Related Fund Management and Corvex Raise Acquisition Proposal to $27 Per Share

Related Fund Management and Corvex Raise Acquisition Proposal to $27 Per Share

Increased Proposal Subject to Immediate Cancellation of Equity Offering and
Entering Into Discussions Within 48 Hours

PR Newswire

NEW YORK, Feb. 27, 2013

NEW YORK, Feb. 27, 2013 /PRNewswire/ -- Corvex Management, LP and Related Fund
Management, LLC, whose separately managed investment funds collectively own
approximately 9.8% of the outstanding common shares of CommonWealth REIT
(CWH), released today the following letter to the Company's Board of Trustees:

CommonWealth REIT
Two Newton Place
255 Washington Street
Newton, MA 02458-1634

February 27, 2013

Dear Members of the Board of Trustees:

As you already know, Corvex Management, LP ("Corvex") and Related Fund
Management, LLC ("Related") separately manage investment funds that
collectively own approximately 9.8% of the outstanding common shares of
CommonWealth REIT ("CWH" or the "Company").

You continue to ignore your largest shareholders' call for a cancellation of
your proposed equity offering, and you continue to ignore our proposal to
acquire all outstanding shares for $25.00 per share, as outlined in our letter
from this morning.

Today we received credible expressions of interest with respect to the
purchase of certain properties well in excess of the valuation used to reach
our $40 NAV. We continue to believe in the value of CWH under proper
management. We are prepared to increase our proposal to $27.00 per share,
subject to all other terms outlined in our prior letter. However, this
increased proposal is subject to (1) your immediate cancellation of your plans
to complete an equity offering and (2) you engaging in good faith discussions
with us within the next 48 hours to discuss our proposal and a path forward.
If you fail to do so, you will be personally responsible for the loss of value
to your shareholders. In addition, we will continue to pursue our litigation
filed today, and begin the work necessary to remove the entire Board of


Keith Meister
Corvex Management LP
712 Fifth Avenue, 23rd Floor
New York, New York 10019
(212) 474-6700

Jeff T. Blau
Related Fund Management, LLC
60 Columbus Circle
New York, New York 10023
(212) 421-5333

About Corvex Management, LP

Corvex Management, LP is an investment firm headquartered in New York, New
York that engages in value-based investing across the capital structure in
situations with identifiable catalysts. Corvex was founded in March 2011 and
follows an opportunistic approach to investing with a specific focus on equity
investments, special situations and distressed securities largely in North

About Related Fund Management, LLC

Related Fund Management, LLC is an affiliate of RelatedCompanies,one of the
most prominent privately-owned real estate firms in the United States. Formed
40 years ago, Related is a fully-integrated, highly diversified industry
leader with experience in virtually every aspect of development, acquisitions,
management, finance, marketing and sales. Related's existing portfolio of real
estate assets, valued at over $15 billion, is made up of best-in-class
mixed-use, residential, retail, office and affordable properties. For more
information about Related Companies please visit

SOURCE Related Fund Management, LLC

Contact: Rupal Doshi of Corvex, +1-212-474-6750,, or
Joanna Rose of Related, +1-212-801-3902,
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