Property Overview Penncom Plaza is a 425,000 square foot office building in midtown Manhattan. The property is in close proximity to Pennsylvania Station, which provides access to several subway and commuter rail lines.

Investment Strategy Taconic acquired the leasehold on the property in January 1998, with an option to acquire the fee portion in the future. At the time of acquisition, the property was substantially vacant and in need of significant capital upgrades. A successful leasing and capital improvement initiative including the replacement of all base building systems, lobby and common corridor renovations and new elevators resulted in full occupancy to a variety of credit tenants.

Taconic sold Penncom Plaza in September 2003.

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