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03/28/2005

iStar Financial Announces Results of Consent Solicitation Related to TriNet 7.95% Notes Due 2006

NEW YORK, March 28, 2005 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, and its subsidiary TriNet Corporate Realty Trust, Inc., announced today the results of their consent solicitation to amend certain covenants of the Indenture relating to TriNet Corporate Realty Trust Inc. ("TriNet") 7.95% Notes due 2006 (the "Notes") in order to facilitate a consolidation of TriNet with its parent, iStar Financial Inc. The consent solicitation was launched on March 14, 2005 and expired today at 5:00 p.m., New York City time.

One of the conditions to the consummation of the consent solicitation was that consents were received from holders of at least a majority in aggregate principal amount of the Notes. The company said that it has met this threshold and that TriNet has executed a supplemental indenture containing the amendments. If the consolidation of TriNet and iStar does not occur, the supplemental indenture, though previously executed, will be terminated and the amendments to the Indenture will not become operative.

Bear, Stearns & Co. Inc. acted as solicitation agent in connection with the consent solicitation. Questions regarding the consent solicitation may be directed to Bear, Stearns & Co. Inc., Global Liability Management Group, at (877) 696-BEAR (2327) (U.S. toll-free).

Copies of Consent Solicitation Statement and Letter of Consent can be obtained from Georgeson Shareholder at 17 State Street, 10th Floor, New York, NY 10004, by telephone at (866) 873-6993.

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.

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., +1-212-930-9400

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