Nyala Farms Property Description

Ownership Status:

In 1985, the buildings were sold in a sale-leaseback transaction to Interim Funding Corp. (Interim). The underlying land was not sold and continues to be held by Stauffer Management Co. a subsidiary of ZENECA Holdings, Inc. Interim leases the land from the Landlord and at the expiration of its ground lease, ownership of the building reverts back to the Landlord.

Net Lease:

The long-term lease of the buildings from Interim to the Landlord is a net lease. This form of lease conveys essentially all of the property rights and obligations of ownership including management of the complex. Subtenant would enjoy the same basic rights typical of any tenant dealing directly with the property owner. Furthermore, unlike most subleases, the lease permits the Landlord to offer its tenants a long lease term.

Loss Factor:

The Loss Factor, on a full floor basis, is approximately 20%. The lavatories are not included in the usable area calculation.

Parking:

The complex contains underground parking spaces at a ratio of one (1) space per 345 rentable square feet or approximately 3 spaces per 1,000 square feet of office area. Tenants are entitled to the use of their pro-rata share of the parking spaces in the garages for its visitors and employees.

Employee Density:

Currently, Nyala Farms is permitted a density of 1,100 employees or 1 employee per 255 rentable square feet.

Landlord Services:

The Landlord is very sensitive to the level of cleaning services and grounds maintenance and has devoted much effort to providing the highest standards available in Fairfield County. The Complex has a comprehensive recycling program for all Tenants.

Hazardous Materials:

We are unaware of the presence of any hazardous materials in the complex.

Security:

A security guard is located at the main entrance gate house 24 hours per day. The gate house is the central security station of the complex. From this location, the guard can control access to the complex and provide a checkpoint after normal business hours. Additional security in the form of a roving guard patrol is also provided. Access to the individual office buildings is controlled after hours with a card access security system.

Property Management:

Miller & Favazzo Properties has been retained to serve as the owner's representative in managing the redevelopment of the complex into a first class corporate office facility. The principals have over 50 years of experience in developing quality commercial real estate. Together they have developed over 5,000,000 square feet of space ranging from major downtown towers to suburban office complexes located throughout the United States. By direct personal involvement in the project, the principals insure that the depth and breadth of their experience will be brought to each phase of the process. The firm has also been retained to provide ongoing Management Services for the complex.

Other Tenants:

Other than 200 Nyala Farms the complex is nearly fully leased. AIG Financial Products Crop. moved to the complex in October 1991 and leases all of 100 Nyala Farms. Phibro Energy, Inc. relocated its headquarters from Greenwich in September 1992 and leases all of 500 Nyala Farms and a part of 400 Nyala Farms. In 1994 Playtex Products, Inc. leased approximately 41,000 square feet and AMBAC Capital Management, Inc. leased approximately 21,000 square feet in Building 300.

Base Building Improvements and Systems:

	New Building Lobby
	and Elevators:	Buildings 300 and 400 are served by a new atrium lobby with two elevators and a suspended staircase.

	Lavatories:	Finishes include granite vanities with underset lavatories, ceiling hung partitions, drywall ceilings, recessed lighting and granite floors.

	Telephone:	A new fiber optic cable telephone service has been installed by SNET to serve the complex. The service has been brought directly into 500 Nyala Farms through underground conduits with a capacity over 16,000 voice or data grade facilities for the complex. This will provide availability for various configurations of Hi-Cap services.

	HVAC:	The property's HVAC system incorporates a central chilled water plant with underground distribution to each building. Multiple air handling units in each building provide conditioned air through variable air volume boxes. The system is also equipped with an energy management system and an outside air economizer cycle to provide year round HVAC at very competitive costs. The economizer cycle provides for the circulation of outside air which provides a high level of ventilation and air quality.

	Electric:	The main service distribution is from 500 Nyala Farms by means of underground conduit and cable at 4,160 volts to substations in each building. Within each building a conduit and cable system feeds distribution panels which are located on respective floors or mechanical equipment rooms. Landlord will provide, at the existing distribution points, up to six (6) watts per usable square foot of electrical capacity to the Premises, exclusive of base building requirements, at a combination of 120/208V and 277/480V.

Amenities:

	Food Service:	A cafe style food service operated by Flick International is located on the first floor of Building 200. The cafe is open for breakfast and lunch with a luncheon menu consisting of hot entrees, soups, sandwiches, salads and desserts. There is seating in the cafe as well as on the terrace, plus take-out or delivery service and catered luncheons.

	Fitness Center:	A new fitness center serving the complex recently opened on the first floor of Building 200. Individual memberships in the fitness center will be available on a fee basis. The current charge is $20.00 per month.

	Sundry Shop:	A new Sundry and gift shop recently opened in the north end of the first floor of Building 200. The shop provides a variety of convenience and gift items plus services such as one-day dry cleaning and film processing.

	Other Amenities:	The complex is situated on 54 fully landscaped acres overlooking Long Island Sound. Directly south of Nyala Farms is Sherwood Island Park, a major facility offering opportunities for active and passive recreation. A bus transit system offers service from the complex to the train station in the morning and evening each business day. Convenient rail transportation to New York and Stamford is available at the nearby Greens Farms Station as well as the Westport station. The property is adjacent to a major interchange of Interstate 95 and is approximately midway between Routes 7 and 8. A full complement of retail facilities, including fast food and more formal restaurants are available just a few minutes from the site on Route One.

Day Care Service:

A well-regarded day care center is available at Hills Point Road which is in close proximity to Nyala Farms.

Normal Business Hours:

The business hours for building services, including heat, ventilation and air-conditioning, shall be 7:30 a.m. until 7:00 p.m. weekdays and 8:00 a.m. through 1:00 p.m. on Saturdays excluding those days declared as holidays by federal and/or state governments.