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Dec. 20 update on status of One Broadway: Temporary space

Please note: To access communications after Jan. 11, 2007, as well as full archives, please refer to the MITIMCO web site for One Broadway.

The memo below, updating tenants on temporary space available at One Broadway, was sent Dec. 18 from Steven C. Marsh, managing director of real estate, and Michael K. Owu, director of real estate, MIT Investment Management Company, to tenants and employees in One Broadway.

As you know, while we continue to work toward a long-term solution to restore One Broadway's electrical system, we are moving forward on a temporary solution which will allow the building to be opened to tenants and safely occupied more quickly.

The first phase of this effort has been assessment and clean up of the building. This stage of the work--including analytical testing--is nearing completion.

The next phase of work is well underway. Mechanical and electrical workers have begun work in One Broadway to implement the plan developed by our engineers.

The work currently underway includes a variety of mechanical and electrical work, and retesting of all systems in the building. This is the beginning of the work toward a temporary solution, and a significant amount of additional work remains to be done.

As has been the case since the transformer explosion at One Broadway, we will be working on an expedited timeframe towards a temporary solution and crews will be working extended shifts in advance of and through the holiday period. While it is extremely difficult to put a timeframe on this work, we recognize that tenants are eager to understand, broadly, when this temporary solution might be in place. Based on the plans being implemented, our hope, at this point, is to have a temporary solution in place at some point within two to four weeks. This timeframe is, as you'll understand, dependent upon a wide array of factors and we will continue to update you regularly as to our progress.

In developing the plan for a temporary solution, the safety of our tenants has been paramount. While we continue to work as fast as we can, the work requires time and consideration to ensure the installation meets the appropriate safety standards. Accordingly, we will continue to work closely with the city and state authorities to ensure a safe working environment for all tenants and that all required testing, inspections and approvals are completed before allowing the building to be opened to tenants.

We deeply appreciate your patience and will continue to communicate with you on progress as we move forward with work at One Broadway.

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