Property Overview 375 Pearl Street is a 1.15 million square foot office building strategically located at the intersection of Pearl Street and Avenue of the Finest in Downtown Manhattan. The 32-story building was originally developed in 1975 for Verizon as a telecom switching hub and has more recently been used for back office operations.

Investment Strategy Taconic purchased a condominium interest which represents 29 of the 32 stories in December of 2007. Following a short term leaseback to Verizon, Taconic's condominium interest will be delivered vacant and the building will be transformed into a modern Class A multi-tenant office building. Major renovations will include a complete modernization of the lobby, redevelopment of the exterior plaza, installation of a new facade system on portions of the building, installation of new elevators as well as upgrading the existing elevators and a redevelopment of the building's mechanical systems. The new facade system will open the building's floor plates and high ceilings to increase light and spectacular views. Upon completion, Taconic will be well poised to take advantage of the resurgence of Lower Manhattan by offering Class A space at a considerable discount to competitive new construction and thereby capitalize on the lack of affordable office space in Manhattan.

Building Amenities Access to Transportation: 375 Pearl Street is conveniently located a short walk from the following subways: A,C,E, 2,3, 4, 5, 6. The subway lines provide direct access to both Grand Central Station and Penn Station as well as NJ Transit and PATH. Additionally, the building is located one block from the on/exit ramp to the Brooklyn Bridge and the FDR.

Unparalleled Views: Once redeveloped, the building will provide unparalleled 360 degree views of not only Manhattan, but also Brooklyn, Queens, New Jersey and Connecticut.

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