| Proposed Ticker: | - | 330 Madison Avenue | |
| Exchange: | New York Stock Exchange | New York, New York 10017 | |
| Industry: | Financial |
| All share information is proposed | ||||
| Type of Shares: | Common Shares | Filing Date: | 12/18/96 | |
| U.S. Shares Filed: | 8,500,000 | Filing Price: | $22.00 | |
| Non-U.S. Shares Filed: | 1,500,000 | Offering Amount: | $220,000,000 | |
| Primary Shares: | 10,000,000 | Expenses: | - | |
| Secondary Shares: | 0 | Shs Out After: | 17,700,000 | |
| Manager | Tier | Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-2000 |
| Dean Witter Reynolds | Co-manager | (212) 392-2222 |
| Legg Mason Wood Walker, Inc. | Co-manager | (410) 539-3400 |
| Lehman Brothers Incorporated | Co-manager | (212) 640-6129 |
| PaineWebber Incorporated | Co-manager | (212) 713-2626 |
| UBS Securities Inc. | Co-manager | (212) 230-4000 |
| Auditor: Ernst & Young | |||||
| 9 Month Ending Financials | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/95 | 9/30/96 | ||
| Revenue: | $89.42 | $66.82 | $65.27 | Assets: | $280.79 |
| Net Income: | $18.92 | $15.02 | $12.41 | Liabilities: | $235.76 |
| EPS: | Equity: | $45.03 | |||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company has been formed to continue and expand the real estate business of the Mendik Group, which is engaged in acquiring, owning, managing, leasing, renovating and redeveloping office properties in New York City. Upon the completion of this offering of shares of Common Stock, the company will own interests in seven Class A office properties located in midtown Manhattan which contain approximately 5.5 million rentable square feet and will manage 16 properties located in the New York metropolitan area which contain approximately 10.0 million rentable square feet. The company will be a fully integrated, self-administered and self-managed real estate company and expects to qualify as a real estate investment trust for Federal income tax purposes. The economy of the New York metropolitan area is larger than the economies of the next two largest metropolitan areas combined and larger than the economy of any individual state except California. At the core of the New York metropolitan area is Manhattan, which is the largest office market in the United States, and contains more rentable square feet than the next six largest U.S. office markets combined. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for prepayment of mortgage indebtedness and certain expenses related thereto; acquisition of interests in certain of the Properties; establishment of an initial reserve for leasing costs, capital expenditures and working capital needs, and payment of certain expenses incurred in connection with the Offering and the Formation Transactions. |
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