Letter of Intent Between Atlantic Realty Trust and Major U.S. Retailer for Hylan Plaza Lease

Summary

Atlantic Realty Trust has signed a letter of intent with a major U.S. retailer to lease about 104,000 square feet at the Hylan Plaza Shopping Center in New York, currently occupied by K-Mart. If finalized, the new lease will last thirty years at current market rents and offer renewal options. The existing K-Mart lease will be terminated if the new agreement is completed. There is no guarantee the lease will be executed.

EX-1.1 2 e290664v2.txt ATLANTIC REALTY TRUST 747 THIRD AVENUE NEW YORK, NEW YORK 10017 ###-###-#### FOR IMMEDIATE RELEASE ATLANTIC REALTY TRUST ANNOUNCES LETTER OF INTENT WITH MAJOR RETAILER -------------------------------------------------------------------- NEW YORK, NY, JULY 15, 2004 - ATLANTIC REALTY TRUST, A REAL ESTATE INVESTMENT TRUST WHICH IS INCLUDED FOR QUOTATION ON THE NASDAQ SMALL CAP MARKET (ATLRS), TODAY ANNOUNCED IT HAS ENTERED INTO A LETTER OF INTENT WITH A MAJOR U.S. RETAILER TO LEASE APPROXIMATELY 104,000 SQUARE FEET OF BUILDING AREA LOCATED IN THE HYLAN PLAZA SHOPPING CENTER, THE TRUST'S SOLE ASSET, CURRENTLY OCCUPIED BY K-MART. IF CONSUMMATED, THE LEASE WILL RUN FOR THIRTY YEARS AT CURRENT MARKET RENTS AND WILL INCLUDE ADDITIONAL RENEWAL OPTIONS. IN ADDITION, THE CURRENT K-MART LEASE WILL BE TERMINATED. THERE IS NO ASSURANCE THE PARTIES WILL ENTER INTO THE LEASE. FOR FURTHER INFORMATION CONTACT EDWIN R. FRANKEL AT ###-###-####.