From: David Mitchell To: Jeffrey Epstein <[email protected]> Subject: Fwd: 280 Park Date: Thu, 06 Jan 2011 15:35:01 +0000 Attachments: 280_Park_Ave_Presentation.pdf; ATT00001.txt Please excerpts from email on 280 MITCHELL HOLDINGS LLC DAVID MITCHELL Please note after 11.20.2010 Our address is: 815 FIFTH AVENUE NEW Y RK NY 10065 phone fax > know,know, we have a rare opportunity to take over one of the premier office properties have a rare opportunity to take over one of the premier office properties in New York City. 280 Park Avenue is an address that has always commanded high rents and attracted the highest caliber tenants. Due to our very close and long term relationship with the current owner Investcorp, we now have a window of opportunity that is seldom seen in NYC market. I have attached a presentation that Investcorp (Seller) has shared with us and has not yet been sent out into the market. > Here is a brief synopsis of the deal - > The building is 1.2 million square feet > There is debt on the property of $1.1BB that will be amortized down to $1.056BB at maturity in about 5.5years. > The ownership equity has essentially been wiped out and the only thing keeping the building running is reserves that will run out by the middle of 2011. > Over the remaining 5.5 years of term an investors will have to infuse an estimated $300MM ($250/sqft) in leasing costs, debt service and capital to keep the building going. You will see the breakout of the $300MM in the attached presentation. > The 2 largest tenants, Deutsche Bank and the National Football League are leaving the building in 2011 and 2012. These tenants comprise over 50% of the building, but due to the stature of the asset, there are literally tenants waiting at the footsteps of the building to get in once recapitalization occurs. As you know Guggenheim is very interested in the NFL space but if they would consider backfilling the lower floors, tenant such as Credit Agricole are