneys' fees, court costs and disbursements
and consequential damages) incurred by Seller by reason of such action to
contest by Purchaser (collectively, "INTERFERENCE DAMAGES"); provided that the
named Purchaser (and any such assignee) shall have no such liability for such
Interference Damages if it shall be determined by a final order of a court of
competent jurisdiction that Seller shall not have been entitled to terminate
this Agreement.

         (b) If Seller shall default in any of its obligations to be performed
on the Closing Date Purchaser as its sole remedy by reason thereof (in lieu of
prosecuting an action for damages (whether direct or consequential) or
proceeding with any other legal course of conduct, the right to bring such
actions or proceedings being expressly and voluntarily waived by Purchaser, to
the extent legally permissible, following and upon

                                      -32-
<Page>

advice of its counsel) shall have the right subject to the other provisions of
this SECTION 20(B) (i) to seek to obtain specific performance of Seller's
obligations hereunder, provided that any action for specific performance shall
be commenced within sixty (60) days after such default (failing which Purchaser
shall be deemed to have waived such remedy) or (ii) to terminate this Agreement
(by delivering notice thereof to Seller) and to receive a return of the Deposit.
If Purchaser fails to commence an action for specific performance within sixty
(60) days after such default, Purchaser's sole remedy shall be to receive a
return of the Deposit. Upon such return and delivery, this Agreement shall
terminate and neither party hereto shall have any further obligations hereunder
except for those that are expressly provided in this Agreement to survive the
termination hereof. Notwithstanding the foregoing, Purchaser shall have no right
to seek specific performance if Seller shall be prohibited from performing its
obligations hereunder by reason of any law, regulation, or other legal
requirement applicable to Seller.

         (c) The provisions of this SECTION 20 shall survive the termination
hereof.

21.      FIRPTA COMPLIANCE.

         Seller shall comply with the provisions of the Foreign Investment in
Real Property Tax Act, Section 1445 of the Internal Revenue Code of 1986 (as
amended), as the same may be amended from time to time, or any successor or
similar law (collectively, "FIRPTA"). Seller acknowledges that Section 1445 of
the Internal Revenue Code provides that a transferee of a United States real
property interest must withhold tax if the transferor is a foreign person. To
inform Purchaser that withholding of tax is not required upon the disposition of
a United States real property interest by Seller, Seller hereby represents and
warrants that Seller is not a foreign person as that term is defined in the
Internal Revenue Code and Income Tax Regulations. On the Closing Date, Seller
shall deliver to Purchaser a certification as to Seller's non-foreign status in
the form attached hereto as EXHIBIT 4, and shall comply with any temporary or
final regulations promulgated with respect thereto and any relevant revenue
procedures or other officially published announcements of the Internal Revenue
Service of the U.S. Department of the Treasury in connection therewith.

22.      ENTIRE AGREEMENT.

         Except as set forth in SECTION 29 hereof, this Agreement, including all
schedules and exhibits hereto, contains all of the terms agreed upon between
Seller and Purchaser with respect to the subject matter hereof, and all prior
agreements, understandings, representations and statements, oral or written,
between Seller and Purchaser are merged into this Agreement. The provisions of
this SECTION 22 shall survive the Closing or the termination hereof.

                                      -33-
<Page>

23.      AMENDMENTS.

         This Agreement may not be changed, modified or terminated, except by an
instrument executed by Seller and Purchaser. The provisions of this SECTION 23
shall survive the Closing or the termination hereof.

24.      WAIVER.

         No waiver by either party of any failure or refusal by the other party
to comply with its obligations shall be deemed a waiver of any other or
subsequent failure or refusal to so comply. The provisions of this SECTION 24
shall survive the Closing or the termination hereof.

25.      PARTIAL INVALIDITY.

         If any term or provision of this Agreement or the application thereof
to any person or circumstance shall, to any extent, be invalid or unenforceable,
the remainder of this Agreement, or the application of such term or provision to
persons or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby, and each term and provision of
this Agreement shall be valid and shall be enforced to the fullest extent
permitted by law. The provisions of this SECTION 25 shall survive the Closing or
the termination hereof.

26.      SECTION HEADINGS.

         The headings of the various sections of this Agreement have been
inserted only for the purposes of convenience, and are not part of this
Agreement and shall not be deemed in any manner to modify, explain, expand or
restrict any of the provisions of this Agreement. The provisions of this SECTION
26 shall survive the Closing or the termination hereof.

27.      GOVERNING LAW.

         This Agreement shall be governed by the laws of the State of New York
without giving effect to conflict of laws principles thereof. The provisions of
this SECTION 27 shall survive the Closing or the termination hereof.

28.      PARTIES; ASSIGNMENT AND RECORDING.

         (a) This Agreement and the various rights and obligations arising
hereunder shall inure to the benefit of and be binding upon Seller and Purchaser
and their respective successors and permitted assigns.

                                      -34-
<Page>

         (b) Purchaser may not assign or otherwise transfer this Agreement or
any of its rights or obligations hereunder or any of the direct or indirect
ownership interests in Purchaser, without first obtaining Seller's consent
thereto, which consent Seller may grant or withhold in its sole and absolute
discretion. Notwithstanding the foregoing, Purchaser shall have the right to
assign this Agreement to (1) one or more affiliates of Purchaser, (2) an entity
or entities established by Purchaser for the purpose of providing synthetic
lease or other financing, or (3) an entity or entities established in order to
obtain governmental economic benefits for the Premises provided that (i) any
such assignment shall be subject to the provisions of the Ground Lease; (ii) LHI
shall execute and deliver the Substitute Guaranty and (iii) Purchaser shall have
provided Seller with reasonable notice of such proposed assignment no later than
five (5) days prior to Closing.

         (c) Neither this Agreement nor any memorandum hereof shall be recorded.

         (d) The provisions of SECTION 28(A) and 28(C) shall survive the Closing
or the termination hereof. The provisions of SECTION 28(B) shall survive the
termination hereof.

29.      CONFIDENTIALITY AND PRESS RELEASES.

         (a) Purchaser shall continue to comply with the provisions of the
confidentiality agreement, dated October 5, 2001 (the "CONFIDENTIALITY
AGREEMENT") heretofore executed by or on behalf of Purchaser and shall maintain
as confidential all "Information" (including, without limitation, all
information obtained in connection with Purchaser's access and inspection of the
Premises under SECTION 3 hereof) in accordance with the provisions thereof.
Notwithstanding the foregoing, the provisions of paragraph 6 of the
Confidentiality Agreement are deemed of no further force and effect and are
superceded by the provisions of this Agreement.

         (b) Between the date hereof through and including the Closing Date and
except as otherwise expressly provided in clause (c) below, Purchaser and Seller
shall not (and shall cause their respective agents, employees, attorneys and
advisors including, without limitation, financial institutions to not) disclose,
make known, divulge, disseminate or communicate the Purchase Price or any of the
terms of this Agreement or this transaction or any agreement, document or
understanding pertinent to the instant transaction without the consent of the
other party, except (i) as required by law (including, without limitation, in
connection with any securities filings), (ii) to Purchaser's and Seller's
directors, employees and advisors (including those of its affiliates) involved
in the transaction, (iii) to Purchaser's prospective lenders or investors.

         (c) Prior to the Closing, Seller and Purchaser shall confer and agree
upon a press release disclosing the transaction and shall jointly issue such
release at an appropriate time, agreed to by Seller and Purchaser, following the
Closing. After the Closing, subject to the terms of the Publicity Agreement,
Seller and Purchaser may issue

                                      -35-
<Page>

additional press releases which do not contain confidential information and
which do not make reference to the other party (unless the other party consents
thereto).

         (d) Except as may be required by any law, rule or regulation of a
governmental authority, by court order or by applicable accounting standards,
Seller shall not publicly describe the transaction other than as a reflection of
the approximate cost that Seller has or intends to spend on the Property.

         (e) The provisions of SECTION 29(A) shall survive the termination of
this Agreement and the provisions of SECTION 29(B) and SECTION 29(C) shall
survive the termination hereof or the Closing.

30.      FURTHER ASSURANCES.

         Seller and Purchaser will do, execute, acknowledge and deliver all and
every such further acts, deeds, conveyances, assignments, notices, transfers and
assurances as may be reasonably required by the other party, for the better
assuring, conveying, assigning, transferring and confirming unto Purchaser the
Property and for carrying out the intentions or facilitating the consummation of
this Agreement. The provisions of this SECTION 30 shall survive the Closing.

31.      THIRD PARTY BENEFICIARY.

         This Agreement is an agreement solely for the benefit of Seller and
Purchaser (and their permitted successors and/or assigns). No other person,
party or entity shall have any rights hereunder nor shall any other person,
party or entity be entitled to rely upon the terms, covenants and provisions
contained herein. The provisions of this SECTION 31 shall survive the Closing or
the termination hereof.

32.      JURISDICTION AND SERVICE OF PROCESS.

         The parties hereto agree to submit to personal jurisdiction in the
State of New York in any action or proceeding arising out of this Agreement and,
in furtherance of such agreement, the parties hereby agree and consent that
without limiting other methods of obtaining jurisdiction, personal jurisdiction
over the parties in any such action or proceeding may be obtained within or
without the jurisdiction of any court located in New York and that any process
or notice of motion or other application to any such court in connection with
any such action or proceeding may be served upon the parties by registered or
certified mail to or by personal service at the last known address of the
parties, whether such address be within or without the jurisdiction of any such
court. The provisions of this SECTION 32 shall survive the Closing or the
termination hereof.

                                      -36-
<Page>

33.      WAIVER OF TRIAL BY JURY.

         SELLER AND PURCHASER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR COUNTERCLAIM ARISING IN
CONNECTION WITH, OUT OF OR OTHERWISE RELATING TO THIS AGREEMENT. THE PROVISIONS
OF THIS SECTION 33 SHALL SURVIVE THE CLOSING OR THE TERMINATION HEREOF.

34.      MISCELLANEOUS.

         (a) Whenever in this Agreement it is provided that Purchaser's
successors and/or transferees and/or assignees shall have any rights or
obligations, such phrase shall be deemed to include all designees of Purchaser
as well as all of the transferees, successors and assigns of Purchaser and such
designees.

         (b) This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original and together constitute one and the same
instrument.

         (c) Any consent or approval to be given hereunder (whether by Seller or
Purchaser) shall not be effective unless in writing. Except as otherwise
expressly provided herein, any consent or approval requested of Seller or
Purchaser shall not be unreasonably withheld by Seller or Purchaser.

         (d) The provisions of this SECTION 34 shall survive the Closing or the
termination hereof.

         (e) This Agreement shall not be assignable by Seller.

         (f) The submission of this document and all subsequent drafts by Seller
or its attorneys shall not be deemed an offer by Seller to sell or Purchaser to
purchase the Property on the terms set forth in such drafts and such document or
draft may be withdrawn or modified by Seller or its agent at any time or for any
reason. Neither this document nor any draft shall be effective nor shall either
party have any rights or obligations with respect to the Property or under this
Agreement unless and until Seller and Purchaser shall have executed this
document and delivered same to the other and all the conditions to the
effectiveness hereof contained herein shall have been met.

         (g) The provisions of this Section 34 shall survive the Closing or the
termination hereof.

                                      -37-
<Page>

35.      ORGANIZATIONAL REPRESENTATIONS.

         (a) Seller hereby represents and warrants to Purchaser that (i) Seller
is a duly organized limited liability company which is in valid existence under
the laws of the State of Delaware, (ii) Seller is in good standing and
authorized to do business in the State of New York and (iii) Seller's execution
of this Agreement and the performance of its obligations hereunder have been
duly authorized by all necessary limited liability company action.

         (b) Purchaser hereby represents and warrants to Seller that (i)
Purchaser is a duly organized corporation which is in valid existence and in
good standing under the laws of the State of Delaware, (ii) Purchaser is in good
standing and authorized to do business in the state of New York and (ii)
Purchaser's execution of this Agreement and the performance of its obligations
hereunder have been duly authorized by all necessary corporate action.

         (c) The provisions of this SECTION 35 shall survive the Closing.

36.      CERTAIN GROUND LEASE PROVISIONS.

         (a) Purchaser acknowledges that pursuant to Article 38 of the Ground
Lease Landlord has a right of first offer ("ROFO") with respect to any sale of
the Property. Seller has requested that Landlord waive such ROFO in writing;
provided, however, that Seller shall incur no liability if Landlord fails to do
so. Notwithstanding the foregoing, Seller has sent Landlord a notice (a copy of
which is attached hereto as Schedule M) as required under the Ground Lease. If
Landlord fails timely to give a Negotiation Notice (as defined in the Ground
Lease) to Seller, the parties shall proceed to close the transaction as
contemplated hereby. If Landlord gives a Negotiation Notice, then the Scheduled
Closing Date shall be postponed until the end of the 60-day Negotiation Period.
If such Negotiation Period shall expire without Landlord and Seller entering
into a Purchase and Sale Agreement and Seller receives the Certification or
waives the requirements for such Certification, then Seller shall notify
Purchaser and the parties shall promptly proceed to Closing. If Landlord and
Seller shall enter into a purchase and Sale Agreement pursuant to the ROFO, then
Seller shall have the right to terminate this Agreement and close on the sale to
Landlord pursuant to the terms of such purchase and sale agreement. In such
event, the Deposit shall be returned to Purchaser and neither Purchaser nor
Seller shall have any further obligations to other except those, if any, as are
expressly stated herein to survive such termination.

         (b) Seller and Purchaser agree to cooperate with one another in all
respects in order to comply with the requirements of Article 22 of the Ground
Lease to effect, as of the Closing Date, a permitted "Restricted Transfer" of
the Seller's interest in the Ground Lease (as such term is defined in the Ground
Lease) and to obtain (i) confirmation from

                                      -38-
<Page>

Landlord that Seller has complied with the provisions of Article 22 and (ii) a
release of Tenant and Guarantor (as defined in the Ground Lease) from any
further obligations under the Ground Lease, the Existing Guaranty and other
Operative Documents accruing from and after the date of such assignment.
Notwithstanding the foregoing, Seller and MS shall remain responsible for all of
the monetary obligations of Seller under the Development Agreement between
Seller and Rockefeller Group Development Corporation dated November 19, 1998
(the "DEVELOPMENT AGREEMENT"). The execution and delivery by Landlord of the
confirmation and release referred to in clauses (i) and (ii) above shall be a
condition to Seller's obligation to close hereunder.

         (ii) Immediately after the execution of this Agreement, pursuant to
Section 22.4.5 of the Ground Lease, Seller and Purchaser shall submit to
Landlord (A) the notice of the proposed transaction contemplated by ss. 22.4.5,
(B) certified financial statements for the substitute guarantor LHI prepared in
accordance with GAAP for the three (3) full years prior to the proposed
transfer, (C) a form of substitute guaranty to be executed by LHI as required by
Section 22.4.2.2.1 of the Ground Lease substantially in the form attached hereto
as Exhibit 9, (D) a copy of the proposed instrument(s) of assignment of the
Ground Lease containing, INTER ALIA, the name, address and telephone number of
the assignee substantially in the form attached hereto as Exhibit 2, (E) a copy
of the proposed instrument(s) of assumption by Purchaser containing, INTER ALIA,
the name, address and telephone number of the assignee substantially in the form
attached hereto as Exhibit 2, (F) if the assignee is not a Public Company, the
affidavit required pursuant to ss. 22.4.5.5 of the Ground Lease, and (G)
Purchaser shall also deliver an opinion of counsel of LHI as to the power and
authority of LHI to execute and deliver such substitute guaranty which opinion
shall be substantially in the form attached hereto as Exhibit 10.

         (iii) The parties will cooperate with one another to seek to obtain the
confirmation and release contemplated under paragraph (b) above including,
without limitation, if appropriate in Seller's reasonable judgment, the
commencement of any arbitration proceeding contemplated by Article 22 of the
Ground Lease.

         (iv) At Seller's election, Seller may, in its sole and absolute
discretion, accept in lieu of all or a portion of the release provided for in
paragraph (b)(ii) above, an indemnity from LHI against any loss, liability,
cost, damages or expense including, without limitation, all reasonable legal
fees and disbursements, arising out of any obligation under the Existing
Guaranty or the Operative Documents which is not released by Landlord and which
accrues at any time from and after the date of Closing except to the extent the
same relates to the Development Agreement which shall in all events remain the
liability of Seller and MS.

                                      -39-
<Page>

37.      CONDITION OF PREMISES AT CLOSING.

         (a) Pursuant to this Agreement, Seller is conveying to Purchaser, the
Building, the Interior Improvements, the FF&E, the IT Equipment and the Exterior
Signs being installed in the Building presently under construction on the Land
pursuant to the Base Building Plans, the Interior Improvement Plans, the FF&E
Specifications, the IT Equipment Specifications, the Exterior Signs
Specifications and all specifications, drawings and sketches underlying
so-called change orders to the foregoing (collectively, the "PLANS"). Seller
also has certain obligations to complete in accordance with the Plans and the
approvals granted Seller by local governmental authorities ("APPROVALS"),
certain site improvements as set forth on SCHEDULE G hereto (the "HOIST RELATED
WORK"), certain work required by the Subway Agreement, (the "SUBWAY WORK") and
to dedicate, in accordance with the Approvals, certain space in the Building for
entertainment use to comply with the entertainment requirement of the district
within which the Premises are located (the "DEDICATION REQUIREMENT"). Subject to
Section (b) below, Seller agrees, following the Closing Date, to substantially
complete the work contemplated by the Plans (the "PROJECT"), including the Hoist
Related Work and the Subway Work and to satisfy the Dedication Requirement,
subject to and in accordance with the provisions of the terms of the Post
Closing Agreement.

         (b) Notwithstanding the provisions of SECTION 37(a) above Purchaser
shall have the one-time right, exercisable on or before November 1, 2001, TIME
BEING OF THE ESSENCE, to notify Seller that Purchaser elects to have Seller
cease, as of the Closing Date, to perform any Interior Improvements and to
deliver and install any FF&E and IT Equipment (i) on one or more, but less than
all, of the floors of the Building (a "STOP WORK NOTICE") or (ii) in the entire
Building (a "FULL STOP ELECTION"). Upon receipt of a Stop Work Notice or Full
Stop Election, Seller shall notify the respective Contractors responsible for
the substantial completion of the work on the floor or floors for which a Stop
Work Notice or a Full Stop Election has been given and obtain from such
Contractors a determination of the amount of credit, if any, that will be given
by such Contractor(s) as a result thereof. Purchaser and Seller agree that as to
any floor or floor for which a Stop Work Notice has been received, Seller shall
deliver such floor to Purchaser on the Closing Date in its then "as is"
condition and credit Purchaser, at Closing, with an amount equal to the credits
actually given to Seller by those Contractors whose work has been stopped or
cancelled on such floor or floors. In the event Purchaser delivers a Full Stop
Election, any credit shall be determined as provided in paragraph 10(b) of the
Post Closing Agreement. Upon receipt of a Full Stop Election, Seller shall
notify Turner Construction ("TURNER") and obtain from Turner a determination of
the amount then due and payable under Turner's agreement with Seller to perform
the Interior Improvements. In the event of a Full Stop Election, (A) Seller
shall deliver to Purchaser on the Closing Date the entire Building in its then
"as is" condition (except for Seller's remaining obligations with respect to
Base Building Work and obtaining the Zero

                                      -40-
<Page>

Occupancy TCO), (B) [INTENTIONALLY DELETED] and (C) Seller shall assign to
Purchaser at Closing all of the FF&E Contracts and the IT Contracts, as such
terms are defined in the Post Closing Agreement, other than any thereof
providing for Excluded Personalty or which Seller would otherwise not be
obligated to perform for Purchaser under the Post Closing Agreement in the
absence of any Stop Work Notice or Full Stop Election. In no event shall the
agreement between seller and Turner by assigned to Purchaser without Turner's
consent.

         (c) The provisions of this Article 37 shall survive Closing.

38.      LIMITATION ON EMPLOYMENT.

         So as not to interfere with the timely completion of the Improvements,
Purchaser agrees on behalf of itself and its affiliates that it shall not
solicit for employment, hire or otherwise utilize the services of any individual
or entity directly or indirectly, who has performed or hereafter performs
services relating to the design, development, construction or operation of the
Premises for or on behalf of MSDW, MS or any Seller Related Parties, directly or
indirectly (the "PROJECT PERSONNEL") without Seller's prior consent (which may
be written or oral, but if oral, thereafter confirmed in writing), which consent
may be withheld if in MSDW's reasonable discretion MSDW believes that such
employment shall have an adverse affect on the final completion of the Premises.
This restriction shall terminate on the date Purchaser acknowledges in writing
that final completion of the Premises has occurred. Notwithstanding the
foregoing, Purchaser shall not be precluded from continuing its relationships
with such entities or persons employed thereby with whom Purchaser has an
existing relationship and may engage Hines as an Advisor provided that the
employees of Hines acting on behalf of Purchaser shall be subject to the
limitations of this Section. Prior to final completion of the Project, subject
to a written agreement between the parties Seller may assign and Purchaser
assume one or more of the contracts relating to the final completion of the
Project, at which time this restriction shall no longer be applicable to such
contractor and its employees. The provisions of this Article 38 shall survive
Closing.

                                      -41-
<Page>

         IN WITNESS WHEREOF, Seller and Purchaser have caused this Agreement to
be executed the day and year first above written.

                                            SELLER:
                                            -------

                                            MSDW 745, LLC

                                            By:  MS Financing, Inc.

                                                 By: /s/ Roger Hochschild
                                                    ----------------------------
                                                    Name:  Roger Hochschild
                                                    Title: Vice President

                                            PURCHASER:
                                            ----------

                                            LB 745 LLC

                                            By: /s/ Joseph M. Gregory
                                               ---------------------------------
                                               Name:  Joseph M. Gregory
                                               Title: Chief Administrative
                                                      Officer

                                      -42-
<Page>

                         [Schedules and Exhibits Omitted]<Page>

                                                                   EXHIBIT 10.16

                    AMENDMENT TO PURCHASE AND SALE AGREEMENT

            AMENDMENT TO PURCHASE AND SALE AGREEMENT (this "AGREEMENT") made as
      of the 19th day of October, 2001 between MSDW 745, LLC, a Delaware limited
      liability company, having an address at 1633 Broadway, New York, N.Y.
      10036 ("SELLER") and LB 745 LLC, a Delaware limited liability company,
      having an address at 101 Hudson Street, Jersey City, New Jersey 07302
      ("PURCHASER").

                              W I T N E S S E T H :
                              - - - - - - - - - -

      WHEREAS, Purchaser and Seller entered into a Purchase and Sale Agreement
dated as of October 19, 2001(the "PSA"); and

      WHEREAS, Purchaser and Seller desire to amend the PSA as set for herein.

      NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements herein contained, the parties hereto covenant and agree as
follows:

      Section 4 of the PSA is deleted in its entirety and the following is
substituted in its place and stead:

            "4.   PURCHASE PRICE AND DEPOSIT.

            The purchase price to be paid by Purchaser to Seller for the
      Property (the "PURCHASE PRICE") is Seven Hundred Forty Eight Million
      Dollars ($748,000,000). The Purchase Price shall be allocated between: (a)
      Ground Leasehold - $458,852,685, (b) Building and Interior Improvements -
      $153,947,315 and (c) FF&E - $135,200,000. The Purchase Price shall be
      payable as follows:

                  (a) Simultaneously with the execution of this Agreement by
      Purchaser, Purchaser is delivering directly to Fried, Frank, Harris,
      Shriver & Jacobson, as escrow agent ("ESCROW AGENT") by wire transfer the
      amount of One Hundred Million Dollars ($100,000,000) (the "DEPOSIT"). The
      Deposit shall be held in an interest bearing escrow account by Escrow
      Agent in accordance with an escrow agreement between Seller, Purchaser and
      Escrow Agent, executed simultaneously herewith. The Deposit shall be
      delivered by Escrow Agent to Seller or Purchaser as hereinafter provided
      in this Agreement and the Escrow Agreement. All references in this
      Agreement to the Deposit shall mean the Deposit and all interest accrued
      thereon.

<Page>

                  (b) At the Closing, Escrow Agent shall deliver the Deposit to
      Seller (it being understood that any interest on the Deposit shall not be
      credited to the Purchase Price) and Purchaser shall deliver the balance of
      the Purchase Price as follows:

                        (i) $619,500,000, subject to adjustment as provided in
      ARTICLE 7 to Seller; and

                        (ii) $28,500,000 to Escrow Agent, or such other party
      agreed to by the parties, as escrow agent, to be held and disbursed
      pursuant to the Agreement as to Post Closing Obligations, attached hereto
      as EXHIBIT 15 (the "POST CLOSING AGREEMENT").

                  (c) All monies payable by Purchaser under this Agreement,
      unless otherwise specified in this Agreement, shall be paid by wire
      transfer of immediately available federal funds for credit to such bank
      account or accounts specified by Seller, and divided into such amounts as
      may be required to consummate the transactions contemplated by this
      Agreement.

                  As used in this Agreement, the term "BUSINESS DAY" shall mean
      every day other than Saturdays, Sundays, all days observed by the federal
      or New York State government as legal holidays and all days on which
      commercial banks in New York State are required by law to be closed.

                  (d) Except as otherwise specified in Sections 6(b), 12(a)(ii),
      13(a)(ii) and 20(b) of this Agreement, the Deposit shall be
      non-refundable. The provisions of this Section 4(d) shall survive the
      termination of this Agreement."

      Except as herein modified, the PSA is in full force and effect.

<Page>

      IN WITNESS WHEREOF, Seller and Purchaser have caused this Agreement to be
executed as of the day and year first above written.

                              SELLER:
                              MSDW 745, LLC

                              By:  MS Financing, Inc.

                                 By: /s/ Nan Molofsky
                                    --------------------------
                                    Name: Nan Molofsky
                                    Title:  Vice President

                              PURCHASER:
                              LB 745 LLC

                              By: /s/ Mark Marcucci
                                 -----------------------------
                                 Mark Marcucci
                                 Authorized Signatory

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