Property Overview

111 Eighth Avenue is a 2.9 million square foot property located in the Chelsea section of Manhattan. The property, originally developed as the headquarters of the Port Authority of New York, occupies an entire square block between Eighth and Ninth Avenues, and 15th and 16th Streets. The property is the second largest building in New York City and houses a diverse tenant base including healthcare, advertising, fashion, publishing and telecom sectors.

Investment Strategy

Taconic acquired 111 Eighth Avenue in January 1998 as part of a portfolio of assets. Also included were 95 and 99 Wall Street and 100 William Street. At the time of acquisition, the property was occupied by numerous warehouse tenants and the Midtown South market had not yet emerged as a viable office location. Taconic recognized this assets strategic location within an emerging market and implemented a complete repositioning plan which included vacating the property of former printing and warehouse tenants in order to assemble large blocks of space. A $50 million base building renovation including vertical transportation, lobbies & common corridors, power plants and fuel delivery systems have all marked Taconic's transformation of 111 Eighth Avenue into a leading, first class office building. Under Taconic's stewardship, the rent roll was substantially upgraded to some of the finest credit tenants in the world.

Building Amenities Access to Transportation: 111 Eighth Avenue is served by the A, C, E & L subway lines, which connect via an underground concourse to the property. These subway lines provide direct access to New York City's major transportation hubs including, Penn Station, the Port Authority Bus Terminal and Grand Central Station.

Unique Infrastructure: The average floor size is 200,000 square feet, which provides tenants with both design flexibility and operating efficiency. In addition, the typical ceiling height measures 15 feet.

Power & Connectivity: Extensive electric capacity, heavy floor loads, redundant power, vertical risers and efficient column spacing all cater to the specific needs of leading tenants throughout the telecommunication sector.

Representative Tenants Google, Nike, Sprint Corporation, WebMD, CCH Legal and Deutsch Advertising.

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