200200 PARK AVENUE low-cap rate of2.8%. $1.72 dollar billion purchase atarecord threemonths—a one of the largest transactions inNewYork history injust to MetLife's desired deadline, with the team completing RESULTS less than 24hours after buyer selection. A non-contingent contract wasnegotiatedandexecuted conducted, and two rounds ofbidding were completed. more than 100investors, 57Property tours were Within sixweeks, the Property hadbeenoffered to pedestrian corridor intoGrand Central Terminal. Property's repositioned retail along the high-traffic emphasis on the extraordinary value generated by the marketing materials,injust twothe-art weeks, withan STRATEGY of justfour monthslater,at the endof the second quarter. they wanted to closeassoonpossible, withadeadline However, MetLife's timeline was very aggressive, and the centerin ofMidtown atGrand Central Terminal. Avenue, square a2.8million foot Class Aicon located conveyed their confidential mandate 200Parkto sell CHALLENGE NEW YORK, NEWYORK 200 Park Avenue The saleclosedinMay 2005,five weeks prior The team mobilized to prepare state-of- In February 2005,MetLife's executives

CLIENT SQUARE FEET PRICE YEAR SOLD TYPE PROPERTY

MetLife 2,820,117 $1,720,000,000 2005 Office 666 NEW YORK, NEW YORK

CHALLENGE In 2000, the New York Capital Markets team originally sold 666 Fifth Avenue on behalf of PROPERTY TYPE Office Sumitomo Realty Development for $518 million to YEAR SOLD 2007 Tishman Speyer and TMW, a German fund. 200 PARK AVENUE PARK 200

666 FIFTH AVENUE PRICE $1,800,000,000

200 PARK AVENUE PARK 200 When Tishman Speyer wanted to sell the asset in 2007, the team believed that timing was ideal and that the SQUARE FEET 1,500,000 unique features of 666 Fifth Avenue would allow the Property to achieve record breaking pricing if it was CLIENT Tishman Speyer positioned properly to the market.

STRATEGY The key to the transaction was leveraging the Property’s unmatched Fifth Avenue retail space, which was rapidly appreciating due to New York’s rising tourism and the globalization of the fast-growing fashion retail market. The team also aggressively emphasized the Property’s trophy status to generate a “bragging rights” premium from interested buyers. The Property was presented as a once-in-a-lifetime opportunity to acquire one of ’s defining icons.

RESULTS The team generated an intense bidding competition, ultimately completing a sale with Kushner Companies for $1.8 billion ($1,200 per square foot), the largest stand-alone office building sale in U.S. history. 388–390 GREENWICH200 PARK AVENUE STREET history ofDowntown . largest office buildingsalein the for$1.575 billion—the process. The Property was ultimately sold to SLGreen orchestrate a tightly-managed competitive bidding access to NewYork’s leadinginstitutionalplayers to RESULTS corporate bondwithresidual value at the end of the term. net lease through 2020,creating whatwasessentially a transaction, Citientered intoalong-term sale/leaseback STRATEGY acquired by Citi. Travelers, whichwaslaterpurpose-built for Shearson/ adjacent sixstory, state-of-the-art trading facility, was of Downtown Manhattan. This42-story tower, with an at 388–390Greenwich Street in the Tribeca District retained by Citicorp to sell their headquarters building CHALLENGE NEW YORK, NEWYORK 388–390 Greenwich Street The team wasable to leverage itsoutstanding In whatisrecognized as the quintessential

The NewYork CapitalMarkets team was

CLIENT SQUARE FEET PRICE YEAR SOLD TYPE PROPERTY

Citicorp 2,634,670 $1,575,000,000 2007 Office 200237 PARK PARK AVENUE AVENUE the building.237ParkAvenue iscurrently 100%leased. and enhancedretail throughout the first two levels of a newlobby andredesigned atrium,newelevator cabs team, completing major upgrades at the property, including RXR executed the repositioning planproposed by the single-building purchases since the Great Recession. to RXRin2013and,at the time, wasoneof the largest and Asianinvestors. Theproperty waseventually sold also numerous globalentities,includingMiddle Eastern that garnered interest notonly from U.S.institutionsbut RESULTS escalating rents anddecliningoccupancy. ening commercial real estatemarket characterized by to significantly increase NOIby capitalizingonastrength implementing anextensive capitalimprovement program new ownership’s ability to reposition the property by highlighted The team with significantupsidepotential. acquire premier,opportunity a to centrally-located asset real estatemarket. They positioned the buildingasan improving economic conditions andarisingNewYork STRATEGY 45% of the leasesexpiring within the next four years. building. At the time, 237Parkwas80%occupied with as previous ownership hadlimitedcapital to invest in the office space.Theasset hadbeenneglectedinrecent years 21-story buildingwith1.25 square million feetofClass A New York CapitalMarketsAvenue, Park a team 237 to sell plan toconvert assets to cash to repay creditors, hired the CHALLENGE NEW YORK, NEWYORK 237 Park Avenue The result wasanaggressive bidding process The team’s strategy centered around Lehman Brothers Holdings,aspartofits

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CLIENT SQUARE FEET PRICE YEAR SOLD TYPE PROPERTY

Lehman Brothers 1,243,384 $800,000,000 2013 Office 550200 200MADISON PARK PARK AVENUE AVENUE sale transaction inManhattan in2016. Chelsfield for $1.4 billion, the fourth largest investment hotel andinsteadsold the Property to Olayan Group and for a96-unitcondominium conversion and170-key RESULTS 550 Madisonasa viable acquisition target. environment,unstable Due tothis theteamviewed the super-luxury market andconcerned aboutoversupply. to secure aslenders were uncertainabout the depthof luxury residential product andfinancingwasdifficult there were signsofaslowdown indemandfor ultra- as wellpay for the condo-hotel conversion. However, loan that would pay off the lenders for the acquisition The partners were searching still for anew$1.4 billion in thetower. a luxury hotelat the baseandresidential condominiums led by TheChetritGroup, whichintended to convert it to for sale.Ithadbeenpurchased in2013by apartnership However, 550MadisonAvenue wasnoton the market building locatedbetween East55thand56thStreets. 550 MadisonAvenue, a37-story, 850,000-square-foot opportunities and the clientultimately selected STRATEGY interested inleasingspaceataPlazaDistrict location. iconic asset withlarge floorplatesbecause they had tenants Plaza District.Thegroup wasinterested inpurchasing an identifying andacquiring a trophy office buildingin the and their joint venture partner,Chelsfield, to assist in retained by aforeign-based Saudifamily, Olayan Group, CHALLENGE NEW YORK, NEWYORK 550 In Aprilof2016,Chetritdiscarded itsplans The team presented several potential The NewYork CapitalMarkets team was

CLIENT SQUARE FEET PRICE YEAR SOLD TYPE PROPERTY

Olayan Group 852,830 $1,400,000,000 2016 Office