Major tenant contractions and impending corporate development set the stage for 2014 and beyond

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1 Q OFFICE MINNEAPOLIS-ST. PAUL OFFICE MARKET REPORT Major tenant contractions and impending corporate development set the stage for 2014 and beyond SF Absorbed Percent Vacant MARKET INDICATORS Q VACANCY NET RENTAL RATE VACANCY 25% 20% 16.3% 16.8% 17.2% 16.7% 16.1% 15.6% 15.2% 15.3% 14.9% 15% 10% 5% Q1 NET 2,000,000 1,500, , ,1691 1,000, , , , , ,756 48,596 0 (500,000) (312,099) (1,000,000) (1,500,000) (1,661,963) (2,000,000) Q1 VACANCY AND TRENDS The vacancy rate in the -St. Paul office market decreased from 15.6 at year-end 2013 to 15.3 percent as of Quarter One of After negative absorption during Quarter Four of 2013, there continues to be limited absorption in the market saw over 981,000 square feet of absorption, and there was 503,756 square feet of absorption in 2013, most of which occurred in the first half of the year. There is steady activity, although absorption was low, but positive, at 48,596 square feet. MARKET HIGHLIGHTS Contributing to slow absorption is the trend of users downsizing, or right sizing, their space rather than expanding. We continue to track a list of large companies that have signed new leases, renewed for less space, or made the decision to relocate out of multi-tenant space into their own facilities. Joining the list is TCF Bank, which recently announced it will be vacating approximately 250,000 square feet at the TCF Tower and TCF Bank Building in the. Add in Dorsey & Whitney, Campbell Mithun, Xcel Energy, CenterPoint Energy, and Wells Fargo, and the reduction in occupied multi-tenant space reaches over 1.6 million square feet in the in 2014 and In the east metro, Lawson Software, Comcast, and US Bank will contract their space use by over 200,000 combined square feet and Be the Match will be moving out of 180,000 square feet at Broadway Ridge in the St. Paul/Suburban submarket to move into a new building in the North Loop. In Eden Prairie, UnitedHealth Group is building an over 1.4 million square foot campus and in the process will be moving out of multi-tenant space throughout the West and Southwest submarkets. In addition to the trend toward downsizing and efficient space use, tenants are seeking open floor plans, abundant natural light, fewer enclosed offices, and high ceilings. This is true throughout the market, but holds particular weight in the. The Ackerberg Group is taking over management of the 122-year-old, 50 percent vacant McKesson building in the North Loop with plans to upgrade the building. At the TractorWorks Building, also in the North Loop, City Center Realty Partners and Angelo Gordon & Co. purchased the property in 2008, invested to upgrade the building, brought occupancy up significantly and were able to sell the property at a premium during the first quarter of 2014 to Goldman Sachs. And, 510 Marquette was the first skyway-connected building in the core to completely renovate to meet popular office trends. The building went from zero to 85 percent occupied in nine months. Tenants were attracted to the high ceilings and exposed brick.

2 Q1 Q1 VACANCY SF Absorbed 172, , ,000 0 (100,000) 4,249 38,038 (40,831) (72,887)(68,925) 16,557 % Vacant % 13.3% 15.4% 19.8% 15.8% 12.4% 24% (200,000) Southwest St. Paul St. Paul Suburban West Northwest 5 Southwest St. Paul St. Paul Suburban West Northwest Additional market highlights include: > Hillcrest Development continues to move forward with its plans to redevelop Pentagon Park into office, retail, and hotel space, and is considering residential space in later phases. Existing leases at the complex have landlord termination options, but it is not likely any office construction would go forward without some preleasing. > The Ackerberg Group s 65,000-square-foot Mozaic office building in Uptown is now fully leased, and the company is planning a larger, 185,000-square-foot second phase called Mozaic East with plans to break ground sometime in > The Mall of America broke ground on the next phase of development which includes parking, retail, hotel, and plans for 175,000 square feet of office space. > The I-394 corridor is still tight, particularly among Class A properties closest to Interstate 394 at or between the Carlson Center offices and the West End development. > Comcast renewed its lease at River Park Plaza in St. Paul for 10 years and has plans to renovate it, making for more efficient use of their space and reducing their occupancy from 164,000 square feet to 125,000 square feet. > Kraus Anderson, in a joint venture with Florida-based Elion Partners, is planning a redevelopment of the State Farm headquarters. The plan calls for 300,000 square feet of construction and the reuse of the existing 400,000-square-foot building on the site. They are looking at attracting a hotel chain, retail and medical tenants. The group hasn t purchased the property yet but has the site under contract. The building has been vacant for more than seven years. > Goldman Sachs bought the 350,000-squarefoot TractorWorks building and attached parking lot for $26.8 million. This price is considered premium for the North Loop area and puts it on par with properties that have sold recently in the core. > Ryan Companies closed on the purchase of land owned by the Star Tribune where they are planning Downtown East, a $400 million mixed-use project that includes office space for Wells Fargo. It was also recently announced that the Star Tribune will be moving to the Park Building at Capella Tower. Comcast renewed its lease at River Park Plaza in St. Paul; the company has plans to renovate the space, make it more efficient, and reduce their occupancy level by almost 40,000 square feet.

3 Wells Fargo will purchase and occupy the two 17-story office towers at Downtown East, Ryan Companies mixed-use development and urban park/plaza near the new Vikings Stadium. Source: Ryan Companies FORECAST Future development will continue to be concentrated among build-to-suit projects, redevelopment of existing buildings, and infill development in urban areas. We expect continued interest in the redevelopment of older properties in order to take advantage of key aesthetics such as high ceilings and exposed beams and brick. The pool of potential buildings where this type of reuse is possible is shrinking as conversions from office to residential and renovations of existing office space continue. Looming vacancies, like the Wells Fargo move in the and the United Healthcare move in the West and Southwest, will continue over the next few years. By including the other companies from this report that are reducing their occupied square footage, we are forecasting a significant amount of vacant space coming to the market, which will contribute negatively to absorption. The strongest market conditions will continue to be in the West and among Class A properties in prime locations. Landlords at these properties are already holding to their asking rates and in some cases increasing rates. As tenants continue to downsize and large blocks of space are released into the market in future years, it remains to be seen if continued rental rate increases are sustainable. TCF recently announced it will be moving from the to the suburbs, consolidating its operations at Plymouth Corporate Center. It will be moving out of the TCF Tower and TCF Building, two adjoined Class B buildings. The properties are in the same vicinity as two properties Wells Fargo occupies, Baker Block and Northstar Buildings. Wells Fargo is planning to move many of its workers into 1.2 million square feet at the Downtown East development. The TCF Tower property will remain as office space, but the owner of the buildings, Franklin Street, is looking at possibilities for redevelopment of the TCF Building, including residential or hotel uses.

4 SIGNIFICANT LEASE AND SALES ACTIVITY LEASE ACTIVITY TENANT BUILDING NAME ADDRESS CITY SUBMARKET SIZE (SF) TCF Bank Plymouth Corporate Center 1405 Xenium Land N Plymouth West/Northwest 330,000 Comcast (renewal) 10 River Park Plaza 10 River Park Plaza St. Paul St. Paul 125,000 Larkin Hoffman 8300 Normandale 8300 Norman Center Dr Bloomington Southwest 48,902 RedBrick Health 510 Marquette 510 Marquette Ave 46,113 UBS IDS Center 80 South 8th St 30,071 Microsoft (renewal) Wells Fargo Place 30 7th St St. Paul St. Paul 12,000 Solve 9 South 12th St 9 South 12th St 7,500 SALES ACTIVITY BUILDING ADDRESS CITY BUYER SELLER SUBMARKET... PRICE PRICE PSF SIZE (SF) TractorWorks 800 Washington Ave N Goldman Sachs City Center Realty Partners $54,800,000 $ ,000 Minnesota Center 7760 France Ave S Bloomington Transwestern LNR Partners Southwest $31,000,000 $ ,425 Woodlake Centre Anchor Bank Building Brookdale Corporate Center III American National Can Building Woodhill Plaza Lyndale Ave S Richfield Woodlake Partners LLC Woodlake - VEF IV LLC Galaxie Ave Apple Valley Thomas C. Kite Valley Real Estate 6160 Summit Drive Brooklyn Center th Ave SE State Highway 7 Minnetonka Grand Oak Center 2815 Dodd Ave Eagan 6110 Blue Circle Drive Edina Business Center 6110 Blue Circle Drive 7710 Computer Ave Minnetonka Edina Atwater Group JV Swervo Development & CPEC Exchange LLC Lake West Development LLC Grand Oak Partners LLC Waba Financial Hillcrest Development Wings Financial Federal Credit Union Curwood Inc. Hempel Bremer Bank Blue Circle Partnership West/ Northwest West/ Northwest $20,300,000 $ ,000 $6,220,000 $138 45,186 $4,480,000 $43 104,063 $3,000,000 $15 200,000 $2,750,000 $46 59,844 $1,600,000 $52 30,920 Southwest $1,350,000 $39 34,339 Crown Bank LLC Southwest $1,200,000 $53 22,500

5 Market Statistics SUBMARKET TOTAL SF DIRECT VACANT SF % VACANT DIRECT SUBLEASE VACANT SF % VACANT W/SUBLEASE 1ST QUARTER Q1 RENTAL RATES QUOTED NET RENTAL RATES AIRPORT/SOUTH OF THE RIVER A 1,787, , % 9, % 106, ,152 $12.60 B 3,515, , % 5, % 50,885 50,885 $11.63 C 1,248, , % 0 9.9% 15,363 15,363 $10.64 Totals: 6,551,656 1,001, % 14, % 172, ,400 $11.63 MINNEAPOLIS A 12,854,246 1,335, % 347, % (19,126) (19,126) $16.73 B 10,842,899 1,859, % 185, % (67,445) (67,445) $12.09 C 3,951, , % 23, % 90,815 90,815 $9.98 Totals: 27,648,490 3,670, % 556, % 4,244 4,244 $12.90 YTD QUOTED NET SOUTHWEST A 9,473,521 1,308, % 87, % 43,430 43,430 $15.16 B 5,751,919 1,013, % 49, % (62,714) (62,714) $11.70 C 926, , % % (21,547) (21,547) $10.17 Totals: 16,152,115 2,491, % 137, % (40,831) (40,831) $13.42 ST PAUL A 2,128, , % 24, % (78,534) (78,534) $12.64 B 5,016,179 1,210, % 9, % (16,329) (16,329) $10.64 C 831,936 49, % 4, % 21,976 21,976 $8.00 Totals: 7,976,782 1,577, % 37, % (72,887) (72,887) $11.21 ST. PAUL SUBURBAN A 2,895, , % 20, % (26,846) (26,846) $13.96 B 6,319, , % % (16,712) (16,712) $10.89 C 2,165, , % % (25,367) (25,367) $9.14 Totals: 11,380,215 1,799, % 20, % (68,925) (68,925) $11.79 WEST/NORTHWEST A 5,402, , % 94, % 44,995 44,995 $15.28 B 5,752,829 1,140, % 23, % (22,042) (22,042) $11.91 C 2,077, , % % 31,642 31,642 $7.48 Totals: 13,232,828 2,151, % 118, % 54,595 54,595 $12.55 WEST A 4,038, , % 76, % 38,061 38,061 $16.91 B 4,013, , % 19, % (29,316) (29,316) $12.43 C 761,893 61, % 0 8.1% 29,293 29,293 $7.80 Totals: 8,813,981 1,089, % 96, % 38,038 38,038 $13.30 NORTHWEST A 1,364, , % 18, % 6,934 6,934 $13.41 B 1,738, , % 3, % 7,274 7,274 $10.61 C 1,315, , % % 2,349 2,349 $7.15 Totals: 4,418,847 1,062, % 21, % 16,557 16,557 $11.27 TOTAL ALL MARKETS A 34,542,405 4,619, % 583, % 70,071 70,071 $14.82 B 37,198,371 6,792, % 272, % (134,357) (134,357) $11.60 C 11,201,310 1,279, % 27, % 112, ,882 $9.41 Totals: 82,942,086 12,691, % 883, % 48,596 48,596 $12.47 The above table is summarized data on multi-tenant office buildings greater than 20,000 square feet. Not included are single-tenant, owner-occupied, medical or government buildings.

6 Market Statistics (EXPANDED MARKET) SUBMARKET TOTAL SF DIRECT VACANT SF % VACANT DIRECT SUBLEASE VACANT SF % VACANT W/SUBLEASE 1ST QUARTER YTD QUOTED NET RENTAL RATES AIRPORT/SOUTH OF THE RIVER A 3,972, , % 9, % 111, ,999 $12.74 B 6,415,657 1,006, % 5, % 57,605 57,605 $11.86 C 2,954, , % 4, % 20,700 20,700 $10.64 Totals: 13,342,528 2,060, % 19, % 190, ,304 $11.89 MINNEAPOLIS A 13,618,828 1,337, % 347, % (18,796) (18,796) $16.73 B 12,193,458 1,893, % 185, % (67,445) (67,445) $11.97 C 5,888, , % 23, % 90,815 90,815 $9.98 Totals: 31,700,971 3,705, % 556, % 4,574 4,574 $12.83 SOUTHWEST A 11,321,141 1,352, % 194, % 641, ,615 $14.98 B 7,636,921 1,147, % 63, % (88,348) (88,348) $11.64 C 3,232, , % % (15,121) (15,121) $10.10 Totals: 22,190,636 3,103, % 258, % 538,146* 538,146 $13.16 ST PAUL A 2,773, , % 24, % (78,534) (78,534) $14.45 B 5,953,723 1,210, % 9, % (16,329) (16,329) $10.58 C 3,002,535 77, % 6, % 21,976 21,976 $8.00 Totals: 11,730,218 1,611, % 40, % (72,887) (72,887) $11.67 ST. PAUL SUBURBAN A 4,332,783 1,108, % 20, % 4,174 4,174 $14.03 B 10,506,558 1,150, % 10, % (3,693) (3,693) $10.87 C 7,384, , % 0 4.3% (31,474) (31,474) $9.21 Totals: 22,224,333 2,574, % 30, % (30,993) (30,993) $11.71 WEST/NORTHWEST A 7,074, , % 97, % 45,933 45,933 $15.18 B 9,180,819 1,252, % 120, % (16,024) (16,024) $11.71 C 5,172, , % 0 5.3% 13,433 13,433 $9.23 Totals: 21,428,066 2,417, % 217, % 43,342 43,342 $12.58 TOTAL ALL MARKETS A 43,093,879 5,588, % 693, % 706, ,391 $14.72 B 51,887,136 7,661, % 394, % (134,234) (134,234) $11.53 C 27,635,737 2,223, % 34, % 100, ,329 $9.71 Totals: 122,616,752 15,473, % 1,122, % 672, ,486 $12.43 The above table is summarized data on multi- and single-tenant office buildings greater than 10,000 square feet. Owner-occupied properties are also included. Not included are government or medical buildings. *Includes 598,400 square feet of absorption at Tower 1 and 2 of UnitedHealth Group s newly-constructed campus in Eden Prairie.

7 MARKET REPORT Q OFFICE MINNEAPOLIS-ST. PAUL

8 485 offices in 63 countries $2.1 billion USD in annual revenue 15,800 professionals and staff 1.46 billion* square feet under management $75 billion USD in total transaction value * Square footage includes office, industrial and retail property under management. Residential property is excluded from this total. All statistics are for St. Paul 4350 Baker Road, Suite 400 Minnetonka, MN DIRECT Accelerating success.

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