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Jan. 6 update on status of One Broadway: Re-occupancy

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, the latest update on One Broadway, was sent Jan. 6 from Steven C. Marsh, managing director of real estate for the MIT Investment Management Company (MITIMCO), and Michael K. Owu, director of real estate for MITIMCO, to tenants and employees in One Broadway.

We are hoping to open One Broadway for re-occupancy sometime in the later part of the week of Jan. 8. This timing assumes that we are able to get approvals from all the appropriate city authorities prior to this date. We are working closely and diligently with these officials and they have cooperated with us to reopen One Broadway as expediently as possible.

We want to take this opportunity to outline several of the steps that need to occur prior to re-occupancy and certain additional information we will be providing before re-opening One Broadway.

Timing and process

Once we have received approval from the appropriate authorities, we will issue a notice of re-occupancy. This notice will include the date the building will re-open, as well as procedures for moving back in. We hope to be able to give you between 24-48 hours notice to give you time to prepare and are working with our property management company Meredith & Grew on a plan which will allow tenants to move equipment and personnel back into the building in an orderly and efficient manner. Because many tenants removed substantial amounts of equipment, files and other materials from the building, Meredith & Grew has advised us that it will be necessary to stage the full re-occupancy of the building over two or three days. To facilitate this process after necessary approvals are obtained, we will schedule access to the building in the evening as well.

We realize that the return from the temporary quarters in which you have been operating will be somewhat disruptive and for some may require more than a few days. As a result we are planning to abate rent for a few business days following the date that the building is available for general occupancy.

Meeting with tenant representatives

We know many of you have questions about the cause of the accident, the reason for the smoke in the stairwells and the work that has been done on the building since the fire on Dec. 8. We want to make sure you have that information and are planning to distribute a memorandum early in the week which will include information on the work that has been done as well as providing answers to the key questions that have been raised over the past several weeks. In addition, we plan on scheduling a meeting of tenant representatives prior to the date of re-occupancy so that we can relay this information to you and to allow you the opportunity to ask questions directly of us, and several of the consultants who are working on this project.

Health risk assessment by EH&E

In addition to the complete EH&E report on the environmental status of One Broadway, which was distributed on Friday, we will be providing you with their final health risk assessment report. We fully expect their findings will be as encouraging as their earlier analysis and will share the complete report so that you have all the information. We have also retained the services of both David Diamond, Chief of Medicine at MIT, and an outside expert to answer questions regarding the possibility of short and/or long term health affects of the smoke inhalation that some of the occupants in the building experienced. If you or individual employees have concerns that are not answered by the report, we plan to schedule a series of forums at which people can ask questions directly of our experts.

Next week will be a busy week for all of us. We look forward to working with you, as well as city authorities, to make sure the re-opening of One Broadway proceeds safely and smoothly.

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