Renewals Dominate Downtown Los Angeles Activity as Vacancy Decreases

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1 office downtown LOS ANGELES market report Renewals Dominate Downtown Los Angeles Activity as Decreases Market overview MARKET indicators - VACANCY 18.1% NET ABSORPTION 68,400 CONSTRUCTION 1,042,900 RENTAL RATE $37.71 P UNEMPLOYMENT 6.9% The Downtown Los Angeles market continued the year in third quarter 2015 with its highest leasing activity in recent memory with 856,200 square feet () on the strength of major renewals within the market as has been the case for Subsequently, with not many relocations from out of market, net absorption recorded at 64,800. The total overall vacancy rate decreased to 18.1% from 18.3% in the previous quarter. Rental rates dipped slightly for the quarter, recording at a direct weighted average of $37.71 per square foot (P) full service gross (FSG). Closed sales activity volume registered $354.5M for the quarter. Rising Realty Partners sold the 446,000 PacMutual property at 523 W. 6th St. for $200M ($448 P) to Ivanhoe Cambridge after acquiring it 3 years ago for $60M. This represents the highest price on a square footage basis for a pure office building in the market. Onni Group purchased 800 Wilshire Blvd from Lincoln Property Company for $79.5M, or $360 P. Jamestown made their first foray into the Downtown market with its acquisition of Brunswig Square for $60M ($429 P) from Arenda Capital. Georgetown Company acquired the former Herald Examiner building for $15M from Hearst Communications and intends to renovate it into multi-tenant creative office space. MARKET trends - >> Total vacancy decreases to 18.1% HISTORICAL VACANCY VS RENTS Q HISTORICAL net absorption & Construction COMPLETIONS Q >> Weighted average asking rental rate decreased to $37.71 P >> Leasing activity at 856,200 >> Absorption of 68,400 recorded >> Construction activity at 1,042,900 $ P FSG PER ANNUM (WEIGHTED) $38 $37 $36 $35 $34 $33 $32 $31 $30 RENTS VACANCY 3Q11 3Q12 3Q13 3Q14 3Q15 30% 25% 20% 15% 10% % VACANT (TOTAL) 200,000 0 () (200,000) (300,000) (400,000) NET ABSORPTION CONSTRUCTION COMPLETIONS 3Q11 3Q12 3Q13 3Q14 3Q15 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 DEMOGRAPHICS >> Population: 10,136,509 (2015 Estimate) 10,510,281 (2020 Projection) 3.69% (Growth ) >> Household income: $78,309 (Average) $54,514 (Median) >> Job growth: 1.8% (past 12 months) >> Unemployment rate: 6.9% (as of August 2015) VACANCY The total vacancy rate, including sublet space, decreased to 18.1% compared to 18.3% last quarter, a 20 basis point difference. A longer historical perspective of the total vacancy rate shows that the vacancy rate a year ago stood at 20.0%. The Bunker Hill submarket posted the highest vacancy rate at 21.8%, while Greater Downtown had the lowest at 13.8%. rates were highest for Class C space (20.9%) and lowest for Class A space (17.6%) with Class B space inbetween (18.5%). NET ABSORPTION Net absorption was positive for the quarter, recording 64,800. Among the major moveins was Nordstorms occupying 44,000 at 700 S. Flower St., White & Case occupying 35,700 at 555 S. Flower St., Fragomen Del Rey taking 13,200 at 444 S. Flower St. and Gordon Rees expanding by 9,900 at 633 W. 5th St. The Financial District recorded 99,400 of net absorption, followed by Bunker Hill (50,500 ) and Greater Downtown (25,000 ). South Park (-106,500 ) recorded negative net absorption for the quarter. UNEMPLOYMENT August 2015 figures for nonfarm employment in Los Angeles County showed continued recovery for the job market. Over the past 12 months, Los Angeles County has gained 76,300 jobs for an increase of 1.8%. This gain in employment led to unemployment lowering to 6.9% compared to 8.1% one year ago. Nine out of the eleven industries tracked by the EDD posted year-overyear gains. Educational and Health Services (+22,500), Trade, Transportation, and Utilities (+17,100) and Leisure and Hospitality (+16,800) posted the largest gains. Government (+ 7,500), and Professional and Business Services (+6,500) also increased year-over-year. CONSTRUCTION No new projects were delivered to the market in third quarter; however, there is currently 1,042,900 of office space under construction/ renovation. This includes 221 N. Figueroa St. (307,552 ), which will deliver in late 2015 after being renovated for fire damage. Also included is the 356,140 of Class A office that is part of the Wilshire Grand Tower development. VACANCY BY SUBMARKET NET ABSORPTION BY SUBMARKET SUBLEASE VACANCY DIRECT VACANCY 150,000 25% 0.0% 99,400 % VACANT 20% 15% 10% 0.3% 15.7% 0.9% 13.0% 21.8% 0.2% 17.2% 50,000 0 (50,000) 50,500 25,000 5% () (106,500) 0% SOUTH PARK BUNKER HILL FINANCIAL (150,000) BUNKER HILL SOUTH PARK FINANCIAL 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 FINANCIAL A 9 9,732, % 0.2% 15.5% 15.3% 307, ,000 (11,500) (26,000) 0 356,100 $41.59 B 25 8,388, % 0.2% 19.7% 21.0% 205, , , , $35.49 C 2 326, % 0.0% 20.7% 20.7% 2,800 4,100 0 (2,600) 0 0 $26.81 Subtotal 36 18,447, % 0.2% 17.5% 18.0% 515,900 1,263,600 99, , ,100 $38.15 BUNKER HILL A 6 7,221, % 0.0% 22.2% 22.9% 248, ,100 50, , $40.23 B 4 537, % 0.0% 10.8% 10.8% (1,400) 0 307,600 $39.00 C 1 370, % 0.0% 29.6% 29.6% 0 3,800 0 (9,000) 0 0 $27.79 Subtotal 11 8,129, % 0.0% 21.8% 22.4% 248, ,900 50, , ,600 $39.42 SOUTH PARK A 2 1,144, % 0.7% 7.2% 7.0% 12,800 51,200 (2,300) (41,300) 0 78,500 $38.24 B 7 1,850, % 0.0% 21.5% 15.8% 43,100 89,300 (105,700) (94,400) 0 0 $32.11 C 2 266, % 0.6% 15.7% 16.3% 1,500 9,600 1,500 (10,300) 0 0 $30.00 Subtotal 11 3,261, % 0.3% 16.0% 12.8% 57, ,100 (106,500) (146,000) 0 78,500 $32.83 B 6 1,828, % 1.1% 12.5% 13.2% 22,800 99,400 11,900 (13,600) 0 300,700 $32.33 C 8 592, % 0.0% 17.8% 20.0% 12,000 64,200 13,100 7, $29.92 Subtotal 14 2,420, % 0.9% 13.8% 14.9% 34, ,600 25,000 (6,100) 0 300,700 $31.52 MARKET TOTAL A 17 18,098, % 0.2% 17.6% 17.8% 568,600 1,611,300 36,700 76, ,600 $40.82 B 42 12,605, % 0.3% 18.5% 18.7% 271, ,200 17, , ,300 $34.70 C 13 1,555, % 0.1% 20.9% 21.8% 16,300 81,700 14,600 (14,400) 0 0 $28.56 Total 72 32,258, % 0.2% 18.1% 18.3% 856,200 2,521,200 68, , ,042,900 $37.71 Colliers International p. 3

4 market Report OFFICE LOS ANGELES This is the largest project under construction in the market and will be operated by InterContinental Hotel & Resorts. The development is expected to deliver in renewing 94,400 at 725 S. Figueroa St., Pillsbury Winthrop renewing 61,000 at 725 S. Figueroa St. and Wilson Elser renewing for 41,400 at 555 S. Flower St. >> Leasing activity increased 7.9% from second quarter 2015 to 856,200 >> Co-working companies continue to lease locations in the market, a trend that will continue as companies move towards flexible work schedules and locations >> Owners of core properties, as well as creative office conversions on the fringes of the CBD, continue to court creative office tenants with smarter, more efficient space planning and amenities Creative space conversions continue to accumulate, as the 78,500 office building at 425 W. 11th St. in South Park and the 29,700 building at 353 S. Broadway in Greater Downtown are expected to deliver by the end of Shorenstein s Seventh and Santa Fe redevelopment of the former Ford Factory also broke ground this quarter with 271,000. For proposals, the Fourth and Traction development at 963 E. 4th St. will be converted to 150,000 of creative office space, while work is expected to commence soon on the repositioning of the Broadway Trade Center. activity New leasing activity during third quarter totaled 856,200 compared to 793,200 in second quarter As has been the case for 2015, activity focused on renewals as tenants choose to improve their existing spaces over relocating out of the market. The Financial District led all submarkets with 515,900 of leasing activity. The leasing highlights included Capital Group renewing 106,400 at 400 S. Hope St., GSA The Downtown Los Angeles market also landed its first large creative tenant as co-working company WeWork, already ensconced at 811 W. 7th St., signed a lease totaling 92,400 for their second Downtown location at 555 W. 5th St. Cross Campus also signed for 32,000 at 800 Wilshire Blvd., making them the second coworking tenant to take space this quarter. rental rates Rental rates saw a small decrease in the Downtown Los Angeles market. Overall annual average asking rental rates for third quarter recorded at $37.71 P, a 0.4% decrease from last quarter at $37.87 P. In some top-tier buildings, rates continue to reach as high as $42.00 P. Average asking rates were highest in the Bunker Hill submarket ($39.42 P) and lowest in Greater Downtown submarket ($31.52 P). Class A asking rents were $40.82 P compared to Class B at $34.70 P and Class C at $28.56 P. WEIGHTED AVERAGE ASKING LEASE RATES BY SUBMARKET LEASING ACTIVITY BY SUBMARKET $40 $39.42 $ ,000 $35 $32.83 $ , ,900 $30 $ P PER ANNUM (FSG) $25 $20 $15 $10 400, , , ,100 $5 34,800 57,400 $0 BUNKER HILL FINANCIAL SOUTH PARK 0 SOUTH PARK BUNKER HILL FINANCIAL p. 4 Colliers International

5 market Report OFFICE LOS ANGELES Outlook The Downtown Los Angeles market will continue to see decreased vacancy throughout the rest of Thus far, Downtown has seen large renewals by prominent tenants and a lack of large move-outs to tighter sub-markets. Relocations have primarily occurred within the market, as tenants committed to Downtown Los Angeles have to weigh the cost of relocation against rising asking rents by some of the market s landlords. While vacancy rates continue to hover around 18% for traditional office inventory, buyers still see alternative investment opportunites in the form of creative office buildings and adaptive re-use projects. market description Downtown LA is a moderately large office market comprised of 32.5 million, representing 11% of the total office space over 25,000 in the LA Basin. Approximately 52% 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% and 75% 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 - UNEMPLOYMENT RATE United States, California & Los Angeles County August ,000, , ,000 3,500, ,000 3,000, , % 7.0% 6.0% 5.0% 5.2% 6.1% 6.9% 500,000 2,500, % 400,000 2,000, , ,000 1,500, % 2.0% 1.0% 1,000,0000 4Q08 3Q11 4Q09 3Q12 4Q10 3Q13 4Q11 3Q14 4Q123Q15 0.0% United States California Los Angeles County RECENT TRANSACTIONS & MAJOR DEVELOPMENTS SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER 523 W. 6th St., Los Angeles 446,000 $200,000,000 $448 P Ivanhoe Cambridge/Callahan Capital Rising Realty Parnters 800 Wilshire Blvd., Los Angeles 220,800 $79,500,000 $360 P Onni Group Lincoln Property Company/AG 360 E. 2nd St., Los Angeles 140,000 $60,000,000 $429 P Jamestown Arenda Capital Management LLC LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG TYPE LESSEE LESSOR 400 S. Hope St., Los Angeles 106,400 Renewal A The Capital Group CBRE Global Investors 725 S. Figueroa St., Los Angeles 94,400 Renewal A GSA Brookfield Office Properties 555 W. 5th St., Los Angeles 92,400 New A WeWork Brookfield Office Properties 606 S. Olive St., Los Angeles 72,200 Renewal B GSA 606 Olive LLC 725 S. Figueroa St., Los Angeles 61,000 Renewal A Pillsbury Winthrop Brookfield Office Properties MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 900 Wilshire Blvd, Los Angeles Hanjin International Corp 356,140 Financial District Under Construction Q N Figueroa St, Los Angeles The City of Los Angeles 307,552 Greater Downtown Under Renovation Q E 7th St, Los Angeles Shorenstein Properties, LLC 271,000 Greater Downtown Under Renovation 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 963 E 4th St, Los Angeles Atlas Capital Group, LLC 150,000 Greater Downtown Proposed TBD 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. 502 offices in 67 countries on 6 continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 >> $2.3 billion in annual revenue >> 1.7 billion square feet under management >> Over 16,200 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. 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. united states: Downtown Los Angeles Office License No S. Figueroa Street, Suite 3500 Los Angeles, CA tel FAX MATTESON, CAITLIN Research Director Research Services MUMPER, HANS Executive Managing Director WONG, CHRISTOPHER Regional Analyst Research Services Mid-Rise: Buildings with a total of 5 to 13 floors. High-Rise: Buildings with 14 or more floors. 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. 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. 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 Accelerating success. p. 6 Colliers International

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