130 Prince Street

Transaction Summary

• Acquisition Date: July 2007
• Purchase Price: $112 Million
• Sale Price (2012): $141 Million
• Asset Type: Office/Retail Building
• Location: New York, NY

Situation Overview at Purchase

• Asset not properly positioned in market.
• Presented a re-leasing and capital repositioning opportunity, complicated by the Property’s location in a landmark district.
• Company gained Landmark approval to renovate storefronts, leading to retail rents never previously achieved in Soho from credit tenants.
• Investment thesis based on granular market knowledge of coming change to SoHo; Company relationship with Apple executives was key (Apple’s first store was opened one block from 130 Prince).
• Company quickly executed on its leasing strategy and various capital projects despite financial market shock of 2007-2009.