Penncom Plaza is a 425,000 square foot office building in the Penn Plaza submarket of Midtown Manhattan. Proximity to Penn Station provides access to several subway and commuter rail lines. We acquired the leasehold on the property in January 1998, with an option to acquire the fee. At the time of acquisition, a sizeable portion of the property was vacant and in need of significant upgrades. After successfully implementing a leasing and capital improvement initiative, including the replacement of all base building systems, lobby, and common corridor renovations and new elevators, we achieved full occupancy with a variety of high-credit tenants.