Corvex and Related File Lawsuit Against CommonWealth REIT (CWH) to Enjoin Proposed Equity Offering

  Corvex and Related File Lawsuit Against CommonWealth REIT (CWH) to Enjoin
                           Proposed Equity Offering

Filing Follows Unanswered Calls to Cancel Dilutive Equity Offering and Meet
with Corvex and Related on Plan to Restore Shareholder Value

PR Newswire

NEW YORK, Feb. 27, 2013

NEW YORK, Feb. 27, 2013 /PRNewswire/ -- Corvex Management, LP and Related Fund
Management, LLC, today filed a Complaint for Injunctive and Declaratory Relief
and Rescission in Maryland state court against CommonWealth REIT (CWH), its
Board of Trustees, including Barry M. Portnoy, Adam D. Portnoy, Joseph L.
Morea, William A. Lamkin and Frederick N. Zeytoonjian and its external manager
REIT Management & Research LLC ("RMR"). Corvex Management, LP and Related
Fund Management, LLC, through separately managed investment funds collectively
own approximately 9.8% of the outstanding common shares of CommonWealth REIT.

The Complaint alleges, among other things, that CommonWealth's Trustees, aided
and abetted by RMR, have breached their fiduciary duties to CommonWealth's
shareholders. It also details CWH's deteriorating financial condition,
defendants' institutionalized disregard for shareholders' interest and
corporate governance best practices and their latest self-interested maneuver
– a dilutive equity offering.

Corvex and Related have repeatedly expressed their vehement opposition to the
Company's previously announced equity offering, asked to sit down with the
Board to discuss their detailed plan for value maximization for CWH, and, in
the alternative, proposed to acquire all of the outstanding shares of CWH at
a price of $25.00 per share, with the opportunity to meaningfully increase
this offer after completing confirmatory due diligence. Corvex and Related
have also made clear that the $25.00 per share acquisition price may be
reduced if CommonWealth proceeds with the ill-advised equity offering. CWH has
refused to meet with Corvex and Related, a further example of their disregard
for their fiduciary duty, and instead continue to pursue their shareholder
value-destroying conduct.

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 Related Companies, 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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