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01/03/2007

iStar Financial Announces Extension of Consent Solicitation

NEW YORK, Jan. 3 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), announced today that it has extended the consent expiration date with respect to a consent solicitation for its 7.000% Senior Notes due 2008, 4.875% Senior Notes due 2009, 6.000% Senior Notes due 2010, 5.125% Senior Notes due 2011, 6.500% Senior Notes due 2013 and 5.700% Senior Notes due 2014 to 5:00 p.m. New York City time, on January 3, 2007, unless terminated or further extended.

As of 5:00 p.m. New York City time, on January 2, 2007, iStar Financial had received consents from a significant majority in aggregate principal amount of each of its 7.000% Senior Notes due 2008, 4.875% Senior Notes due 2009, 6.000% Senior Notes due 2010, 5.125% Senior Notes due 2011 and 6.500% Senior Notes due 2013. Holders of notes that have validly provided consents do not need to take any further actions in light of the extension.

The Consent Solicitation Statement, dated December 20, 2006, which was distributed to holders of record of the applicable series of notes as of the close of business on December 19, 2006, contains all relevant terms and conditions. Citigroup Corporate and Investment Banking is acting as the solicitation agent for the Consent Solicitation and Global Bondholder Services Corporation is acting as the information and tabulation agent. Document requests and inquiries should be directed to Global Bondholder Services Corporation at (866) 470-3800. Questions related to the Consent Solicitation should be directed to Citigroup Corporate and Investment Banking at (800) 558- 3745.

This announcement is not a solicitation of consents with respect to any Securities. The solicitation is being made solely by the Consent Solicitation Statement and related Consent Form. iStar Financial may amend, extend or, subject to certain conditions, terminate the Consent Solicitation with respect to all of the series.

iStar Financial Inc. is a 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 http://www.istarfinancial.com.

SOURCE iStar Financial Inc.

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

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