229 West 36th Street

COMPELLING VALUE ADD WITH UPSIDE POTENTIAL

+ Currently 86.2% leased, 51,544 rsf rolls within the first year bringing occupancy to 52.0% with 8.5 years of remaining average lease term, providing a new owner income security with ability to immediately grow NOI through lease-up

+ Ideal 12,600 rsf floorplates, double front entrances and elevator configuration enables a building-within-a-building structure

providing a competitive leasing advantage

+ Additional value creation from re-imagining and re-leasing the ground floor retail space

FLEXIBLE LIFE SCIENCES REPOSITIONING OPTIONALITY

+ Flexible M1-6 zoning and existing floor loads provide the optionality to partially convert the Property to life science as inplace tenancy rolls in the near term

+ Ability to capture premium rental rates as average life science rents in Manhattan exceed $100 psf on a net basis, driving NOI

and maximizing value

+ Existing tenancy provides durable in-place cash flow to cover repositioning costs with the ability to maintain a low investment basis and achieve outsized returns

+ Rapidly growing life science cluster anchored by tenants including IndiBio, Actinium Pharmaceuticals, Enzo clinical labs, and AccelBio

IDEALLY LOCATED AT THE CONVERGENCE OF TRANSPORTATION HUBS AND HIGH-GROWTH NYC SUBMARKETS

+ Transformative Midtown Manhattan location at the convergence of Hudson Yards, Chelsea, and the Penn District revitalization

+ Connected via proximate Penn Station and Moynihan Train Hall as Manhattan office demand congregates around regional transit (43% of all 2021 leases were within a 5-min walk from major hubs)

+ Positioned to benefit from the multi-billion dollar Penn Station and surrounding area redevelopment program