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11/21/2000

iStar Financial Inc. Appoints Diane Olmstead Executive Vice President - Investments, San Francisco, CA

NEW YORK, Nov. 21 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) today announced the appointment of Diane Olmstead to her new position as Executive Vice President - Investments. Ms. Olmstead joins iStar Financial's San Francisco team and will focus on originating new investments in the western United States. "Diane's industry knowledge and wealth of relationships make her a valuable addition to our firm, and she will immediately enhance our existing presence on the west coast," commented Jay Sugarman, iStar Financial's Chairman and Chief Executive Officer.

Ms. Olmstead brings to iStar Financial two decades of experience in the real estate business and extensive knowledge of major markets and property types. Before coming to iStar Financial, she was Executive Vice President of Institutional Ventures at Redbricks.com, an Internet start-up focused on the commercial real estate market.

Previously, Ms. Olmstead was partner at Arthur Anderson, where she founded and led the Real Estate Capital Markets (RECM) group for the western region. There she executed transactions including private equity and debt placements, portfolio and company sales, REIT IPO advisory and M&A transactions. Prior to Arthur Anderson, Ms. Olmstead was Vice President of USF&G's Real Estate Division, where she was directly responsible for the division's disposition and lending units. While at USF&G, Ms. Olmstead was a member of its Real Estate Investment Committee, where she participated in the strategic planning for its $1.3 billion real estate portfolio.

Ms. Olmstead's involvement in the real estate industry has included loan production, property acquisitions and asset management; she has worked with Nationwide Capital, Aetna Realty Investors, CIGNA and Pan American REIT. Ms. Olmstead is also an active member of the Urban Land Institute, NAIOP, the University of California Berkeley's Policy Advisory Board and the National Multi-Family Housing Council. She received her B.S. from the State University of New York at Buffalo.

iStar Financial is the leading publicly-traded finance company focused on the commercial real estate industry. The Company provides structured financing to private and corporate owners of real estate nationwide, including senior and junior mortgage debt, corporate and mezzanine lending, and corporate net lease financing. The Company, which is taxed as a real estate investment trust, seeks to deliver 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 Web site at www.istarfinancial.com. SOURCE iStar Financial Inc.

CONTACT: Spencer B. Haber, Executive Vice President and CFO, 212-930-9400, or Lianne A. Merchant, Vice President, Investor Relations, 212-930-9400, both of iStar Financial Inc./

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