John Curry and Steve Mitchell: Sale of Key Tower

From John Curry

To Steve Mitchell

December 19, 2005

Mr. Mitchell, it appears as though your attention has been tweaked. My exact words were, "It seems to me like someone got the steal of the Century on this parcel." I also said, "Maybe some of you out there can shed a little more information." You have now offered your opinion and I thank you for explaining your position.

It is my understanding that the value of this property is in the Billions of dollars and that STRS owns the majority of this property. Was it necessary to sell at this time for this price? You have given your justification for such. I, and others, have their opinions. I do thank you for responding- discourse is the currency for democracy.

John, a Proud CORE member

From: Steve Mitchell

To: Molly Janczyk, John Curry

Sent: Monday, December 19, 2005

Subject: RE: Fw: Sale of Key Tower

Please respond to me your justification for indicating a sale price of $312.5 million for the Key Tower properties is the "steal of the century" for the buyer. Four months ago, there were numerous articles in the papers indicating a sale value of $230-$250 million would be extremely difficult to achieve, with many experts quoted. Several CORE members wrote unflattering emails to STRS Ohio questioning our judgment for attempting to sell the property at $230-$250 million. At that time, I indicated the sale value would be near $300 million. Now that the newspapers say the price is $312 million, you claim it is a terrible price!

Steve Mitchell

PS: The real estate tax data you forwarded is of little use in determining today's market value. I believe they are historic land and building values that have nothing to do with the pending transaction.