FIRST QUARTER Downtown Los Angeles Office Market Report. Partnership. Performance.

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1 FIRST QUARTER 2015 Downtown Los Angeles Office Market Report Partnership. Performance.

2 New Jersey FIRST QUARTER 2015 Downtown Los Angeles Market Report Partnership. Performance. Market Snapshot Asking Rent Market Overview Downtown Los Angeles Begins 2015 With No Change In The Vacancy Rate The Downtown Los Angeles office market began 2015 with a relatively flat performance as net absorption was positive 11,900 square feet (sf). The submarkets that contributed to positive demand for space in Q1 were the Financial District (+35,400 sf) and South Park (+6,400 sf). There were no large tenants that moved into the Downtown LA market from outside the market in Q1. A tenant that did relocate within the market was Ergobaby, from 888 S. Figueroa in South Park to 617 W. 7th in the Financial District. Vacancy Rates I New leasing activity in Q1 was 414,900 sf, led by the Bunker Hill submarket (192,400 sf). The majority of the new leasing activity in Bunker Hill is attributed to the City of Los Angeles lease for 126,000 sf at 350 S. Grand and the Nixon Peabody lease for 36,500 sf at 300 S. Grand. The other submarkets in Downtown LA recorded the following significant leases: Capital Group renewed for 323,000 sf at 333 S. Grand in Bunker Hill, USC expanded for 30,000 sf at 1150 S. Olive in South Park and Frandzel Robins Bloom & Csato signed a 24,300 sf lease at 1000 Wilshire in the Financial District. No major move-ins or move-outs occurred in Q1, thus the total vacancy rate remained at 18.8%. The total vacancy rate for Class A buildings was 18.4%, the only building class to outperform the entire Downtown LA market. The spread between the vacancy rate in Class A buildings (18.4%) and Class B buildings (18.8%) continues to compress. In Q1, the average asking rental rate in the entire Downtown LA office market was $3.04 per square foot (psf) on a full service gross basis (FSG). The buildings in the entire market that are classified as Class A had an asking rent of $3.21 FSG. The Financial District submarket had the highest asking rent for Class A buildings at $3.23 FSG and the South Park submarket had the lowest at $3.07 FSG. Net Absorption The large sales transactions that closed in Q1 are as follows: Rising Realty Partners acquired S. Figueroa St from US Bancorp for $84,000,600 ($311 psf), Urban Blox acquired 718 S. Hill St from Great Care Medical Group for $8,540,000 ($167 psf) and Pedro LLC acquired 200 S. San Pedro St from Taira Services for $9,000,000 ($195 psf). The unique aspect of the S. Figueroa St transaction was that it was subject to a ground lease, which was reflected in its sale price. The new leasing activity in Q and Q is expected to bring new tenants to the Downtown LA market. The vacancy level will be affected once these tenants occupy their new spaces. In 2014 the vacancy rate fell to 18.8% and in 2015 a slight decrease in the vacancy rate is expected.

3 First Quarter 2015 Downtown Los Angeles Office Market Report MAJOR LEASE TRANSACTIONS Tenant Type Submarket Capital Group Renewal 333 S. Hope St, Los Angeles Bunker Hill 323,000 City of Los Angeles New 350 S. Grand Ave, Los Angeles Bunker Hill 126,000 Nixon Peabody New 300 S. Grand Ave, Los Angeles Bunker Hill 36,500 USC Expansion 1150 S. Olive St, Los Angeles South Park 30,000 Frandzel Robins New 1000 Wilshire Blvd, Los Angeles Financial District 24,300 MAJOR SALE TRANSACTIONS Buyer Seller Price P S. Figueroa St, Los Angeles Rising Realty Partners US Bancorp $84,000, , S. Hill St, Los Angeles Urban Blox Great Care Medical Group $8,540,000 51,100 $311 $ S. San Pedro St, Los Angeles Pedro LLC Taira Services Corp $9,000,000 46,100 $ S. Broadway, Los Angeles Golden Hills Properties 633 Broadway Co Llc $6,300,000 56,100 $112 UNDER CONSTRUCTION/RENOVATION Developer Completion 900 Wilshire Blvd, Los Angeles Korean Airlines 356,100 Q W. 11th St, Los Angeles Lincoln Property Company 82,000 Q S. Broadway, Los Angeles Flatiron Development Co LLC 29,700 Q There are 82 office buildings in the Downtown Los Angeles market. Of these, 17 are considered to be Class A office buildings. The submarket with the highest percentage of Class A square footage relative to its inventory is Bunker Hill In 2000, the population in Downtown Los Angeles was 27,800 and in 2014 the population reached 52,000. The residential population is expected to reach 90,000 in the next five years. The largest office development project in Downtown LA is the Wilshire Grand Center. It is expected to deliver 900 hotel rooms, 45,000 square feet of retail space and 356,100 square feet of office space in 2017 The prior 12 months since Q recorded volume of $1 billion in investment sales activity. The average price per square foot was $241.

4 First Quarter 2015 Downtown Los Angeles Office Market Report

5 Avison Young at a Glance Avison Young, a real estate company committed to you. We deliver results that are aligned with your strategic business objectives, support real estate initiatives that add value, and build competitive advantage for your organization. A Growing, Multinational Presence Avison Young is the real estate partner businesses trust for intelligent, integrated solutions. Avison Young is Canada s largest independently owned commercial real estate services company. Founded in 1978 as Graeme Young & Associates of Edmonton; Merged with and Avison & Associates in 1996 to form Avison Young. In 2009, Avison Young began international expansion and has since opened 44 U.S. and 3 European offices. In 2011, Avison Young wins designation as one of Canada s 50 Best Managed Companies, Canada s most prestigious corporate award. In 2013, Avison Young requalified as one of Canada s 50 Best Managed Companies. Avison Young is the world s fastest-growing commercial real estate services firm. Headquartered in Toronto, Ontario, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,700 real estate professionals in 66 offices, providing valueadded, clientcentric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties. Contact Information - United States Los Angeles - Downtown Los Angeles - West Los Angeles - North Wilshire Blvd, Ste Forest Lawn Dr Los Angeles, CA Los Angeles, CA Primary Contact: Ted Simpson Primary Contact: Jonathan Larsen Primary Contact: Mark Evanoff Los Angeles - Santa Monica 301 Arizona Ave, Ste 303 Santa Monica, CA Primary Contact: Randy Starr Orange County - Irvine 2030 Main Street, Ste 150 Irvine, CA Primary Contact: Dan Vittone San Diego - La Jolla 4225 Executive Sqr, Ste 600 La Jolla, CA Primary Contact: Jerry Keeney Regional Managing Director: Chris Cooper - Corporate Report Prepared By: Nash Midzi - Research Manager , Avison Young (Canada) Inc. The statistics contained in this report were obtained from sources deemed reliable, including Avison Young, Bureau of Labor Statistics, CoStar Group Inc., Real Capital Analytics, Inc., Reis Services, LLC, State of CA Employment Development Department, U.S. Green Building Council. However, Avison Young (Canada) Inc. does not guarantee the accuracy or completeness of the information presented, nor does it assume any responsibility or liability for any errors or omissions. All opinions expressed and data provided herein are subject to change without notice. This report cannot be reproduced in part or in full in any format without the prior written consent of Avison Young (Canada) Inc.

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