Since 1997 Taconic Investment Partners has acquired, redeveloped and repositioned over 12 mil-
lion square feet of commercial office and mixed-use space and more than 3,000 units of luxury
and workforce housing in the New York metropolitan area as well as in Chicago, Washington, D.C.
As a fully-integrated real estate operating company with a keen eye for uncovering value, its di-
verse capabilities are evidenced by its multifaceted success with luxury properties as well as
adaptive reuse and urban revitalization projects.
The Taconic team, under the leadership of Paul Pariser and Charles Bendit, includes highly skilled,
seasoned real estate asset and property managers, along with leasing, financing, development,
acquisitions and financial administration professionals.
Paul E. Pariser Charles R. Bendit
Co-Chief Executive Officer Co-Chief Executive Officer
Mr. Pariser is co-founder/co-chief executive Mr. Bendit is co-founder/co-chief executive
officer of Taconic Investment Partners. He officer of Taconic Investment Partners. He and
and Charles Bendit seek out investment, Paul Pariser seek out investment, repositioning
repositioning and workout opportunities and and workout opportunities and lead all capital
lead all capital market relationships. The pair market relationships. The pair are directly
are directly involved in all aspects of the five involved in all aspects of the five million-square-
million-square-foot commercial and 3,000 unit foot commercial and 3,000 unit residential
residential portfolio. They have successfully portfolio. They have successfully directed the
directed the sponsorship, acquisition, sponsorship, acquisition, repositioning and/
repositioning and/or redevelopment of key or redevelopment of key properties in both
properties in both established and emerging established and emerging markets.
Prior to forming Taconic, Mr. Bendit founded CBC
Prior to founding Taconic, Mr. Pariser was Properties, where he acquired, repositioned and
president and CEO of Balfour Holdings, a national managed more than one million square feet of
investment and development company that office properties in New York and Washington,
acquired assets through the Resolution Trust D.C., as well as several hundred apartment units
Corporation and other distressed sellers and in the New York metropolitan area. Earlier in his
focused on the acquisition and redevelopment career he was a managing director at Jones
of master planned communities. Ultimately, Mr. Lang Wootton, where he was responsible for
Pariser directed the sale of Balfour Holdings to property acquisitions, sales and financing for
Blackstone. the firm’s international clientele, with a focus
on New York, Washington, D.C., and Toronto.
Mr. Pariser has been active in the real estate In these latter two cities he established JLW’s
industry since 1978, when he joined Jones regional offices and business platforms.
Lang Wootton as one of the firm’s first U.S.-
based employees. During his tenure he A graduate of George Washington University,
concentrated on investment and finance and Mr. Bendit is actively involved in the educational
was named a co-managing partner, directing community serving as a Regent of the New
JLW’s nationwide operations. York State Board of Education and as a board
member of PENCIL, including participation in
A graduate of Washington University of St. its annual Principal for a Day program.
Louis, he was awarded a Master of Business
Administration from Columbia University
School of Business.
The future of any individual asset, particularly a troubled asset, is closely tied to its operator whose
ability to envision, plan and execute can instill vitality into bricks and mortar. Throughout its history
Taconic’s ability to successfully reposition real estate has been rooted in its deep capacity in these
interrelated areas. For more than a decade it has infused an array of diverse properties with new
energy that, in turn, has driven above-average returns and financial success.
Acquisition & Financing
The ability to quickly and accurately analyze complicated financial structures distinguishes
Taconic’s acquisition and finance teams. Utilizing real estate acumen, creativity and long-term
relationships with lenders, agents and sellers, these professionals carefully manage each aspect
of the acquisition process including sourcing, underwriting complex financial structures and due
diligence. Senior level attention to underwriting, market research, operating expense analysis and
coordination of third party consultants adds value to the process and ultimately to the asset.
Taconic’s asset management team is focused on maximizing the value of each investment. Working
closely with its property management, leasing and development teams, these professionals ensure
each asset is operating in accordance with its annual business plan. Taconic’s hands-on approach
insures high level asset performance relative to the marketplace and submarket, effectively realizing
the full potential of each investment.
The market insights gained as an owner/sponsor/operator enable Taconic to craft leasing
strategies that address challenging circumstances and enhance long-term value. The leasing team
continuously cultivates successful tenant relationships, increasing retention rates and ensuring
that all space achieves or exceeds current market terms while managing the need to reinvest
capital. The team actively maintains strong relationships with all major brokerage firms so that all
appropriate prospects are presented to Taconic properties. Senior executives are directly involved
in every lease, responding to market conditions, setting asking rents and negotiating lease terms,
commission agreements and construction costs. This attention to detail maximizes the long-term
benefit of each lease and positively contributes to the bottom line of every property.
Taconic Management Company, a wholly owned subsidiary, is devoted exclusively to the Taconic
portfolio. Over 33 property management professionals work in conjunction with asset managers to
ensure each property is operating in the most efficient and cost-effective manner. Quick responses,
thoughtful decisions and attention to detail, along with durable working relationships with tenants,
vendors and local authorities have garnered a best-in-class reputation, making Taconic buildings
sought-after locations and adding value to every property.
Development & Construction Management
Taconic has a proven track record of effectively identifying ground-up development, redevelopment
and adaptive re-use opportunities. The construction management team successfully implements
each of these strategies by closely managing and monitoring day-to-day and long-term progress
including construction cost budgeting, value engineering, coordinating construction-related
activity and supervising general and sub-contractors.
Our investment success is rooted in intensive market selection, broad sourcing capabilities,
comprehensive due diligence, detailed financial management and timely property dispositions.
These characteristics are particularly suited to workout and distressed situations where our
reputation, acumen and longstanding and extensive relationships within the real estate community
lend credence to difficult circumstances.
Taconic’s entrepreneurial culture maximizes value in every facet of acquisition, redevelopment and
management. From scrutinizing a property’s financial underpinnings and legal structure to value
engineering its physical plant and operating systems, every building is enhanced by the Taconic
touch to improve its profitability and its competitive position within the market.
Taconic’s disciplined investment approach focuses on repositioning assets with significant value
- add potential - particularly those in need of capital improvements (ranging from minor cosmetic
alterations to significant interior and exterior renovations including structural enhancements,
major system renovations, common area upgrades and new construction), those where existing
tenancies impede value, and those with complex financial challenges.
The shifting real estate landscape and capital markets disruption are likely to provide opportunities
for significant long-term upside potential. Taconic is poised to capitalize on these through a broad,
scalable internal platform coupled with access to capital sources.
Since 1997 Taconic has acquired in excess of $2.5 billion of office, residential and mixed-use
properties amassing a proven track record of generating superior risk-adjusted returns. Our
widely recognized and highly regarded success in disposing or recapitalizing 13 of these assets is
attributable to a detailed investment approach coupled with veteran experience through multiple
real estate cycles.
Investment Portfolio Operating Buildings
111 Eighth Avenue
111 Eighth Avenue is a 2.9-million-square-foot property located at
the apex of the Chelsea and Meatpacking Districts of Manhattan.
The property, originally developed as the headquarters of the
Port Authority of New York, occupies an entire square block
between Eighth and Ninth Avenues and 15th and 16th Streets.
As the second largest building in New York City it is home to a
diverse tenant base including healthcare, advertising, fashion,
publishing and telecom companies.
Taconic acquired 111 Eighth Avenue in January 1998 as part of
a portfolio of assets that also included 95 and 99 Wall Street and
100 William Street. Two initial challenges confronted ownership
- numerous warehouse tenants occupied much of the property,
and the Midtown South market (of which Chelsea was a sub-
district) was not considered a viable office location. Recognizing
this asset’s strategic location within an emerging market, Taconic
implemented a complete repositioning plan including vacating
the printing and warehouse tenants to assemble large blocks of
space. A $50 million base building renovation overhauled vertical
transportation, lobbies, common corridors, power plants and fuel
Address delivery systems transforming 111 Eighth Avenue into a leading,
111 Eighth Ave, first class office building. Under Taconic’s stewardship, the rent
New York, NY roll was substantially increased and the credit tenant roster today
includes some of the world’s most recognized brands.
Midtown South/Chelsea/ Building Amenities
Meatpacking District Access to Transportation: 111 Eighth Avenue is served by
the A, C, E & L subway lines that connect to the property via
Square Feet an underground concourse and provide direct access to New
2,950,000 York City’s major transportation hubs - Penn Station, the Port
Authority Bus Terminal and Grand Central Station.
January 1998 Unique Infrastructure: An average floor size of 200,000 square
feet and typical ceiling height of 15 feet combine to provide
Property Website tenants design flexibility and operating efficiency.
Power & Connectivity: Extensive electric capacity, heavy floor
Taconic Value Add loads, redundant power, vertical risers and efficient column
$50 Million Capital spacing all cater to the specific needs of leading tenants
Improvement Program; throughout the telecommunications sector.
Repositioning and Leasing
Campaign; Upgraded Rent Representative Tenants
Roll to Include World- Google, Nike, Sprint, WebMD, CCH Legal, Deutsch Advertising
Class Credit Tenants and Armani Exchange.
Investment Portfolio Adaptive Reuse
401 West 14th Street
401 West 14th Street is a 60,000 square foot building located
at the prime corner of 14th Street and 9th Avenue, the gateway
to Manhattan’s Meatpacking District (also known as the
Gansevoort Market Historic District following its designation by
the Landmarks Preservation Commission in 2003).
Taconic acquired the property in December 2005 in an off-market
transaction but the climb to greater value was steep - an anchor
ground floor supermarket had a long-term, substantially below
market lease, a securitized first mortgage prohibited payoff or
defeasance, and the building was situated within a designated
historic district. Recognizing the asset’s higher potential, Taconic
successfully addressed and navigated each of these challenges.
Immediately upon placing the property under contract, Taconic
commenced its redevelopment and repositioning plan which
included replacing all building systems, constructing a new lobby
and building core with two passenger elevators, and redesigning
and replacing all windows and retail storefronts. Significant
value was also added when Taconic received approval from
the New York City Landmarks Preservation Commission for the
construction of a penthouse addition.
401 West 14th Street
Prime Corner Location: This highly visible corner sits at the
New York, NY
gateway to Manhattan’s Meatpacking District that has emerged
as a prominent destination for retail, restaurant, showroom and
Efficient Floor Plates: The property’s efficient floor plates provide
flexibility for either single tenant or multi-tenant use.
Proximity to Area Amenities: This area is home to high-end
retail, boutique hotels, fine dining, luxury residential buildings
and public parks, including the newly opened High Line and
Hudson River Parks.
Taconic Value Add
Retail: Apple, Inc., Hugo Boss Retail, Inc., Moschino
Addition, New Core, and
Office: Apple, Inc., Tudor Investment Corporation
100% Lease Up Including
Investment Portfolio Residential
MeadowWood at Gateway
In August 2006 Taconic acquired Fairfield Towers, a 19-building
apartment complex in Brooklyn, New York containing 1,152 units.
The acquisition resulted from a failed auction and the closing
involved the resolution of several complex ownership, legal, and
financial challenges. The complex was constructed between
1964 and 1966 and in 1991 a condominium plan was enacted.
At the time of the initial conversion, individuals purchased 167
units, and two were purchased by the condominium association
for superintendent use; the remaining 983 units, which were
operated as rentals, comprised the Taconic acquisition.
Address A $40 million capital improvement plan, including the renaming
1019 Van Siclen Avenue and repositioning of the property as MeadowWood at Gateway,
Brooklyn, NY has been implemented. Property-wide renovations have resulted
in the replacement of roofs, all new windows and terrace doors,
Submarket installation of new elevators, upgrades to entrance lobbies and
East New York common corridors, renovated laundry facilities, landscaping
redesign, improved parking, a new playground, enhanced lighting,
Square Feet additional security cameras, and removal of past building code
791,000; 1,152 units in 19 violations. As units become available for sale each receives a
buildings on 2 campuses; kitchen, bath and flooring upgrade to create modern, attractive
7-story buildings & apartments. Sales commenced in 2007, and to date more than
townhouses 250 units have been sold, and the property has been stabilized
as attractive workforce housing for middle-income families. In
Date Acquired August 2009 the complex was named the top selling Brooklyn
August 2006 condominium by The Real Deal. A sellout of all available units is
estimated by early 2011.
MeadowWoodatGateway.com Building Amenities
Area Amenities: MeadowWood at Gateway is within 1/4 mile of
Taconic Value Add the new 640,000-square-foot Gateway Center retail development,
Acquisition Resulting from which includes a Home Depot, BJ’s Wholesale Club, Target,
Failed Auction; Resolution Marshall’s and Bed, Bath & Beyond, and across from a new park
of Complex Ownership, scheduled to open in 2010.
Legal and Financial issues;
$40 Million Comprehensive Transportation Access: Six subway lines including the A, C
Capital Improvement and 3 are in close proximity to the property. In addition, one of
Program; Repositioning, only three Long Island Rail Road stations in Brooklyn is located
Sales & Marketing nearby, providing residents an attractive commuting option both
Campaign; Named 2009 to Manhattan and points throughout Long Island.
Top Selling Brooklyn
Condominium by The Real Parking: More than 1,000 parking spaces are available for
Deal in August 2009 residents.
Investment Portfolio Development
Coney Island North and South Venture
Recognizing the local government’s comprehensive planning
strategy to foster the resurgence of New York City’s waterfront
through a major master plan and rezoning initiative, Taconic
acquired significant property along Surf Avenue in Coney
The two holdings comprise Coney Island North Venture and
Coney Island South Venture. The North Venture consists of
three city blocks on the North side of Surf Avenue totaling
nearly 109,000 square feet. One block from the beach, these
parcels include vacant or under-improved land. Coney Island
South Venture encompasses 5.5 acres on the south side of Surf
Avenue, interspersed over four blocks along the beachfront,
and is also comprised of vacant or under-improved land totaling
nearly 240,000 square feet. Most of the south parcels are owned
outright and one is controlled through a long-term leasehold.
In September 2003 the City of New York formed the Coney
Island Development Corporation to oversee master planning
and redevelopment of Coney Island. It was charged with
spearheading and implementing a comprehensive planning
process and creating a coordinated economic development
strategy for the area, led by the New York City Economic
Since 2006, Taconic has been working on its plan to revitalize the
area in conjunction with the Economic Development Corporation,
the Department of City Planning, and other government agencies
to rezone the parcels to permit residential and retail uses as well
Potential Building Area:
Between 1.8 million and
On July 31, 2009 the New York City Council adopted City
2.4 million square feet,
Planning’s Comprehensive Zoning Plan for Coney Island. The
creating nearly 2,000
new zoning significantly increased buildable floor areas for
residential units and more
mixed-use residential and retail projects on our land to between
than 200,000 square feet
1.8 million and 2.4 million square feet. The rezoning has the
potential to create nearly 2,000 residential units, and more than
200,000 square feet of retail.
Taconic is in the process of evaluating the economics of a
planned development for some or all of our holdings.
111 Eight Avenue
New York, NY 10011