HISTORY

Starting with a single residential property in the 1940's and adding office and retail properties through the years, Vornado/Charles E. Smith has created a legacy of real estate leadership—based on core values of quality, integrity, value and commitment to the Washington, DC community. Strong, sustained growth and success over five decades of dynamic economic cycles and market changes is the result of an unwavering focus on developing, acquiring, leasing and managing quality, innovative real estate projects in the absolute best submarkets. Here is a brief snapshot of Vornado/Charles E. Smith from 1946 to the present:

1946
The company was founded in Washington, DC by Charles E. Smith.

1960's
The company pioneers mixed-use development in the Washington, DC area by integrating office, retail and residential to create Crystal City. Crystal City is currently one of the largest mixed-use developments in the United States—with over 7 million square feet of office space owned by CESCR. New development also includes office buildings in the Washington, DC Central Business District and Rosslyn. By 1970, the company had developed over 4 million square feet of commercial space.

1970’s-1980’s
The portfolio grows to include notable developments in the Washington, DC metro area including Arlington Courthouse Plaza, Democracy Plaza, Fairfax County Government Center, Skyline City and Worldgate. By 1990, the company managed over 16 million square feet of commercial space.

1997-2000
Charles E. Smith Commercial Realty is formed as a privately held company that owns and operates commercial property and also provides a range commercial real estate services for other clients. Smith Commercial Realty acquires Tysons Dulles Plaza, Fairfax Square, Commerce Executive Park III, IV, and V, and Reston Executive Center I, II, and III—and begins development of Seven Skyline Place. By the end of 2000, CESCR has over 24 million square feet under management—including CESCR developed properties, new acquisitions and properties managed for other Owners.

2001
In October 2001, Charles E. Smith Commercial Realty announced plans to combine operations with Vornado Realty Trust (NYSE:VNO). The merger was finalized on December 31, 2001.

2003
In April 2003, Vornado announced Mitchell N. Schear as the new president of Vornado/Charles E. Smith as well as acquired The Kaempfer Company.

With the acquisition, the Smith division of Vornado will own 53 office buildings in the Washington, D.C. and Northern Virginia area containing 13.9 million square feet and partial interests in six Washington D.C. office buildings containing 1.8 million square feet. In addition, Vornado/Charles E. Smith will manage an additional 8.5 million square feet of office and other commercial properties. Vornado Realty Trust is a fully-integrated equity real estate investment trust.

Because Vornado/Charles E. Smith views real estate in terms of decades, not just years-- all of our services, strategies and operations focus on long-term relationships, sustained long-term growth--and long-term value for our tenants and our shareholders.

We are extremely proud of our history, however we refuse to sit back and rest on the past. Our future is brighter than ever, as we build on Vornado/Charles E. Smith's tradition of quality and innovation.