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CitiCorp Center : 122 Main Street Burlington NJ 09099

E X E C U T I V E S U M M A R Y

XXXX

Product Type
Office

Completion Date
1 January, 1993

Market Class
A

Renovated
1 January, 1997

Number of Tenants
15

Number of Floors
12

Parking Spaces
675

Assumable Mortgage
None

SIze - 203, 000 RSF

Occupied(85%)	Vacant(15%)
Office : 150,000	Office : 25,450
Retail : 50,000	Retail : 5,000
Storage : 3,000

Major Tenants

					Current Rate per RSF		Options
Name	RSF	% of Bldg	LCD	LED	Base	Gross	Renewal/Termination
Apple	20,000	9.8	01/10/98	01/09/08	$20.00	$28.00	None
Williams	18,500	9.1	05/20/99	05/19/04	$25.00	$32.00	One 5 yr renewal
CBS	15,000	7.4	06/01/99	05/30/09	$26.50	$34.50	Two 10 yr renewal

Last three leases signed in property

Name	Suite	RSF	Term	LCD	Base Rent	Step-ups	TI	New/Renewal	Concessions
Microsoft	1100	5,000	10	10/98	$30.00	$35.00	$25.00	N	None
Oracle	1201	3,000	10	12/98	$35.00	$40.00	$25.00	N	None
Cisco	500	8,000	5	11/99	$30.00		$25.00	N	None

Last three major leases signed in market

Name	Address	RSF	Term	LCD	Base Rent	Step-ups	TI	New/Renewal	Concessions
IBM	200 Park Ave	150,000	10	03/99	$32.00	$38.00	$40.00	N	TBA
MCI	666 Fifth Ave	100,000	10	06/99	$33.00	$38.00	$45.00	N	TBA
MSF	750 Madison Ave	100,000	10	12/98	$33.00	$36.00	$40.00	R	6 Months free

Pro-forma Summary ($000)

	1998	1999	2000	2001	2002	2003	2004
Occupancy	75%	85%	90%	92%	92%	92%	95%
Revenue-Contractual	4.111	4.831	5.177	3.578	3.578	3.809	4.917
Revenue-Projected			0.305	2.390	2.390	2.438	2.151
Operating Expenses	1.015	1.015	1.218	1.218	1.218	1.421	1.421
RET	0.609	0.609	0.812	0.812	0.812	0.913	0.913
NOI	2.487	3.207	3.452	3.938	3.938	3.913	4.734

Pro-forma Summary (RSF)

	1998	1999	2000	2001	2002	2003	2004
Occupancy	75%	85%	90%	92%	92%	92%	95%
Revenue-Contractual	20	22	23	24	25	26	26
Revenue-Projected			25	25	27	28	28
Operating Expenses	5	5	5.5	5.5	6	6	6
RET	2	2	2.25	2.25	2.5	2.5	2.5
NOI	13	15	15.25	16.25	16.5	17.5	17.5

©2000 Global Realty Exchange
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