What a 90-second abstract looks like.

Tenant

Meridian Capital Partners LLC

Landlord

Park Avenue Properties Trust

Property Address

250 Park Avenue, Suite 4200, New York, NY 10177

Premises

12,450 SF, 42nd FloorSingle-floor office suite

Lease Commencement

January 1, 2024

Lease Expiration

December 31, 2033

Total Term

120 months (10 years)

Rental Rate

$56.50/SF annually$703,650/year ($58,637.50/month)

Escalations

3% annualFixed percentage each lease year

Year 5 Rent (Estimate)

$815,224/year ($67,935/month)

Expense Structure

Modified Gross

CAM Rate

$12.30/SF estimated ($153,135/year)Reconciled annually; tenant pays pro rata share

Insurance

Tenant maintains $5M general liabilityAnnual cost approximately $8,000–$12,000 depending on coverage

Parking

25 reserved spaces @ $450/month eachTotal parking: $135,000/year

TI Allowance

$85.00/SF$1,058,250 total allowance

TI Conditions

Paid within 30 days of substantial completionLandlord approval required for all plans and specs

Security Deposit

$175,912.50Equivalent to 3 months base rent

Deposit Held By

Landlord (in non-interest bearing account)

Renewal Options

Two consecutive 5-year options1st option: 2034–2038 | 2nd option: 2039–2043

Renewal Rent

95% of Fair Market Value (FMV)Determined by independent appraisal if parties disagree

Notice Requirement

Tenant must notify landlord 12 months before lease expiration

Permitted Use

General office for financial servicesNo retail, manufacturing, or prohibited uses

Assignment & Subletting

Landlord consent required (not unreasonably withheld)Landlord entitled to 50% of profit on assignment

HVAC

24/7 during lease term; tenant responsible for maintenance

Signage Rights

Interior signage only (directory and suite entrance)

Rent Due Date

1st of each month; 3-day grace period

Late Fees

5% of monthly rent + 1.5% monthly interest on overdue amountsApplied after grace period

Eviction

Eviction after 15 days if rent remains unpaid past grace period

Commencement

01/01/2024

TI Deadline

06/30/2024 (estimated)

First Renewal Notice Due

01/01/2033

Expiration

12/31/2033

1st Renewal Ends

12/31/2038