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OFFICE MARKET DISCUSSION

November 13, 2019

PARK AVENUE TOWER CURRENT SITUATION

BUILDING OVERVIEW

38 stories totaling 619,631 sf

Size:

15,500 sf

Typical Floor:

1986

Year Built:

The Blackstone Group L.P.

Ownership:

63,910 sf

Total Available:

The building is currently being marketed for sale for approximately $1,500/sf

Notes:

CURRENT AVAILABILITY

Asking

Floor

Size (sf)

Available

Type

E 29

15,436

$130 – $135.00

Immediate

Direct

E 28

15,517

$130 – $135.00

Immediate

Direct

E 26

16,442

$130 – $135.00

Immediate

Direct

E 25

16,515

$130 – $135.00

Immediate

Direct

RECENCT BUILDING TRANSACTIONS

LEASE TYPE

DATE FLOORS

LESSEE

TERM RENT (PSF)

FREE TI (PSF) NER (PSF)

$86.00 x 5 Yrs; $93.00 x 5 Yrs; $100.00 x 5 Yrs

PineBridge Investments

Q1 19

E5-E7

57,333

15 Yrs

22 Mos

$150.00

$59.40

New Lease

4 Yrs, 6 Mos $100.00 x 4 Yrs, 6 Mos

Q2 19

E11

Exoduspoint

17,755

4 Mos

$20.00

$86.30

Expansion

$175.00 x 7 Yrs; $185.00 x 5 Yrs $105.00 x 6 Yrs; $113.00 x 5 Yrs $80.00 x 5 Yrs; $86.00 x 5 Yrs; $92.00 x 5 Yrs

Q3 19

E36

Lee Fixel

14,901

12 Yrs

10 Mos

$215.00

$134.38

New Lease

Q2 19

P16

Clear

10,185

11 Yrs

8 Mos

$150.00

$79.51

Expansion

Q3 18

E2-E4

BTIG

62,873

15 Yrs

14 Mos

$135.00

$60.52

New Lease

The Rohatyn Group (TRG)

$100.00 x 5 Yrs; $105.00 x 5 Yrs

Q3 18

P15

10,317

10 Yrs

13 Mos

$135.00

$68.87

New Lease

Q3 18

P15

CM Finance

4,597

5 Yrs

$115.00 x 5 Yrs

6 Mos

$135.00

$69.72

New Lease

4 | Stephens Inc.

RSF

14,901

14,973

STACKING PLAN

15,048

LEE FIXEL (5/31/30 | RENT $175 PSF)

HARVARDMANAGEMENTCOMPANY 3,531RSF |9/30/22 |RENT$143PSF

ABRAMSCAPITALMANAGEMENT 3,134RSF |5/31/25 |RENT$153PSF

CYRUSCAPITALPARTNERS 8,308RSF |2/28/34 |RENT$136PSF

15,123

15,200

CYRUS CAPITAL PARTNERS (2/28/34 | RENT $132 PSF)

15,277

EAST ROCK CAPITAL LLC (11/30/28 | RENT $135 PSF)

15,356

OAK HILL CAPITAL MANAGEMENT (3/31/24 | RENT $121 PSF)

15,436

CONFIDENTIAL (2/28/31 | RENT $140 PSF)

15,517

CONFIDENTIAL (6/30/36 | RENT $132 PSF)

16,336

VACANT

King Street is Vacating

16,442

VACANT

16,515

MONDAY PROPERTIES SERVICES LLC (3/31/35 | RENT $122 PSF)

16,589

VACANT

16,780

VACANT

16,741

THE RAINE GROUP LLC (6/30/34| RENT $118 PSF)

16,818

THE RAINE GROUP LLC (6/30/34 | RENT $118 PSF)

16,897

STEPHENS INC. (11/30/22 | RENT $96 PSF)

STEPHENS INC. 3,434RSF | 11/30/22 |RENT$130PSF

STEPHENS INC. 6,333RSF | 11/30/22 |RENT$130PSF

STEPHENS INC. 4,551RSF | 11/30/22 |RENT$196PSF

PDVUSA, INC. 2,500RSF | 11/30/22 |$145PSF

16,977

LEEFIXEL 10,926RSF |7/31/20 |RENT$121PSF

TOWERBROOKCAPITALPARTNERSL.P. 5,971RSF |4/5/31 |RENT$109PSF

16,312

17,367

TOWERBROOK CAPITAL PARTNERS L.P. (4/5/31 | RENT $80 PSF)

17,458

AVISTA CAPITAL HOLDINGS, L.P. (8/31/21 | RENT $125 PSF)

17,531

SECURE IDENTITY, LLC (6/30/30 | RENT $105 PSF)

SECURE IDENTITY,LLC 7,273RSF |6/30/30 |RENT$100PSF

SECURE IDENTITY,LLC(UNDERCONSTRUCTION) 10,185RSF |6/30/30 |RENT$105PSF

17,604

TRGMANAGEMENT,L.P. 10,317RSF | 12/31/29 |RENT$100PSF

CM INVESTMENTPARTNERS 4,597RSF |6/30/24 |RENT$115PSF

CONFIDENTIAL 2,617RSF |9/30/22 |$119PSF

17,679

17,755

ICM INVESTORS (EOTFR) (4/30/33 | RENT $95 PSF)

17,832

ICM INVESTORS (EOTFR) (4/30/33 | RENT $95 PSF)

17,878

EXODUSPOINT CAPITAL MANAGEMENT L.P. (12/31/23 | RENT $100 PSF)

17,957

EXODUSPOINT CAPITAL MANAGEMENT L.P. (12/31/23 | RENT $90 PSF)

18,037

18,118

21,178 21,428 20,771 20,674 2,114 9,887 21,914 5,405

PINEBRIDGE INVESTMENTS (11/30/35 | RENT $86 PSF)

BTIG, LLC (6/30/35 | RENT $80 PSF)

AQUAVIT (2,114 RSF | 6/30/34 | RENT $100 PSF)

MEZZ

BTIG, LLC 2,492 RSF | 6/30/35 | RENT $80 PSF LOBBY

AQUAVIT 7,395 RSF | 6/30/34 | RENT $100 PSF

AMENITIES CENTER (21,914 RSF)

MECHANICAL

VACANT 157RSF

VACANT (4STORAGEUNITS)680RSF

Cushman & Wakefield | 5

MARKET OVERVIEW PARK AVENUE: AN EVOLVING LANDSCAPE

Following JP Morgan Chase’s announcement to redevelop and expand its world headquarters building at 270 Park Avenue, the short- term outlook for the Park Avenue corridor is more positive than originally expected. Over the next three-plus years, 1.9 MSF of large leases will potentially expire, as the corridor begins to go through a transformation in the wake of the East Side Rezoning. Currently, the Park Avenue submarket vacancy is 10.3% and Class A overall asking rents average $100.81 PSF.

300 PARK AVENUE | 773,056 SF 1 P2–3: 47,966 SF, $77.00 (Q3 2020 Possession) 1 E5: 40,577 SF, $79.00 (Q3 2020 Possession) 1 E17–18: 52,984 SF, $89.00 (Q1 2021 Possession) 1 E22-24: 51,885 SF, $95.00 (Q1 2021 Possession) 211,509 SF | LXD 2023 Colgate Palmolive and subtenants 320 PARK AVENUE | 750,000 SF P10-17: 208,252 SF, $88.00 (Q2/3 2020 Possession) 350 PARK AVENUE | 570,000 SF 287,030 SF | LXD 2021 Ziff Brothers Investment & subtenants 375 PARK AVENUE | 830,928 SF 1 E2-10: 237,620 SF, $155.00 (Q4 19 possession) 399 PARK AVENUE | 1.7 MSF 1 E18–21: 96,203 SF, $110.00 (immediate possession) 61,228 SF | LXD 2019 Savills Studley 425 PARK AVENUE | 670,000 SF 1 E30–45: 222,400 SF, $200–$300.00 (Q1 2020 possession)

200 PARK AVENUE | 3.0 MSF 1 E12: 43,886 SF, $86.00 (Immediate Possession) 89,716 SF | LXD 2019 Oppenheimer & Co.

200,000 SF | LXD 2021 Greenberg Traurig LLP 330,260 SF | LXD 2023 Dreyfus Corp

245 PARK AVENUE | 1.8 MSF 1 E22: 37,334 SF, $95.00 (Immediate Possession) 2 E27-32: 222,6631 SF, $45-$50.00 (Q1 2020 Possession) 115,349 SF | LXD 2022 Houlihan Lokey 250 PARK AVENUE | 543,292 SF 1 E12-E14: 87,763 SF, $76.00 (Q3 19 possession) 230 PARK AVENUE | 1.4 MSF 1 E10: 72,838 SF, $75.00 (Immediate Possession) 277 PARK AVENUE | 1.9 MSF E19-20: 46,652 SF, $100.00 (Immediate Possession) E24-26: 69,496 SF, $105.00 (Q1 2021 Possession) E32-34: 69,541 SF, $110.00 (Q1 2021 Possession) E39-41: 73,051 SF, $115.00 (Q1 2021 Possession) E44-46: 73,252 SF, $120.00 (Q1 2021 Possession) 280 PARK AVENUE | 1.3 MSF 1 E30–31: 40,584 SF, $98.00 (immediate possession) 270 PARK AVENUE | 2.5 MSF 70-story New Development (Possession TBD) 299 PARK AVENUE | 1.2 MSF 1 E3–7: 141,567 SF, $87.00 (Immediate Possession) 57,506 SF | LXD 2020 American Securities Capital Partners

55 E. 52ND STREET | 1.2 MSF 1 E18-19: 60,704 SF, $89.00 (Q3 19 possession) 370,000 SF | LXD 2023 BlackRock (moving to 50 Hudson Yards)

65 E. 55TH STREET | 619,631 SF 1 E25, 26, 28, 29: 63,910 SF, $130-$135.00 (Arranged Possession) ONE VANDERBILT AVE | 1.7 MSF E15-16, E49-50, E53-55, E60-66: 407,434 SF, $140-$320 (Q4 2020 Possession)

LARGE AVAILABILITIES INCLUDE 40,000+ SF OF CONTIGUOUS SPACE

PROPERTIES LISTED IN BLUE DENOTE NEW DEVELOPMENTS

6 | Stephens Inc.

W 58TH STREET

E U

BUILDING ADDRESS | TOTAL SF Available Space: E=Entire P=Partial 1 Direct Availability 2 Sublease Availability Future Available SF | LXD Current Occupant E 57TH STREET

ENTS

Hall AVENUE | 670,000 SF 0 SF, $225.00–$265.00 sion)

W 57TH STREET

KEY

W 56TH STREET

65 E 55

U N E VA STREET | 1.2 MSF F, $89.00 (Q3 2019 Possession) XD 2023 ving to 50 Hudson Yards) ement to redevelop and expand its world headquarters buildingat 270ParkAvenue, the corridor ismore positive than originally expected. Over the next three-plus years, 1.9MSF e corridor begins to go through a transformation in thewake of the East Side Rezoning. ncy is 10.3%andClass Aoverall asking rents average $100.81 PSF. GRAND ARMYPLAZA CENTRAL PARK SOUTH CUSHMAN & WAKEFIELD BUILDING ADDRESS | TOTAL SF Available Spac : E=Entire P=Partial 1 Direct Availability 2 Sublease Availability Future Available SF | LXD Current Occupant W 54TH STREET

425

CUSHMAN &WAKEFIELD

S A C I R E M A E H T F O E

E 54TH STREET Property is being redeveloped and will deliver at the beginning of 2020 E 59TH STREET

T F I F

E S

E U N E VA H T N E V

E U N E VA H

399

Potential Redevelopment

W 58TH STREET

Museum of Modern Art

55 E 52 BUILDING ADDRESS | TOTAL SF Available Space: E=Entire P=Partial 1 Direct Availability 2 Sublease Availability Future Available SF | LXD Current Occupant E 57TH STREET 375

STREET | 619,631 SF , $145.00 (Arranged Possession) OTE NEW DEVELOPMENTS

W 53RD STREET

Carnegie Hall 425 PARK AVENUE | 670,000 SF 1 E30-45: 222,400 SF, $225.00–$265.00 (Q1 2020 Possession)

W 57TH STREET

KEY

Museum of TV & Radio

ERBILT AVENUE | 1.7 MSF 2 SF, $140-$320 (Q4 2020 Possession)

Ownership lining up lease expirations to potentially redevelop asset

W 52ND STREET

W 56TH STREET

65 E 55

U N E VA 55 E. 52ND STREET | 1.2 MSF 1 E18-19: 60,704 SF, $89.00 (Q3 2019 Possession) 370,000 SF | LXD 2023 BlackRock (moving to 50 Hudson Yards)

425

350

CUSHMAN &WAKEFIELD

E 51ST STREET

W 51ST STREET

S A C I R E M A E H T F O E

320

Radio City Music Hall

E 54TH STREET

W 54TH STREET

St. Patrick’s Cathedral

G N I X E L

N O S I D A M

K R AP 399

ROCKEFELLER CENTER AND POTENTIAL AVAILABLE SPACE Museum of Modern Art 65 E. 55TH STREET | 619,631 SF 1 E28–30: 46,532, $145.00 (Arranged Possession) W 50TH STREET

E U N E VA

W 53RD STREET

E U N E VA N OT

55 E 52

300

E U N E VA

375

Rockefeller Center Available & Future Move Outs Potential & Lease Roll Museum of TV & Radio W 52ND STREET W 49TH STREET

Current and Future Potential Available Space ONE VANDERBILT AVENUE | 1.7 MSF P11-E73: 707,662 SF, $140-$320 (Q4 2020 Possession)

350

280

299

E 51ST STREET

W 51ST STREET

150,944

320

E 48TH STREET

W 48TH STREET

Radio City Music Hall

St. Patrick’s Cathedral

E L

ROCKEFELLER CENTER CURRENT AND POTENTIAL AVAILABLE SPACE W 50TH STREET

K R AP

277 G N I X

N O S I D AM

E U N E VA

E U N E VA N OT

300

E U N E VA

4,400,000

W 47TH STREET Available & Future Move Outs Potential & Lease Roll Rockefeller Center W 49TH STREET

DIAMOND DISTRICT

3,850,000

E 45TH STREET into a 70-story 2.5 msf building E 48TH STREET Planned redevelopment of JPMorgan Chase headquarters 250 280

245

250

299

150,944

W 48TH STREET

3,300,000

W 46TH STREET

277

P E D

E CA L P W E

3,521,689

W 47TH STREET

DIAMOND DISTRICT

2,750,000

245

CUSHMAN & WAKEFIELD

2,200,000

W 46TH STREET

E P E D

200 E CA L P W

3,521,689

1,650,000

W 44TH STREET

CUSHMAN &WAKEFIELD

E U N E VA TL I D N AV B R E

E 45TH STREET

487,030

Y E L L A T R E B H S

141,992

1,100,000

911,769

200

W 44TH STREET

662,064 541,730

E U N E VA TL I D N AV B R E

487,030

141,992

W 43RD STREET

ARCHBISHOP F J SHEE

ARCHBISHOP F J SHEEN PLACE Building will be completed by year-end 2020

281,373

550,000

911,769

Grand Central Terminal

E 42ND STREET 1 VANDERBILT 1 VANDERBILT

Time Square

662,064 541,730

W 43RD STREET

281,373

Chrysler Building

2019

2020 0

2021

2022

2023

Grand Central Terminal

Chrysler Building

2019

2020

2021

2022

2023

W 42ND STREET

E 42ND STREET

W 42ND STREET

G N I X E L

T F I F

A N O S I D A M

K R AP

G N I X E L

T F I F

U N E VA

A H T N E V E S

K R AP

U N E VA

A N O S I D AM

N E VA H

U N E VA

F O E

U N E VA

Cushman & Wakefield | 7 N OT

F O E

N OT

E 41ST STREET

MARKET OVERVIEW KEY TAKEAWAYS

High employmentand population due to influx of Millennial and Gen Z entering the workforce

Densification continues but trend is less aggressive

Highest total of new office construction since mid- 1980s, tenants favor new and redeveloped properties

Owners completing gut renovations of older stock to compete with new development

Demand remains robust due to continued TAMI sector growth and tenant-base diversification

Coworking/flexible office space continue to impact market

Midtown and Downtown remain a tenants’ market, Midtown South remains one of the tightest markets in the nation

Significant tenant concession packages being offered

8 | Stephens Inc.

2018: YEAR OF THE TRANSFORMATIVE DEALS

ble Deals

TENANT

LOCATION

SF COMMITMENT

JP MORGAN CHASE

270 Park Avenue

2.5 MSF

GOOGLE

Hudson Square / Chelsea

1.7 MSF

DEUTSCHE BANK

60 Columbus Circle

1.1 MSF

DISNEY

4 Hudson Square

1.2 MSF

PFIZER

66 Hudson Boulevard

800k SF

Cushman & Wakefield | 9

MARKET OVERVIEW FUNDAMENTALS ARE STRONG...

FINANCIALS | DOW JONES

27,000+/-

16,577

13,265

8,776

8,342

2002

2007

2008

2013

2019 YTD

• The economy is healthy with low unemployment and GDP growth, while consumer spending is up

10 | Stephens Inc.

OFFICE-USING EMPLOYMENT

2019 NEW LEASING | MIDTOWN

157,600 jobs higher than the previous peak

16.1 msf

1.45M

1.29M

Annual Average: 17.3 msf

2001

2019

• Office-using employment has grown faster in New York City than the nation as a whole • Since February 2010, office-using employment has increased 24.9% in NYC

• Midtown new leasing bounced back in October led by five leases greater than 100,000 sf • However, year-to-date new leasing remains 16.0% lower than one year ago

Cushman & Wakefield | 11

MARKET OVERVIEW BUT THE MARKET IS CHANGING

DENSIFICATION 168,400 more employees occupy 15.4 msf less space

2001 376 msf occupied 291 sf per employee

2019 360 msf occupied 247 sf per employee

12 | Stephens Inc.

PLAZA DISTRICT PRICE DIFFERENTIAL

CONCESSIONS

Leases with $100+ TIA

109

$/sf

102

$20.00

$17.12

$14.53

$15.00

$18.13

$13.40

$10.95

$10.00

$13.40

$12.52

$10.95

$5.00

$0.00

2019 YTD

2011–2016 2017 2018

2016

2017

2018

2019

• Since 2018, there were a total of 206 leases with $100+ work allowances • 65.0% of $100+ work allowances occurred in Midtown

• Since 2015, the difference between starting and net effective rents has increased 16.1% • Plaza District landlords competing with Midtown new construction are providing more concessions to retain tenants

Cushman & Wakefield | 13

FLIGHT TO NEW DEVELOPMENT HUDSON YARDS & MANHATTAN WEST

Address

Size (sf) Occupancy Completion

5 Manhattan West

1,800,000 100.0%

2016

10 Hudson Yards

1,745,000 100.0%

2016

55 Hudson Boulevard

1,418,770 92.2%

2018

30 Hudson Yards

2,600,000 100.0%

2019

One Manhattan West

2,077,557 87.9%

2019

50 Hudson Yards

2,891,194 34.0%

2022

66 Hudson Boulevard

2,800,000 35.0%

2022

2 Manhattan West

1,945,245 24.7%

2022

TOTALS

17,277,766 67.2%

47 Tenants committed to 11.0 msf moving from 10.3 msf

14 | Stephens Inc.

Map highlights migrations greater than 50,000 sf

*Expansions within New York City

Cushman & Wakefield | 15

MARKET OVERVIEW COMPETITIVE SET

520 MADISON AVENUE

550 MADISON AVENUE

277 PARK AVENUE

425 PARK AVENUE

ADDRESS

ONE VANDERBILT

Tishman Speyer

Olayan America

SL Green

Stahl Real Estate

L&L Holdings

LANDLORD

TYPICAL FLOOR SIZE

23,411 – 28,490 RSF

25,000 RSF

22,944 – 29,303 RSF 23,143 – 24,580 RSF 13,900 – 28,900 RSF

Base: $115 PSF Tower: $130 PSF

Base: $115 PSF Tower: $215 PSF

Base: $135 PSF Tower: $250 PSF

Base: $100 PSF Tower: $120 PSF

Base: $185 PSF Tower: $275 PSF

RENT RANGE

Tenant Improvement: $100/PSF

Tenant Improvement: $95-$100/PSF

Tenant Improvement: $95-100/PSF

ESTIMATED CONCESSIONS

TBD

Free Rent: 12 Months

Free Rent: 12-13 Months

Free Rent: 12 Months

Free Rent: 10 Months

NOTABLE TENANTS

JP Morgan, Mitsui, ANZ Bank

Jefferies & Co.

None

TD Bank, Carlyle

Citadel

Location, Renovation Underway

REASON FOR INCLUSION

Plaza District

Fully Renovation

New Construction

Immediate - November 2020

2020

August 2020

1Q2021

September 2020

DELIVERY

EXECUTIVEFLOORS19-31 CORE&SHELLPLAN

183'-8"

83'-8"

FLOOR PLATE

5'-0"

10'-0"

OneVanderbiltAvenue

GreenbergTraurig

02/06/17

ILLUSTRATIVEPLAN_LEVEL17

AvenueFloors | Floors8-11 | 28,900 rsf

16 | Stephens Inc.

375 PARK AVENUE

245 PARK AVENUE

280 PARK AVENUE

320 PARK AVENUE

50 HUDSON YARDS

299 PARK AVENUE

Related/Oxford/ Mitsui

RFR Holdings

SL Green

Vornado/SL Green Mutual of America

Fisher Brothers

17,500 – 28,075 RSF 36,166 – 37,987 RSF 20,130 – 49,609 RSF 25,382 – 35,259 RSF 47,940 – 61,466 RSF 28,320 – 29,812 RSF

Base: $155 PSF Tower: $175 PSF

$88.00 PSF

$98.00 PSF

$95.00 PSF

$175-$200 PSF

$99.00 PSF

Tenant Improvement: $130/PSF

Tenant Improvement: $100/PSF

Tenant Improvement: $110/PSF

Tenant Improvement: $90/PSF

Tenant Improvement: $100/PSF

Free Rent: 12 Months

Free Rent: 10-12 Months

Free Rent: 12-13 Months

Clayton Dubillier & Rice, Centerbridge Capital

Societe Generale, Angelo Gordon & CO., Rabobank

Mutual of America, Blackrock Kelso, George Weiss

PJT, Cohen and Steers, Viking

Capital One, UBS, King Street

Blackrock

Park Avenue Location, Flexible (divisible) Floor

Park Avenue Location, Great Light and Views

New Construction, Hudson Yards Alternative

Park Avenue Trophy Building

Park Avenue Value Opportunity

Location

Immediate

August 2020

April 2022

3Q2020

5 50HUDSONYARDS TESTFITSTUDIES /PHASE 1 AUGUST 30,2017

FLOOR TOFLOORHEIGHT : 15’ -2”

WORKPLACEPLANNINGMODULE /HIGH-RISE (FLOORS 31-49 )

60’-0” COLUMNFREE

WEST&RIVERVIEWS

COREWALLS

PENETRATION-FREE

45’-0” PLANNINGDEPTH

ROOM

TECH

ROOM

ELECT

30’-0” STRUCTURALBAY

STAIRC

STAIRB

JAN

LOBBY

SERVICE

DEPTH

PLANNING

45’-0”

DEPTH

PLANNING

45’-0”

STAIRD

ELEVATORS

POTENTIAL

STAIR

POTENTIAL TO UPGRADE TO INTERCONNECTING

ROOM

ELECT

45’-0” PLANNINGDEPTH

50 HUDSON YARDS / PLANS AND TEST FITS

Cushman & Wakefield | 17

RECENT LEASE TRANSACTIONS PLAZA DISTRICT

DATE

ADDRESS

FLOORS

LESSEE

TERM

Q1 19

280 Park Avenue West

E32

China International Capital

20,274

10 Yrs

Q1 19

520 Madison Avenue

E42

Axonic Capital

16,690

10 Yrs

Q4 18

450 Park Avenue

E30-31

Harbinger Capital

21,556

2 Yrs

Q4 18

450 Park Avenue

E29

Harbinger Capital

10,778

5 Yrs

Q4 18

450 Park Avenue

E15

Jones Day

10,338

10 Yrs

Q4 18

520 Madison Avenue

E43

Element Capital

20,988

10 Yrs

Q4 18

9 West 57th Street

E8-E10, E41-E42

Apollo Global Management

175,000

15 Yrs

Q4 18

345 Park Avenue

E14,E24-E26

Blackstone Group

148,587

8 Yrs

Q3 18

65 East 55th Street

P15

The Rohatyn Group (TRG)

10,317

10 Yrs

Q3 18

590 Madison Avenue

E42

Crestview Partners

24,624

15 Yrs

Q3 18

320 Park Avenue

E27

DDR Corp

15,631

10 Yrs

Q3 18

712 Fifth Avenue

P41

CVC Credit Partners

6,515

6 Yrs, 2 Mos

Q3 18

55 East 52nd Street

E15-E17

Duff & Phelps

91,019

16 Yrs

Q2 18

535 Madison Avenue

E29

Bain Capital

14,765

15 Yrs

Q2 18

299 Park Avenue

E37

Goldpoint Capital

29,768

15 Yrs

Q3 18

712 Fifth Avenue

P41

OMI Management

3,263

7 Yrs, 5 Mos

18 | Stephens Inc.

RENT (PSF)

FREE

TI (PSF)

NER (PSF)

LEASE TYPE

$95 x 5 Yrs; $103 x 5 Yrs

10 Mos

$115.00

$71.69

New Lease

$122 x 5 Yrs; $129 x 5 Yrs

16 Mos

$130.00

$85.31

New Lease

$156.00 x 2 Yrs

3 Mos

$0.00

$152.58

Early Renewal (2022)

$103.00 x 3 Yrs; $156.00 x 2 Yrs

3 Mos

$0.00

$122.21

Expansion

$110.00 x 5 Yrs; $120.00 x 5 Yrs

13 Mos

$122.00

$83.10

New Lease

$152 x 5 Yrs; $162 x 5 Yrs

14 Mos

$120.00

$115.85

New Lease

E8-E10: $84 x 5 Yrs; $92 x 5 Yrs; $100 x 5 Yrs E41-E42: $170 x 5 Yrs; $180 x 5 Yrs; $190 x 5 Yrs

12 Mos

$100.00

$97.27

New Lease

$103 x 5 Yrs; $110 x 3 Yrs

6 Mos

$60.00

$87.16

Expansion

$100 x 5 Yrs; $105 x 5 Yrs

13 Mos

$135.00

$68.87

New Lease

$139 x 5 Yrs; $149 x 5 Yrs; $159 x 5 Yrs

14 Mos

$160.00

$112.81

New Lease

$90 x 5 Yrs; $96 x 5 Yrs

13 Mos

$110.00

$64.20

New Lease

$149 x 5 Yrs; $159 x 1 Yr, 2 Mos

8 Mos

NBI

$131.21

New Lease

$82 x 6 Yrs; $87 x 5 Yrs; $92 x 5 Yrs

12 Mos

$100.00

$66.91

New Lease

$108 x 5 Yrs; $116 x 5 Yrs; $124 x 5 Yrs

14 Mos

$150.00

$85.08

New Lease

$94 x 5 Yrs; $101 x 5 Yrs; $108 x 5 Yrs

14 Mos

$100.00

$77.35

New Lease

$151 x 5 Yrs; $161 x 2 Yrs, 5 Mos

10 Mos

$110.00

$113.65

New Lease

Cushman & Wakefield | 19

Project Timeline THE PROCESS

TIME FRAME

Month 1

Month 2

Month 3 Month 4

Month 6

Month 7 Month 8

Month 9 Month 10 Month 11 Mont

Month 5

Collect Data

RFPs

Negotiate Business Terms / Site Tours

Project Kick-off

Engage Third-Party Consultants

Select Target Properties s

Lease Negotiation 12 Weeks

Define Occupancy Scenarios

Workplace Strategy/Visioning

Renew & Restack At Park Avenue Tower Relocate to New Buildout Collect Data Project Kick-off Workplace Strategy/Visioning

Develop Pricing & Timing Parameters

Short-list

FLEXIBLE TIMING

Lease Negotiation 12 Weeks Define Occupancy Scenarios SAMPLE Select Target Properties & Home Office Approval RFPs Negotiate Business Terms/Site Tours Engage Third-Party Consultants

Develop Pricing & Timing Parameters

Short-list

"FINAL" DECISION

20 | Stephens Inc.

Month 15 Month 16 Month 17 Month 18 Month 19 TIME FRAME

th 11 Month 12

Month 13

Month 14

Month 20 Month 21 Month 22

Month 23

Month 24

Pre-Design

Design Management 8 Weeks

Bid Negotiation 8 Weeks

Construction 16 Weeks

FLEXIBLE TIMING FOR WORK COMMENCEMENT; PHASED RENOVATION SCHEDULE DEPENDS UPON SCOPE OF WORK Relocation Planning & Project Close-Out SAMPLE

Contingency 4 Weeks

LATEST DATE TO EXECUTE LEASE

PARK AVENUE TOWER LEASE EXPIRES

Cushman & Wakefield | 21

CUSHMAN & WAKEFIELD TEAM PARK AVENUE TENANT REP EXPERIENCE

399 PARK AVENUE Polygon Investment Beacon Group Peterson Mgmt. CV Starr Morgan Stanley Moelis & Co. Owl Rock Capital

450 PARK AVENUE Muzinich & Co Banco Bradesco

410 PARK AVENUE Regency Centers

299 PARK AVENUE GE Capital Capital One The Carlyle Group TipTree Financial Goldpoint Partners

320 PARK AVENUE George Weiss DDR

280 PARK AVENUE Roundtable Investment Partners

230 PARK AVENUE RELX Group Desmarais LLP

245 PARK AVENUE JPMorgan Chase

237 PARK AVENUE NY Presbyterian

22 | Stephens Inc.

350 PARK AVENUE Alex Brown M&T Bank

345 PARK AVENUE NFL

The project team has completed 2.0 msf of tenant rep transactions on Park Ave since 2015

277 PARK AVENUE JPMorgan Chase CCMP Capital Imperial Capital SMBC

250 PARK AVENUE Conning Octagon Credit ABinBev

405 PARK AVENUE ARC

200 PARK AVENUE MetLife

Cushman & Wakefield | 23

MARK P. BOISI Executive Vice Chairman 212 318 9707 mark.boisi@cushwake.com CHRISTINE COLLEY Managing Director 212 954 0952 christine.colley@cushwake.com

CONOR KENNY Director 212 954 0929 conor.kenny@cushwake.com

24 | Stephens Inc.

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