>> Vacancy Stabilizes As Rents Rise To End 2016

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1 Research & Forecast Report DOWNTOWN L.A. OFFICE Q4 216 Accelerating success. >> Stabilizes As Rents Rise To End 216 Key Takeaways > After six consecutive quarters of declines, the overall vacancy rate held steady to finish out 216, recording at 18.2%, for the quarter. > Net absorption fell from last quarter s total of 45, square feet (), ending at -16,. > The overall asking rental rate climbed by $.6 to $38.49 per square foot (P) Full Service Gross (FSG), marking a 1.4% increase since the fourth quarter of 215. > Large leases dominated velocity in both the Bunker Hill and Greater Downtown submarkets. Leasing activity totaled 964,5 for the quarter. > Four properties traded hands in fourth quarter, highlighted by the Coretrust Partner s acquisition of Citigroup Center at 444 S. Flower St. Downtown Los Angeles Office Market In fourth quarter 216, the Downtown Los Angeles office market recorded slightly negative absorption. Absorption for the year totaled 273,1, surpassing 215 s total of 227,1. However, leasing velocity rebounded by 76% from the previous quarter, finishing at 964,5. The Warner Music deal at Ford Factory and City National Bank s lease at 35 S. Grand Ave. drove activity in the market. Asking rents continued to climb, recording growth of 1.4% year-over-year. While positive, this signifies flatter growth, as previous years (215, 214, 213) registered rental growth rates of 6.1%, 5.7% and 4.8% respectively. Traditional tenants in the finance, insurance and real estate (FIRE) industries continue to dominate the tenant base in the market, although these sectors have seen a fair amount of rightsizing. Stable leasing activity in 216 should help buoy demand in 217 in the face of construction deliveries concentrated in the Greater Downtown/Arts District. Market Indicators Relative to prior period Q4 216 Forecast Net Absorption Construction Rental Rate Summary Statistics DTLA, Q4 216 Rate Class A Class B All Classes 15.3% 21.9% 18.2% Change from Q3 16 (Basis Points) Net Absorption* Construction Completions* Under Construction* , ,993.6 *, Thousands Asking Rents DTLA, Q4 216 Average Asking Rent Change from Q3 16 ($) Y.O.Y. Change (%) Class A Class B Class C All Classes $41.4 $36.64 $3.35 $38.49 $.8 $.4 $. $.6 1.4% 3.5% 8.1% 1.4% Labor Force Los Angeles County, Q4 216 Nonfarm Prof. & Business Services Financial Activities 12-mo Employment Growth (%) 1.5% 1.1% 2.3% 12-mo Actual Employment Change 65,3 6,6 4,9

2 > Direct vacancy for the quarter was 17.7%, while sublease vacancy recorded at.5%. > Both Bunker Hill and South Park saw drops in vacancy, posting drops of 8 and 12 basis point respectively. > Renewal/downsizes, as well as downsizes via relocation, were contributing factors for vacancy to remain unchanged to finish out the year. > Forecast: is expected to increase as new construction deliveries in both the Financial District and Greater Downtown/Arts District submarkets have the potential to surpass demand from tenants. Absorption and Leasing Activity > The market saw 2 large leases sign in fourth quarter that drove strong leasing velocity to close out the year. Warner Music Group became the first large firm to sign in the Arts District, agreeing to occupy 257, at the Ford Factory. City National Bank, after exploring lower cost alternatives both in and out of the downtown market, signed a direct lease at 35 S Grand Ave. for 242,. > Bunker Hill (61,7 ) and South Park (38,5 ) recorded positive net absorption for the quarter. > The majority of prominent move-ins occurred in South Park and Bunker Hill with Skidmore Owings moving from the Financial District into 19,7 at 333 S. Grand Ave. and Travelers Indemnity Company occupying 1,3 of direct space at 81 S. Figueroa St. > Forecast: Shifts to more efficient workplace design and new construction deliveries could temper strong demand from future out of market relocations to Downtown. Rental Rates > The overall average asking rate for direct space increased year-over-year by 1.4% as vacancy continues to hover around 18.2%. > Asking rental rates increased across all classes with Class A properties seeing the largest increase of $.8 P. > While rental growth has remained positive in Downtown Los Angeles, there has been a tapering off of gains compared to past years. > Forecast: Rents are largely expected to flatten going into 217 with some minor positive/negative fluctuations. More generous concessions might help offset a lack of aggressiveness in asking rents and help keep occupancy levels high. Historical v. Rents DTLA Office Market Q $ P FSG PER ANNUM (WEIGHTED) Net Absorption by Submarket DTLA Office Market Q4 16 $39 $38 $37 $36 $35 $34 $33 $32 $31 $3 8, 6, 4, 2, 4Q12 4Q13 4Q14 4Q15 4Q16 (2,) (4,) (6,) (8,) (1,) (12,) (14,) (3,8) GREATER DOWNTOWN RENTS (112,4) FINANCIAL DISTRICT VACANCY 38,5 SOUTH PARK 3% 25% 2% 15% 1% 61,7 % VACANT (TOTAL) BUNKER HILL Historical Leasing Activity DTLA Office Market Q , 8, 7, 6, 5, 4, 3, 2, 1, 4Q12 4Q13 4Q14 4Q15 4Q16 2

3 Construction > New construction projects remain concentrated in the Greater Downtown/Arts District submarket, with only the office component (356,1 ) at Korean Air s Wilshire Grand project slated to deliver in the Financial District. > Several projects in the Arts District constitute the majority of new construction. The Ford Factory (257 ), 4th & Traction (15, ) and the first phase of RowDTLA (415,9 ) are all due to deliver in the first half of 217. > Forecast: Future construction will provide an abundance of high quality creative space to the market, as Downtown Los Angeles accounts for 48% of all new construction in Los Angeles County. Its effect on vacancy will depend on delivery timing and preleasing efforts of landlords. Investment Trends > Investment activity for properties over 25, increased in fourth quarter, recording $389.8 million in volume, up from $194.2 million last quarter. > Coretrust Partners acquisition of 444. S Flower St. for $336 million ($377 P) was the largest transaction for the quarter. The investor plans to make capital improvements to the property valued at $5 million. > The Merritt Building, at 761 S. Broadway, was purchased by Bonnis Properties for $429 P. Like many other buildings in the Broadway Corridor, the property has the potential to be converted to creative office, although no plans have been released. > Forecast: Capitalization rates are expected to continue to compress while sale prices rise as Los Angeles County remains an apparent safe haven for foreign and domestic investment. Historical Net Absorption & Construction Completions DTLA Office Market Q , 15, 1, 5, (5,) (1,) (15,) (2,) (25,) 4Q12 4Q13 4Q14 4Q15 4Q16 Investment Trends Chart DTLA Office Market 1-16 $/P $4. $35. $3. $25. $2. $15. $1. $5. $- NET ABSORPTION Average Price P CONSTRUCTION COMPLETIONS Cap Rate Cap Rate Outlook The Downtown Los Angeles market activity is expected to remain on a steady path as vacancy is projected to remain relatively flat through the first half of 217. While tenant demand has been steady in the past, continued rightsizing from existing tenants and the influx of potentially vacant creative properties on the CBD fringe could temper any major vacancy gains from out of market tenants. Asking rental rates will remain stable as landlords aim to hold high occupancy rates by offering large concession packages. Unemployment Rate U.S., CA & Los Angeles County November % 5.1% 5.% 5.% 4.9% 4.9% 5.% 5.1% 4.9% 4.8% United States California Los Angeles County 3

4 Market Description Downtown LA is a moderately large office market comprised of 32.3 million, representing 11% of the total office space ver 25, in the LA 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 one percent of the space contained within low-rise buildings, while 24% and 75% of the space are in mid-rise and highrise 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 Q4 216 SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER 444 S. Flower St., Los Angeles 891,1 $336,, $377 P Coretrust Capital Partners, LLC Hines 12 S. San Pedro St., Los Angeles 58,3 $15,, $257 P Brickstar Capital MUFG Union Bank 977 N. Broadway, Los Angeles 54,8 $14,75, $269 P Pacshore Partners Far East National Bank 761 S. Broadway, Los Angeles 55,9 $24,, $429 P Bonnis Properties Jervis, Inc. Individual LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG TYPE LESSEE LESSOR 26 E 7th St, Los Angeles 257, Direct-New B Warner Music Group Shorenstein Properties, LLC 35 S. Grand Ave., Los Angeles 242, Direct-New A City National Bank CIM Group 333 S. Grand Ave., Los Angeles 53,1 Renewal A Winston Strawn LLP Brookfield 211 W. 5th St., Los Angeles 21,8 Expansion B Relativity Education LA Center Studios 865 S. Figueroa St., Los Angeles 18,4 Renewal/Downsize A Colliers International John Hancock 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 415,9 Greater Downtown Under Renovation Q Wilshire Blvd, Los Angeles Hanjin International Corp 356,1 Financial District Under Construction Q E 7th St, Los Angeles Shorenstein Properties, LLC 257, Greater Downtown Under Renovation Q E 4th St, Los Angeles Atlas Capital Group, LLC 15, Greater Downtown Under Renovation Q S. Broadway, Los Angeles Broadway Eleventh Owners LLC 116, Greater Downtown Under Renovation Q S. Santa Fe Ave., Los Angeles Chalmers-Santa Fe LLC 95,7 Greater Downtown Under Construction Q Mateo St., Los Angeles Blatteis & Schnur 53,4 Greater Downtown Under Construction Q S. Broadway, Los Angeles Markwood Enterprises 49,5 Greater Downtown Under Renovation Q S. Alameda St., Los Angeles Atlas Capital Group, LLC 814,7 Greater Downtown Proposed TBD 4

5 office OVERVIEW Downtown Los Angeles Office Market Q4 216 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 9 9,732,7 14.8%.4% 15.2% 14.7% 75,8 436,4 (5,3) (13,1) 356,1 $41.59 B 25 8,365,2 26.2%.4% 26.6% 25.8% 11,9 55,8 (6,5) (37,3) $36.74 C 2 326,4 21.%.% 21.% 2.5% 5,1 23,5 (1,6) (2) $3.82 Subtotal 36 18,424,3 2.1%.4% 2.5% 19.9% 182,8 1,1,7 (112,4) (32,6) 356,1 $38.52 BUNKER HILL A 6 7,221,1 15.5% 1.1% 16.6% 17.3% 344,5 562,2 54,3 434,3 $41.39 B 4 537,8 1.9%.% 1.9% 12.3% 7,4 13,9 7,4 9,9 $39.41 C 1 37,2 31.7%.% 31.7% 31.7% 12,3 3,3 9,1 $27.93 Subtotal 11 8,129,1 15.9% 1.% 16.9% 17.7% 364,2 66,4 61,7 453,3 $4.7 SOUTH PARK A 2 1,144,2 7.7%.% 7.7% 9.6% 19,5 58,1 21,7 21,9 $38.55 B 7 1,85,5 18.%.% 18.% 17.7% 9,9 282,6 (4,7) 7, $36.33 C 2 266,4 12.9%.9% 13.8% 21.9% 1,8 31,7 21,5 1,2 $31.83 Subtotal 11 3,261,1 14.%.1% 14.% 15.2% 112,2 372,4 38,5 12,1 $36.42 GREATER DOWNTOWN / ARTS DISTRICT B 6 1,828,5 7.5%.3% 7.8% 8.3% 31,7 42,1 9,8 53,6 1,637,5 $34.61 C 8 592,3 18.6% 1.8% 2.4% 18.1% 3,6 25,6 (13,6) (15,3) $32.17 Subtotal 14 2,42,8 1.2%.6% 1.8% 1.7% 35,3 427,7 (3,8) 38,3 1,637,5 $33.52 MARKET TOTAL A 17 18,98, 14.6%.7% 15.3% 15.4% 439,8 1,56,7 25,7 443,1 356,1 $41.4 B 42 12,582, 21.6%.3% 21.9% 21.5% 51,9 1,249,4 (48,) (173,8) 1,637,5 $36.64 C 13 1,555,3 21.2%.8% 22.1% 22.5% 22,8 111,1 6,3 3,8 $ ,235,3 17.7%.5% 18.2% 18.2% 964,5 2,417,2 (16,) 273,1 1,993,6 $38.49 Note: revisions to the inventory base were made effective Q4 216, 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. Includes 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 and an excellent location, and commands the highest rents in the market. Class B Space: Highly functional, attractive space, but less prestigious than Class A Space, and commanding lower rental rates. Class C Space: Functional, competitive space, but with a lower level of finish and/or a less desirable location than with Class B Space, and commanding lower rental rates. Low-Rise: Buildings with a total of 4 floors or less. Mid-Rise: Buildings with a total of 5 to 13 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, that is 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 (includes the impact of change in vacant space available for sublease). Leasing Activity: Square feet leased from all known transactions completed during the quarter. Excludes lease renewals. Weighted Average Asking Rental Rates: Weighted by the total square feet available for direct lease. Data is based on Full Service Gross rents, and includes all costs associated with occupying the space, including taxes, insurance, maintenance, janitorial service and utilities. Reported on a monthly, per basis. Space Added (Net): 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 66 countries on 6 continents United States: 153 Canada: 34 Latin America: 24 Asia Pacific: 231 EMEA: 112 UNITED STATES: Downtown LA Office License No S. Figueroa St., Ste. 35 Los Angeles, CA 917 HANS MUMPER Executive Managing Director CHRIS WONG Regional Research Analyst Research Services > $2.5 billion in annual revenue > 2. billion square feet under management > Over 16,1 professionals TEL: FAX: CAITLIN MATTESON Research Director Research Services 6

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