Glen Weiss: The deals we spoke about are New York-related 280, 1290, 650 PENN 1 financial law fashion. At THE MART separately is another 100,000 feet in lease documentation, which we expect to get done this quarter as well. The more additive to the New York number we had given you.
John Kim: Got it. Okay. At 280 Park, you do have mortgage debt due in about a year, based on your recent debt extension at 150 West 34th, which was extended, but downsized, do you think that’s a likelihood that, that mortgage debt gets reduced?
Michael Franco: John, it’s an active discussion right now. So I don’t really want to comment on it. But I think in my general comments I made, I think, to Camille’s question, stand for 280. And our expectation, as I said, we’re in discussion with every lendor service. So that went happens to be a servicer for our 2024 maturities. That’s included there, it’s an active discussion and hopefully, we’ll figure it out.
Operator: Thank you. And our next question today comes from Anthony Paolone with JPMorgan. Please go ahead.
Anthony Paolone: All right, great. Thanks. So Hotel Penn has been taken down. It looks like you put up some big signage there. It’s a big site. I’m just curious if you have any opportunities to drive any meaningful cash flow from the location just while it sits and waiting for a longer-term plan.
Michael Franco: The answer is, we are studying that right now, Anthony. And the answer is we think so. We’re pursuing a few ideas, too early to tell you which one or ones we’re going to settle on. But you’re exactly right. It’s a great cycle in the center of the city. And whether it’s fashion shows or other temporary uses, we think there will be opportunities to generate some cash flow until the site is ready for development.
Anthony Paolone: Okay. And then I think last I recall, there was still some back and forth on ground lease at PENN. Any update or final resolution to that?
Steven Roth: That’s in process.
Anthony Paolone: Okay. And then if I can add one final one. Just on THE MART always find it a little tricky to adjust for taxes and some ins and outs there. Any way to give us a sense as to where sort of like run rate EBITDA per year is at that asset right now?
Michael Franco: Yes. I think, Anthony, it’s probably in the low 60s or $60 million neighborhood right now, given the decline in occupancy. And over time, as we build that back up, we think that number will get back to $90 million to $100 million.
Operator: Thank you. And our next question today comes from Julien Blouin with Goldman Sachs. Please go ahead.
Julien Blouin: Yes. Good morning. Thank you taking my question. Glen, you mentioned the Microsoft sublease space at 555 California. Can you talk about your upcoming expirations at 555 Cal, looks like there’s over 50% ABR rolling through 2026, including 274,000 square feet in 2025. I guess just any sense you have on what those tenants are thinking, whether these tenants might downsize or give back space?
Glen Weiss: So as it relates to the rollover, the BofA lease, we have extended by 10 years. So that now goes to 2035. So I’m not sure if you’re counting that enough by what you’re looking at. But otherwise, as you would expect we are in formal negotiation with every tenant expiring between now and 2026 in paper. And I would expect success in our renewal program, as we’ve had historically in that [ph].
Julien Blouin: Got it. That’s helpful. And then I guess, given the comments around the bilateral deals you’re looking at, I guess, is your current plan to execute on your 350 Park put option given the accretiveness of redeploying that into debt repayments in this higher interest rate environment?
Steven Roth: It’s premature to take that question.
Operator: Thank you. And our next question – I apologize. Please continue sir.
Steven Roth: I mean the transaction that we have on 350 Park gives us various options and optionality as it gives the counterparty various options and optionality. So those decisions are in the future.
Operator: Thank you. And our next question today comes from Vikram Malhotra with Mizuho. Please go ahead.
