United Bank for Africa- Analysis- 2019-11-07 for Real Estate

Executive Summary United Bank for Africa | New York

Printed: Nov 7, 2019 at 3:13 PM

Rent Commencement Date*

Footprint

Initial Base Rent

Total Cash

NPV Cash

Annuity Cash

Scenario

Capital Costs to Build New Space

Required Capital

Landlord Contribution

Net Capital

2020-2039 2020-2039 2020-2039

1 Rockefeller Plaza

$6.8M -$1.8M $5.0M

$51.2M $28.5M $2.6M

A

20,085 SF

$86.00/SF

Nov-2021

Renewal

337.68/SF -90.00/SF 247.68/SF

200 Park Avenue LL Offer - 10/28/2019

$5.4M -$1.6M $3.9M

$46.5M $26.3M $2.4M

B

16,500 SF

$84.00/SF

Jan-2021

329.93/SF -95.00/SF 234.93/SF

575 Fifth Avenue LL Offer - 10/15/2019

$5.1M -$2.0M $3.1M

$38.1M $21.6M $2.0M

C

15,475 SF

$83.00/SF

Nov-2021

329.93/SF -131.43/SF 198.50/SF

50 Rockefeller Plaza

$6.1M -$2.0M $4.1M

$52.5M $28.6M $2.6M

D

18,601 SF

$92.00/SF

Feb-2022

Pro Forma Relocation

329.93/SF -110.00/SF 219.93/SF

*This is inclusive of free rent.

Initial Base Rent

Annualized Rent (Excluding 1X Capital)

$3.4M

$77.00/SF $79.00/SF $81.00/SF $83.00/SF $85.00/SF $87.00/SF $89.00/SF $91.00/SF $93.00/SF $95.00/SF

Double rent period

Current escalated rent at One Rockefeller Center is $93.94/SF

$3.0M

$2.6M

$2.2M

$1.8M

$1.4M

$1.0M

Current Escalated Rent

1 Rockefeller Plaza 200 Park Avenue 575 Fifth Avenue 50 Rockefeller Plaza

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

1 Rockefeller Plaza

200 Park Avenue

575 Fifth Avenue

50 Rockefeller Plaza

Strategic Advisory Group © 2019 Cushman & Wakefield

All information furnished is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change in price, rental or other conditions, prior sale, lease, or financing or withdrawal without notice.

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