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This supplement is to accompany the case. In 1999, Taconic Investment Partners, a real estate investment firm, and the New York State Common Retirement Fund became the key investors in a warehouse that occupies an entire block in New York's Chelsea neighbourhood. Four years later, the former warehouse has been transformed into a Class A office property, and outperformed all expectations. In this case, students determine the best strategy for how the partners can harvest some of the value they created. Should they sell, or possibly restructure the deal? If they pursue equity capital, will their current partners find the terms acceptable?