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Margaret Kirch Cohenmargaret.cohen@morningstar.com
The Mills Corporation and Morningstar Finalize Lease Agreement at 108 North State Street

Arlington, Va., Dec. 23, 2005 — The Mills Corporation (NYSE: MLS), a developer, owner and manager of a diversified global portfolio of retail destinations, and Morningstar, Inc., today announced that Morningstar has signed a 15-year lease agreement for office space at 108 North State Street, an urban mixed-use destination, located in the heart of Chicago’s Loop.

Morningstar, Inc., a leading provider of independent investment research, will be the office tower’s largest tenant, occupying eight floors totaling approximately 210,000 square feet. Morningstar joins the previously announced retail, dining and entertainment tenants for the project, as well as the CBS 2 Chicago Broadcast Center and CTA transit station.

The Mills began construction of the 108 North State Street project in November. The CBS 2 Chicago Broadcast Center and 16-story office tower portions of the project are expected to be completed by late 2007, and the retail, dining and entertainment component is estimated to be completed by spring 2008. Morningstar is scheduled to move into the property in March 2008.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in the United States and in major international markets. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 125,000 investment offerings, including stocks, mutual funds, and similar vehicles. The company has operations in 16 countries.

About 108 North State Street

Located in the heart of the City of Chicago, 108 North State Street will be an urban mixed-use destination. The new Chicago icon will feature approximately 400,000 square feet of gross building area (GBA) of retail, entertainment and dining offerings and a state-of-the-art CTA transit station providing service to and from Chicago’s O’Hare and Midway airports; 400,000 square feet of office space; a 200- to 300-room hotel; a 200- to 300-unit residential tower.

About The Mills Corporation

The Mills Corporation, based in Arlington, Virginia, is a developer, owner and manager of a diversified global portfolio of retail destinations including regional shopping malls, market dominant retail and entertainment centers, and international retail and leisure destinations. It currently owns 42 properties in the U.S., Canada and Europe, totaling 51 million square feet.  In addition, The Mills has various projects in development, redevelopment or under construction around the world. Its portfolio of real estate properties generated more than $8.7 billion in retail sales in 2004.  The Mills is traded on the New York Stock Exchange under the ticker: MLS. For more information, visit the company’s website at www.themills.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995  

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or achievements.

Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in Morningstar’s and The Mills Corporation’s filings with the Securities and Exchange Commission, including Morningstar’s Prospectus filed on May 4, 2005.  The reader is directed to The Mills Corporation's and The Mills Limited Partnership's various filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K, and the most recent annual report on Form 10-K for a discussion of such risks and uncertainties.   If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement you read in this press release reflects the companies’ current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to their operations, results of operations, growth strategy, and liquidity. Neither company assumes any obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.

 

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