Case Study

1657 Broadway

Acquisition Date:September 2006
Asset Type:Block-front retail in northern Times Square area with office component
Size:65,000 SF office
35,000 SF retail
Tenants:McDonalds Corp.
Duane Reade (a wholly owned subsidiary of Walgreen Co.)
Acquisition Cost:$60.1 million
Equity:$12.0 million
Unrealized Value (Total Capitalization):$111.1 million
Projected Gross IRR: 26.8%
Projected Gross Equity Multiple: 5.1x