Presentation Title

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NYC Occupancy

October 2023

Table of Contents

Section I:

Executive Summary

Section II:

Floor Plans/Test-Fits

Section III:

Negotiation Trail

Section IV:

Financial Analysis

Executive Summary

For ease of review, we’ve included test fits, negotiation trails, and analytics to contrast pricing.

It is worth noting that we still do not have a rentable area calculation for 5 Times Square. To the extent that the rentable area is less than 20,000 RSF, that alternative will be, by a meaningful margin, the low-cost alternative. However, there would be some construction-related issues as well as some level of credit risk. All in all, the four choices all lay out VERY well. As GKV will explain on our call tomorrow, the rentable areas can be reduced but only at the expense of compromising the program. That becomes a difficult decision on CU’s part. There may be some further room in our negotiations. Our strong feeling is for us to rank the choices and then push each party to the point of indifference so that you can select the building and space that works best operationally and financially.

Test-Fit: 151West 42 nd Street (4 Times Square)

18,747 RSF

Test-Fit: 452 Fifth Avenue

16,291 RSF

Test-Fit: 1155 Avenue of the Americas

17,246 RSF

Test-Fit: 5 Times Square

Approx. 20,000 RSF

Negotiation Trail – 151 West 42 nd Street

151 West 42 nd Street (4 Times Square) – 9/8/23 from Durst

151 West 42 nd Street (4 Times Square) – 9/27/23 CW Counter 151 West 42 nd Street (4 Times Square) – 10/4/23 from Durst

Partial 24 th Floor – 18,747 RSF

Premises

November 1, 2024

Lease Commencement

January 1, 2025 (2 months free rent after construction)

Rent Commencement

15 Years from the Rent Commencement Date

Term

Years 1 – 5: Years 6 – 10:

$93.50 per RSF $100.50 per RSF $107.50 per RSF

Years 1 – 5: Years 6 – 10:

$94.00 per RSF $101.00 per RSF $108.00 per RSF

Years 1 – 5: Years 6 – 10:

$99.00 per RSF $106.00 per RSF $113.00 per RSF

Base Rent

Years 11 – LXD:

Operating Expenses: Proportionate share over a calendar 2024 base year Real Estate Taxes: Proportionate share over a fiscal 2024/2025 base year

Operating Expenses: Proportionate share over a calendar 2025 base year Real Estate Taxes: Proportionate share over a fiscal 2024/2025 base year

Escalations

Tenant Improvement Allowance

$150.00 per RSF

$230.00 per RSF

One (1) ten (10) or one (1) five (5) year option to renew the term for all of the space with 24 months prior written notice . Rent shall be equal to 100% of the Premises’ Fair Market Rental Value. Tenant shall have the ROFO during the first 10 years to expand onto the entire balance of the 24 th floor throughout the Lease Term. Overtime HVAC: M-F: $285.46/hour for the initial floor and $36.33 per hour per each additional floor. Sat. & Sun.: $321.76 per hour for the initial floor and $36.33 per hour per each additional floor. Subject to escalations. ▪ Supplemental HVAC: $775 per annum, per connected ton, available 24/7 ▪ M – F, 8:00 am to 8:00 pm, excluding holidays. ▪

One (1) ten (10) or one (1) five (5) year option to renew the term for all of the space with 12 months prior written notice . Rent shall be equal to 100% of the Premises’ Fair Market Rental Value. Tenant shall have the ROFO during the first 10 years to expand onto the entire balance of the 24 th floor throughout the Lease Term. Overtime HVAC: M-F: $285.46/hour for the initial floor and $36.33 per hour per each additional floor. Sat. & Sun.: $321.76 per hour for the initial floor and $36.33 per hour per each additional floor. Subject to escalations. ▪ Supplemental HVAC: $500 per annum, per connected ton, available 24/7 ▪ M – F, 8:00 am to 8:00 pm, excluding holidays. ▪

One (1) ten (10) or one (1) five (5) year option to renew the term for all of the space with 18 months prior written notice . Rent shall be equal to 100% of the Premises’ Fair Market Rental Value. Tenant shall have the ROFO during the first 10 years to expand onto the entire balance of the 24 th floor throughout the Lease Term. Overtime HVAC: M-F: $285.46/hour for the initial floor and $36.33 per hour per each additional floor. Sat. & Sun.: $321.76 per hour for the initial floor and $36.33 per hour per each additional floor. Subject to escalations. ▪ Supplemental HVAC: $750 per annum, per connected ton, available 24/7 ▪ M – F, 8:00 am to 8:00 pm, excluding holidays. ▪

Renewal Option

Right of First Offer (ROFO)

HVAC

Submetered plus an administrative fee of 5%.

Electricity

None

Security Deposit

Negotiation Trail – 452 Fifth Avenue

452 Fifth Avenue – 9/14/23 from JLL

452 Fifth Avenue – 9/27/23 CW Counter

452 Fifth Avenue – 10/5/23 from JLL

Entire 26 th Floor – 16,291 RSF

Premises

November 1, 2024

Lease Commencement

January 1, 2025 (2 months free rent after construction)

Rent Commencement

15 Years from the Rent Commencement Date

Term

Years 1 – 5: Years 6 – 10:

$123.00 per RSF $132.00 per RSF $141.00 per RSF

Years 1 – 5: Years 6 – 10:

$120.00 per RSF $128.00 per RSF $136.00 per RSF

Years 1 – 5: Years 6 – 10:

$123.00 per RSF $132.00 per RSF $141.00 per RSF

Base Rent

Years 11 – LXD:

Operating Expenses: Proportionate share in excess of a calendar 2024 base year Real Estate Taxes: Proportionate share in excess of the average of the 2023/2024 and 2024/2025 fiscal base years

Operating Expenses: Proportionate share in excess of a calendar 2025 base year Real Estate Taxes: Proportionate share in excess of the average of the 2024/2025 fiscal base years

Escalations

Tenant Improvement Allowance

$175.00 per RSF

$230.00 per RSF

$200.00 per RSF

One (1) ten (10) or one (1) five (5) year option to renew all space with 18 months written notice . Rent shall be equal to 100% of the Premises’ Fair Market Rental Value.

One (1) ten (10) or one (1) five (5) year option to renew all space with 12 months written notice . Rent shall be equal to 100% of the Premises’ Fair Market Rental Value.

One (1) ten (10) or one (1) five (5) year option to renew all space with 15 months written notice . Rent shall be equal to 100% of the Premises’ Fair Market Rental Value.

Renewal Option

Tenant shall have the ROFO to lease the entire 25 th floor throughout the Lease Term with a Minimum ROFO Term of at least 4 years.

Tenant shall have the ROFO to lease the entire 25 th floor if at the time of the anticipated delivery date of the ROFO space, Tenant will have at least 4 years remaining on the Lease Term.

Right of First Offer (ROFO)

▪ M – F, 8:00 am to 8:00 pm, excluding holidays ▪ Overtime HVAC: $450 per hour in 4-hour increments, subject to annual increases ▪ Supplemental HVAC: $750 per annum, per connected ton ▪

M – F, 8:00 am to 8:00 pm, excluding holidays ▪ Overtime HVAC: $450 per hour in 4-hour increments, subject to annual increases ▪ Supplemental HVAC: $500 per annum, per connected ton ▪

M – F, 8:00 am to 6:00 pm, excluding holidays ▪ Overtime HVAC: $450 per hour in 4-hour increments, subject to annual increases ▪ Supplemental HVAC: $750 per annum, per connected ton

HVAC

Submetered at 105%.

Electricity

None

Security Deposit

Negotiation Trail – 1155 Avenue of the Americas

1155 Avenue of the Americas – 9/8/23 from Durst

1155 Avenue of the Americas – 9/27/23 CW Counter

1155 Avenue of the Americas – 10/4/23 from Durst

Entire 37 th Floor – 17,246 RSF

Premises

November 1, 2024

Lease Commencement

January 1, 2025 (2 months free rent after construction)

Rent Commencement

15 Years from the Rent Commencement Date

Term

Years 1 – 5: Years 6 – 10:

$107.50 per RSF $115.50 per RSF $123.50 per RSF

Years 1 – 5: Years 6 – 10:

$105.00 per RSF $113.00 per RSF $120.00 per RSF

Years 1 – 5: Years 6 – 10:

$112.50 per RSF $120.50 per RSF $128.50 per RSF

Base Rent

Years 11 – LXD:

Operating Expenses: Proportionate share over a calendar 2024 base year Real Estate Taxes: Proportionate share over a fiscal 2024/2025 base year

Operating Expenses: Proportionate share over a calendar 2025 base year Real Estate Taxes: Proportionate share over a fiscal 2024/2025 base year

Escalations

Tenant Improvement Allowance

$150.00 per RSF

$230.00 per RSF

Renewal Option

Right of First Offer (ROFO)

▪

M – F, 8:00 am to 8:00 pm

▪ Overtime HVAC: Air Conditioning: $328.51/hour, Heat: $282.40/hour, Ventilation: $167.13/hour ▪ Supplemental HVAC: $775 per annum, per connected ton, available 24/7

▪ Overtime HVAC: Air Conditioning: $328.51/hour, Heat: $282.40/hour, Ventilation: $167.13/hour ▪ Supplemental HVAC: $500 per annum, per connected ton, available 24/7

▪ Overtime HVAC: Air Conditioning: $328.51/hour, Heat: $282.40/hour, Ventilation: $167.13/hour ▪ Supplemental HVAC: $750 per annum, per connected ton, available 24/7

HVAC

Submetered plus an administrative fee of 5%.

Electricity

None

1 None – 9/8/23 from Durst

Security Deposit

Negotiation Trail – 5 Times Square

5 Times Square – 9/21/23 from SL Green

5 Times Square – 9/27/23 CW Counter

5 Times Square – 10/3/23 from SL Green

Approx. 20,000 RSF

Premises

Upon execution and unconditional delivery of fully executed lease documents and all legal documents

Lease Commencement

14 months following LCD (14 months free rent)

15 months following LCD (15 months free rent)

Rent Commencement

15 Years from the Rent Commencement Date

Term

Years 1 – 5: Years 6 – 10:

$83.00 per RSF $88.00 per RSF $93.00 per RSF

Years 1 – 5: Years 6 – 10:

$84.00 per RSF $89.00 per RSF $94.00 per RSF

Years 1 – 5: Years 6 – 10:

$82.00 per RSF $87.00 per RSF $92.00 per RSF

Base Rent

Years 11 – LXD:

Operating Expenses: Proportionate share over a calendar 2024 base year Real Estate Taxes: Proportionate share over a fiscal base year which shall be the greater of 2024/2025 and 2025/2026

Operating Expenses: Proportionate share over a calendar 2025 base year Real Estate Taxes: Proportionate share over a fiscal 2024/2025 base year

Escalations

Tenant Improvement Allowance

$135.00 per RSF

$230.00 per RSF

$140.00 per RSF

One (1) ten (10) or two (2) five (5) year option to renew all space with 18 months prior written notice . Rent shall be equal to 100% of the Premises’ Fair Market Rental Value.

One (1) ten (10) or two (2) five (5) year option to renew all space with 12 months prior written notice . Rent shall be equal to 100% of the Premises’ Fair Market Rental Value.

Renewal Option

Not Available

Right of First Offer (ROFO)

▪ M – F, 8:00 am to 8:00 pm, Saturday 9:00 am – 1:00 pm, excluding holidays ▪ Overtime HVAC: $112 per hour.

HVAC

Submetered plus an administrative fee of 3%.

Electricity

None

Security Deposit

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