The CoStar Office Report

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1 The CoStar Office Report F I R S T Q U A R T E R Broward County Office Market

2 Broward County Office Market FIRST QUARTER 2011 BROWARD COUNTY Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets Employment & Tenant Analysis Employment & Unemployment Analysis Tenant Profiles Inventory & Development Analysis Construction Activity Map Inventory & Development Analysis Figures at a Glance Figures at a Glance by Class & Market Figures at a Glance Grouped by CBD vs Suburban Historical Figures at a Glance Leasing Activity Analysis Leasing Activity Map Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Select Same Building Sales Select Land Sales Analysis of Individual CoStar Markets Commercial Blvd Market Cypress Creek Market Downtown Fort Lauderdale Market Fort Lauderdale Market Hallandale Market Hollywood Market NW Broward/Coral Springs Market Outlying Broward County Market Plantation Market Pompano Beach Market Sawgrass Park Market Southwest Broward Market 2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT A

3 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market Methodology The CoStar Office Report, unless specifically stated otherwise, calculates office statistics using CoStar Group s entire database of existing and under construction office buildings in each metropolitan area. Included are office, office condominium, office loft, office medical, all classes and all sizes, and both multi-tenant and single-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 71.7 billion square feet of coverage in 3 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2010 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided as is and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CoStar Group, Inc L ST NW Washington, DC USA (800) NASDAQ: CSGP B THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

4 Broward County Office Market FIRST QUARTER 2011 BROWARD COUNTY Terms & Definitions Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). CBD: Abbreviation for Central Business District. (See also: Central Business District) Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA. Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and command the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality. Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors. Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These buildings lack prestige and must depend chiefly on a lower price to attract tenants and investors. Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries) Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space. Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Delivery Date: The date a building completes construction and receives a certificate of occupancy. Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. : The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance. Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space. Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings. Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehousing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are buildingtype specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) 2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT C

5 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy). Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, or restaurant, usually on the ground floor. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly. Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Suburban: The Suburban and Central Business District (CBD) designations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD) Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied. Under Construction: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construction and until it receives a certificate of occupancy. Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied. D THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

6 Broward County Office Market OVERVIEW FIRST QUARTER 2011 BROWARD COUNTY Broward County s Decreases to 12.9% Net Absorption Positive 153,411 SF in the Quarter The Broward County Office market ended the first quarter 2011 with a vacancy rate of 12.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 153,411 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 336,906 square feet. Rental rates ended the first quarter at $24.65, a decrease over the previous quarter. There were no properties under construction at the end of the quarter. Absorption Net absorption for the overall Broward County office market was positive 153,411 square feet in the first quarter That compares to negative (9,355) square feet in the fourth quarter 2010, positive 194,441 square feet in the third quarter 2010, and negative (64,033) square feet in the second quarter Tenants moving into large blocks of space in 2011 include: Guarantee Insurance Company moving into 20,915 square feet at Bank of America Tower at Las Olas City Centre; Progressive Insurance moving into 19,252 square feet at Commercial Place II; and McCalla Raymer moving into 15,298 square feet at 110 Tower. The Class-A office market recorded net absorption of positive 74,275 square feet in the first quarter 2011, compared to negative (101,717) square feet in the fourth quarter 2010, positive 72,860 in the third quarter 2010, and negative (142,370) in the second quarter The Class-B office market recorded net absorption of positive 12,076 square feet in the first quarter 2011, compared to positive 64,165 square feet in the fourth quarter 2010, positive 152,854 in the third quarter 2010, and positive 99,919 in the second quarter The Class-C office market recorded net absorption of positive 67,060 square feet in the first quarter 2011 compared to positive 28,197 square feet in the fourth quarter 2010, negative (31,273) in the third quarter 2010, and negative (21,582) in the second quarter Net absorption for Broward County s central business district was negative (47,455) square feet in the first quarter That compares to negative (95,195) square feet in the fourth quarter 2010, positive 92,613 in the third quarter 2010, and negative (17,160) in the second quarter Net absorption for the suburban markets was positive 200,866 square feet in the first quarter That compares to positive 85,840 square feet in fourth quarter 2010, positive 101,828 in the third quarter 2010, and negative (46,873) in the second quarter The office vacancy rate in the Broward County market area decreased to 12.9% at the end of the first quarter The vacancy rate was 13.1% at the end of the fourth quarter 2010, 13.1% at the end of the third quarter 2010, and 13.4% at the end of the second quarter Class-A projects reported a vacancy rate of 20.1% at the end of the first quarter 2011, 20.6% at the end of the fourth quarter 2010, 19.9% at the end of the third quarter 2010, and 20.4% at the end of the second quarter Class-B projects reported a vacancy rate of 13.6% at the end Rates by Class A B C Total Market 25% 20% Rate 15% 10% 5% 0% COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 1

7 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market OVERVIEW of the first quarter 2011, 13.7% at the end of the fourth quarter 2010, 13.9% at the end of the third quarter 2010, and 14.4% at the end of the second quarter Class-C projects reported a vacancy rate of 6.9% at the end of the first quarter 2011, 7.2% at the end of fourth quarter 2010, 7.3% at the end of the third quarter 2010, and 7.2% at the end of the second quarter The overall vacancy rate in Broward County s central business district at the end of the first quarter 2011 increased to 14.7%. The vacancy rate was 14.2% at the end of the fourth quarter 2010, 13.2% at the end of the third quarter 2010, and 14.2% at the end of the second quarter The vacancy rate in the suburban markets decreased to 12.6% in the first quarter The vacancy rate was 12.9% at the end of the fourth quarter 2010, 13.1% at the end of the third quarter 2010, and 13.2% at the end of the second quarter Largest Lease Signings The largest lease signings occurring in 2011 included: the 29,018-square-foot lease signed by Life Extension Foundation at Commercial Station Bldg. I in the Cypress Creek market; the 21,113-square-foot deal signed by Yum! Restaurants International Inc at New River Center in the Downtown Fort Lauderdale market; and the 20,785-square-foot lease signed by Crowe Horwath at Bank of America Tower at Las Olas City Centre in the Downtown Fort Lauderdale market. Sublease The amount of vacant sublease space in the Broward County market decreased to 336,906 square feet by the end of the first quarter 2011, from 435,737 square feet at the end of the fourth quarter There was 402,776 square feet vacant at the end of the third quarter 2010 and 432,848 square feet at the end of the second quarter Broward County s Class-A projects reported vacant sublease space of 157,576 square feet at the end of first quarter 2011, U.S. Comparison Past 7 Quarters Rate 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Source: CoStar Property Broward County United States q q q 2011 down from the 186,814 square feet reported at the end of the fourth quarter There were 164,252 square feet of sublease space vacant at the end of the third quarter 2010, and 193,954 square feet at the end of the second quarter Class-B projects reported vacant sublease space of 174,200 square feet at the end of the first quarter 2011, down from the 247,381 square feet reported at the end of the fourth quarter At the end of the third quarter 2010 there were 236,982 square feet, and at the end of the second quarter 2010 there were 237,352 square feet vacant. Class-C projects reported increased vacant sublease space from the fourth quarter 2010 to the first quarter Sublease vacancy went from 1,542 square feet to 5,130 square feet during that time. There was 1,542 square feet at the end of the third quarter 2010, and 1,542 square feet at the end of the second quarter Sublease vacancy in Broward County s central business district stood at 52,573 square feet at the end of the first quarter It was 56,865 square feet at the end of the fourth quarter 2010, 49,519 square feet at the end of the third quarter 2010, and 66,657 square feet at the end of the second quarter Sublease vacancy in the suburban markets ended the first quarter 2011 at 284,333 square feet. At the end of the fourth quarter 2010 sublease vacancy was 378,872 square feet, was 353,257 square feet at the end of the third quarter 2010, and was 366,191 square feet at the end of the second quarter Rental Rates The average quoted asking rental rate for available office space, all classes, was $24.65 per square foot per year at the end of the first quarter 2011 in the Broward County market area. This represented a 0.9% decrease in quoted rental rates from the end of the fourth quarter 2010, when rents were reported at $24.88 per square foot. The average quoted rate within the Class-A sector was $29.59 at the end of the first quarter 2011, while Class-B rates stood at $22.10, and Class-C rates at $ At the end of the fourth quarter 2010, Class-A rates were $29.05 per square foot, Class-B rates were $22.70, and Class-C rates were $ The average quoted asking rental rate in Broward County s CBD was $30.12 at the end of the first quarter 2011, and $23.62 in the suburban markets. In the fourth quarter 2010, quoted rates were $30.14 in the CBD and $23.81 in the suburbs. Deliveries and Construction During the first quarter 2011, no new space was completed in the Broward County market area. This compares to 0 buildings totaling 0 square feet that were completed in the fourth quarter 2010, nothing completed in the third quarter 2010, and 12,500 square feet in one building completed in the second quarter There were 0 square feet of office space under construction at the end of the first quarter THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

8 Broward County Office Market OVERVIEW FIRST QUARTER 2011 BROWARD COUNTY Inventory Total office inventory in the Broward County market area amounted to 70,220,729 square feet in 4,297 buildings as of the end of the first quarter The Class-A office sector consisted of 15,637,464 square feet in 126 projects. There were 1,164 Class-B buildings totaling 31,760,990 square feet, and the Class- C sector consisted of 22,822,275 square feet in 3,007 buildings. Within the Office market there were 89 owner-occupied buildings accounting for 2,127,589 square feet of office space. Sales Activity Tallying office building sales of 15,000 square feet or larger, Broward County office sales figures fell during the fourth quarter 2010 in terms of dollar volume compared to the third quarter of In the fourth quarter, 10 office transactions closed with a total volume of $63,225,000. The 10 buildings totaled 413,977 square feet and the average price per square foot equated to $ per square foot. That compares to 11 transactions totaling $314,978,629 in the third quarter The total square footage in the third quarter was 1,409,062 square feet for an average price per square foot of $ Total office building sales activity in 2010 was up compared to In the twelve months of 2010, the market saw 34 office sales transactions with a total volume of $435,870,027. The price per square foot averaged $ In the same twelve months of 2009, the market posted 17 transactions with a total volume of $94,874,287. The price per square foot averaged $ Absorption & Deliveries Past 7 Quarters (0.1) (0.2) (0.3) (0.4) (0.5) (0.40) Source: CoStar Property (0.41) Net Absorption Cap rates have been lower in 2010, averaging 6.30% compared to the same period in 2009 when they averaged 9.37%. One of the largest transactions that has occurred within the last four quarters in the Broward County market is the sale of 450 E Las Olas Blvd in Fort Lauderdale. This 469,353-squarefoot office building sold for $170,000,000, or $ per square foot. The property sold on 9/9/2010, at a 6.65% cap rate. Reports compiled by: Matt Burdette, CoStar Research Manager (0.06) Deliveries (0.01) q q q COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 3

9 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market MARKETS CoStar Markets In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are then divided into Markets, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. Markets Commercial Blvd Cypress Creek Downtown Fort Lauderdale* Fort Lauderdale Hallandale Hollywood NW Broward/Coral Springs Outlying Broward County Plantation Pompano Beach Sawgrass Park Southwest Broward * Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page. 4 THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

10 Broward County Office Market EMPLOYMENT AND TENANT FIRST QUARTER 2011 BROWARD COUNTY Total Employment by Industry Percent of Total Employment by Industry Total Employment Growth Total Number of Jobs Added Per Year 4% 14% 11% 4% 0% 14% 3% 24% 17% 2% 7% Natural Resources & Mining Construction Manufacturing Trade, Transportation & Utilities Information Financial Activities Professional & Business Services Education & Health Services Leisure & Hospitality Other Services Government Percent Growth 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0% Broward County U.S. Average Source: Department of Labor, Bureau of Labor Statistics Office* Employment Growth Cumulative Growth in Office* Jobs Over the Past 5 Years Market Employment Growth Inventory Growth Difference Atlanta -9.40% 6.10% % Boston -4.40% 2.70% -7.10% Chicago -9.10% 3.60% % Dallas/Ft Worth 0.00% 6.50% -6.50% Denver -4.20% 4.80% -9.00% Los Angeles % 2.80% % New York City -2.90% 1.50% -4.40% Seattle/Puget Sound -5.10% 9.30% % Tampa/St Petersburg % 6.70% % Washington -1.00% 7.20% -8.20% Broward County % 5.20% % Source: Department of Labor, Bureau of Labor Statistics Historical Unemployment Rates Source: Department of Labor, Bureau of Labor Statistics Office* Employment Growth Number of Office* Jobs Added Per Year Percent Growth 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0% -8.0% -9.0% Broward County U.S. Average Source: Department of Labor, Bureau of Labor Statistics. * Office employment is defined as jobs in the Information, Financial Activities, and Professional & Business Services industries 12.0% Broward County U.S. Average 10.0% Percent Unemployment 8.0% 6.0% 4.0% 2.0% 0.0% Source: Department of Labor, Bureau of Labor Statistics COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 5

11 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market EMPLOYMENT AND TENANT Tenant by Size Range Based on Total Number of Tenants Tenants by Lease Expiration Based on Total Square Footage of Tenants 75,000 SF & Up 0.9% % 50,000-74,999 SF 0.7% % 25,000-49,999 SF 2.3% % 10,000-24,999 SF 7.8% % 5,000-9,999 SF 11.5% 2,500-4,999 SF 19.6% % Up to 2,499 SF 57.1% % 0% 10% 20% 30% 40% 50% 60% 0% 5% 10% 15% 20% Percentage of Tenants Percentage of Tenants Source: CoStar Tenant Source: CoStar Tenant Tenants by Industry SF Per Employee by Industry Based on Total Square Footage of Tenants Based on All Tenants Finance/Ins/RE 20.4% Law Firms Services 18.4% Services Business-Service 13.3% Engineers/Archit Medical 12.6% Government Law Firms 8.6% Communications Retailers/Wholes 5.5% Finance/Ins/RE Transportation 5.2% Manufacturing Manufacturing 4.4% Transportation Government 2.8% Accountants Communications 2.6% Retailers/Wholes Accountants 2.6% Medical Agri/Mining/Util 1.7% Business-Service Engineers/Archit 1.7% Agri/Mining/Util % 5% 10% 15% 20% 25% Percentage of Tenants SF Per Employee Source: CoStar Tenant Source: CoStar Tenant 6 THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

12 Broward County Office Market INVENTORY & DEVELOPMENT FIRST QUARTER 2011 BROWARD COUNTY Construction Highlights in Select CoStar Markets Color Coded by Under Construction Square Footage as a Percentage of 2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 7

13 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market INVENTORY & DEVELOPMENT Historical Deliveries Deliveries Average Delivered SF Millions of SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction Square Footage Under Construction Inventory Average Bldg Size Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C Southwest Broward % 23,044 0 Commercial Blvd % 24,102 0 Cypress Creek % 34,415 0 Downtown Fort Lauderdale % 13,927 0 Fort Lauderdale % 11,103 0 Hallandale % 10,541 0 Hollywood % 9,998 0 NW Broward/Coral Springs % 18,668 0 Outlying Broward County % 16,718 0 Plantation % 23,783 0 All Other % 19,680 0 Totals % 16,342 0 Recent Deliveries Leased & Un-Leased SF in Deliveries Since Leased Un-Leased Millions of SF THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

14 Broward County Office Market INVENTORY & DEVELOPMENT FIRST QUARTER 2011 BROWARD COUNTY Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction Construction Starts Deliveries Millions of SF q q q q q q 2011 Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant < 50,000 SF % $ ,000 SF - 99,999 SF % $ ,000 SF - 249,999 SF % $ ,000 SF - 499,999 SF % $ >= 500,000 SF % $ Recent Development by Tenancy Comparison Based on RBA Developed for Single & Multi Tenant Use Based on Total RBA No 2011 Deliveries No Properties Under Construction By Class By Space Type 33% 16% 22% 45% 84% Class A Class B Class C Multi Single 2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 9

15 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market FIGURES AT A GLANCE Class A Market Statistics First Quarter 2011 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Commercial Blvd 3 225,768 70,376 70, % 21, $26.71 Cypress Creek 20 2,417, , , % 18, $28.19 Downtown Fort Lauderdale 21 4,381, ,291 1,027, % (19,815) 0 0 $32.21 Fort Lauderdale 6 962, , , % $26.65 Hallandale 3 227,607 53,074 53, % 33, $30.13 Hollywood 2 335,132 28,825 28, % 5, $30.20 NW Broward/Coral Springs 6 543, , , % $27.88 Outlying Broward County 5 225,544 53,767 53, % 4, $26.53 Plantation 15 1,775, , , % 8, $29.66 Pompano Beach 4 334, , , % (16,451) 0 0 $26.48 Sawgrass Park 14 1,758, , , % 7, $28.32 Southwest Broward 27 2,450, , , % 9, $29.45 Totals ,637,464 2,984,025 3,141, % 74, $29.59 Class B Market Statistics First Quarter 2011 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Commercial Blvd ,080 41,480 41, % 2, $16.36 Cypress Creek 107 4,463, , , % $20.72 Downtown Fort Lauderdale 95 2,104, , , % (25,440) 0 0 $25.06 Fort Lauderdale 149 5,003, , , % 19, $22.63 Hallandale ,518 57,668 57, % (2) 0 0 $22.63 Hollywood 110 2,527, , , % (21,618) 0 0 $23.15 NW Broward/Coral Springs 107 2,370, , , % 3, $23.83 Outlying Broward County ,945 81,612 81, % 1, $18.63 Plantation 138 4,345, , , % 13, $20.37 Pompano Beach 164 3,918, , , % 18, $19.53 Sawgrass Park 44 1,574, , , % 17, $23.99 Southwest Broward 185 3,820, , , % (16,988) 0 0 $25.38 Totals 1,164 31,760,990 4,156,903 4,331, % 12, $ THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

16 Broward County Office Market FIGURES AT A GLANCE FIRST QUARTER 2011 BROWARD COUNTY Class C Market Statistics First Quarter 2011 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Commercial Blvd ,366 16,590 16, % 78, $21.89 Cypress Creek 116 1,482, , , % (5,806) 0 0 $16.27 Downtown Fort Lauderdale 567 3,026, , , % (2,200) 0 0 $21.52 Fort Lauderdale 876 5,480, , , % (19,993) 0 0 $17.83 Hallandale ,293 25,000 25, % 2, $16.42 Hollywood 520 3,456, , , % 21, $18.62 NW Broward/Coral Springs 122 1,472, , , % 3, $20.33 Outlying Broward County 10 74, % 2, $20.57 Plantation 201 2,298, , , % 2, $20.44 Pompano Beach 299 2,575, , , % 11, $18.38 Sawgrass Park ,304 32,110 32, % (26,232) 0 0 $19.01 Southwest Broward ,298 66,411 66, % (1,557) 0 0 $21.51 Totals 3,007 22,822,275 1,575,065 1,580, % 67, $19.00 Total Office Market Statistics First Quarter 2011 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Commercial Blvd 61 1,470, , , % 102, $20.59 Cypress Creek 243 8,362,843 1,288,419 1,385, % 13, $22.88 Downtown Fort Lauderdale 683 9,512,261 1,346,692 1,399, % (47,455) 0 0 $30.12 Fort Lauderdale 1,031 11,446,847 1,236,349 1,259, % $22.43 Hallandale 158 1,665, , , % 35, $25.16 Hollywood 632 6,318, , , % 5, $22.29 NW Broward/Coral Springs 235 4,386, , , % 6, $24.02 Outlying Broward County , , , % 8, $23.33 Plantation 354 8,419, , , % 24, $24.72 Pompano Beach 467 6,827, , , % 13, $20.28 Sawgrass Park 75 3,838, , , % (1,383) 0 0 $26.67 Southwest Broward 314 7,235, , , % (9,267) 0 0 $27.32 Totals 4,297 70,220,729 8,715,993 9,052, % 153, $ COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 11

17 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market FIGURES AT A GLANCE Class A Market Statistics First Quarter 2011 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 21 4,381, ,291 1,027, % (19,815) 0 0 $32.21 Suburban ,256,166 2,003,734 2,114, % 94, $28.49 Totals ,637,464 2,984,025 3,141, % 74, $29.59 Class B Market Statistics First Quarter 2011 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 95 2,104, , , % (25,440) 0 0 $25.06 Suburban 1,069 29,656,862 3,947,483 4,116, % 37, $21.91 Totals 1,164 31,760,990 4,156,903 4,331, % 12, $22.10 Class C Market Statistics First Quarter 2011 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 567 3,026, , , % (2,200) 0 0 $21.52 Suburban 2,440 19,795,440 1,418,084 1,423, % 69, $18.76 Totals 3,007 22,822,275 1,575,065 1,580, % 67, $19.00 Class A & B Market Statistics First Quarter 2011 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 116 6,485,426 1,189,711 1,242, % (45,255) 0 0 $30.86 Suburban 1,174 40,913,028 5,951,217 6,230, % 131, $24.52 Totals 1,290 47,398,454 7,140,928 7,472, % 86, $25.60 Total Office Market Statistics First Quarter 2011 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 683 9,512,261 1,346,692 1,399, % (47,455) 0 0 $30.12 Suburban 3,614 60,708,468 7,369,301 7,653, % 200, $23.62 Totals 4,297 70,220,729 8,715,993 9,052, % 153, $ THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

18 Broward County Office Market FIGURES AT A GLANCE FIRST QUARTER 2011 BROWARD COUNTY Class A Market Statistics First Quarter 2011 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates ,637,464 2,984,025 3,141, % 74, $ q ,637,464 3,029,062 3,215, % (101,717) $ ,637,464 2,949,907 3,114, % 72, $ q ,637,464 2,993,065 3,187, % (142,370) $ ,637,464 2,807,916 3,044, % 105, , $ q ,466,204 2,752,776 2,978, % (123,117) ,260 $ ,466,204 2,571,774 2,855, % (45,502) 1 29, ,260 $ q ,437,204 2,561,164 2,780, % (80,233) ,260 $ ,437,204 2,494,362 2,700, % 143, , ,260 $ ,264,367 2,497,365 2,671, % (27,285) 6 469, ,097 $ ,794,665 2,050,564 2,174, % 213, , ,299 $ ,980,000 1,464,797 1,573, % 533, , ,665 $ ,647,486 1,712,098 1,773, % 743, , ,248 $ ,333,799 2,033,928 2,203, % 517, , ,687 $ ,070,296 2,200,453 2,457, % 706, , ,442 $ ,800,645 2,404,699 2,894, % 451, , ,465 $24.05 Quoted Class B Market Statistics First Quarter 2011 Net Deliveries Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates ,164 31,760,990 4,156,903 4,331, % 12, $ q 1,164 31,760,990 4,095,798 4,343, % 64, $ ,164 31,760,990 4,170,362 4,407, % 152, $ q 1,164 31,760,990 4,322,846 4,560, % 99, , $ ,164 31,755,173 4,440,298 4,654, % 80, ,500 $ q 1,164 31,755,173 4,480,119 4,734, % (249,345) 1 69, ,500 $ ,163 31,685,619 4,200,925 4,415, % (202,804) 3 42, ,054 $ q 1,160 31,643,499 3,932,044 4,170, % (138,087) 4 82, ,174 $ ,156 31,561,067 3,710,536 3,949, % 23, , ,606 $ ,149 31,394,328 3,595,761 3,807, % 94, , ,291 $ ,112 30,576,322 2,810,642 3,083, % (123,727) , ,170 $ ,071 29,945,259 2,196,095 2,329, % 495, , ,234 $ ,024 29,223,556 2,022,321 2,102, % 1,189, , ,330 $ ,734,743 2,610,606 2,803, % 1,193, , ,445 $ ,140,645 3,124,910 3,403, % 847, , ,467 $ ,566,184 3,174,788 3,676, % 569, , ,464 $19.38 UC Inventory Quoted Total Office Market Statistics First Quarter 2011 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates ,297 70,220,729 8,715,993 9,052, % 153, $ q 4,297 70,220,729 8,770,573 9,206, % (9,355) $ ,297 70,220,729 8,794,179 9,196, % 194, $ q 4,297 70,220,729 8,958,548 9,391, % (64,033) 1 12, $ ,297 70,214,912 8,862,351 9,321, % 234, , ,500 $ q 4,295 70,043,652 8,896,376 9,384, % (411,216) 1 69, ,760 $ ,294 69,974,098 8,370,415 8,904, % (397,905) 4 71, ,314 $ q 4,290 69,902,978 7,942,275 8,435, % (436,711) 4 82, ,434 $ ,286 69,820,546 7,463,327 7,915, % 23, , ,866 $ ,277 69,480,970 7,206,950 7,600, % (91,872) 44 1,289, ,388 $ ,234 68,197,870 5,819,714 6,225, % 33, ,462, ,523,475 $ ,182 66,735,596 4,542,056 4,796, % 893, ,059, ,466,445 $ ,130 65,676,114 4,477,308 4,630, % 2,162, , ,040,843 $ ,091 64,868,614 5,511,110 5,985, % 2,065, , ,132 $ ,044 63,937,840 6,559,109 7,119, % 1,610, , ,492 $ ,993 63,041,698 6,819,159 7,833, % 1,323, ,336, ,005,869 $21.06 Quoted 2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 13

19 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market LEASING ACTIVITY Leasing Highlights in Select CoStar Markets Color Coded by Rate 14 THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

20 Broward County Office Market LEASING ACTIVITY FIRST QUARTER 2011 BROWARD COUNTY Historical Rental Rates Based on Full-Service Equivalent Rental Rates A B C Total Market $35.00 $30.00 Dollars/SF/Year $25.00 $20.00 $15.00 $10.00 $5.00 $ by Available Space Type by Class Percent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Class Broward County United States Broward County United States 4% 5% 17% 16% 48% 35% 47% 37% 96% 95% Direct Sublet Direct Sublet Class A Class B Class C Class A Class B Class C U.S. Rental Rate Comparison Based on Full-Service Equivalent Rental Rates Future Space Available Space Scheduled to be Available for Occupancy* $30.00 $25.00 Broward County United States Dollars/SF/Year $20.00 $15.00 $10.00 Millions $ $ q q q q q q 2012 * Includes Under Construction Spaces 2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 15

21 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market LEASING ACTIVITY Select Top Office Leases Based on Leased Square Footage For Deals Signed in 2011 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 Commercial Station Bldg. I* Cypress Creek 29,018 1st Life Extension Foundation Direct Deal Brenner Real Estate Group 2 New River Center Downtown Fort Lauderdale 21,113 1st Yum! Restaurants International Inc Studley CB Richard Ellis 3 Bank of America Tower at Las Olas City Centre Downtown Fort Lauderdale 20,785 1st Crowe Horwath CB Richard Ellis Stiles Realty Company 4 Hillsboro Center I-IV Pompano Beach 16,244 1st N/A N/A Commercial Florida Realty Services, Tower Downtown Fort Lauderdale 15,298 1st McCalla Raymer Commercial Florida Realty Services, Transwestern 6 Lucent Technologies-CALA Facilities Southwest Broward 14,403 1st N/A N/A UGL Services 7 Radice Corporate Center II* Cypress Creek 13,522 1st Moskowitz, Mandell, Salim & Simowitz, P.A. N/A Cushman & Wakefield, Inc. 8 Pinnacle Corporate Park - Bldg II Cypress Creek 12,418 1st WWR N/A Podolsky Associates of Florida, Inc E Las Olas Blvd Downtown Fort Lauderdale 10,129 1st N/A N/A The Las Olas Company 10 Royal Palm I at Southpointe Plantation 9,065 1st CIT Leasing Corporation N/A Duke Realty Lee Wagener Blvd Fort Lauderdale 8,400 1st N/A N/A Sheltair Properties 12 AtlanTech Tower Fort Lauderdale 8,300 1st FAME N/A CB Richard Ellis S Andrews Ave Downtown Fort Lauderdale 8,038 1st Starmark International Cushman & Wakefield, Inc. Green Capital Realty Advisors 14 Bank of America Tower at Las Olas City Centre Downtown Fort Lauderdale 6,980 1st JR Corporate Services Inc Stiles Realty Company Studley 15 Himmarshee Landing Downtown Fort Lauderdale 6,975 1st N/A N/A E.J. Smoker & Associates 16 Taft Office Complex I - Bldg 6 Hollywood 6,931 1st N/A N/A ComReal Fort Lauderdale 17 Design Center Office Bldg Fort Lauderdale 6,746 1st First Service N/A N/A 18 Weston Corporate Centre II Southwest Broward 6,612 1st N/A N/A CB Richard Ellis 19 SunTrust Center Downtown Fort Lauderdale 5,523 1st Holland & Knight N/A Flagler Real Estate Services, LLC 20 Presidential Circle Hollywood 5,357 1st N/A N/A Grubb & Ellis 21 Corporate Center Downtown Fort Lauderdale 5,062 1st N/A N/A CB Richard Ellis 22 Sawgrass International Corp Park - Building E Sawgrass Park 4,456 1st N/A N/A Bayshore Land Group, Inc. 23 Eller Drive Bldg Fort Lauderdale 4,119 1st N/A N/A Highwoods Properties, Inc. 24 Lakeside Plaza Cypress Creek 4,070 1st How 2 Direct Deal NAI Rauch Weaver Norfleet Kurtz & C Las Olas Circle Downtown Fort Lauderdale 4,005 1st Kopelowitz Ostrow Ferguson Weiselberg Keechl Direct Deal Stiles Realty Company Professional Bldg Pompano Beach 4,000 1st South Florida Holdings Group Direct Deal Berger Commercial Realty Corp. 27 McNab Medical Office Bldg Fort Lauderdale 4,000 1st N/A N/A DWV Investments 28 Sabadell Financial Center Plantation 3,606 1st Uniforms Direct N/A Flagler Real Estate Services, LLC Tower* Downtown Fort Lauderdale 3,500 1st McFann & Beavers Berger Commercial Realty Corp. Transwestern E Las Olas Blvd Downtown Fort Lauderdale 3,454 1st N/A Direct Deal The Las Olas Company Sawgrass Corporate Pky Sawgrass Park 3,340 1st Polenberg Cooper, PA Colliers International, South Flori ComReal Fort Lauderdale S Andrews Ave Downtown Fort Lauderdale 3,258 1st N/A N/A Berger Commercial Realty Corp SW 36th Ave Cypress Creek 3,238 1st N/A N/A Coneca Properties, Ltd SE 4th Ave Fort Lauderdale 3,200 1st N/A N/A Jim Artijas 35 One Financial Plaza* Downtown Fort Lauderdale 3,095 1st Scott Gunn, PA Direct Deal Flagler Real Estate Services, LLC 36 Corporate Center Downtown Fort Lauderdale 3,092 1st N/A N/A CB Richard Ellis 37 North Broward Professional Center Pompano Beach 3,066 1st Hope Health Careers, Inc. Direct Deal Rapp Realty, Inc. 38 Cumber Executive plaza NW Broward/Coral Springs 2,930 1st Cindy A. Goldstein P.A. Direct Deal Heart Realty 39 Bank of America N University Dr NW Broward/Coral Springs 2,918 1st N/A N/A Amera Barron Leasing, Inc. 40 Financial Centre West Pompano Beach 2,830 1st J & R Adventures Direct Deal Pine Tree Apartments * Renewal 16 THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

22 Broward County Office Market SALES ACTIVITY FIRST QUARTER 2011 BROWARD COUNTY The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 12.0% Cap Rate Price/SF $ % $350 Cap Rate Percentage 8.0% 6.0% 4.0% $300 $250 $200 $150 $100 Dollars/SF 2.0% $50 0.0% q q q q q q $0 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From Jan Dec Sales Volume Price/SF Bldg Size # RBA $ Volume Price/SF Cap Rate $400 $350 $350 $300 < 50,000 SF 75 1,010,030 $ 110,352,629 $ % Millions of Sales Volume Dollars $300 $250 $200 $150 $100 $50 $250 $200 $150 $100 $50 Price/SF 50K-249K SF 6 574,547 $ 101,823,529 $ % 250K-499K SF 2 934,945 $ 270,405,000 $ % $ $0 >500K SF $ - - Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Office Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Office Building Sales of 15,000 SF and Larger $370 Broward County US 11.0% Broward County US $ % Dollars per SF $270 $220 $170 $120 Cap Rate Percentage 9.0% 8.0% 7.0% 6.0% 5.0% $70 4.0% $ % Source: CoStar COMPS Source: CoStar COMPS 2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 17

23 BROWARD COUNTY FIRST QUARTER 2011 Broward County Office Market SALES ACTIVITY 18 THE COSTAR OFFICE REPORT 2011 COSTAR GROUP, INC.

24 Broward County Office Market SALES ACTIVITY FIRST QUARTER 2011 BROWARD COUNTY Select Land Sales Based on Commercially Zoned Land Sales Occurring From Jan March SW 145th Ave, Miramar Pembroke Rd, Pembroke Pines Pines Blvd, Pembroke Pines Sale Price: $13,500,000 Sale Price: $4,657,958 Sale Price: $4,500,000 Acres: Acres: 7.64 Acres: 5.50 Price/SF: $15.50 Price/SF: $14.00 Price/SF: $18.78 Closing Date: 01/25/2011 Closing Date: 07/29/2010 Closing Date: 12/16/2010 Zoning: PID Zoning: B2 Zoning: B-3 Intended Use: Office Park Intended Use: Schools Intended Use: Office Buyer: U.S. General Services Administration Buyer: Keenan Development Group Buyer: Damon Harwood Company Inc Seller: Rockefeller Group Development Corp Seller: Duke Realty Corporation Seller: GL Commercial 8551 W Sunrise Blvd, Plantation Sale Price: $3,500,000 Acres: 5.04 Price/SF: $15.94 Closing Date: 11/30/2010 Zoning: B7-Q Intended Use: Hospitality Buyer: Xenia Management Seller: Brenner Real Estate Group Source: CoStar COMPS 2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 19

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