Chelsea Piers New York Transaction Overview
TRANSACTION OVERVIEW
VICI acquired the leasehold interest of Chelsea Piers in New York City ("Chelsea Piers") and subleased
Chelsea Piers back to affiliates of the Chelsea Piers operating company pursuant to a triple-net master lease
(the "Chelsea Piers Transaction")
Summary Terms
Term
Contractual Rent
Escalation
Guarantors
Capex Requirements
Initial lease term of 32 years with the intent to
extend the prime lease term for an additional
10-years provided all conditions to such
extension have been met
VICI
1.25% in lease year 3; 1.50% thereafter
Chelsea Piers Management Inc., Silver
Screen LLC, North River Property LLC and
Waterfront Services LLC
2.0% of total revenues on a 5-year
rolling average
In connection with this transaction, VICI's $71.5mm outstanding loan facility
secured by Chelsea Piers was repaid and terminated in full
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Headhouse
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