[sheet: Closing Checklist]

Item No.	Category	Document Description	Responsible Party	Responsible Contact	Required Delivery Date	Actual Delivery Date	Status	Notes / Comments
1	I. Core Transaction Documents	Agreement of Lease — Execution Version between Greystone Metropolitan Realty LLC (Landlord) and Aurelius Media Holdings Inc. (Tenant), dated July 13, 2023, for approx. 185,000 RSF on Floors 34–38, 787 Seventh Avenue, New York, NY 10019; 15-year term; Matter No. 1017-00009	Tenant's Counsel / Landlord's Counsel	Douglas Fairchild (Calderwood & Harkness LLP) / Diane Ashford (Pemberton Locke & Strauss LLP)	2023-07-13	2023-07-13	Executed	Signed by both parties July 13, 2023. Governed by New York law.
2	II. Lease Exhibits	Exhibit A — Floor Plans of the Premises (Floors 34, 35, 36, 37, 38; each approx. 37,000 RSF; total 185,000 RSF)	Architect / Landlord	Rohan Patel, AIA (Ashworth Patel Design Studio LLC)	2023-07-13	2023-07-13	Delivered	Certification page and plans incorporated by reference.
3	II. Lease Exhibits	Exhibit B — Rules and Regulations for 787 Seventh Avenue (Greystone Tower)	Landlord's Counsel	Diane Ashford (Pemberton Locke & Strauss LLP)	2023-07-13	2023-07-13	Delivered	Negotiated form attached to Lease.
4	II. Lease Exhibits	Exhibit C — Work Letter Agreement: TI Allowance of $85.00/RSF ($15,725,000 total); excess TI option of $15.00/RSF ($2,775,000) amortized at 7.5% p.a.; monthly progress payments against architect-certified requisitions	Tenant's Counsel / Landlord's Counsel	Rafael Dominguez (Calderwood & Harkness LLP) / Kevin Mulcahy (Pemberton Locke & Strauss LLP)	2023-07-13	2023-07-13	Delivered	References Ashworth Patel Design Studio LLC (architect) and Pinnacle Build Group LLC (construction manager, 330 West 42nd Street, Suite 1500, New York, NY 10036).
5	II. Lease Exhibits	Exhibit D — Form of Letter of Credit: Irrevocable standby L/C in initial amount of $5,180,000 issued by Caledonian National Bank PLC, with burn-down schedule reducing by $1,036,000 at end of Lease Years 5, 7, 9, 11, and 13	Tenant's Counsel	Cynthia Ho (Calderwood & Harkness LLP)	2023-07-13	2023-07-13	Delivered	Approved form attached to Lease.
6	II. Lease Exhibits	Exhibit E — Expansion Option Terms: Floors 39 and 40 (74,000 RSF total); exercise window months 36–48 (Aug. 1, 2026 – Jul. 31, 2027); FMR rent (min 95% of then-current base rent/RSF); co-terminous term; expansion TI allowance $50.00/RSF ($3,700,000)	Tenant's Counsel / Landlord's Counsel	Douglas Fairchild / Diane Ashford	2023-07-13	2023-07-13	Delivered
7	II. Lease Exhibits	Exhibit F — Right of First Offer Terms: Any full floor on Floors 30–33; 15 business days to accept; subordinate to existing rights of Kestrel Insurance Holdings Inc.	Tenant's Counsel / Landlord's Counsel	Douglas Fairchild / Diane Ashford	2023-07-13	2023-07-13	Delivered	ROFO subordinate to Kestrel Insurance Holdings Inc. (current tenant Floors 30–32).
8	II. Lease Exhibits	Exhibit G — Fair Market Rent Determination Procedure (baseball-style arbitration for expansion and renewal options)	Tenant's Counsel / Landlord's Counsel	Douglas Fairchild / Diane Ashford	2023-07-13	2023-07-13	Delivered	Applies to expansion option and two 5-year renewal options.
9	III. Guaranty	Guaranty of Lease — Aurelius Global Media Group PLC guaranteeing obligations of Aurelius Media Holdings Inc. under the Lease; guaranty cap of $18,000,000; includes release upon change of control assignment where successor delivers replacement guaranty	Tenant / Tenant's Counsel	Tariq Nassar (Aurelius PLC) / Douglas Fairchild (Calderwood & Harkness LLP)	2023-07-13	2023-07-13	Executed	Signed by authorized officer of Aurelius Global Media Group PLC (England & Wales, Co. No. 04291837). Change of control assignment right permits lease assignment to successor without landlord consent subject to tangible net worth ≥ $3.1 billion.
10	IV. SNDA	Subordination, Non-Disturbance and Attornment Agreement (SNDA) — among Atlas Continental Bank, N.A. (Lender), Greystone Metropolitan Realty LLC (Landlord/Borrower), and Aurelius Media Holdings Inc. (Tenant)	Lender / Lender's Counsel	Patricia Delgado (Atlas Continental Bank, N.A.) / Thomas Brinkley (Halsted & Brinkley LLP, 200 Park Avenue, Suite 2400, New York, NY 10166)	2023-07-10	2023-07-10	Executed	Condition precedent to Commencement Date. Tenant's occupancy protected in foreclosure/deed-in-lieu so long as Tenant not in default. Atlas first mortgage lien recorded Jan. 15, 2019; outstanding balance ~$620M. Governed by New York law.
11	V. Security Deposit / Letter of Credit	Irrevocable Standby Letter of Credit No. SNLC-2023-08015 — $5,180,000 issued by Caledonian National Bank PLC, London (New York branch) in favor of Greystone Metropolitan Realty LLC	Tenant / L/C Issuing Bank	Caledonian National Bank PLC	2023-07-14	2023-07-14	Delivered	Equal to one year's initial base rent ($5,180,000). Burn-down: $1,036,000 reduction at end of each of Lease Years 5, 7, 9, 11, 13 (to $0 at Year 13), provided no uncured default.
12	V. Security Deposit / Letter of Credit	Letter of Credit Transmittal Letter — Calderwood & Harkness LLP (Rafael Dominguez) to Pemberton Locke & Strauss LLP (Diane Ashford) transmitting L/C SNLC-2023-08015	Tenant's Counsel	Rafael Dominguez (Calderwood & Harkness LLP)	2023-07-14	2023-07-14	Delivered
13	VI. Tenant Corporate Deliverables	Tenant Officer's Certificate — Aurelius Media Holdings Inc. certifying corporate authority, good standing in Delaware, accuracy of representations, and absence of defaults	Tenant	Authorized officer of Aurelius Media Holdings Inc.	2023-07-13	2023-07-13	Executed	Delaware File No. 7318294.
14	VI. Tenant Corporate Deliverables	Board Resolutions — Aurelius Media Holdings Inc. authorizing execution and delivery of the Agreement of Lease with Greystone Metropolitan Realty LLC and related ancillary documents; designating authorized signatories	Tenant	Board of Directors, Aurelius Media Holdings Inc.	2023-07-13	2023-07-13	Delivered	Delaware corporation.
15	VI. Tenant Corporate Deliverables	Board Minutes Extract — Aurelius Global Media Group PLC approving US lease commitment at 787 Seventh Avenue, execution of Guaranty of Lease (capped at $18,000,000), and related authorizations	Tenant (Parent)	Board of Directors, Aurelius Global Media Group PLC	2023-05-15	2023-05-15	Delivered	Board authorization dated May 15, 2023.
16	VI. Tenant Corporate Deliverables	Good Standing Certificate — Aurelius Media Holdings Inc. from Delaware Secretary of State (File No. 7318294)	Tenant's Counsel	Calderwood & Harkness LLP	2023-07-13	2023-07-12	Delivered	Request letter sent by Calderwood & Harkness LLP.
17	VI. Tenant Corporate Deliverables	Good Standing Certificate / Certificate of Good Standing — Aurelius Global Media Group PLC from Companies House (Co. No. 04291837)	Tenant's Counsel	Calderwood & Harkness LLP	2023-07-13	2023-07-11	Delivered	Request letter sent by Calderwood & Harkness LLP.
18	VII. Landlord Deliverables	Evidence of Landlord's authority — Greystone Metropolitan Realty LLC (Delaware File No. 5820416); organizational documents	Landlord / Landlord's Counsel	Catherine Ng (Greystone) / Diane Ashford (Pemberton Locke & Strauss LLP)	2023-07-13	2023-07-13	Delivered	Greystone is the operating entity for Greystone Capital Partners Fund VI LP; fund managed by Greystone Capital Advisors LLC; GP is Greystone Capital GP VI LLC; fund manager/CEO Harrison Drexel.
19	VII. Landlord Deliverables	Landlord's certificate of good standing — Greystone Metropolitan Realty LLC from Delaware Secretary of State	Landlord's Counsel	Diane Ashford (Pemberton Locke & Strauss LLP)	2023-07-13	2023-07-12	Delivered
20	VII. Landlord Deliverables	Landlord's representation re: asbestos abatement on Premises floors; environmental indemnity for pre-existing conditions (per Lease)	Landlord	Brendan T. Kozlowski (Greystone)	2023-07-13	2023-07-13	Delivered	Contained in executed Lease.
21	VIII. Insurance	Certificates of Insurance — Northbridge Mutual Insurance Company: CGL ($5,000,000 per occurrence / $10,000,000 aggregate) and Property (full replacement value of Tenant's property and improvements)	Tenant / Tenant's Insurance Broker	Caldecott Risk Advisors Ltd., 71 Fenchurch Street, London EC3M 4BS, UK	2023-07-28	2023-07-28	Delivered	Carrier rating: A.M. Best A-VIII minimum. Insurer: Northbridge Mutual Insurance Company (Connecticut).
22	VIII. Insurance	Certificate of Insurance — Sovereign Assurance Group PLC: Umbrella/Excess Liability ($25,000,000)	Tenant / Tenant's Insurance Broker	Caldecott Risk Advisors Ltd.	2023-07-28	2023-07-28	Delivered	Carrier rating: A.M. Best A-VIII minimum. Insurer: Sovereign Assurance Group PLC (England & Wales).
23	VIII. Insurance	Insurance Certificate Transmittal Letter — Calderwood & Harkness LLP (Cynthia Ho) to Greystone Metropolitan Realty LLC (Catherine Ng) transmitting insurance certificates	Tenant's Counsel	Cynthia Ho (Calderwood & Harkness LLP)	2023-07-28	2023-07-28	Delivered
24	IX. Due Diligence	Phase I Environmental Site Assessment — Greenfield Environmental Sciences LLC (Dr. Nadine Bertram, P.E.); no RECs identified	Tenant's Environmental Consultant	Dr. Nadine Bertram, P.E. (Greenfield Environmental Sciences LLC, 55 Water Street, Suite 1010, New York, NY 10041)	2023-06-02	2023-06-02	Delivered	Completed June 2, 2023. No Recognized Environmental Conditions.

25	IX. Due Diligence	Title Commitment — Commonwealth Fidelity Title Insurance Co. (Policy No. LTP-2023-07842) for leasehold interest at Block 1024, Lot 18, Borough of Manhattan	Title Insurer	Commonwealth Fidelity Title Insurance Co., 140 Broadway, Suite 900, New York, NY 10005	2023-06-09	2023-06-09	Delivered	Issued June 9, 2023. Identifies Atlas Continental Bank first mortgage lien recorded Jan. 15, 2019.
26	IX. Due Diligence	ALTA/NSPS Land Title Survey — 787 Seventh Avenue; zoning confirmed for general office, studio/production, and ancillary media/entertainment/e-commerce HQ use	Surveyor / Tenant's Counsel	Cynthia Ho (Calderwood & Harkness LLP)	2023-06-15	2023-06-15	Delivered	Reviewed and confirmed in survey/zoning memo dated June 15, 2023.
27	X. Post-Signing / Commencement	Commencement Date Confirmation Letter — Calderwood & Harkness LLP (Douglas Fairchild) to Pemberton Locke & Strauss LLP (Diane Ashford) confirming: Commencement Date Aug. 1, 2023; Rent Commencement Date Feb. 1, 2024; Expiration Date Jul. 31, 2038	Tenant's Counsel	Douglas Fairchild (Calderwood & Harkness LLP)	2023-08-01	2023-08-01	Delivered	6-month rent-free period from Aug. 1, 2023 through Jan. 31, 2024.
28	X. Post-Signing / Commencement	Possession Delivery & Punchlist Letter — Calderwood & Harkness LLP (Rafael Dominguez) to Greystone Metropolitan Realty LLC (Brendan T. Kozlowski) acknowledging delivery of possession of Floors 34–38 and reserving punchlist rights	Tenant's Counsel	Rafael Dominguez (Calderwood & Harkness LLP)	2023-08-01	2023-08-01	Delivered
29	X. Post-Signing / Commencement	Closing Completion & File Memo — Douglas Fairchild internal memo confirming all closing conditions satisfied, SNDA delivered, L/C and insurance in place, occupancy confirmed; matter status: closed/completed	Tenant's Counsel (Internal)	Douglas Fairchild (Calderwood & Harkness LLP)	2023-08-10	2023-08-10	Delivered	Matter No. 1017-00009. All deliverables fulfilled; occupancy confirmed Aug. 10, 2023.
30	X. Post-Signing / Commencement	Post-Closing Summary Letter to Client — Douglas Fairchild to Tariq Nassar and Vivienne Caldwell at Aurelius, summarizing executed documents, key dates, ongoing obligations, option exercise deadlines, change of control assignment right conditions, and security deposit burn-down schedule; encloses closing binder index	Tenant's Counsel	Douglas Fairchild (Calderwood & Harkness LLP)	2023-08-15	2023-08-15	Delivered	Key deadlines: Expansion option window Aug. 1, 2026 – Jul. 31, 2027; first renewal notice by Jan. 31, 2036; Lease expiration Jul. 31, 2038.

[sheet: Key Dates Summary]

Date	Event / Milestone	Reference Document
2023-04-06	Matter opened; engagement letter executed by Calderwood & Harkness LLP and Aurelius Global Media Group PLC	Engagement Letter
2023-04-18	Initial draft Lease delivered by Pemberton Locke & Strauss LLP (Landlord's counsel)	Draft Lease
2023-05-02	Calderwood & Harkness's first redline/comment letter returned to Pemberton Locke & Strauss LLP	First Comment Letter
2023-05-15	Aurelius Global Media Group PLC Board authorization for US lease commitment and Guaranty	PLC Board Minutes Extract
2023-06-02	Phase I ESA completed by Greenfield Environmental Sciences LLC — no RECs identified	Phase I ESA Report
2023-06-09	Title commitment issued by Commonwealth Fidelity Title Insurance Co. (Policy No. LTP-2023-07842)	Title Commitment
2023-06-20	SNDA negotiations commence with Atlas Continental Bank, N.A. / Halsted & Brinkley LLP	SNDA Negotiation Email
2023-07-01	Final lease form agreed by all parties	Agreement of Lease
2023-07-10	SNDA executed by Atlas Continental Bank, N.A., Greystone Metropolitan Realty LLC, and Aurelius Media Holdings Inc.	SNDA
2023-07-13	Agreement of Lease executed (signing date); Guaranty of Lease executed	Agreement of Lease; Guaranty
2023-07-14	Irrevocable standby letter of credit No. SNLC-2023-08015 ($5,180,000) issued by Caledonian National Bank PLC	Letter of Credit; Transmittal Letter
2023-07-28	Insurance certificates delivered (Northbridge Mutual; Sovereign Assurance Group PLC)	Insurance Certificate Transmittal Letter
2023-08-01	Lease Commencement Date; Landlord delivers possession of Floors 34–38	Commencement Date Confirmation Letter; Possession Delivery Letter
2023-08-10	Closing complete; all deliverables fulfilled; occupancy confirmed	Closing Completion & File Memo
2024-02-01	Rent Commencement Date (end of 6-month rent-free period); first monthly base rent of $431,666.67 due	Agreement of Lease
2026-08-01	Start of Expansion Option exercise window (36th month) — Floors 39 and 40 (74,000 RSF)	Exhibit E — Expansion Option
2027-07-31	End of Expansion Option exercise window (48th month)	Exhibit E — Expansion Option
2036-01-31	Latest date for first renewal option notice (18 months before expiration)	Agreement of Lease — Renewal Option
2038-07-31	Lease Expiration Date	Agreement of Lease

[sheet: Party & Contact Directory]

Role	Full Legal Name	Short Name	Entity Type / Jurisdiction	Key Contact	Title	Address
Tenant (Lease Signatory)	Aurelius Media Holdings Inc.	Aurelius US; AMH	Corporation / Delaware (File No. 7318294)	Vivienne Caldwell	SVP, Global Real Estate & Facilities	787 Seventh Avenue, Floors 34–38, New York, NY 10019
Tenant Parent / Guarantor	Aurelius Global Media Group PLC	Aurelius; AGMG	Public limited company / England & Wales (Co. No. 04291837)	Tariq Nassar	General Counsel	14 Cavendish Square, London W1G 0DW, UK
Landlord	Greystone Metropolitan Realty LLC	Greystone	LLC / Delaware (File No. 5820416)	Catherine Ng	SVP, Leasing	600 Lexington Avenue, 32nd Floor, New York, NY 10022
Landlord Fund Owner	Greystone Capital Partners Fund VI LP	Fund VI	LP / Delaware	Harrison Drexel (CEO, Greystone Capital Advisors LLC)	Fund Manager	600 Lexington Avenue, 32nd Floor, New York, NY 10022
Tenant's Counsel	Calderwood & Harkness LLP	C&H	LLP / New York	Douglas Fairchild (Responsible Partner); Angela Fontaine (Billing Partner); Rafael Dominguez (Lead Associate); Cynthia Ho (Working Associate)	Real Estate	425 Park Avenue, 18th Floor, New York, NY 10022
Landlord's Counsel	Pemberton Locke & Strauss LLP	PLS	LLP / New York	Diane Ashford (Partner); Kevin Mulcahy (Associate)	Real Estate	1 World Financial Center, Suite 3800, New York, NY 10281
First Mortgagee / Lender	Atlas Continental Bank, N.A.	Atlas	National banking association / United States (OCC)	Patricia Delgado	VP, Commercial Real Estate Lending	277 Park Avenue, New York, NY 10172
Lender's Counsel	Halsted & Brinkley LLP	H&B	LLP / New York	Thomas Brinkley	Partner	200 Park Avenue, Suite 2400, New York, NY 10166
Tenant's Broker	Blackmoor Advisory Group LLC	Blackmoor	LLC / New York	Dennis Rourke	Principal Broker	1345 Avenue of the Americas, Suite 2200, New York, NY 10105
Landlord's Broker	Mercer Houghton Real Estate Services Inc.	Mercer Houghton	Corporation / New York	Simone Archer	Agent	600 Lexington Avenue, 32nd Floor, New York, NY 10022
L/C Issuing Bank	Caledonian National Bank PLC	Caledonian	PLC (bank) / Scotland, UK	N/A	N/A	London (New York branch)
Title Insurer	Commonwealth Fidelity Title Insurance Co.	Commonwealth Fidelity	Insurance company / New York	N/A	N/A	140 Broadway, Suite 900, New York, NY 10005
Environmental Consultant	Greenfield Environmental Sciences LLC	Greenfield	LLC / New York	Dr. Nadine Bertram, P.E.	Lead Environmental Consultant	55 Water Street, Suite 1010, New York, NY 10041
Architect	Ashworth Patel Design Studio LLC	Ashworth Patel	LLC / New York	Rohan Patel, AIA	Principal Architect	20 West 22nd Street, 7th Floor, New York, NY 10010
Construction Manager	Pinnacle Build Group LLC	Pinnacle	LLC / New York	N/A	N/A	330 West 42nd Street, Suite 1500, New York, NY 10036
Insurance Broker	Caldecott Risk Advisors Ltd.	Caldecott	Private limited company / England & Wales	N/A	N/A	71 Fenchurch Street, London EC3M 4BS, UK
CGL / Property Insurer	Northbridge Mutual Insurance Company	Northbridge	Mutual insurance company / Connecticut	N/A	N/A	N/A
Umbrella Insurer	Sovereign Assurance Group PLC	Sovereign	PLC / England & Wales	N/A	N/A	N/A
ROFO Existing Rights Holder	Kestrel Insurance Holdings Inc.	Kestrel	Corporation / Delaware	N/A	N/A	N/A

[sheet: Financial Summary]

Item	Amount / Rate	Notes
Deal Value (Engagement)	$90,000,000	Approximate gross lease value over 15-year term
Rentable square Feet — Initial Premises	185,000 RSF	Floors 34–38 at 37,000 RSF per floor
Lease Term	15 years (180 months)	Commencement: Aug. 1, 2023; Expiration: Jul. 31, 2038
Rent-Free Period	6 months	Aug. 1, 2023 – Jan. 31, 2024
Annual Base Rent, Years 1–5	$5,180,000 ($28.00/RSF)	$28.00 × 185,000 RSF
Monthly Base Rent, Years 1–5	$431,666.67	$5,180,000 ÷ 12
Annual Base Rent, Years 6–10	$6,105,000 ($33.00/RSF)	$33.00 × 185,000 RSF
Monthly Base Rent, Years 6–10	$508,750.00	$6,105,000 ÷ 12
Annual Base Rent, Years 11–15	$7,030,000 ($38.00/RSF)	$38.00 × 185,000 RSF
Monthly Base Rent, Years 11–15	$585,833.33	$7,030,000 ÷ 12
Abated Rent Value	~$2,590,000	6 × $431,666.67
Subtotal Payable Base Rent	$88,985,000	Yrs 1–5 (4.5 yrs): $23,310,000 + Yrs 6–10: $30,525,000 + Yrs 11–15: $35,150,000
Total Notional Base Rent (incl. abatement)	~$91,575,000	$88,985,000 + ~$2,590,000; $90M is rounded deal value
Tenant Proportionate Share	12.76%	185,000 ÷ 1,450,000 total building RSF
Operating Expense Base Year	Calendar Year 2023	Full pass-through above base year; controllable cap 5% cumulative annual
Direct-Metered Electricity (est.)	$3.15/RSF/year	Informational; not part of base rent
Security Deposit (L/C)	$5,180,000	Equal to 1 year initial base rent; L/C No. SNLC-2023-08015
L/C Burn-Down Increment	$1,036,000	$5,180,000 ÷ 5; at end of Lease Years 5, 7, 9, 11, 13
Parent Guaranty Cap	$18,000,000	~2 years' average rent; Aurelius Global Media Group PLC
Change of Control Net Worth Threshold	$3,100,000,000	Successor entity tangible net worth (GAAP) must equal or exceed Aurelius PLC TNW as of Lease Date
TI Allowance	$15,725,000	$85.00/RSF × 185,000 RSF
Excess TI Allowance	$2,775,000	$15.00/RSF × 185,000 RSF; amortized at 7.5% p.a. over remaining term
Expansion Space	74,000 RSF (Floors 39–40)	2 floors × 37,000 RSF
Expansion TI Allowance	$3,700,000	$50.00/RSF × 74,000 RSF

Expansion Rent Floor	95% of then-current base rent/RSF	Minimum; actual rent = FMR
Tenant Broker Commission	$2,025,000	2.25% × $90,000,000; Blackmoor Advisory Group LLC; payable by Landlord
Landlord Broker Commission	$1,350,000	1.50% × $90,000,000; Mercer Houghton Real Estate Services Inc.; payable by Landlord
Tenant CGL Insurance	$5M per occurrence / $10M aggregate	Northbridge Mutual Insurance Company
Tenant Umbrella Insurance	$25,000,000	Sovereign Assurance Group PLC
Atlas Continental Bank Mortgage Balance	~$620,000,000	Approximate; first mortgage lien recorded Jan. 15, 2019
Aurelius PLC Revenue (FY2022)	£4.87 billion (~$6.05B)
Aurelius PLC Market Cap (Apr 2023)	~$11.2 billion
Calderwood & Harkness Matter No.	1017-00009
Engagement Fee Estimate	$475,000 – $575,000	Exclusive of disbursements; Partner: $1,450/hr; Associate: $895/hr

[sheet: Closing Checklist]
Item No. | Category | Document Description | Responsible Party | Responsible Contact | Required Delivery Date | Actual Delivery Date | Status | Notes / Comments
1 | I. Core Transaction Documents | Agreement of Lease — Execution Version between Greystone Metropolitan Realty LLC (Landlord) and Aurelius Media Holdings Inc. (Tenant), dated July 13, 2023, for approx. 185,000 RSF on Floors 34–38, 787 Seventh Avenue, New York, NY 10019; 15-year term; Matter No. 1017-00009 | Tenant's Counsel / Landlord's Counsel | Douglas Fairchild (Calderwood & Harkness LLP) / Diane Ashford (Pemberton Locke & Strauss LLP) | 2023-07-13 | 2023-07-13 | Executed | Signed by both parties July 13, 2023. Governed by New York law.
2 | II. Lease Exhibits | Exhibit A — Floor Plans of the Premises (Floors 34, 35, 36, 37, 38; each approx. 37,000 RSF; total 185,000 RSF) | Architect / Landlord | Rohan Patel, AIA (Ashworth Patel Design Studio LLC) | 2023-07-13 | 2023-07-13 | Delivered | Certification page and plans incorporated by reference.
3 | II. Lease Exhibits | Exhibit B — Rules and Regulations for 787 Seventh Avenue (Greystone Tower) | Landlord's Counsel | Diane Ashford (Pemberton Locke & Strauss LLP) | 2023-07-13 | 2023-07-13 | Delivered | Negotiated form attached to Lease.
4 | II. Lease Exhibits | Exhibit C — Work Letter Agreement: TI Allowance of $85.00/RSF ($15,725,000 total); excess TI option of $15.00/RSF ($2,775,000) amortized at 7.5% p.a.; monthly progress payments against architect-certified requisitions | Tenant's Counsel / Landlord's Counsel | Rafael Dominguez (Calderwood & Harkness LLP) / Kevin Mulcahy (Pemberton Locke & Strauss LLP) | 2023-07-13 | 2023-07-13 | Delivered | References Ashworth Patel Design Studio LLC (architect) and Pinnacle Build Group LLC (construction manager, 330 West 42nd Street, Suite 1500, New York, NY 10036).
5 | II. Lease Exhibits | Exhibit D — Form of Letter of Credit: Irrevocable standby L/C in initial amount of $5,180,000 issued by Caledonian National Bank PLC, with burn-down schedule reducing by $1,036,000 at end of Lease Years 5, 7, 9, 11, and 13 | Tenant's Counsel | Cynthia Ho (Calderwood & Harkness LLP) | 2023-07-13 | 2023-07-13 | Delivered | Approved form attached to Lease.
6 | II. Lease Exhibits | Exhibit E — Expansion Option Terms: Floors 39 and 40 (74,000 RSF total); exercise window months 36–48 (Aug. 1, 2026 – Jul. 31, 2027); FMR rent (min 95% of then-current base rent/RSF); co-terminous term; expansion TI allowance $50.00/RSF ($3,700,000) | Tenant's Counsel / Landlord's Counsel | Douglas Fairchild / Diane Ashford | 2023-07-13 | 2023-07-13 | Delivered
7 | II. Lease Exhibits | Exhibit F — Right of First Offer Terms: Any full floor on Floors 30–33; 15 business days to accept; subordinate to existing rights of Kestrel Insurance Holdings Inc. | Tenant's Counsel / Landlord's Counsel | Douglas Fairchild / Diane Ashford | 2023-07-13 | 2023-07-13 | Delivered | ROFO subordinate to Kestrel Insurance Holdings Inc. (current tenant Floors 30–32).
8 | II. Lease Exhibits | Exhibit G — Fair Market Rent Determination Procedure (baseball-style arbitration for expansion and renewal options) | Tenant's Counsel / Landlord's Counsel | Douglas Fairchild / Diane Ashford | 2023-07-13 | 2023-07-13 | Delivered | Applies to expansion option and two 5-year renewal options.
9 | III. Guaranty | Guaranty of Lease — Aurelius Global Media Group PLC guaranteeing obligations of Aurelius Media Holdings Inc. under the Lease; guaranty cap of $18,000,000; includes release upon change of control assignment where successor delivers replacement guaranty | Tenant / Tenant's Counsel | Tariq Nassar (Aurelius PLC) / Douglas Fairchild (Calderwood & Harkness LLP) | 2023-07-13 | 2023-07-13 | Executed | Signed by authorized officer of Aurelius Global Media Group PLC (England & Wales, Co. No. 04291837). Change of control assignment right permits lease assignment to successor without landlord consent subject to tangible net worth ≥ $3.1 billion.
10 | IV. SNDA | Subordination, Non-Disturbance and Attornment Agreement (SNDA) — among Atlas Continental Bank, N.A. (Lender), Greystone Metropolitan Realty LLC (Landlord/Borrower), and Aurelius Media Holdings Inc. (Tenant) | Lender / Lender's Counsel | Patricia Delgado (Atlas Continental Bank, N.A.) / Thomas Brinkley (Halsted & Brinkley LLP, 200 Park Avenue, Suite 2400, New York, NY 10166) | 2023-07-10 | 2023-07-10 | Executed | Condition precedent to Commencement Date. Tenant's occupancy protected in foreclosure/deed-in-lieu so long as Tenant not in default. Atlas first mortgage lien recorded Jan. 15, 2019; outstanding balance ~$620M. Governed by New York law.
11 | V. Security Deposit / Letter of Credit | Irrevocable Standby Letter of Credit No. SNLC-2023-08015 — $5,180,000 issued by Caledonian National Bank PLC, London (New York branch) in favor of Greystone Metropolitan Realty LLC | Tenant / L/C Issuing Bank | Caledonian National Bank PLC | 2023-07-14 | 2023-07-14 | Delivered | Equal to one year's initial base rent ($5,180,000). Burn-down: $1,036,000 reduction at end of each of Lease Years 5, 7, 9, 11, 13 (to $0 at Year 13), provided no uncured default.
12 | V. Security Deposit / Letter of Credit | Letter of Credit Transmittal Letter — Calderwood & Harkness LLP (Rafael Dominguez) to Pemberton Locke & Strauss LLP (Diane Ashford) transmitting L/C SNLC-2023-08015 | Tenant's Counsel | Rafael Dominguez (Calderwood & Harkness LLP) | 2023-07-14 | 2023-07-14 | Delivered
13 | VI. Tenant Corporate Deliverables | Tenant Officer's Certificate — Aurelius Media Holdings Inc. certifying corporate authority, good standing in Delaware, accuracy of representations, and absence of defaults | Tenant | Authorized officer of Aurelius Media Holdings Inc. | 2023-07-13 | 2023-07-13 | Executed | Delaware File No. 7318294.
14 | VI. Tenant Corporate Deliverables | Board Resolutions — Aurelius Media Holdings Inc. authorizing execution and delivery of the Agreement of Lease with Greystone Metropolitan Realty LLC and related ancillary documents; designating authorized signatories | Tenant | Board of Directors, Aurelius Media Holdings Inc. | 2023-07-13 | 2023-07-13 | Delivered | Delaware corporation.
15 | VI. Tenant Corporate Deliverables | Board Minutes Extract — Aurelius Global Media Group PLC approving US lease commitment at 787 Seventh Avenue, execution of Guaranty of Lease (capped at $18,000,000), and related authorizations | Tenant (Parent) | Board of Directors, Aurelius Global Media Group PLC | 2023-05-15 | 2023-05-15 | Delivered | Board authorization dated May 15, 2023.
16 | VI. Tenant Corporate Deliverables | Good Standing Certificate — Aurelius Media Holdings Inc. from Delaware Secretary of State (File No. 7318294) | Tenant's Counsel | Calderwood & Harkness LLP | 2023-07-13 | 2023-07-12 | Delivered | Request letter sent by Calderwood & Harkness LLP.
17 | VI. Tenant Corporate Deliverables | Good Standing Certificate / Certificate of Good Standing — Aurelius Global Media Group PLC from Companies House (Co. No. 04291837) | Tenant's Counsel | Calderwood & Harkness LLP | 2023-07-13 | 2023-07-11 | Delivered | Request letter sent by Calderwood & Harkness LLP.
18 | VII. Landlord Deliverables | Evidence of Landlord's authority — Greystone Metropolitan Realty LLC (Delaware File No. 5820416); organizational documents | Landlord / Landlord's Counsel | Catherine Ng (Greystone) / Diane Ashford (Pemberton Locke & Strauss LLP) | 2023-07-13 | 2023-07-13 | Delivered | Greystone is the operating entity for Greystone Capital Partners Fund VI LP; fund managed by Greystone Capital Advisors LLC; GP is Greystone Capital GP VI LLC; fund manager/CEO Harrison Drexel.
19 | VII. Landlord Deliverables | Landlord's certificate of good standing — Greystone Metropolitan Realty LLC from Delaware Secretary of State | Landlord's Counsel | Diane Ashford (Pemberton Locke & Strauss LLP) | 2023-07-13 | 2023-07-12 | Delivered
20 | VII. Landlord Deliverables | Landlord's representation re: asbestos abatement on Premises floors; environmental indemnity for pre-existing conditions (per Lease) | Landlord | Brendan T. Kozlowski (Greystone) | 2023-07-13 | 2023-07-13 | Delivered | Contained in executed Lease.
21 | VIII. Insurance | Certificates of Insurance — Northbridge Mutual Insurance Company: CGL ($5,000,000 per occurrence / $10,000,000 aggregate) and Property (full replacement value of Tenant's property and improvements) | Tenant / Tenant's Insurance Broker | Caldecott Risk Advisors Ltd., 71 Fenchurch Street, London EC3M 4BS, UK | 2023-07-28 | 2023-07-28 | Delivered | Carrier rating: A.M. Best A-VIII minimum. Insurer: Northbridge Mutual Insurance Company (Connecticut).
22 | VIII. Insurance | Certificate of Insurance — Sovereign Assurance Group PLC: Umbrella/Excess Liability ($25,000,000) | Tenant / Tenant's Insurance Broker | Caldecott Risk Advisors Ltd. | 2023-07-28 | 2023-07-28 | Delivered | Carrier rating: A.M. Best A-VIII minimum. Insurer: Sovereign Assurance Group PLC (England & Wales).
23 | VIII. Insurance | Insurance Certificate Transmittal Letter — Calderwood & Harkness LLP (Cynthia Ho) to Greystone Metropolitan Realty LLC (Catherine Ng) transmitting insurance certificates | Tenant's Counsel | Cynthia Ho (Calderwood & Harkness LLP) | 2023-07-28 | 2023-07-28 | Delivered
24 | IX. Due Diligence | Phase I Environmental Site Assessment — Greenfield Environmental Sciences LLC (Dr. Nadine Bertram, P.E.); no RECs identified | Tenant's Environmental Consultant | Dr. Nadine Bertram, P.E. (Greenfield Environmental Sciences LLC, 55 Water Street, Suite 1010, New York, NY 10041) | 2023-06-02 | 2023-06-02 | Delivered | Completed June 2, 2023. No Recognized Environmental Conditions.
25 | IX. Due Diligence | Title Commitment — Commonwealth Fidelity Title Insurance Co. (Policy No. LTP-2023-07842) for leasehold interest at Block 1024, Lot 18, Borough of Manhattan | Title Insurer | Commonwealth Fidelity Title Insurance Co., 140 Broadway, Suite 900, New York, NY 10005 | 2023-06-09 | 2023-06-09 | Delivered | Issued June 9, 2023. Identifies Atlas Continental Bank first mortgage lien recorded Jan. 15, 2019.
26 | IX. Due Diligence | ALTA/NSPS Land Title Survey — 787 Seventh Avenue; zoning confirmed for general office, studio/production, and ancillary media/entertainment/e-commerce HQ use | Surveyor / Tenant's Counsel | Cynthia Ho (Calderwood & Harkness LLP) | 2023-06-15 | 2023-06-15 | Delivered | Reviewed and confirmed in survey/zoning memo dated June 15, 2023.
27 | X. Post-Signing / Commencement | Commencement Date Confirmation Letter — Calderwood & Harkness LLP (Douglas Fairchild) to Pemberton Locke & Strauss LLP (Diane Ashford) confirming: Commencement Date Aug. 1, 2023; Rent Commencement Date Feb. 1, 2024; Expiration Date Jul. 31, 2038 | Tenant's Counsel | Douglas Fairchild (Calderwood & Harkness LLP) | 2023-08-01 | 2023-08-01 | Delivered | 6-month rent-free period from Aug. 1, 2023 through Jan. 31, 2024.
28 | X. Post-Signing / Commencement | Possession Delivery & Punchlist Letter — Calderwood & Harkness LLP (Rafael Dominguez) to Greystone Metropolitan Realty LLC (Brendan T. Kozlowski) acknowledging delivery of possession of Floors 34–38 and reserving punchlist rights | Tenant's Counsel | Rafael Dominguez (Calderwood & Harkness LLP) | 2023-08-01 | 2023-08-01 | Delivered
29 | X. Post-Signing / Commencement | Closing Completion & File Memo — Douglas Fairchild internal memo confirming all closing conditions satisfied, SNDA delivered, L/C and insurance in place, occupancy confirmed; matter status: closed/completed | Tenant's Counsel (Internal) | Douglas Fairchild (Calderwood & Harkness LLP) | 2023-08-10 | 2023-08-10 | Delivered | Matter No. 1017-00009. All deliverables fulfilled; occupancy confirmed Aug. 10, 2023.
30 | X. Post-Signing / Commencement | Post-Closing Summary Letter to Client — Douglas Fairchild to Tariq Nassar and Vivienne Caldwell at Aurelius, summarizing executed documents, key dates, ongoing obligations, option exercise deadlines, change of control assignment right conditions, and security deposit burn-down schedule; encloses closing binder index | Tenant's Counsel | Douglas Fairchild (Calderwood & Harkness LLP) | 2023-08-15 | 2023-08-15 | Delivered | Key deadlines: Expansion option window Aug. 1, 2026 – Jul. 31, 2027; first renewal notice by Jan. 31, 2036; Lease expiration Jul. 31, 2038.
[sheet: Key Dates Summary]
Date | Event / Milestone | Reference Document
2023-04-06 | Matter opened; engagement letter executed by Calderwood & Harkness LLP and Aurelius Global Media Group PLC | Engagement Letter
2023-04-18 | Initial draft Lease delivered by Pemberton Locke & Strauss LLP (Landlord's counsel) | Draft Lease
2023-05-02 | Calderwood & Harkness's first redline/comment letter returned to Pemberton Locke & Strauss LLP | First Comment Letter
2023-05-15 | Aurelius Global Media Group PLC Board authorization for US lease commitment and Guaranty | PLC Board Minutes Extract
2023-06-02 | Phase I ESA completed by Greenfield Environmental Sciences LLC — no RECs identified | Phase I ESA Report
2023-06-09 | Title commitment issued by Commonwealth Fidelity Title Insurance Co. (Policy No. LTP-2023-07842) | Title Commitment
2023-06-20 | SNDA negotiations commence with Atlas Continental Bank, N.A. / Halsted & Brinkley LLP | SNDA Negotiation Email
2023-07-01 | Final lease form agreed by all parties | Agreement of Lease
2023-07-10 | SNDA executed by Atlas Continental Bank, N.A., Greystone Metropolitan Realty LLC, and Aurelius Media Holdings Inc. | SNDA
2023-07-13 | Agreement of Lease executed (signing date); Guaranty of Lease executed | Agreement of Lease; Guaranty
2023-07-14 | Irrevocable standby letter of credit No. SNLC-2023-08015 ($5,180,000) issued by Caledonian National Bank PLC | Letter of Credit; Transmittal Letter
2023-07-28 | Insurance certificates delivered (Northbridge Mutual; Sovereign Assurance Group PLC) | Insurance Certificate Transmittal Letter
2023-08-01 | Lease Commencement Date; Landlord delivers possession of Floors 34–38 | Commencement Date Confirmation Letter; Possession Delivery Letter
2023-08-10 | Closing complete; all deliverables fulfilled; occupancy confirmed | Closing Completion & File Memo
2024-02-01 | Rent Commencement Date (end of 6-month rent-free period); first monthly base rent of $431,666.67 due | Agreement of Lease
2026-08-01 | Start of Expansion Option exercise window (36th month) — Floors 39 and 40 (74,000 RSF) | Exhibit E — Expansion Option
2027-07-31 | End of Expansion Option exercise window (48th month) | Exhibit E — Expansion Option
2036-01-31 | Latest date for first renewal option notice (18 months before expiration) | Agreement of Lease — Renewal Option
2038-07-31 | Lease Expiration Date | Agreement of Lease
[sheet: Party & Contact Directory]
Role | Full Legal Name | Short Name | Entity Type / Jurisdiction | Key Contact | Title | Address
Tenant (Lease Signatory) | Aurelius Media Holdings Inc. | Aurelius US; AMH | Corporation / Delaware (File No. 7318294) | Vivienne Caldwell | SVP, Global Real Estate & Facilities | 787 Seventh Avenue, Floors 34–38, New York, NY 10019
Tenant Parent / Guarantor | Aurelius Global Media Group PLC | Aurelius; AGMG | Public limited company / England & Wales (Co. No. 04291837) | Tariq Nassar | General Counsel | 14 Cavendish Square, London W1G 0DW, UK
Landlord | Greystone Metropolitan Realty LLC | Greystone | LLC / Delaware (File No. 5820416) | Catherine Ng | SVP, Leasing | 600 Lexington Avenue, 32nd Floor, New York, NY 10022
Landlord Fund Owner | Greystone Capital Partners Fund VI LP | Fund VI | LP / Delaware | Harrison Drexel (CEO, Greystone Capital Advisors LLC) | Fund Manager | 600 Lexington Avenue, 32nd Floor, New York, NY 10022
Tenant's Counsel | Calderwood & Harkness LLP | C&H | LLP / New York | Douglas Fairchild (Responsible Partner); Angela Fontaine (Billing Partner); Rafael Dominguez (Lead Associate); Cynthia Ho (Working Associate) | Real Estate | 425 Park Avenue, 18th Floor, New York, NY 10022
Landlord's Counsel | Pemberton Locke & Strauss LLP | PLS | LLP / New York | Diane Ashford (Partner); Kevin Mulcahy (Associate) | Real Estate | 1 World Financial Center, Suite 3800, New York, NY 10281
First Mortgagee / Lender | Atlas Continental Bank, N.A. | Atlas | National banking association / United States (OCC) | Patricia Delgado | VP, Commercial Real Estate Lending | 277 Park Avenue, New York, NY 10172
Lender's Counsel | Halsted & Brinkley LLP | H&B | LLP / New York | Thomas Brinkley | Partner | 200 Park Avenue, Suite 2400, New York, NY 10166
Tenant's Broker | Blackmoor Advisory Group LLC | Blackmoor | LLC / New York | Dennis Rourke | Principal Broker | 1345 Avenue of the Americas, Suite 2200, New York, NY 10105
Landlord's Broker | Mercer Houghton Real Estate Services Inc. | Mercer Houghton | Corporation / New York | Simone Archer | Agent | 600 Lexington Avenue, 32nd Floor, New York, NY 10022
L/C Issuing Bank | Caledonian National Bank PLC | Caledonian | PLC (bank) / Scotland, UK | N/A | N/A | London (New York branch)
Title Insurer | Commonwealth Fidelity Title Insurance Co. | Commonwealth Fidelity | Insurance company / New York | N/A | N/A | 140 Broadway, Suite 900, New York, NY 10005
Environmental Consultant | Greenfield Environmental Sciences LLC | Greenfield | LLC / New York | Dr. Nadine Bertram, P.E. | Lead Environmental Consultant | 55 Water Street, Suite 1010, New York, NY 10041
Architect | Ashworth Patel Design Studio LLC | Ashworth Patel | LLC / New York | Rohan Patel, AIA | Principal Architect | 20 West 22nd Street, 7th Floor, New York, NY 10010
Construction Manager | Pinnacle Build Group LLC | Pinnacle | LLC / New York | N/A | N/A | 330 West 42nd Street, Suite 1500, New York, NY 10036
Insurance Broker | Caldecott Risk Advisors Ltd. | Caldecott | Private limited company / England & Wales | N/A | N/A | 71 Fenchurch Street, London EC3M 4BS, UK
CGL / Property Insurer | Northbridge Mutual Insurance Company | Northbridge | Mutual insurance company / Connecticut | N/A | N/A | N/A
Umbrella Insurer | Sovereign Assurance Group PLC | Sovereign | PLC / England & Wales | N/A | N/A | N/A
ROFO Existing Rights Holder | Kestrel Insurance Holdings Inc. | Kestrel | Corporation / Delaware | N/A | N/A | N/A
[sheet: Financial Summary]
Item | Amount / Rate | Notes
Deal Value (Engagement) | $90,000,000 | Approximate gross lease value over 15-year term
Rentable square Feet — Initial Premises | 185,000 RSF | Floors 34–38 at 37,000 RSF per floor
Lease Term | 15 years (180 months) | Commencement: Aug. 1, 2023; Expiration: Jul. 31, 2038
Rent-Free Period | 6 months | Aug. 1, 2023 – Jan. 31, 2024
Annual Base Rent, Years 1–5 | $5,180,000 ($28.00/RSF) | $28.00 × 185,000 RSF
Monthly Base Rent, Years 1–5 | $431,666.67 | $5,180,000 ÷ 12
Annual Base Rent, Years 6–10 | $6,105,000 ($33.00/RSF) | $33.00 × 185,000 RSF
Monthly Base Rent, Years 6–10 | $508,750.00 | $6,105,000 ÷ 12
Annual Base Rent, Years 11–15 | $7,030,000 ($38.00/RSF) | $38.00 × 185,000 RSF
Monthly Base Rent, Years 11–15 | $585,833.33 | $7,030,000 ÷ 12
Abated Rent Value | ~$2,590,000 | 6 × $431,666.67
Subtotal Payable Base Rent | $88,985,000 | Yrs 1–5 (4.5 yrs): $23,310,000 + Yrs 6–10: $30,525,000 + Yrs 11–15: $35,150,000
Total Notional Base Rent (incl. abatement) | ~$91,575,000 | $88,985,000 + ~$2,590,000; $90M is rounded deal value
Tenant Proportionate Share | 12.76% | 185,000 ÷ 1,450,000 total building RSF
Operating Expense Base Year | Calendar Year 2023 | Full pass-through above base year; controllable cap 5% cumulative annual
Direct-Metered Electricity (est.) | $3.15/RSF/year | Informational; not part of base rent
Security Deposit (L/C) | $5,180,000 | Equal to 1 year initial base rent; L/C No. SNLC-2023-08015
L/C Burn-Down Increment | $1,036,000 | $5,180,000 ÷ 5; at end of Lease Years 5, 7, 9, 11, 13
Parent Guaranty Cap | $18,000,000 | ~2 years' average rent; Aurelius Global Media Group PLC
Change of Control Net Worth Threshold | $3,100,000,000 | Successor entity tangible net worth (GAAP) must equal or exceed Aurelius PLC TNW as of Lease Date
TI Allowance | $15,725,000 | $85.00/RSF × 185,000 RSF
Excess TI Allowance | $2,775,000 | $15.00/RSF × 185,000 RSF; amortized at 7.5% p.a. over remaining term
Expansion Space | 74,000 RSF (Floors 39–40) | 2 floors × 37,000 RSF
Expansion TI Allowance | $3,700,000 | $50.00/RSF × 74,000 RSF
Expansion Rent Floor | 95% of then-current base rent/RSF | Minimum; actual rent = FMR
Tenant Broker Commission | $2,025,000 | 2.25% × $90,000,000; Blackmoor Advisory Group LLC; payable by Landlord
Landlord Broker Commission | $1,350,000 | 1.50% × $90,000,000; Mercer Houghton Real Estate Services Inc.; payable by Landlord
Tenant CGL Insurance | $5M per occurrence / $10M aggregate | Northbridge Mutual Insurance Company
Tenant Umbrella Insurance | $25,000,000 | Sovereign Assurance Group PLC
Atlas Continental Bank Mortgage Balance | ~$620,000,000 | Approximate; first mortgage lien recorded Jan. 15, 2019
Aurelius PLC Revenue (FY2022) | £4.87 billion (~$6.05B)
Aurelius PLC Market Cap (Apr 2023) | ~$11.2 billion
Calderwood & Harkness Matter No. | 1017-00009
Engagement Fee Estimate | $475,000 – $575,000 | Exclusive of disbursements; Partner: $1,450/hr; Associate: $895/hr

[sheet: Closing Checklist]

Record

Parties

Dates

Amounts