400 Park Avenue

In an off-market transaction, the Company acquired the leasehold on this 260,000 square-foot office building in 2010 At inception, the leasehold had only 17 years of term remaining, which the Company successfully renegotiated prior to the end of 2013 with a new long-term leasehold, providing an opportunity to execute an extensive capital improvement program, including replacement of all windows, HVAC plant, all vertical transportation and elevators, IT infrastructure, plate and frame heat exchangers, and all tenant interiors. The releasing program the Company executed brought occupancy from 60% at acquisition to 98% by 2015. The leasehold and fee interest at the property were collapsed after the Company completed a restructuring in 2023.