NorthStar Announces Filing of Registration Statement for the Public Offering of 8,000,000 Shares of Common Stock


NEW YORK, Oct. 12, 2005 (PRIMEZONE) -- NorthStar Realty Finance Corp. (NYSE:NRF) announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering by the company of 8,000,000 shares of its common stock.

The company proposes to sell the shares through an underwriting group jointly led by Friedman, Billings, Ramsey & Co., Inc., Banc of America Securities LLC and Wachovia Capital Markets, LLC. JMP Securities LLC will act as a co-manager for the offering. The underwriters will be granted an option to purchase up to 1,200,000 additional shares of common stock from the company to cover any over-allotments.

A copy of the prospectus relating to these securities may be obtained, when available, from: Friedman, Billings, Ramsey & Co., Inc., 1001 19th Street, North Arlington, Virginia, 22209, Banc of America Securities LLC, 100 West 33rd Street, 3rd Floor, New York, New York, 10001, Wachovia Capital Markets, LLC, 7 St. Paul Street, 1st floor; Baltimore, Maryland, 21202, or JMP Securities LLC, 600 Montgomery Street, Suite 1100; San Francisco, California, 94111.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About NorthStar Realty Finance Corp.

NorthStar Realty Finance Corp. is an internally managed REIT that makes fixed income, structured finance and net lease investments in commercial real estate assets. NorthStar Realty's business consists of three core business lines -- subordinate real estate debt, real estate securities and net lease properties.

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. NorthStar Realty can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from NorthStar Realty's expectations include, but are not limited, to changes in economic conditions generally and the real estate and bond markets specifically, legislative or regulatory changes (including changes to laws governing the taxation of REITs), availability of capital, interest rates and interest rate spreads, policies and rules applicable to REITs, the continued service of key management personnel, the effect of competition in the real estate finance industry, the costs associated with compliance and corporate governance, including the Sarbanes-Oxley Act and related regulations and requirements, and other risks detailed from time to time in NorthStar Realty's SEC reports. Such forward-looking statements speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.



            

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