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12/28/1999

Starwood Financial Generates New Credit Tenant Lease On Silicon Valley Facility

NEW YORK – December 28, 1999 – Starwood Financial Inc. (NYSE: SFI), the leading publicly-traded finance company focused exclusively on the commercial real estate industry, today announced that Polycom, Inc. has signed a seven-year, triple net lease with Starwood Financial on a Silicon Valley research and development facility.

Polycom’s lease on the 102,240 square foot research and development property, which is located in Milpitas, California, becomes effective February 1, 2000. As reported earlier, Starwood Financial’s leasing subsidiary, TriNet, had received a lease termination fee from the previous lessee in exchange for granting that lessee’s request to terminate its lease effective September 1, 1999.

“We are extremely pleased with the rapid re-leasing of this facility and our new relationship with a lessee of Polycom’s caliber,” stated Tim O’Connor, Starwood Financial’s Chief Operating Officer. “The new lease and the termination fee from the previous lessee provide an attractive return for Starwood Financial. Polycom is a profitable, fast-growing leader in the media/telecom industry, with a market cap of approximately $2 billion and a strong balance sheet. We are pleased to add them to the growing corporate customer base for whom Starwood Financial provides real estate–based financing solutions.”

Polycom, Inc. (Nasdaq: PLCM) is the global leader in total-media business communications delivery for the broadband-enabled enterprise from next-generation access routers and network management software to leading video, web, and audioconferencing endpoints. The company targets the rapidly growing areas of media-rich communications and the xDSL CPE (Customer Premise Equipment) markets.

Starwood Financial Inc. is the leading publicly-traded finance company focused exclusively on the commercial real estate industry. The company’s mission is to maximize risk-adjusted returns on equity by providing innovative and value-added financing solutions to the real estate industry. The company, which is taxed as a real estate investment trust, provides structured mortgage, mezzanine and lease financing through its proprietary origination, acquisition and servicing platform.

Statements in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Starwood Financial believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can give no assurance that the expectations will be attained. Factors that could cause actual results to differ materially from the company’s expectations include the company’s ability to originate new investments, the availability and cost of capital for future investments, competition within the finance and real estate industries, real estate and economic conditions, and other risks detailed from time to time in SEC reports filed by Starwood Financial.

For more information on Starwood Financial Inc., via fax at no charge, please call 1-800-PRO-INFO and enter ticker symbol SFI.

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