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12/15/2004

iStar Financial Announces Appointment of Andrew G. Backman as Vice President of Investor Relations and Marketing

NEW YORK, Dec. 15 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, today announced the appointment of Andrew G. Backman as the company's vice president of investor relations and marketing.

Mr. Backman comes to iStar Financial from Broadwing Corporation where he served as the company's vice president of investor relations and public relations. At Broadwing, Mr. Backman directed all efforts focused on positioning the company with major institutional investors and leading brokerage analysts worldwide and served as spokesperson for the financial media and general press. Under Mr. Backman's direction, the company, formerly known as Corvis Corporation, was nominated by Investor Relations Magazine for "The Best Investor Relations Program for an Initial Public Offering" for the year 2000.

Prior to joining Broadwing, Mr. Backman spent ten years in various finance, accounting and investor relations positions at AT&T Corporation and Lucent Technologies where he specialized in international business, including mergers and acquisitions, and helped manage several financial transactions in Asia.

Mr. Backman holds a B.A. from Boston College in economics and is a graduate of Lucent Technologies Executive Financial Leadership Program.

iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry. The Company provides custom-tailored financing to high-end private and corporate owners of real estate nationwide, including senior and junior mortgage debt, senior and mezzanine corporate capital, and corporate net lease financing. The Company, which is taxed as a real estate investment trust, seeks to deliver a strong dividend and superior risk-adjusted returns on equity to shareholders by providing the highest quality financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at http://www.istarfinancial.com.

SOURCE iStar Financial Inc.

CONTACT: Catherine D. Rice, Chief Financial Officer,
or Andrew C. Richardson, Executive Vice President - Capital Markets,
or Andrew G. Backman, Vice President - Investor Relations, all of iStar Financial Inc.,
212-930-9400
Web site: http://www.istarfinancial.com

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