Exhibit 99.2
N E W S B U L L E T I N RE: Starwood Financial TriNet Corporate
1114 Avenue of the Americas Realty Trust
FROM: 27th Floor One Embarcadero Center
New York, NY 10036 33rd Floor
The Financial Relations Board Traded ASE: APT San Francisco, CA 94111
- ----------------------------- Traded NYSE: TRI
B S M G W O R L D W I D E
AT STARWOOD FINANCIAL: AT TRINET:
Spencer B. Haber Elisa F. DiTommaso
Executive Vice President-Finance and CFO Senior Vice President-Finance and CFO
(212) 930-9400 (415) 391-4300
MEDIA INQUIRIES: INVESTOR INQUIRIES:
Eric Berman, Adam Weiner or Sarah Zitter Milstein Innisfree M&A Incorporated
Kekst and Company (888) 750-5834
(212) 521-4800
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FOR IMMEDIATE RELEASE
NOVEMBER 3, 1999
TRINET AND STARWOOD FINANCIAL STOCKHOLDERS
APPROVE MERGER OF COMPANIES
SAN FRANCISCO AND NEW YORK CITY, November 3, 1999 - TriNet Corporate
Realty Trust, Inc. (NYSE:TRI) and Starwood Financial Trust (AMEX: APT)
today reported that their respective stockholders have approved the
companies' plan to merge. No other approvals are required in order to
close the transaction. The companies plan to close the merger promptly.
The proposed merger required approval of 66 2/3% of TriNet's outstanding
shares and approval of 66 2/3% of Starwood Financial's outstanding
shares. Approximately 83% of the shares voted by TriNet stockholders were
cast in favor of the merger at a special meeting of TriNet stockholders
held this morning in San Francisco. Over 99% of the shares voted by
Starwood Financial shareholders were cast in favor of the merger at a
special meeting of Starwood Financial's shareholders held this morning in
New York.
In the merger, TriNet stockholders will receive 1.15 shares of Starwood
Financial common stock for each share of TriNet common stock they own.
The combined company will be the largest publicly-traded finance company
focused exclusively on the commercial real estate industry.
Starwood Financial's shareholders also approved Starwood Financial's
proposal to acquire ownership of its external advisor and its proposal to
change Starwood Financial's form of organization from a trust to a
corporation and eliminate its dual class share structure.
TriNet Corporate Realty Trust, Inc. is the largest publicly-traded
company specializing in the net leasing of corporate office and warehouse
distribution properties. TriNet provides capital to major corporations
and real estate owners nationwide by structuring purchase/leaseback
transactions and acquiring properties subject to existing long-term
leases to creditworthy office
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TRINET AND STARWOOD FINANCIAL STOCKHOLDERS APPROVE MERGER OF COMPANIES
PAGE 2 OF 2
and industrial tenants. The company's portfolio contains 142 properties
comprising approximately 19 million square feet in 25 states and is
95% leased. Additional information on TriNet Corporate Realty Trust, Inc.
is available on the company's Web site at http://www.tricorp.com.
Starwood Financial is the leading publicly-traded finance company focused
exclusively on the commercial real estate industry. The company, which is
taxed as a real estate investment trust, provides structured mortgage,
mezzanine and lease financing through its proprietary origination,
acquisition and servicing platform. The company's mission is to maximize
risk-adjusted returns on equity by providing innovative and value-added
financing solutions to the real estate industry.
Statements in this press release which are not historical fact may be
deemed forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Although Starwood Financial and
TriNet believe the expectations reflected in any forward-looking
statements are based on reasonable assumptions, the companies can give no
assurance that their expectations will be attained. Factors that could
cause actual results to differ materially from the companies'
expectations include the combined company's ability to achieve its
property disposition targets and its ability to secure a credit
enhancement arrangement on satisfactory terms, the combined company's
ability to originate new investments, the availability and cost of
capital for future investments, competition within the finance and real
estate industries, real estate and economic conditions, and other risks
detailed from time to time in SEC reports filed by Starwood Financial and
TriNet.
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