Vacancy Rate Increases Above 20% As Space Givebacks Continue

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1 OFFICE LOS ANGELES MARKET REPORT Rate Increases Above 20% As Space Givebacks Continue MARKET OVERVIEW MARKET INDICATORS - VACANCY 20.1% NET ABSORPTION -137,400 CONSTRUCTION 508,200 RENTAL RATE $34.56 P UNEMPLOYMENT 8.7% The Downtown Los Angeles market in the first quarter 2014 recorded net absorption of negative 137,400 square feet, causing an increase in the total vacancy rate to 20.1 percent from 19.7 percent in the previous quarter. Direct weighted average asking rents reached $34.56 per square foot in the first quarter 2014, as office space with asking higher rental rates became available to the market. New leasing activity in the first quarter of 2014 was 375,600 square feet relative to 121,500 square feet in the fourth quarter of The leasing activity was a combination of tenants moving around within the market and some tenants relocating from outside the market. Sales activity in the first quarter was relatively slow, however, a building that was formerly owned by MPG Office Trust and then taken back by the special servicer in 2012, traded hands. Two California Plaza, located at 350 S Grand Ave, was acquired by CIM Group for $210 per square foot from CW Capital. This transaction completes the transfer of all former MPG Office Trust in Downtown Los Angeles to new ownership. MARKET TRENDS - >> Total vacancy rate increases to 20.1% from 19.7% HISTORICAL VACANCY VS RENTS Q RENTS VACANCY HISTORICAL NET ABSORPTION & CONSTRUCTION COMPLETIONS Q NET ABSORPTION CONSTRUCTION COMPLETIONS >> Weighted average asking rental rate at $34.56 P >> Leasing activity at 375,600 >> Absorption of -137,400 recorded >> Construction activity at 508,200 $ P FSG PER ANNUM (WEIGHTED) $35 $35 $34 $34 $33 $33 $32 $32 $31 1Q10 1Q11 1Q12 1Q13 1Q14 22% 20% 18% 16% 14% 12% 10% % VACANT (TOTAL) 50,000 0 (50,000) () (150,000) (200,000) (250,000) (300,000) (350,000) 1Q10 1Q11 1Q12 1Q13 1Q14 1 Colliers International continuously refines its database. As a result, data reflected in this report may not be consistent with data reported in previous quarters.

2 MARKET REPORT OFFICE LOS ANGELES LOS ANGELES COUNTY DEMOGRAPHICS >> POPULATION: 10,063,995 (2014 Estimate) 10,423,669 (2019 Projection) 3.57% (Growth ) >> HOUSEHOLD INCOME: $75,972 (Average) $53,125 (Median) >> JOB GROWTH: 2.1% (past 12 months) >> UNEMPLOYMENT RATE: 8.7% (as of February 2014) VACANCY The total vacancy rate, including sublet space increased to 20.1 percent compared to 19.7 percent last quarter. A longer historical perspective of the total vacancy rate shows that the vacancy rate a year ago stood at 19.1 percent. Total vacancy rates were highest in the Financial District submarket (23.1%) and lowest in the South Park submarket (12.9%). rates were highest for Class C space (22.2%) and lowest for Class A space (19.5%) with Class B space in-between at 20.8 percent. NET ABSORPTION Net absorption was negative 137,400 square feet in the first quarter 2014, largely due to the State Bar of California moving out of 169,000 square feet in South Park. The Downtown LA office market continues its trend of negative absorption as it has reported negative absorption for the past four quarters. The best performing submarket in the first quarter 2014 was the Financial District, it recorded positive 89,700 square feet of net absorption. This can be primarily attributed to the SEC moving into 56,000 square feet at 444 S Flower. The absorption of the SEC provided a new tenant to the market, since the SEC relocated from the West Los Angeles market. Negative absorption is a trend that is expected to continue in 2014 as tenants continue to downsize their space needs. The major upcoming lease expirations in 2014 are not as substantial as in The anticipated lease signing of Deloitte this year could lead to more space givebacks when Deloitte s lease at Two California Plaza expires in UNEMPLOYMENT February 2014 figures for nonfarm employment in Los Angeles County showed a recovering job market. Over the past 12 months, Los Angeles County has gained 86,100 jobs for an increase of 2.1 percent. This gain in employment led to the unemployment lowering to 8.7 percent compared to 10.2 percent a year ago. Year-over-year job gains were most significant in Professional and Business Services (27,000 jobs), Educational and Health Services (25,900 jobs) and Trade, Transportation, and Utilities (15,900 jobs). The largest decline in jobs was seen in Manufacturing (8,800). VACANCY BY SUBMARKET NET ABSORPTION BY SUBMARKET SUBLEASE VACANCY DIRECT VACANCY 150,000 25% 0.1% 89,700 20% % VACANT 15% 10% 0.2% 0.5% 16.5% 1.0% 17.1% 23.0% 50,000 0 (50,000) (10,200) 12.7% 5% () (96,200) 0% SOUTH PARK BUNKER HILL GREATER (150,000) (120,700) SOUTH PARK BUNKER HILL GREATER P. 2 COLLIERS INTERNATIONAL

3 MARKET REPORT OFFICE LOS ANGELES OFFICE OVERVIEW EXISTING PROPERTIES VACANCY ACTIVITY ABSORPTION CONSTRUCTION RENTS Submarket/ Class Bldgs Total Inventory Direct Sublease Total Total Prior Qtr Leasing Activity Current Qtr Leasing Activity YTD Net Absorption Current Qtr Net Absorption YTD Completions Current Qtr Under Construction Weighted Avg Asking Lease Rate A 9 9,732, % 0.0% 22.6% 23.1% 163, ,000 53,100 53, ,000 $37.56 B 25 8,388, % 0.2% 23.7% 24.1% 117, ,600 35,400 35, $30.12 C 2 326, % 0.4% 25.3% 25.7% 0 0 1,200 1, $23.16 SUBTOTAL 36 18,447, % 0.1% 23.1% 23.6% 280, ,600 89,700 89, ,000 $33.84 BUNKER HILL A 6 7,221, % 0.5% 17.6% 16.1% 15,100 15,100 (105,500) (105,500) 0 0 $36.96 B 5 845, % 0.0% 6.7% 6.7% $29.52 C 1 370, % 1.3% 29.6% 32.1% 9,600 9,600 9,200 9, $23.52 SUBTOTAL 12 8,436, % 0.5% 17.0% 15.9% 24,700 24,700 (96,200) (96,200) 0 0 $35.88 SOUTH PARK A 2 1,144, % 0.6% 5.4% 5.4% 14,200 14,200 (600) (600) 0 78,500 $36.72 B 7 1,850, % 0.0% 18.3% 10.3% 18,400 18,400 (147,400) (147,400) 0 0 $30.72 C 2 266, % 0.0% 8.1% 18.4% 7,200 7,200 27,300 27, $27.12 SUBTOTAL 11 3,261, % 0.2% 12.9% 9.3% 39,800 39,800 (120,700) (120,700) 0 78,500 $31.32 GREATER B 6 1,828, % 1.3% 16.7% 17.1% 22,100 22,100 7,100 7, ,700 $29.28 C 8 592, % 0.0% 22.2% 19.3% 8,400 8,400 (17,300) (17,300) 0 0 $24.00 SUBTOTAL 14 2,420, % 1.0% 18.1% 17.6% 30,500 30,500 (10,200) (10,200) 0 29,700 $27.24 MARKET TOTAL A 17 18,098, % 0.3% 19.5% 19.2% 192, ,300 (53,000) (53,000) 0 478,500 $37.32 B 43 12,912, % 0.3% 20.8% 20.0% 158, ,100 (104,800) (104,800) 0 29,700 $30.12 C 13 1,555, % 0.4% 22.2% 23.6% 25,200 25,200 20,400 20, $23.64 TOTAL 73 32,566, % 0.3% 20.1% 19.7% 375, ,600 (137,400) (137,400) 0 508,200 $34.56 COLLIERS INTERNATIONAL P. 3

4 MARKET REPORT OFFICE LOS ANGELES >> The Downtown LA office market continues its negative absorption trend as it has reported negative absorption for the past four quarters >> The absorption of the SEC provided a new tenant to the market, since the SEC relocated from the West Los Angeles market >>The trend for asking rents in Downtown Los Angeles is expected to remain relatively flat for the remainder of 2014 CONSTRUCTION No new projects were delivered to the market in Q1; however there is currently 508,200 square feet of office space under construction. There is one project under construction in South Park as follows: the renovation of a 78,500 square feet Class A office building at 425 W 11th St in South Park. A 29,700 square-foot building in the Greater Downtown submarket has begun the renovation process to creative office. The largest project under construction is the 400,000 square feet of Class A office space that is part of the Wilshire Grand Tower development. The renovation projects are expected to start delivering in 2014, whilst the 400,000 square feet of Class A office space is expected to deliver in ACTIVITY New leasing activity during Q1 totaled 375,600 square feet compared to 121,500 square feet in Q4 2013, a substantial increase. The average quarterly leasing activity in 2013 was 301,000 square feet; therefore Q1 leasing activity is above that average. The leasing highlights in Q1 were JAMS leasing 33,100 square feet at 555 W 5th St, The County of Los Angeles renewing and expanding for 30,900 square feet at 222 S Hill St, Blue Cross of California renewing for 25,000 at 801 S Figueroa St, LRG Management subleasing 21,900 square feet at 550 S Hope St, and Glumac Engineering leasing 17,700 square feet at 707 Wilshire Blvd. RENTAL RATES Average asking rents were highest in the Bunker Hill submarket ($35.88 P) and lowest in Greater Downtown submarket ($27.24 P). Class A asking rents were $37.32 P compared to Class B at $30.12 P and Class C at $23.64 P. The concentrated ownership in Downtown LA is expected to leverage their position to push rents for those tenants that desire to expand into more space. The contract rents in Downtown Los Angeles do still remain attractive relative to West Los Angeles, a circumstance that has not led to substantial tenant migration from West Los Angeles in the long run. The trend for asking rents in Downtown Los Angeles is expected to remain relatively flat for the remainder of WEIGHTED AVERAGE ASKING LEASE RATES BY SUBMARKET LEASING ACTIVITY BY SUBMARKET $40 $35 $35.88 $33.84 $ , , ,600 $ P PER ANNUM (FSG) $30 $25 $20 $15 $10 $ , ,000 $5 50,000 24,700 30,500 39,800 $0 BUNKER HILL SOUTH PARK GREATER 0 BUNKER HILL GREATER SOUTH PARK P. 4 COLLIERS INTERNATIONAL

5 MARKET REPORT OFFICE LOS ANGELES OUTLOOK The level of construction and investment currently occurring in Downtown LA has increased demand for space from stakeholders in the construction and investment activity. For example, the foreign companies that acquired land for mixed use development in the South Park market have signed leases for office space and the construction firm for the Wilshire Grand Project has also taken office space. The domino effect of the construction and investment activity in Downtown LA is expected to provide a much needed uptick in leasing activity in the near future. MARKET DESCRIPTION Downtown LA is a moderately large office market comprised of 32.5 million square feet, representing 11 percent of the total office space over 25,000 square feet in the LA Basin. Approximately 52 percent of the space in this market was built prior to 1980, and is considered relatively old by Southern California standards. Downtown Los Angeles is the most dense market in the region with only one percent of the space contained within low-rise buildings, while 24 percent and 75 percent of the space are in mid-rise and high-rise structures, respectively. Downtown includes a large concentration of firms from the legal, utilities, accounting and financial services sectors, and is home to many federal, state, and local government agencies as well. HISTORICAL LEASING ACTIVITY Q UNEMPLOYMENT RATE United States, California & Los Angeles County February ,000, ,000 10% 800,000 3,500, ,000 3,000, , ,000 2,500,000 9% 8% 7% 6% 5% 7.0% 8.5% 8.7% 400,000 4% 2,000, ,000 3% 200,000 1,500,000 2% 1% 1,000,0000 4Q08 1Q10 4Q09 1Q11 4Q10 1Q12 4Q11 1Q13 4Q121Q14 0% UNITED STATES CALIFORNIA LOS ANGELES COUNTY RECENT TRANSACTIONS & MAJOR DEVELOPMENTS SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER 350 S Grand Ave, Los Angeles 1,415,500 $297,700,000 $210 P CIM Group CW Capital LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG TYPE LESSEE LESSOR 555 W 5th St, Los Angeles 33,100 New A JAMS Brookfield Office Properties 222 S Hill St, Los Angeles 30,900 Renewal/Expansion B County of Los Angeles CRJ LLC 777 S Figueroa St, Los Angeles 17,300 New A CoStar Brookfield Office Properties 555 W 5th St, Los Angeles 13,000 New A Bank Leumi Brookfield Office Properties 550 S Hope St, Los Angeles 12,800 New A Shangri-La Construction LBA Realty MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 900 Wilshire Blvd, Los Angeles Hanjin International Corp 400,000 Financial District Under Construction Q W 11th St, Los Angeles Lincoln Property Company 78,500 South Park Under Renovation Q S Broadway, Los Angeles Flatiron Development Co LLC 29,700 Greater Downtown Under Renovation Q COLLIERS INTERNATIONAL P. 5

6 MARKET REPORT OFFICE LOS ANGELES DEFINITIONS OF KEY TERMS USED IN THIS REPORT Total Rentable Square Feet: Office space in buildings with 25,000 or more of speculative office space. Includes competitive space in Class A, B and C singletenant and multi-tenant buildings. Excludes non-competitive owner-occupied buildings, buildings that include 30% or greater of medical or retail space, and space that is underconstruction, under-renovation or off-market. Net Absorption: Net change in occupied square feet from one period to the next (includes the impact of change in vacant space available for sublease). Leasing Activity: Square feet leased from all known transactions completed during the quarter. Excludes lease renewals. 482 offices in 62 countries on 6 continents United States: 140 Canada: 42 Latin America: 20 Asia Pacific: 195 EMEA: 85 >> $2.0 billion in annual revenue >> 1.12 billion square feet under management >> Over 13,500 professionals Class A Space: Space that an image-conscious company would lease for its headquarters. Typically, this space has a very high level of finish and an excellent location, and commands the highest rents in the market. Class B Space: Highly functional, attractive space, but less prestigious than Class A Space, and commanding lower rental rates. Class C Space: Functional, competitive space, but with a lower level of finish and/or a less desirable location than with Class B Space, and commanding lower rental rates. Low-Rise: Buildings with a total of 4 floors or less. Mid-Rise: Buildings with a total of 5 to 13 floors. High-Rise: Buildings with 14 or more floors. Direct : Space in existing buildings that is vacant and immediately available during the quarter for direct lease, plus space that is vacant but not available for direct lease or sublease (for example, that is being held for a future commitment). Total : Space in existing buildings that is vacant and immediately available during the quarter for direct lease or for sublease, plus space that is vacant but not available for direct lease or sublease. Weighted Average Asking Rental Rates: Weighted by the total square feet available for direct lease. Data is based on Full Service Gross rents, and includes all costs associated with occupying the space, including taxes, insurance, maintenance, janitorial service and utilities. Reported on a monthly, per basis. Space Added (Net): Total square feet added during the quarter via construction completions, including renovated space returned to market, less total square feet taken off-market due to demolitions or conversions. Under Construction: Includes buildings that are in some phase of construction, beginning with foundation work and ending with the issuance of a Certificate of Occupancy. Technical Note Colliers International is continuously refining its database. The data shown in the historical tables and graphics in this report have been adjusted to take into account these changes in the database. This report has been prepared by Colliers International for general information only. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This report and other research materials may be found on our website at UNITED STATES: Downtown Los Angeles Office License No S. Figueroa Street, Suite 3500 Los Angeles, CA TEL FAX ALGERMISSEN, STEPHEN Executive DWIGHT, TIM Associate KIRK, TERENCE MARADEI, GREG MIDZI, TINASHE Regional Analyst Research Services MUMPER, HANS Executive Managing Director PELLOW, NATHAN Senior PUTNAM, RICK Managing Director Western Region Capital Markets SCHNELL, RICHARD C. Senior TARCZYNSKI, MARK Executive TISCHER, ADAM TUSZYNSKI, GREG VILGIATE, NICO Executive WALKER, SHADD G. Senior WOODS, RANDALL Accelerating success. P. 6 COLLIERS INTERNATIONAL

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