Presentation Title

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.