iStar

Sales at the Residences at Mandarin Oriental, Atlanta Reach Nearly $30 Million in 2015

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| Source: iStar

ATLANTA, Aug. 13, 2015 (GLOBE NEWSWIRE) -- iStar (NYSE:STAR) is pleased to announce sales results for the first half of 2015 for The Residences at Mandarin Oriental, Atlanta. Due to an aggressive push by the sales team and high demand for luxury condos in Atlanta, 11 condos totaling $28 million have sold this year, more than any other project in the city. The skilled team, led by exclusive listing broker Karen Rodriguez, has completed $44 million in sales at the property since taking over the project in January 2014.

"The momentum at The Residences is impressive with our year-to-date sales already surpassing sales for the entire year last year," said John Kubicko, senior vice president for iStar. "We're particularly excited about selling the first full-floor residence and building out our second full-floor home, Residence 52. After selling 10 units so far this year, the next phase of finished units should sell rapidly."

The build-out process is underway for the second full-floor condo, Residence 52, a stunning penthouse-style home priced at $4.2 million that includes four bedrooms, four and half baths, a Carrera marble entry, Waterworks fixtures, and nearly 800 square feet of outdoor terrace space. The luxury home is designed with entertaining in mind, including a formal dining room with seating for up to 12 guests, a floor-to-ceiling wine wall, a catering kitchen designed using the expertise of Mandarin Oriental, Atlanta's food and beverage executive team, and 360-degree views of the Atlanta skyline. The first full-floor unit, Residence 51, is under contract for nearly $4 million.

For homeowners who desire a fully customizable residence, The Residences are offering two full floors as unfinished homes. Currently, there are four finished units available, with an additional six units under construction.

"We're designing condos with modern luxury in mind, focusing on high-tech amenities, open floor plans, and clean lines," Rodriguez said. "We continue to pride ourselves on being one of the most sought-after addresses in Buckhead."

Building on the momentum in the Atlanta market and in the interest in the building, Rodriguez and her GROUP KORA team are using innovative sales tactics to attract potential buyers, including 3-D tours of the model homes and amenities, and partnering with local organizations for events that reach high-end buyers.

For more information on The Residences at Mandarin Oriental, Atlanta, visit moresidencesatlanta.com.

About iStar

iStar (NYSE:STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. Building on over two decades of experience and more than $35 billion of transactions, including $10 billion of residential projects, iStar is one of the largest investors in luxury condominium, multifamily and master-planned residential developments in the U.S. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on the Company's website at www.iStar.com and www.iStarLandDev.com.

About Mandarin Oriental Hotel Group

Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the most luxurious hotels, resorts and residences. Having grown from a well-respected Asian hotel company into a global brand, the Group now operates, or has under development, 44 hotels representing almost 11,000 rooms in 24 countries, with 20 hotels in Asia, ten in The Americas and 14 in Europe, Middle East and North Africa. In addition, the Group operates or has under development, 15 Residences at Mandarin Oriental connected to its properties. For more information, please visit mandarinoriental.com.

Media contacts:
Savannah Duncan
Sduncan@thewilbertgroup.com
404-343-0870