The Mills Corporation and CBS 2 Chicago Reach an Agreement for 108 North State Street

The Mills Corporation and CBS 2 Chicago Reach an Agreement for 108 North State Street

ARLINGTON, Va., April 6 /PRNewswire/ -- The Mills Corporation (NYSE:MLS) today announced that it has reached an agreement with Viacom-owned WBBM-TV/CBS 2 Chicago to relocate the television station to 108 North State Street, a 21st Century urban retail, entertainment and lifestyle destination. The agreement marks the first major tenant announced for the project. CBS 2 will anchor the corner of Washington and Dearborn Streets, with a showcase street-side studio facing Daley Plaza. CBS 2 will relocate its entire broadcast operation to 2 W. Washington, the new address of the station.

The station will occupy the first five floors of the office tower, comprising approximately 100,000 square feet. The new space will feature a state-of-the-art broadcast studio that overlooks Daley Plaza. The street- level studio will enable crowds to watch daily live, local news broadcasts as well as other locally produced and broadcast programs. The broadcast center will feature multiple large video displays that will broadcast newscasts, sporting events and entertainment shows throughout the day, along with electronic billboards that will provide 24-hour news headlines. The southwest corner will be the new high-tech, street-level location for CBS 2 Weather Control, giving the public a close-up look at the latest weather tracking technology.

"Securing the first of many hallmark tenants is another major step forward in the ongoing transformation of 108 North State Street into a world-class, multi-use urban destination," said Steven J. Jacobsen, executive vice president of development of The Mills Corporation. "The agreement with CBS 2 Chicago, which is indicative of the strong progress we've made in our ongoing leasing negotiations, will be the first of many we sign with other tenants for this project."

The plans for CBS 2's broadcast center were included in the Planned Development, previously approved by the Chicago City Council Committee on Zoning, and Redevelopment Agreement for 108 North State Street that were introduced today into City Council.

"This is a historic moment for our station and the City. To be the first tenant of this landmark project underscores our commitment to serving our community," said CBS 2 Chicago President and General Manager Joe Ahern. "CBS 2 Chicago will have a front row seat from our new location in the center of City, County and State government, along with the business, retail and entertainment districts of Chicago. CBS 2's live, local presence will be felt every day on air and on the street."

The state-of-the-art television station will be an all digital HD-ready facility, utilizing the most up-to-date technology available. In addition to the street-side studios, CBS 2 will also have a separate production studio with a dedicated control room and green rooms, giving the station the ability to produce large, long-form shows.

The Mills continues to work with the City to obtain necessary approvals on the 108 North State Street project. The company expects to break ground by the end of the year on the first phase of the project, which will include construction of the CBS 2 broadcast center, as well as the project's retail, dining, entertainment, office and transit station components.

"The City is pleased with the agreement reached between The Mills Corporation and CBS 2 Chicago," said Denise M. Casalino, Commissioner of the Department of Planning and Development. "We are now focusing on the future benefits this building represents to the Downtown area as we move closer to the start of construction."

About 108 North State Street

Located in the heart of the City of Chicago, 108 North State Street will be a 21st century urban retail, entertainment and lifestyle destination. The new Chicago icon will feature approximately 400,000 square feet of retail, entertainment and dining offerings; 200,000 to 450,000 square feet of office space; a 200- to 300-room hotel; a 200- to 300-unit residential tower; and a state-of-the-art CTA transit station providing service to and from Chicago's O'Hare and Midway airports. 108 North State Street will offer something for everyone on a 24/7 basis.

About The Mills Corporation

The Mills Corporation is a self-managed real estate investment trust (REIT) based in Arlington, Va. that owns, develops, leases, manages and/or markets a portfolio of 41 retail and entertainment destinations totaling approximately 51 million square feet. Currently, the company has six projects under construction or development around the world. The company's Internet address is http://www.themills.com/ .

About WBBM-TV/CBS 2 Chicago

WBBM-TV/CBS 2 Chicago is part of the Viacom Television Stations Group, which consists of 39 stations.

For the past two years CBS 2 has been recognized as "the Best Newscast in the State" by the Illinois Associated Press." In 2004, the station garnered 9 Emmy Awards for its news, investigative and programming efforts, more than any other local news station in the market. WBBM-TV has a proud history of community and public service for more than fifty years in Chicago. In 1960, the station was the host of the first historic Kennedy/Nixon debates from the studios at 630 N. McClurg Court. And, in 2005 the station produced and broadcast the City's first live, high definition entertainment program.

In addition, the station is an active partner in many civic and community events, such as the LaSalle Bank Chicago Marathon, the Y-ME Mother's Day Race Against Breast Cancer and the media sponsor of Chicago's Navy Pier, the largest tourist destination in Illinois.

Statements in this press release that are not historical may be deemed forward-looking statements within the meaning of the federal securities laws. Although The Mills Corporation believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. The Mills Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and its annual reports on Form 10-K for a discussion of such risks and uncertainties.

NOTE TO EDITORS: High-resolution images of 108 North State Street
renderings are available at http://www.108northstatestreet.com . To download
the photos, click on "Property Info."

Source: CBS 2 Chicago

CONTACT: Rebecca Sullivan of The Mills Corporation, +1-703-526-5341, or
Elizabeth Abrams of CBS 2 Chicago, +1-312-202-3465

Web site: http://www.themills.com/
http://www.108northstatestreet.com/

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