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Strategic Advisory Group
All information furnished is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change in price, rental or other conditions, prior sale, lease, or financing or withdrawal without notice.
© 2019 Cushman & Wakefield
Printed: Nov 7, 2019 at 3:13 PM
Executive Summary
United Bank for Africa | New York
Footprint
Initial Base
Rent
Total
Cash
NPV
Cash
Annuity
Cash
Required
Capital
Landlord
Contribution
Net Capital
2020-2039 2020-2039 2020-2039
1 Rockefeller Plaza
$6.8M -$1.8M $5.0M
$51.2M $28.5M $2.6M
Renewal
337.68/SF -90.00/SF 247.68/SF
200 Park Avenue
$5.4M -$1.6M $3.9M
$46.5M $26.3M $2.4M
LL Offer - 10/28/2019
329.93/SF -95.00/SF 234.93/SF
575 Fifth Avenue
$5.1M -$2.0M $3.1M
$38.1M $21.6M $2.0M
LL Offer - 10/15/2019
329.93/SF -131.43/SF 198.50/SF
50 Rockefeller Plaza
$6.1M -$2.0M $4.1M
$52.5M $28.6M $2.6M
Pro Forma Relocation
329.93/SF -110.00/SF 219.93/SF
*This is inclusive of free rent.
D
18,601 SF
$86.00/SF
$84.00/SF
$83.00/SF
$92.00/SF
Nov-2021
Jan-2021
Nov-2021
Feb-2022
Capital Costs to Build New Space
C
15,475 SF
Scenario
20,085 SF
A
B
16,500 SF
Rent
Commencement
Date*
$1.0M
$1.4M
$1.8M
$2.2M
$2.6M
$3.0M
$3.4M
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Annualized Rent (Excluding 1X Capital)
1 Rockefeller Plaza
200 Park Avenue
575 Fifth Avenue
50 Rockefeller Plaza
$77.00/SF
$79.00/SF
$81.00/SF
$83.00/SF
$85.00/SF
$87.00/SF
$89.00/SF
$91.00/SF
$93.00/SF
$95.00/SF
Current Escalated
Rent
1 Rockefeller Plaza 200 Park Avenue 575 Fifth Avenue 50 Rockefeller Plaza
Initial Base Rent
Current escalated rent
at One Rockefeller
Center is
$93.94/SF
Double
rent period
3