Taconic Investment Partners Acquires Upper East Side Building Will Convert to Medical Office Use

NEW YORK CITY - In a partnership with ABR Partners LLC, Taconic Investment Partners has acquired 429 East 75th Street, between First and York Avenues, in Manhattan.

Taconic plans to convert and expand the four-story parking garage into a first-class, 30,200-square-foot medical office facility by the fourth quarter of 2007. The site is located in the Upper East Side's "Hospital Corridor."

"We are always looking for opportunities to invest in properties that will benefit from a redevelopment effort," says Charles Bendit, co-founder of Taconic. "429 East 75th Street is a perfect fit with our investment strategy and we're excited to get started on the renovations and breath life back into this building."

Taconic will begin the repositioning of this building by expanding the existing structure from 25,500 square feet to the planned 30,200 square feet. In addition, the $11 million capital improvement program also includes replacement of the existing faÇade and windows, the addition of a new, gurney-sized elevator and stairway core, renovation of the lobby, installation of new mechanical, electrical and plumbing distribution throughout the building - in addition to a back-up generator - and creation of a full floor of tenant units.

This property is in an ideal location for the development of medical/healthcare office space. Many world-class hospitals, with leading specialists in every field of medicine, are located within the immediate area including: New York Presbyterian, the University Hospitals of Columbia and Cornell, Lenox Hill Hospital, Memorial Sloan-Kettering Center, Mount Sinai, Rockefeller University Hospital, and Gracie Mews Hospital.

Since its inception in 1997, Taconic Investment Partners LLC has acquired and developed more than eight million square feet of office properties in New York, Chicago, Washington, D.C. and Atlanta. In addition to its commercial portfolio, Taconic has acquired new sites for developments of up to 1.5 million square feet of rental and condominium housing and acquired approximately 3,000 residential apartments in the New York metropolitan area.

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