Third Quarter San Francisco Office Report SAN FRANCISCO OFFICE Lic # One Bush Street, Suite 400 San Francisco, CA Tel:

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1 Third Quarter San Francisco Office Report SAN FRANCISCO OFFICE Lic # One Bush Street, Suite 400 San Francisco, CA Tel: Fax:

2 SAN FRANCISCO OFFICE THIRD QUARTER TABLE OF CONTENTS Coverage Map 1 San Francisco Market Overview 2 San Francisco Market Summary 3 San Francisco Market Highlights 4 San Francisco Class A Focus 6 North Financial District Market Summary 8 South Financial District Market Summary 10 North Waterfront / Jackson Square Market Summary 12 Van Ness / Civic Center Market Summary 13 Union Square Market Summary 14 SoMa Market Summary 16 Agent Roster 19

3 SAN FRANCISCO OFFICE THIRD QUARTER COVERAGE MAP 1

4 OFFICE UPDATE AND Q IN REVIEW SAN FRANCISCO OFFICE THIRD QUARTER By: Ryan Carmichael, Financial Analyst / Market Research Coordinator Momentum is mounting for economic recovery as business and consumer confidence builds in San Francisco. Unemployment, which stood at 9.7 percent as of July has consistently receded since the beginning of the year. The financial services sector, which continues to shed excess space left over from the industry-wide employment reduction, is projected to reach an employment low in December of this year with hiring picking up in The legal and technology sectors have rebounded over the past year, with the latter hardly missing a beat through the recession. Overall business spending remains high for internet related companies; especially those specializing in gaming and social networking. San Francisco s housing market has rebounded better than any other major metro area in the country and regional retail sales figures show an uptick in overall volume since the spring of The overall occupancy increased for a second straight quarter as the San Francisco office market recorded 481,257 square feet of positive net absorption, bringing the year to date citywide net absorption to 459,426 square feet. Vacancy, at percent in the third quarter, decreased from its second quarter mark of 14.9 percent. This represents a decline of 492 basis points from its highest point of percent set in the first quarter of Asking rates for Citywide Class A space remained relatively flat in the third quarter at $35.64/s.f. This represents a modest 2.8% increase from this time last year. While market fundamentals continue to improve, the third quarter still presented tenant favorable conditions in San Francisco s Central Business District (CBD) for those firms interested in commodity, non-view, and noncreative options, prompting renewals and early restructures. Large users negotiating early renewals benefited from the attractive deal terms offered by landlords who were focused on keeping occupancy levels high. In the North Financial District Yahoo, Inc. signed a 63,886 s.f., four year renewal at 475 Sansome Street in the third quarter. Even though relocating proves cost prohibitive for most large users, Deloitte & Touche decided to relocate from 50 Fremont Street to 555 Mission Street. The move to 555 Mission Street was financially feasible for the consulting firm because the new landlord agreed to offset some of its remaining obligation at 50 Fremont Street. Although this move represents a 90,000 s.f. reduction in Deloitte s San Francisco footprint, consulting firms in general (including Deloitte) are gearing up to backfill much of its entry and mid-level workforce which was cut during the downturn, leading to increased demand for the CBD Class A market. At $36.33/s.f., the average for Class A asking rates in the CBD has increased 4 percent in 2010; still down 22.5 percent from the 2008 rent of $46.91/s.f. set in the second quarter when asking rates peaked. Strong demand from new and expanding technology companies has placed a premium on SOMA s creative, brick and timber space, further dividing the market between creative and traditional office use. Internet gaming developer, Zynga (which was the largest contributor to the third quarter absorption) has committed to approximately 270,000 s.f. at 650 Townsend Street (699 8 th Street). This represents the largest new lease to be signed in San Francisco since Barclay s Global Investors pre-leased 350,000 s.f. at 405 Howard Street in In 2011, should the employment growth in the financial, legal and consulting sectors be realized, then vacancy rates will continue to drop, resulting in an increase in asking rates by the end of Furthermore, the continued venture capital funding of technology start-ups will keep a premium on creativetype office space throughout the various submarkets outside of the CBD. With one quarter left in 2010, look for market fundamentals to tighten further, laying the foundations for a full shift to recovery phase in

5 OFFICE MARKET HIGHLIGHTS - LEASING Average Asking Rate ¹ Submarket Net Rentable Area * Vacancy Total Vacancy ³ Total Availability Class A Class B Class C Q3 Net Absorption ² Y-T-D North Financial District 28,530,271 4,199, % 18.55% $36.01 $29.10 $23.97 (6,878) (71,502) South Financial District 24,807,647 2,611, % 13.28% $36.67 $30.55 $ ,353 (140,097) North Waterfront/Jackson Sq. 6,713, , % 16.12% $31.60 $27.55 $24.00 (4,979) 64,029 Van Ness/Civic Center 6,468,448 1,264, % 19.24% $27.80 $24.10 $23.31 (55,462) (73,025) Union Square 5,896, , % 11.96% $31.55 $28.08 $ ,230 70,883 SoMa** 10,463,312 2,548, % 24.36% $34.00 $30.00 $ , ,753 San Francisco Office Market 82,878,820 11,973, % 17.09% $35.64 $28.73 $ , ,041 ** SoMa Inventory includes the following markets: South of the Market; Yerba Buena; Multimedia Gulch; Mission Bay; South Beach; Inner Mission & Potrero Hill Historical Trends Class A Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates 1 Q3 45,267,770 3,412, , % 213,537 $35.88 Q4 45,278,227 3,224, , % 210,841 $ /Q1 46,668,376 3,422, , % 91,954 $42.02 Q2 46,663,509 3,286, , % 92,522 $43.32 Q3 46,663,509 3,083, , % 240,597 $46.82 Q4 46,663,509 2,976, , % 154,149 $ /Q1 47,322,203 2,754, , % 209,188 $46.91 Q2 47,595,475 3,243, , % (517,616) $46.94 Q3 47,595,475 3,448, , % (555,126) $44.07 Q4 48,151,794 4,587, , % (1,236,304) $ /Q1 48,219,559 4,968,642 1,122, % (661,859) $37.02 Q2 48,219,559 5,009,042 1,273, % (190,864) $35.49 Q3 48,219,559 4,995,774 1,178, % 108,158 $34.64 Q4 48,337,119 5,439, , % (227,776) $ /Q1 48,337,137 5,809, , % (87,475) $34.78 Q2 48,337,137 5,841, , % (96,109) $35.02 Q3 48,337,137 5,908, , % (26,932) $35.64 HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as Full service ³ Vacancy is based on vacant square footage 2 Absorption is based on vacant square footage * Includes all classes of office space 3

6 OFFICE MARKET HIGHLIGHTS - LEASING 555 Mission Street BY THE NUMBERS Deloitte & Touche signed a fifteen year lease for ±166,435 square feet at 555 Mission Street. The relocation from 50 Fremont, which will take place in the summer of 2011 represents a 90,000 square foot reduction in the consulting firm s San Francisco footprint. Significant Leases (By Square Footage) Top Leases for Q Tenant Lessor (Sublessor) Address Sq. Ft. Zynga Game Network, Inc. (E) TMG Partners 650 Townsend Street 270,000 Deloitte & Touche Tishman Speyer Properties 555 Mission Street 166,435 First Republic Bank ( C ) ( R ) ( E ) Charter Properties 111 Pine Street 135,000 Salesforce.com ( C ) Sumitomo Corporation of America 123 Mission Street 70,511 Yahoo Corporation ( R ) Mosten Management Company 475 Sansome Street 63,886 UCSF Broadway Partners Fund Management, LLC 50 Beale Street 57,401 National Parks Service Brookfield 333 Bush Street 50,000 Top Pending Leases Tenant Lessor (Sublessor) Address Sq. Ft. Google Morgan Stanley (PPF) 345 Spear Street 64,000 Wiley Publishing American Realty Investors 1 Montgomery Street 39,000 State Department Broadway Partners 50 Beale Street 30,000 Top 6 Contiguous Spaces (vacant/ available in the next 12 months) Address Lessor (Sublessor) Sq. Ft Market Street (connects w/ 875 Stevenson) The ADCO Group 760, Folsom Street Wells Fargo 400, Third Street Lincoln/Lane Partners 372, Van Ness Street Vornado Realty Trust/Patson Group 370, New Montgomery Street Stockbridge Real Estate Funds 281, Terry Francois Blvd. CBRE Investors 280, Brannan Street ScanlanKemperBard Companies 260,000 ( S ) = Sublease ( R ) = Renewal ( E ) = Expansion ( C )= Cornish & Carey Commercial Newmark Knight Frank Involvement 4

7 OFFICE MARKET HIGHLIGHTS- SALES BY THE NUMBERS Market Street Manulife Financial purchased the ±770,000 square feet Market Center ( Market Street) from RREEF Funds for ±$345 Per Square Foot. Significant Sale Statistics (By Square Footage) Building Seller Buyer Sq. Ft Market Street (Market Center) RREEF Manulife Financial 770, California Street Lexington Realty Trust Highridge Partners JV Baupost Capital 169, Utah Street The Lionstone Group TMG Partners 76, Columbus Street Savoy Corporation Rona Real Estate LLC 62,265 Top Buildings for Sale (Over 50,000 Square Feet) Building Seller Buyer Sq. Ft. 543 Howard Street Gordon Development N/A 71,527 Projects Under Construction (By Completion Date) Building Owner Location Completion Date Major Tenant Sq. Ft. 455 Mission Bay Blvd. Alexandria Real Estate Mission Bay Q Nektar Therapeutics, Inc. 210,000 Projects Planned (By Square Footage) Building Owner Location Status Sq. Ft. 222 Second Street Tishman Speyer SFD Planning 700, Mission Street ( C ) GLL Real Estate Partners SFD Planning / Marketing Space 430, Bush Street & 500 Pine Street Lincoln Properties NFD On Hold 400, Folsom Street ( R ) Wells Fargo SFD On Hold 400, Mission Street Beacon Capital Partners SFD On Hold 307,000 Piers Shorenstein Company North Waterfront Planning 300,000 Foundry Square III Wilson Meany Sullivan SFD Approved / Marketing Space 197,000 ( S ) = Sublease ( R ) = Renewal ( E ) = Expansion ( C )= Cornish & Carey Commercial Newmark Knight Frank Involvement 5

8 SAN FRANCISCO CLASS A FOCUS TIER 1, 2 & 3 Energy Star LEED Certified LEED - Pending 6

9 SAN FRANCISCO CLASS A FOCUS TIER 1, 2 & 3 Energy Star LEED Certified LEED - Pending 7

10 NORTH FINANCIAL DISTRICT MARKET SUMMARY 3 rd Quarter, 2010 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q2 '10 Rental Rates¹ A 21,484, % 12.2% 2.7% 3,194,258 2,623, ,197 (104,957) (34,636) $36.01 B 6,272, % 14.5% 0.5% 944, ,182 33,397 92,467 (56,657) $29.10 C 773, % 7.8% 0.0% 60,309 60, ,612 6,909 $ ,530, % 12.60% 2.12% 4,199,146 3,594, ,594 (6,878) (84,384) Historical Trends Class A Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates Q3 19,895,019 1,557, , % 51,837 $36.40 Q4 19,895,019 1,505, , % 225,615 $ /Q1 20,968,597 1,703, , % (3,396) $37.60 Q2 20,968,597 1,654, , % (121,277) $43.24 Q3 20,968,597 1,381, , % (17,312) $45.15 Q4 20,968,597 1,252, , % 83,823 $ /Q1 21,482,945 1,294, , % 55,817 $48.30 Q2 21,482,945 1,430, , % (134,611) $48.30 Q3 21,482,945 1,525, , % (286,019) $45.30 Q4 21,482,945 2,075, , % (480,054) $ /Q1 21,546,720 2,189, , % (254,346) $37.98 Q2 21,546,720 2,215, , % (136,359) $36.30 Q3 21,546,720 2,320, , % (47,790) $35.40 Q4 21,546,720 2,437, , % (8,559) $ /Q1 21,484,328 2,460, , % 61,244 $35.68 Q2 21,484,328 2,496, , % (34,636) $35.89 Q3 21,484,328 2,623, , % (104,957) $36.01 HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as full service 8

11 NORTH FINANCIAL DISTRICT MARKET SUMMARY SAN FRANCISCO OFFICE THIRD QUARTER BY THE NUMBERS ±63,886 square feet was renewed by Yahoo Corporation at 475 Sansome Street for a four year term. 14.9% 3rd Quarter Class A vacancy for the North Financial District submarket. At $36.01 per square foot (Full service) in the Q3 10, Class A space has remained relatively flat, recording just a 2% increase year to date. CLASS A HISTORICAL DIRECT VS. SUBLEASE VACANT SPACE 9

12 SOUTH FINANCIAL DISTRICT MARKET SUMMARY 3 rd Quarter, 2010 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Overall Direct Sublet Current Quarter Q2 '10 Rental Rates¹ A 20,239, % 10.0% 2,271,495 2,022, ,509 71,816 (77,822) $36.67 B 3,346, % 5.5% 184, ,842 0 (29,672) 6,833 $30.55 C 1,222, % 12.6% 155, ,513 1,000 18,209 (10,404) $ ,807, % 9.52% 2,611,850 2,362, ,509 60,353 (81,393) Historical Trends Class A Quarter Total RSF Direct Vacant Vacancy Absorption Rental Rates Q3 19,094,438 1,271, % (70,444) $36.00 Q4 19,094,438 1,038, % 228,697 $ /Q1 19,128, , % 252,536 $42.67 Q2 19,128, , % 13,586 $43.40 Q3 19,128,276 1,157, % 114,922 $47.60 Q4 19,128,276 1,294, % (128,390) $ /Q1 19,612,763 1,064, % (32,660) $47.60 Q2 19,612,763 1,153, % 37,426 $47.60 Q3 19,612,763 1,357, % (73,457) $44.20 Q4 20,169,082 1,977, % (410,583) $ /Q1 20,181,060 2,089, % (237,133) $37.35 Q2 20,181,060 2,086, % (9,910) $36.20 Q3 20,181,060 1,990, % 145,018 $35.30 Q4 20,181,060 1,966, % 80,375 $ /Q1 20,239,092 2,099, % (106,961) $35.30 Q2 20,239,092 2,103, % (77,822) $35.78 Q3 20,239,092 2,022, % 71,816 $36.67 CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as full service 10

13 SOUTH FINANCIAL DISTRICT MARKET SUMMARY BY THE NUMBERS In addition to the Deloitte & Touche transaction at 555 Mission Street, ±57,401 square feet was leased by UCSF at 50 Beale Street for a five year term. The South Financial District recorded 60,353 square feet of overall positive net absorption in Q3 10, bringing the year-todate total absorption to (140,097) square feet of negative net absorption % overall vacancy rate in Q3 10, a slight decrease from 10.77% in Q2 10. CLASS A HISTORICAL DIRECT VS. SUBLEASE VACANT SPACE 11

14 NORTH WATERFRONT/JACKSON SQUARE MARKET SUMMARY BY THE NUMBERS Average asking rate of $31.60 per square foot (Full service) for Class A space. (4,979) square feet of negative net absorption for all building classes in the North Waterfront / Jackson Square submarket, compared to ±103,635 Square Feet of positive net absorption in Q2 10. ±21,163 Square Feet was leased by Jackson Jenkins Renstrom LLP at 55 Francisco for a five year term. 3 rd Quarter, 2010 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q2 '10 Rental Rates¹ A 1,680, % 12.5% 0.0% 209, , ,243 4,119 $31.60 B 3,599, % 8.1% 1.6% 350, ,838 57,838 (28,222) 110,857 $27.55 C 1,470, % 5.8% 0.0% 84,946 84, (11,341) $ ,750, % 8.70% 0.86% 645, ,220 57,838 (4,979) 103,635 CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are Quoted as Full Service 12

15 VAN NESS/CIVIC CENTER MARKET SUMMARY BY THE NUMBERS 100 Van Ness is 100% percent vacant (372,047 square feet), making up 78.3% of all Class A vacancy in the Van Ness/Civic Center submarket. (55,462) square feet of net absorption including all classes in Q3 10 compared to (33,262) square feet in Q2 10. Average asking rate of $27.80 per square foot (Full service) for Class A space. 3 rd Quarter, 2010 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q2 '10 Rental Rates¹ A 2,105, % 22.6% 0.0% 475, ,420 0 (16,320) (7,679) $27.80 B 2,682, % 23.9% 2.9% 718, ,818 78,116 (33,682) (26,362) $24.10 C 1,680, % 4.2% 0.0% 69,952 69,952 0 (5,460) 779 $ ,468, % 18.34% 1.21% 1,264,306 1,186,190 78,116 (55,462) (33,262) CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as full service 13

16 UNION SQUARE MARKET SUMMARY BY THE NUMBERS Average asking rate of $31.55 per square foot (Full service) for Class A space. 165 O Farrell Street is under contract to an undisclosed buyer. The selling entity is Union Square Investments LLC. The building is 100% vacant. 33,230 square feet of overall positive net absorption, bringing the year-to-date total to 70,883 square feet of positive net absorption. 3 rd Quarter, 2010 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q2 '10 Rental Rates¹ A 294, % 34.8% 0.0% 102, , ,931 $31.55 B 2,878, % 7.7% 0.1% 223, ,443 1,783 23,229 8,975 $28.08 C 2,723, % 13.8% 0.1% 378, ,319 2,000 10,001 16,642 $ ,896, % 11.88% 0.06% 704, ,250 3,783 33,230 39,548 CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as full service 14

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18 SOMA OFFICE UPDATE Q By: Riccardo Gale and Marc Trovato For the second consecutive quarter, the SOMA market experienced increased rents and decreased availability. Asking rates increased from $28.57 FS per Rentable Square Foot ( RSF ) to $29.26/RSF, while availability fell from 28.24% to 24.36%. But not all SOMA office space is in hot demand. Traditional buildings, which generally feature lower drop ceilings and dry-wall interior finishes, continue to languish on the market, with 27.6% availability and $27.95/RSF average asking rent. By comparison, creative buildings, generally featuring high, open ceilings and concrete or brick-and-timber finishes, are asking $31.13/RSF, and availability is 18.1%. Activity was robust this quarter, with over 454,993 RSF of positive net absorption. Leading the charge was Zynga which committed to approximately 270,000 RSF at 650 Townsend Street (aka th Street). Also contributing to the third quarter s positive net absorption was; United Business Media, Cisco, and Outcast Communications, totaling 80,000 RSF of space. Several large technology tenants are currently in the market, including Dolby Labs for approximately 200,000 RSF, and Twitter for 150,000 RSF. Some of the more desirable available spaces in the market include: 625 Second Street 11,050 RSF of creative brick & timber space divisible to 5,016 RSF 99 Rhode Island Street 40,000 RSF of creative space over two floors 139 Townsend Street 11,000 RSF of creative brick & timber space on the 4 th floor Investment activity was fairly quiet this quarter. TMG Partners acquisition of 208 Utah for approximately $8M (+/-$110/SF) was the only notable transaction. In conclusion, the third Quarter of 2010 built upon the upward trend of the previous quarter. Strong demand from the tech sector continues to drive the market, particularly in the better creative buildings near Caltrain and the ballpark and along the Second Street corridor, where the ability to retain and recruit talent from the Peninsula and BART-served locations helps justify higher rents. 16

19 SOMA MARKET SUMMARY 3 rd Quarter, 2010 Submarket # of Buildings Total Sq. Ft. Available Sq. Ft. Vacancy Rate Average Asking Rent Absorption Sq. Ft. South Beach 19 2,105, , % $ ,512 Multimedia Gulch 41 3,980, , % $ ,031 Yerba Buena/South of Market 19 2,561,807 1,009, % $ ,344 Potrero Hill / Inner Mission 14 1,258, , % $ ,130 Mission Bay 4 556, , % $ Totals: 97 10,463,312 2,548, % $ ,993 *Rates are based on a weighted average for available space only. SOMA Top Ten Buildings Q Building Stories Building Sq. Ft. Total ¹Rates Direct Avg. Direct Sq. Ft. Sublease Sq. Ft. Total Avail. Sq. Ft. Avail. Total Percent 185 Berry Street 6 939,549 $ , , % 475 Brannan Street 4 255,000 $ , , % 444 DeHaro Street 2 152,000 $ % 160 King Street ,983 $ ,029 9,123 17, % 303 2nd Street ,972 $ , , % 501 2nd Street 7 207,809 $ ,332 9,850 26, % 625 2nd Street 4 134,447 $ ,175 7,352 32, % 123 Townsend Street 6 138,735 $ ,500 7,800 21, % 139 Townsend Street 5 57,782 $ , , % 410 Townsend Street 4 80,000 $ % 1 Rates are Quoted as Full Service Largest Contiguous Spaces Q Address Square Feet Available 1355 Market Street 760, Folsom Street 400, rd Street 372, Terry Francois 280, Brannan Street 260, Illinois - Bldg ,275 17

20 SOMA MARKET SUMMARY Top Leases Q Tenant Address Lessor Square Feet Zynga Game Network, Inc. (E) 650 Townsend Street (aka 699 8th St) TMG Partners ±270,000 United Business Media 303 Second Street Multi Employer Property Trust ±36,620 Cisco Systems 185 Berry Street McCarthy Cook ±31,891 Outcast Communications ( C ) 123 Townsend Street Manchester Capital Management ±21,568 Top Pending Leases Q Tenant Address Lessor Square Feet Powerset (Microsoft) 475 Brannan Street Prudential ±18,000 AKQA 123 Townsend Street Manchester Capital Management ±13,500 DPR Constuction 301 Brannan Street Watson-Breevast ±14,000 ( S ) = Sublease ( R ) = Renewal ( E ) = Expansion ( C ) = Cornish & Carey Commercial Newmark Knight Frank Involvement 18

21 AGENT ROSTER OFFICE LEASING Roman Adler Jonathan Allen Karl Baldauf Bill Benton Mike Brown John Cashin Donnette Clarens Bryan Courson Nathan Crawford Kevin Delehanty Shannon Dolan Riccardo Gale Liz Hart Jim Lucas John Norton Bart O Connor boconnor@ccareynkf.com Will Scovill wscovill@ccareynkf.com Nick Slonek nslonek@ccareynkf.com Marc Trovato mtrovato@ccareynkf.com Cassidy Zerrer czerrer@ccareynkf.com CAPITAL GROUP Ben Bullock bbullock@ccareynkf.com Erik Doyle edoyle@ccareynkf.com Sean Fulp sfulp@ccareynkf.com Allison Gorelick mgorelick@ccareynkf.com Mike Hegseth mhegseth@ccareynkf.com Kyle Ladewig kladewig@ccareynkf.com Brad Zampa bzampa@ccareynkf.com INVESTMENTS Russ Sherman rsherman@ccareynkf.com RETAIL LEASING Tracy Chiao tchiao@ccareynkf.com Erika Elliott eeliott@ccareynkf.com Tom Neuburger tneuburger@ccareynkf.com Julie Taylor jtaylor@ccareynkf.com INDUSTRIAL LEASING Bruce Carter bcarter@ccareynkf.com LEASED INVESTMENT GROUP MAFFIA TEAM Putnam Daily pdaily@ccareynkf.com Mike Maffia mmaffia@ccareynkf.com Justin Stark jstark@ccareynkf.com MARKET RESEARCH Ryan Carmichael rcarmichael@ccareynkf.com MARKETING/SALES ASST. Lauren Collette lcollette@ccareynkf.com Nicole Costello ncostello@ccareynkf.com Natelle Fitzgerald nfitzgerald@ccareynkf.com Raquel Ledesma rledesma@ccareynkf.com Madeline Kieselhorst mkieselhorst@ccareynkf.com Melinda Miyagishima mmiyagishima@ccareynkf.com Cynthia Morales cmorales@ccareynkf.com Rachel Pagan rpagan@ccareynkf.com Sarah Stanley sstanley@ccareynkf.com OFFICE ADMIN. BK Masterson bkmasterson@ccareynkf.com 19

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