|Simon Property Group's Headquarters to Remain Downtown|
|Office Tower Planned for Capitol Commons Site|
INDIANAPOLIS, May 27, 2004 /PRNewswire-FirstCall via COMTEX/ -- Simon Property Group, Inc. (NYSE: SPG) announced today that it intends to relocate its international headquarters in August 2006. Plans call for Duke Realty Corporation to build a 12- to 14-story tower at the Capitol Commons site in downtown Indianapolis, on the southwest corner of Washington Street and Capitol Avenue.
Subject to further procedural steps, SPG officials expect construction on the approximately 300,000 square-foot building to begin in the fourth quarter of this year and be complete in August 2006. SPG has extended its current lease at the National City Bank building by one year and will maintain its headquarters at its current location until the new building is complete.
Indianapolis Mayor Bart Peterson joined David Simon, CEO of Simon Property Group, for the announcement.
"In our search for a corporate headquarters," said David Simon, "it was very important to find a suitable site that was economically viable, met the needs of our employee population, and maintained our relationship with the City of Indianapolis with whom we have partnered many times in the past. I think the Capitol Commons site more than meets these requirements, and we are hopeful that we can bring the project to fruition."
"Downtown is the economic engine of not only Indianapolis, but all of central Indiana, and keeping Simon Property Group, one of our community's greatest assets, downtown is a major victory," Mayor Peterson said. "Simon is a world leader in its industry and having this increased corporate presence in our city will enhance our city's reputation, our business climate and reshape the face of downtown."
Simon Property Group, Inc. (NYSE: SPG), headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of income-producing properties, primarily regional malls and community shopping centers. Through its subsidiary partnerships, it currently owns or has an interest in 248 properties in North America containing an aggregate of 192 million square feet of gross leasable area in 37 states plus Canada and Puerto Rico. The Company also holds interests in 48 assets in Europe (in France, Italy, Poland and Portugal). Additional Simon Property Group information is available at http://www.simon.com .
SOURCE Simon Property Group, Inc.
Les Morris of Simon Property Group, +1-317-263-7711; or Steve Campbell of Mayor's Office, +1-317-327-3622