Dec. 29 update on status of One Broadway: Re-occupancy progress

December 29, 2006

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 Dec. 29 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 want to take this opportunity to update you on progress towards re-occupancy of One Broadway.

In our memo to you on Dec. 20, we indicated that within 2 to 4 weeks (Jan. 3 to 17) we hoped to complete the implementation of a temporary solution to allow tenants 24/7 access to the building. Based on the progress to date, we are preparing for a possible re-opening of the building during the week of Jan. 8 -12. This projected date for re-occupancy is subject, of course, to MIT seeking and obtaining approvals from the relevant authorities.

To achieve this goal, we are exerting every effort and will continue until all our tenants are returned to the building. While a great deal has been accomplished to date, there are a number of tasks that still need to be completed, as well as final inspections from the appropriate regulatory authorities which need to take place. We will continue to update you on these developments as regularly as possible.

Building cleaning
A comprehensive cleaning of the entire building will be completed this weekend. By this time, all tenant spaces, common areas, stairwells and lobbies will have been thoroughly cleaned. Environmental Health & Engineering (EH&E) will conduct a final round of air quality tests to confirm that the building is ready for occupancy.

Electrical and mechanical systems
Most of the electrical and mechanical systems required for re-occupancy have been installed. These include the temporary generators located on Third Street, temporary switchgear located in the garage, cabling from the switchgear to the building's existing electrical riser system, and new HVAC ductwork serving the stairways. Remaining work on the electrical and mechanical systems will be completed next week. Once completed, the building will have adequate electrical capacity to service normal demands of the building fully occupied.

Final inspections and approvals
Before re-opening the building, MIT will seek the approval of the Cambridge Fire Department and the Cambridge Department of Inspectional Services. We are hoping to be able to schedule their review of the work and obtain their approval next week.

EH&E work
As you know, the environmental consulting firm EH&E is continuing to conduct testing and analyze data. We expect to be able to provide you with a detailed update of their findings by the end of next week.

Once again, let us express our appreciation for your patience in this matter. We want you to know that we are working diligently with city and state officials to make sure One Broadway is ready for re-occupancy. Again, safety is the paramount concern in making decisions about re-opening the building. We will continue to provide you with updates as work continues next week.

We look forward to welcoming all of you back to One Broadway in the near future. Please accept all our best wishes for the New Year.

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