It is the largest safe prime that is still smaller than 232-1. It is part of the original implementation of the MRG32k3a algorithm by Pierre L'Ecuyer.
The significance of this number is explained in his paper "Good Parameter Sets for Combined Multiple Recursive Random Number Generators", which is available on the papers website of L'Ecuyer (as a postscript file), and as a PDF at http://pubsonline.informs.org/doi/abs/10.1287/opre.47.1.159 . The reference implementation of the MRG32k3a algorithm is also available there: http://www.iro.umontreal.ca/~lecuyer/myftp/papers/combmrg2.c
In this paper, L'Ecuyer analyzed multiple recursive random number generators and did exhaustive searches for parameter sets that caused the generators to have desirable properties: Long period, good distribution of numbers, efficient implementation...
The value in question (which is referred to as 231-209 in the paper) is part of a parameter set of the MRG32k3a algorithm that has these properties.
(but admittedly, I didn't do the maths...)