Los Angeles, CA - Caruso Affiliated, known for creating exceptional outdoor retail environments and populating them with cutting-edge fashion retail concepts, is expanding its operations with the opening of a New York office in July. The move establishes a pivotal location for the company in the hub of the U.S. fashion industry with easy access to Europe, headquarters for some of today’s hottest retail concepts. Leading the company’s New York venture will be Todd M. Russell, senior vice president of retail leasing and marketing.

“Having our team on the ground in New York is a strategic expansion for our company. It allows us to build on our existing relationships with top industry innovators in fashion and retail,” said Rick J. Caruso, founder and CEO, Caruso Affiliated.

The New York office will be located in midtown at 45 Rockefeller Plaza – the epicenter of one of the world’s most dynamic retail and business environments.

“Our New York base will allow us closer contact with premier fashion houses as well as the latest retail pioneers. We also can more closely monitor changing industry trends, consumer attitudes and tastes and interpret these in the retail and residential mix in all of our properties,” said Russell. “As our company continues to grow in new markets and bring our expertise to different types of development, our presence in New York will allow us to explore real estate opportunities on the East Coast.”

Caruso Affiliated is known for creating innovative open-air retail environments that serve as local gathering places. The Caruso style has become a recognized brand within the retail industry as well as with Southern California residents and visitors. Caruso also is known for attracting retailers that are seeking to launch in the highly competitive Southern California market such as BARNEYS NEW YORK CO-OP, which recently opened its first stand-alone location in Los Angeles at The Grove, Caruso’s wildly popular retail and entertainment destination. Caruso is currently under construction on an approximately one million-square-foot mixed-use district, the Americana at Brand, located in Glendale, Calif., scheduled to open in Spring 2008.

The success of the company’s stylish and elegant outdoor places where people can gather, shop and be entertained has challenged the traditional “mall” concept and set a new standard in the industry. A recognized leader in this trend, Caruso Affiliated’s growth is approximately two times that of the largest publicly traded REITs and sales per square foot at Caruso properties are 40 percent higher than industry averages.

Last year the company broke ground on its latest addition, The Americana at Brand in Glendale, Calif. Other projects in development include the Shops at Santa Anita (at historic Santa Anita Racetrack in Arcadia), and The Village at Playa Vista (Marina del Rey). The company’s portfolio of top performing centers includes The Grove in West Los Angeles, The Waterside at Marina del Rey, The Promenade at Westlake, The Lakes and Village at Moorpark in Thousand Oaks, The Commons at Calabasas and Encino Marketplace. Caruso Affiliated maintains offices in Los Angeles, San Francisco and New York.