Starr International Company Inc., headed by Maurice Greenberg.,announced today it was part of a deal with a consortium to sell offa multi-use office development project on a tract in central Moscowfor $900 million.

The New York-based private investment holding company said the6.23-acre, four-building project in a prominent area of the citywas sold to KanAm Grund Kapitalanlagesellschaft mbH, a German realestate investment fund group.

Jessica Anderson, a spokesperson for Starr, said the company hadbought into the property that was sold in June of 2007 whenconstruction was underway. The development is expected to becompleted in mid-2009 when KanAm will take ownership of thebuildings.

Partners in the selling consortium with Starr Internationalinclude Otkritie Financial Corp., a leading Russian investmentbank; Deutsche Bank; Old Lane, a New York hedge fund recentlyacquired by Citibank; and Artha Capital, a hedge fund specializingin global emerging markets.

The Starr company announcement said the transaction "highlightsStarr International's efforts to pioneer foreign investment intothe Russian domestic real estate market, a booming sector in thecountry's economy."

Mr. Greenberg, Starr's chairman, in a statement called the deal"a unique and challenging engagement for Starr International giventhe firm's dynamic and international growth strategy."

He noted that the company had acquired its first real estateproject in Russia and then managed its sale to KanAm, all within 10months.

"This demonstrates the development's strong and appealing designand construction management quality. We are delighted to work withour top-ranked partners as investors in the development and sale ofthis important project in Moscow," Mr. Greenberg said.

According to Starr, the four Class-A office buildings have overone million square feet of space and are located in thePaveletskaya business area.

The site plans call for parking for approximately 1,000 carsplus immediate access to the Paveletskaya train station which linkscentral Moscow with Domodedovo International Airport with itsexpress train service.

The project developer is Otkritie Nedvizhimost (Real Estate).Strabag AG of Austria is the general contractor. Jones Lang LaSalleand Knight Frank have been appointed co-leasing agents for the fouroffice buildings which are expected to be fully leased before theircompletion.

Starr International acquired its substantial shareholding in thePaveletskaya project through its wholly-owned subsidiary StarrInvestments Cayman I Inc.

Incorporated in Panama in 1943, Starr International reports ithas $20 billion in assets worldwide. KanAm is a private real estatecompany with offices in Munich, Frankfurt, Paris and Atlanta.Otkritie Financial Corporation is a Russian financial institutionoperating in the ten largest cities in Russia and in representativeoffices in London, Frankfurt and Limassol. It servicesinstitutional, corporate and individual investors.