>> Downtown LA Carries Momentum Into 2018

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1 Research & Forecast Report DOWNTOWN L.A. OFFICE Accelerating success. >> Downtown LA Carries Momentum Into 218 Key Takeaways > Demand momentum carried over from last quarter into the new year, rising from 14,1 square feet to 228,1. > corresponded with a 4-basis-point drop to 19.6%. > The overall asking rental rate declined by $.1 to $4.18 per square foot (P) full service gross (FSG). > The Financial District accounted for the lion s share of leasing volume for the quarter, recording 59% of all activity. > One new project completed this quarter. Going forward, all but two of the properties in the current pipeline are scheduled to deliver in 218, keeping construction momentum strong in the near future. Market Indicators Relative to prior period The Downtown Los Angeles office market recorded positive absorption of 228,1 square feet, marking three straight quarters of positive absorption for the market. Even with the delivery of 5 S. Santa Fe Avenue, vacancy fell by 4 basis points as the Financial District drove demand for the quarter. Leasing volume recorded 459,3 square feet. Asking rents fell incrementally from last quarter but still grew by 4.3% year-over-year. Traditional tenants in the finance, insurance and real estate (FIRE) industries continue to dominate the tenant base in the market. On a positive note, much of the streamlining by these larger tenants has been completed. As such, much of the speculative space coming on line both in the CBD and the Arts District will be left to out-of-market interest to fill. Forecast Net Absorption Construction Rental Rate Summary Statistics DTLA, Class A Class B All Classes 14.1% 26.6% 19.6% Rate Change from Q4 17 (Basis Points) Net Absorption* Downtown Los Angeles Office Market Construction Completions* Under Construction*. 1, ,721.2 *, Thousands Asking Rents DTLA, Average Asking Rent Change from Q4 17 ($) Y.O.Y. Change (%) Class A Class B Class C All Classes $41.79 $39.63 $34.38 $4.18 +$.7 -$.1 -$.31 -$.1 +.% +9.1% +4.2% +4.3% Labor Force Los Angeles County, February 218 Nonfarm Prof. & Business Services Financial Activities 12-mo Employment Growth (%) 1.4% 2.1%.5% 12-mo Actual Employment Change 61,5 12,8 1,

2 > Direct vacancy for the quarter was 19.%, while sublease vacancy recorded at.6%. > Year over year, overall vacancy has dropped by 2 basis points as demand has managed to mitigate construction deliveries and corporate relocations. Many larger tenants in the market have already streamlined their footprints, further minimizing the effect of rightsizing on vacancy. > Forecast: While news for the past three quarters has been positive, this year s wave of construction deliveries will see to some vacancy increases. Absorption and Leasing Activity > Leasing activity in the Downtown L.A. market for the quarter recorded 459,3 square feet, surpassing activity in 216 by 7.8%. Demand of 228,1 square feet marks three straight quarters exceeding 1, square feet. > Bank of America consolidated operations from other downtown offices by renewing and expanding its space to 218, square feet at 333 S. Hope Street. The property saw two legal tenants leave, as Seyfarth Shaw LLP and Kirkland Ellis LLP both agreed to leases of more than 5, square feet each at 61 S. Figueroa Street and 555 S. Flower Street, respectively. > Among the major move-ins for the quarter were Southern California Association of Governments occupying 44,5 square feet at Wilshire Grand, and Adidas setting up at RowDTLA for 31, square feet. Engineering firm KPFF expanded its footprint by a floor (24, square feet) at the BLOC, while Jerde Partnership relocated in February to a full floor (18,8 square feet) at 61 W. 5th Street. > Forecast: New construction deliveries could temper demand from future out-of-market relocations to Downtown Los Angeles, but the emergence of the Arts District as a tenant destination could mitigate demand concerns. Rental Rates > The overall average asking rate for direct space increased year-over-year by 4.3%. > Asking rental rates increased for Class A properties as Class B and C asking rates stayed put or regressed. > Class A properties in the Financial District drove rate changes for the quarter, increasing $.22 P FSG. > Forecast: While newly constructed vacant space will keep rents high, fewer tenants in the market could cause rents to slide in the future. Historical v. Rents DTLA Office Market Q $ P FSG PER ANNUM (WEIGHTED) Net Absorption by Submarket DTLA Office Market Q1 18 $42 $4 $38 $36 $34 $32 $3 16, 14, 12, 1, 8, 6, 4, 2, (2,) RENTS VACANCY 1Q14 1Q15 1Q16 1Q17 1Q18 (9,8) GREATER DOWNTOWN 145,5 FINANCIAL DISTRICT 3% 25% 2% 15% 1% 46,4 46, SOUTH PARK % VACANT (TOTAL) BUNKER HILL Historical Leasing Activity DTLA Office Market Q Q14 1Q15 1Q16 1Q17 1Q18 2

3 Construction > Chalmers Equity Corporation s 5 S. Santa Fe Avenue delivered in the Greater Downtown/Arts District submarket. The 93,-square-foot building was vacant at time of delivery. > New construction projects remain concentrated in the Greater Downtown/Arts District submarket. Four out of six projects currently under construction are due to deliver by the end of 218. > Shorenstein s Ford Factory project will deliver in mid-218 fully leased to Warner Music Group. Its occupancy had been seen as a bellwether for how viable the Arts District could be for a large company, and thus far has proven influential, with both Spotify and USC purportedly under contract in the area. > Forecast: Future construction will provide an abundance of high quality creative space to the market, as Downtown Los Angeles accounts for 42% of all new construction in Los Angeles County. Its effect on vacancy will depend on delivery timing and preleasing activity. Investment Trends > Two properties greater than 25, square feet traded in the first quarter, totaling $214 million in transactional value. > Cerberus Capital Management acquired 1 Wilshire Boulevard from Lincoln Property Company for $196 million ($411 P). Having bought the property in 212 for $13 million ($273 P), Lincoln had spent upwards of $5 million in capital improvements and had brought occupancy up to 86% at time of sale. > Capstone Equities picked up 321 E. 2nd Street from MBJJ Investments LLC for $18 million ($328 P). The 54,9-square-foot property counts Federal Public Defender as its sole tenant. > Forecast: Capitalization rates are expected to continue compressing while sale prices rise as Los Angeles County remains a favorable investment environment for foreign and domestic capital. Outlook Downtown L.A. vacancy is expected to stay relatively flat despite positive demand due to new construction deliveries. However, if interest from out-of-market tenants persists, especially in the media and technology industries, Downtown Los Angeles may be able to claim itself as a competitor to markets such as Hollywood and Silicon Beach. It has already been competitive insofar as asking rent, and even as new deliveries come online, we expect space to still be available at a discount to other creative hubs. Historical Net Absorption & Construction Completions DTLA Office Market Q , 5, 4, 3, 2, 1, (1,) (2,) NET ABSORPTION 1Q14 1Q15 1Q16 1Q17 1Q18 Investment Trends Chart DTLA Office Market $/P CONSTRUCTION COMPLETIONS Unemployment Rate U.S., CA & Los Angeles County February % 4.5% 4.4% 4.3% 4.2% 4.1% 4.% 3.9% $45. $4. $35. $3. $25. $2. $15. $1. $5. $- 4.1% Average Price P 4.3% Cap Rate % United States California Los Angeles County Cap Rate 3

4 Market Description Downtown Los Angeles is a moderately large office market comprised of 32.9 million square feet, representing 11% of the total office space over 25, square feet in the Los Angeles Basin. Approximately 52% of the space in this market was built prior to 198 and is considered relatively old by Southern California standards. Downtown Los Angeles is the densest market in the region with only 1% of the space contained within low-rise buildings, while 24% and 75% of the space is 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. Submarket Map RECENT TRANSACTIONS & MAJOR DEVELOPMENTS Downtown Los Angeles Office Market SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER 1 Wilshire Blvd., Los Angeles 476,5 $196,, $411 P Cerberus Capital Management Lincoln Property Company 321 E. 2nd St., Los Angeles 54,9 $18,, $328 P Capstone Equities MBJJ Investments LLC LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG TYPE LESSEE LESSOR 333 S. Hope St., Los Angeles 218,8 Renewal/Expansion A Bank of America Brookfield 61 S. Figueroa St., Los Angeles 58, Direct-New A Seyfarth Shaw LLP Brookfield 555 S. Flower St., Los Angeles 52, Direct-New A Kirkland Ellis LLP Commonwealth Partners 7 S. Flower St., Los Angeles 24, Expansion A KPFF Ratkovich/National Real Estate 61 W. 5th St., Los Angeles 19,8 Direct-New B TubeScience Lionstone/Rising Realty Partners MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 81 S Broadway, Los Angeles Waterbridge Capital LLC 5, Greater Downtown Under Construction Q S. Alameda St., Los Angeles Atlas Capital Group, LLC 425,1 Greater Downtown Under Construction Q S. Spring St., Los Angeles Lionstone/Rising Realty Partners 32,3 Greater Downtown Under Renovation Q E 7th St, Los Angeles Shorenstein Properties, LLC 257, Greater Downtown Under Renovation Q S. Broadway, Los Angeles Broadway Eleventh Owners LLC 116, Greater Downtown Under Renovation Q3 218 The Maxwell (2 Bldgs.), Los Angeles Hudson Pacific Properties 12,9 Greater Downtown Under Renovation Q

5 office OVERVIEW Downtown Los Angeles Office Market EXISTING PROPERTIES VACANCY ACTIVITY ABSORPTION CONSTRUCTION RENTS Submarket/ Class Bldgs Inventory Direct Sublease 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 DISTRICT A 1 1,15,5 15.2%.7% 15.9% 17.2% 164,6 164,6 133,5 133,5 $42.61 B 25 8,365,2 27.2%.5% 27.7% 27.9% 14,3 14,3 11,8 11,8 $39.46 C 2 326,4 19.4%.% 19.4% 19.4% 2 2 $3.91 Subtotal 37 18,797,1 2.6%.6% 21.2% 22.% 268,9 268,9 145,5 145,5 $4.57 BUNKER HILL A 6 7,221,1 11.3% 1.1% 12.4% 13.% 74,9 74,9 46, 46, $4.62 B 4 537,8 1.5%.% 1.5% 1.5% $43.38 C 1 37,2 29.4%.% 29.4% 29.4% $34.2 Subtotal 11 8,129,1 12.1% 1.% 13.% 13.6% 74,9 74,9 46, 46, $4.7 SOUTH PARK A 2 1,144,2 9.2%.% 9.2% 5.6% (41,) (41,) $38.94 B 7 1,85,5 15.5%.3% 15.8% 2.6% 33,9 33,9 88,9 88,9 $36.25 C 2 266,4 13.7%.% 13.7% 13.1% 3,9 3,9 (1,5) (1,5) $34.34 Subtotal 11 3,261,1 13.1%.2% 13.3% 14.8% 37,8 37,8 46,4 46,4 $36.75 GREATER DOWNTOWN / ARTS DISTRICT B 12 2,88,5 33.2%.1% 33.3% 3.3% 75,3 75,3 (21,6) (21,6) 93, 1,721,2 $4.83 C 8 592,3 23.3% 1.4% 24.7% 26.7% 2,4 2,4 11,8 11,8 $36.13 Subtotal 2 3,472,8 31.5%.3% 31.9% 29.7% 77,7 77,7 (9,8) (9,8) 1,721,2 $4.24 MARKET TOTAL A 18 18,47,8 13.3%.8% 14.1% 14.9% 239,5 239,5 138,5 138,5 $41.79 B 48 13,634, 26.2%.4% 26.6% 26.7% 213,5 213,5 79,1 79,1 93, 1,721,2 $39.63 C 13 1,555,3 22.3%.5% 22.8% 23.5% 6,3 6,3 1,5 1,5 $ ,66,1 18.9%.6% 19.6% 2.% 459,3 459,3 228,1 228,1 93, 1,721,2 $4.18 Note: revisions to the inventory base were made effective, historical data reported here reflect these revisions and may not match data reported in previous quarters. 5

6 Definitions of key terms in this report Rentable Square Feet: Office space in buildings with 25, square feet or more of speculative office space, including competitive space in Class A, B and C single-tenant and multi-tenant buildings. Excludes non-competitive owner-occupied buildings, buildings that include 3 percent or greater of medical or retail space, and space that is under-construction, underrenovation or off-market. Class A Space: Space that an image-conscious company would lease for its headquarters. Typically, this space has a very high level of finish, an excellent location and commands the highest rents in the market. Class B Space: Highly functional, attractive space that is less prestigious than Class A Space and commands lower rental rates. Class C Space: Functional, competitive space with a lower level of finish and/or a less desirable location than Class B Space and commands lower rental rates. Low-Rise: Buildings with four or fewer total floors. Mid-Rise: Buildings with five or 13 total floors. High-Rise: Buildings with 14 or more floors. 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, space being held for a future commitment). : 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. Net Absorption: Net change in occupied square feet from one period to the next (including the impact of change in vacant space available for sublease). Leasing Activity: Square feet leased from all known transactions completed during the quarter, excluding lease renewals. Weighted Average Asking Rental Rates: Rental rates weighted by the total square feet available for direct lease. Data, reported on a monthly basis, is based on per square foot (P) full service gross (FSG) rents and includes all costs associated with occupying the space, including taxes, insurance, maintenance, janitorial service and utilities. Space Added (Net): 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. 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. 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 offices in 69 countries on 6 continents United States: 145 Canada: 28 Latin America: 23 Asia Pacific: 79 EMEA: 131 UNITED STATES: Downtown LA Office License No S. Figueroa St., Ste. 35 Los Angeles, CA 917 HANS MUMPER Executive Managing Director Southern California CHRIS WONG Regional Research Analyst Research Services > $2.7 billion in annual revenue > 2. billion square feet under management > Over 15,4 professionals TEL: FAX: CAITLIN MATTESON Research Director Research Services 6

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