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iStar Financial Announces Pricing of Public Offering of Common Stock

NEW YORK, Nov. 9 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) today announced the pricing of the public offering of 11,000,000 shares of its common stock at $44.50 per share. All of the shares were offered by the Company. The resulting gross proceeds from the offering will be approximately $489.5 million. The net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses payable by the Company will be approximately $471.1 million. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of common stock to cover over-allotments. The offering is expected to close on November 15, 2006.

The Company intends to use the net proceeds from the offering for the repayment of debt.

Bear Stearns, Citigroup Corporate and Investment Banking and Lehman Brothers served as joint book-running managers for the offering.

Interested parties may obtain a written copy of the final prospectus supplement and accompanying prospectus relating to the common stock offering by contacting Bear, Stearns at 383 Madison Avenue, New York, New York 10179, telephone: (866) 803-9204; Citigroup Corporate and Investment Banking at 140 58th Street, 8th Floor, Brooklyn, New York 11220, telephone: (718) 765-6732; or Lehman Brothers at Lehman Brothers Inc., c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, New York 11717, fax: 631-254-7268.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. A registration statement relating to the securities has been filed with the Securities and Exchange Commission and is effective. The public offering is being made by means of a prospectus supplement and accompanying prospectus.

iStar Financial Inc. is the leading publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom tailored financing to high end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), seeks to deliver strong dividends and superior risk-adjusted returns on equity to shareholders by providing innovative and value added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at

SOURCE iStar Financial Inc.
CONTACT: Andrew G. Backman, Vice President - Investor Relations, or Catherine D. Rice, Chief Financial Officer, both of iStar Financial Inc., +1-212-930-9400