Otis Elevator Korea to Locate Operations in Northeast Asia Trade Tower in Songdo...

Otis Elevator Korea to Locate Operations in Northeast Asia Trade Tower in
Songdo International Business District

Company Earmarks Full Floor in Landmark 65-story Tower: NEATT to be Korea's
Tallest Building

NEW YORK and INCHEON, South Korea, Oct. 23 /PRNewswire/ -- Gale International
today announced that Otis Elevator Korea plans to lease space in the Northeast
Asia Trade Tower (NEATT), the signature commercial building in Songdo
International Business District (IBD), a 1,500-acre new city under development
off the coast of Incheon.

Songdo IBD, a joint venture between New York headquartered Gale International
and POSCO Engineering & Construction, is the largest private real estate
development in the world.

Otis Elevator Korea President Brad Buckwalter recently toured Songdo IBD with
Gale International Chairman and Managing Partner Stanley C. Gale. Otis is
interested in leasing 20,000 square feet within the 65-story tower.

Stan Gale, chairman of Gale International, said, "We are pleased by Otis
Elevator Company's commitment to Songdo IBD both as a tenant and a partner.
The NEATT is the ideal location for companies expanding operations in
Northeast Asia."

Brad Buckwalter, president of Otis Elevator Korea, said, "Songdo IBD
represents an unprecedented business opportunity for Otis. The Northeast Asia
Trade Tower's revolutionary eco-friendly design complements our commitment to
innovation and to environmentally friendly technologies. We are proud that
Otis' high-speed gearless elevator system with ReGen(TM) drive technology is
playing an important role in making Songdo IBD the model for sustainable urban
design."

The 1.6 million square foot NEATT, designed by internationally renowned
architecture firm Kohn Pedersen Fox Associates, will stand as Korea's tallest
building when completed in 2010. Rising close to one thousand feet above the
Yellow Sea, the tower will be the first of many commercial buildings within
Songdo IBD and a symbol of its soaring aspirations to meld the business and
residential aspects of urban life.

This landmark location for top-tier global and Korean companies will also
provide impressive retail opportunities and hotel/extended stay
accommodations. The top floor will offer a spectacular sky lounge with
sweeping vistas of the islands dotting the Yellow Sea and nearby mountain
peaks. A signature attraction of the NEATT will be the exclusive Tower Club on
portions of floors 34-36. The Club will feature amenities such as a dining
room and a health spa with pool for the convenience of leasing tenants and
their visitors.

NEATT will contain more than 600,000 square feet of Class A office space on 33
of the building's 65 floors. The Tower will set the benchmark in Northeast
Asia for a prestigious, globally oriented, 24-hour business complex. NEATT is
targeting a LEED Silver rating and will be one of the first commercial office
towers in Korea to attain this globally recognized green building achievement.

Overall, Songdo IBD will be 40 percent green space and feature a 100-acre
Central Park. The city is being designed and constructed to ensure long-term
environmental sustainability. It was accepted as a pilot project by the U.S.
Green Building Council for its LEED-ND (Leadership in Energy and Environmental
Design -- Neighborhood Development) certification. Songdo IBD is the largest
LEED-ND project in Asia and is one of the few urban areas in the world to
attempt such certification for an entire city. Songdo IBD's leadership in
sustainable development is a key quality-of-life attribute for both
corporations and residents. Indeed, Songdo IBD was recently named a winner of
the first annual Sustainable Cities Award from the Urban Land Institute. The
Sustainable Cities Awards honor global examples of ongoing programs that
exhibit new ideas and perspectives for best practices in sustainable land use.
Songdo IBD was the only project in Asia so honored.

About Songdo IBD and Gale International

Songdo IBD, "The Gateway to Northeast Asia," officially opens in August, 2009,
as the first new city in the world designed and planned as an international
business district. This 100-million square foot, master-planned metropolis
located within the Incheon Free Economic Zone will be connected to the Incheon
International Airport, one of the world's busiest, by a 7.4 mile-long bridge;
and linked by subway to Seoul. Songdo IBD will offer every conceivable amenity
including a world class hospital, an international preparatory school,
museums, and the Jack Nicklaus Golf Club Korea. When fully complete in 2014,
Songdo IBD will be home for 65,000 people and create 300,000 jobs. For more
information, visit www.Songdo.com.

Gale International is a premier international real estate investment and
development company with headquarters in New York and offices in Boston;
Irvine, California; Seoul and Songdo, South Korea.

About Otis Elevator Company

Otis Elevator Company, a unit of United Technologies Corp. (NYSE: UTX), is the
world's largest manufacturer and maintainer of people-moving products
including elevators, escalators and moving walkways. With headquarters in
Farmington, Connecticut, Otis employs 63,000 people, offers products and
services in more than 200 countries and territories and maintains 1.6 million
elevators and escalators worldwide. United Technologies Corp., based in
Hartford, Connecticut, is a diversified company providing high technology
products and services to the building and aerospace industries.

SOURCE Gale International

U.S., Mary Lou DiNardo of Gale International/International and Queries.
+1-212-909-0340, mldinardo@tkprpublic.com, or Hyewon Chang Gale
International/Domestic ROK Queries, +82-2-6260-3353,
hwchang@galeintlkorea.com