Optimism Remains. SUBURBAN CHICAGO OFFICE Fourth Quarter Research & Forecast Report

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1 Research & Forecast Report SUBURBAN CHICAGO OFFICE Fourth Quarter Optimism Remains Ronna Larsen Senior Research Manager Suburban Chicago The Chicago Suburban office market is awaiting occupancy of several large tenants in 2017 to overcome the negative absorption total witnessed in. Despite ending the year with negative absorption, 19 new lease transactions greater than 25,000 square feet occured in the Chicago suburban office market in compared to 17 transactions in. Many of these leases will commence in the first and second quarters of Trends The swift velocity of investment and user sales in the suburban office market continued in as 45 assets traded hands. Fourth quarter notable transactions included the Blackstone s 699,120-square-foot, three-building portfolio sale in Rosemont to Adventus Realty Services; TIAA-CREF s 264,162-square-foot sale in Oakbrook Terrace to Hamilton Partners; and Colony Realty Partners 232,152-square-foot sale to Helios Property Management, also in Oakbrook Terrace. Several investment properties were added to the market in, including five in the fourth quarter alone such as Schaumburg Corporate Center and Balmoral Business Campus. In addition, there are four assets currently under contract. While the number of large tenants in the market dissipated throughout, there continues to be a number of mid-sized tenants with potential to relocate. There are currently 66 tenants with needs ranging from 10,000 to 50,000 square feet that are actively seeking space in the suburban office market. Well-capitalized building owners in the suburbs continue to focus on tenant improvements and increased amenities such as structured parking, power to accommodate the modern tenant, employee wellness / fitness centers, food service, tenant lounges and conference centers and outdoor spaces to cater to the younger generation. Market Indicators Relative to prior periods Q4-15 Q3-16 Q4-16 Vacancy rate 20.1% 20.3% 20.9% Absorption (YTD) 1,029,499 (146,289) (845,440) Rents $20.34 $20.37 $20.51 Inventory 113,314, ,314, ,314,374 Class A Large Blocks of Space Vacancy 20,000 SF+ 50,000 SF+ 100,000 SF+ 200,000 SF+ 300,000 SF+ O'Hare Northwest North Lisle-Naperville Oak Brook Total Overall vacancy in the suburban office market rose to 20.9 percent in, compared to 20.1 percent at the end of. While conditions in the Oak Brook market improved, the Northwest market reported the highest increase in overall vacancy, rising to 24.5 percent from 22.4 percent at the end of. Vacancy in Class A properties also rose throughout, ending at 21.1 percent compared to 19.4 percent at the end of. However, as tenants such as Paylocity, Brunswick, Valent Biosciences, Vyaire Medical, and Combined Insurance begin moving into their new spaces, vacancy in the suburban office markets is expected to decrease throughout While overall sublease vacancy increased slightly, it remains low at 1.4 percent compared to 1.2 percent at the end of.

2 Absorption Overall net absorption ended at negative 845,165 square feet, compared to positive 1,029,499 square feet in the previous year. Larger tenant movement including Redbox, Banco Popular, Conagra and Zurich which moved into its build-to-suit headquarters were major contributors to the negative absorption. Large Blocks of Availability There are currently 45 properties in the suburban office market that can accommodate users 100,000 square feet and larger, while 35 of those properties are Class A. Large blocks of space in the O Hare and Oak Brook markets are difficult to find, however, the Northwest market offers the majority of options. Rents Average Class A asking rents increased in, rising to $28.69 per square foot gross, up from $28.40 per square foot gross at year-end. The average asking rent for all classes in suburban Chicago ended at $20.51 per square foot gross, up from s rate of $20.34 per square foot. Construction While there hasn t been any speculative construction delivered since 2010 and none is expected throughout 2017, build-to-suit activity is thriving within the suburban market, particularly in the Northwest sector. Projects there include Zurich North America s recently completed 735,000-squarefoot headquarters in Schaumburg; American Academy of Pediatrics 193,000-square-foot build-to-suit property in Itasca; and McShane Development Company / MetLife Real Estate Investors recently announced Huntington 90, a buildto-suit business park in Hoffman Estates. What To Expect in 2017 > > We will see a wider spread in performance between Class A and Class B properties. While true Class A properties with high-quality amenities will continue to drive the market in 2017, Class B properties will struggle. > > True Class A investment sales will continue throughout 2017, while investment sales of A- and Class B properties with fewer amenities will begin to taper off. > > A modest increase in absorption is expected throughout Net Absorption and Vacancy Suburban Office Market Overall Suburban Office 1,500, % 21.5% 21.4% 1,029,499 1,000, % 21.1% 442, , % 500, % 20.9% 20.8% 20.7% % (208,866) 20.4% (500,000) (214,164) 20.2% 20.1% (1,000,000) (845,440) 20.0% Source: Costar; Colliers International Research Absorption Vacancy Submarket Vacancy Rates % 24.5% 25.0% 21.9% 22.4% 22.6% 21.3% 21.8% 21.7% 20.0% 19.3% 19.4% 20.0% 18.7% 18.0% 18.6% 17.8% 18.3% Vacancy (%) % 10.0% 5.0% 0.0% -5.0% O'Hare Northwest North Lisle/Naperville Oak Brook Source: Costar; Colliers International Research Asking Gross Rental Rates Overall Suburban Office $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Source: Costar; Colliers International Research Class A Class B Class C Average 2 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

3 Tenants In The Market Active Requirements HARVARD MCHENRY Northwest 1,661,000 SF GURNEE North 1,358,000 SF GRAYSLAKE WAUKEGAN NORTH CHICAGO NORTH miles MARENGO HUNTLEY East-West 1,545,000 SF CRYSTAL LAKE SLEEPY HOLLOW ELGIN Elgin-O'Hare Expy. 20 East-West Tollway ROLLING MEADOWS ARLINGTON 53 HEIGHTS CAROL STREAM ADDISON ST. CHARLES 355 KANE CO. KENDALL CO. CARY BATAVIA KANE CO. DuPAGE CO. KANE CO. McHENRY CO. WEST CHICAGO 59 BARRINGTON WAUCONDA HOFFMAN ESTATES HANOVER PARK 53 SCHAUMBURG LOMBARD ELK GROVE VILLAGE AURORA NAPERVILLE LISLE DOWNERS GROVE WILL CO. LAKE ZURICH LAKE CO. COOK CO. COOK CO. DuPAGE CO. ITASCA 88 LIBERTYVILLE VERNON HILLS 45 Lake Cook Rd BUFFALO GROVE MOUNT PROSPECT ELMHURST OAKBROOK WOODRIDGE 294 HINSDALE 94 PALWAUKEE FIELD 21 O'HARE INTERNATIONAL AIRPORT DuPAGE CO. BURR RIDGE COOK CO. LINCOLNSHIRE MELROSE PARK OAK PARK 45 DEERFIELD NORTHBROOK FRANKLIN PARK 290 LAKE FOREST BROADVIEW 43 McCOOK 55 HIGHLAND PARK GLENVIEW CICERO BEDFORD PARK 50 WINNETKA WILMETTE SKOKIE ROSEMONT O Hare 1,045,000 SF CHICAGO MIDWAY AIRPORT EVANSTON Lake Michigan KENDALL CO. WILL CO. PLAINFIELD BOLINGBROOK WILL CO. ROMEOVILLE COOK CO. COOK CO. WILL CO. O. O. ORLAND PARK ALSIP IS A HAMMOND GAR Despite the increase in vacancy in the Suburban office market, the velocity of small- and mid-sized tenants is on the rise. 3 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

4 Significant Lease and Sale Activity Top Suburban Office Leasing Activity 4Q TENANT BUILDING TOWN SUBMARKET CLASS SIZE (SF) DEAL TYPE Ingredion Westbrook Corporate Center Westchester OB A 114,000 Renewal Vyaire Medical Woodlans Falls Corporate Center Mettawa N A 99,000 New Valent Biosciences Corporation* Innovation Park Libertyville N A 58,000 New Brunswick Woodland Falls Corporate Center Mettawa N A 55,000 New Swiss RE Management* 1450 American Lane Schaumburg NW A 34,000 New Marcum, LLP Nine Parkway North Deerfield N A 26,500 New PLZ Corridors I Warrenville LN A 24,500 New TravelClick* Woodfield Corporate Center Schaumburg NW A 21,000 Renewal Fairway Independent Mortgage Corporation* Corporetum Office Campus Lisle LN A 20,500 New BNP Media* 155 Pfingsten Road Deerfield N A 16,750 Renewal Chemical Personnel Research Westbrook Corporate Center Westchester OB A 16,000 Renewal *Colliers International Transaction Recent Suburban Office Investment Sales Activity 4Q STATUS PROPERTY TOWN SUBMKT CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER Riverway Rosemont O A 699,120 $173,000,000 $ Adventus Realty Services The Blackstone Parkview Plaza Oakbrook Terrace OB A 264,162 $47,500,000 $ Hamilton Partners TIAA-CREF Oakbrook Terrace Corp Center III Oakbrook Terrace OB A 232,052 $17,403,900 $75.00 Helios Property Management Colony Realty Partners O'Hare Corporate Towers Rosemont O B 202,325 $11,800,000 $58.32 Ketu Amin Lincoln Property Olympian Office Centre Lisle LN A 167,756 $5,100,000 $30.40 The Missner Riverview Realty Partners Church Street Office Center Evanston N A 155,652 $26,800,000 $ FD Stonewater Farbman The Pointe at Itasca Itasca NW A 148,988 $9,000,000 $60.40 CR Itasca, LLC Northwestern Mutual 300 N Field Drive Lake Forest N A 137,300 $9,700,000 $70.65 The Missner Pfizer 155 N Pfingsten Road Deerfield N A 117,036 $10,137,525 $86.62 Boxer Property Colony Realty Partners One Conway Park Lake Forest N A 105,000 $19,350,000 $ Pembroke Hobson Fulcrum/Zell 1200 Shermer Road Northbrook N A 80,811 $9,800,000 $ Q2 Real Estate Finley Business Center Lombard OB B 63,196 $8,200,000 $ LM Finley Investors, LLC Intercontinental Real Estate Pritchett Realty Corporation One Naperville Plaza Naperville LN B 54,108 $6,585,000 $ Undisclosed Suburban Real Estate New 3275 N Arlington Heights Road Arlington Heights NW B 184,510 TBD TBD TBD Chicagoland Commercial New Ferry Road Warrenville LN B 136,234 TBD TBD TBD FD Stonewater New 141 NW Point Boulevard Elk Grove Village NW B 114,642 TBD TBD TBD American Academy of Pediatrics New 2600 Forbes Avenue Hoffman Estates NW A 90,000 TBD TBD TBD Serta International New Midwest Plaza North Oak Brook OB B 50,505 TBD TBD TBD Fox UC 1 N Field Drive Lake Forest N A 130,401 TBD TBD TBD Brunswick Corporation UC Woodfield Green Executive Centre Schaumburg NW A 109,372 TBD TBD TBD JHO Mutual LN=Lisle/Naperville N=North NW=Northwest OB=Oak Brook Area O=O Hare FS=For Sale NEW=New to Market UC=Under Contract 4 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

5 O Hare Despite being the smallest of the suburban office markets, O Hare continues to attract corporate users due to convenient access to highways and public transportation and proximity to O Hare International Airport. When companies, particularly national firms, are faced with consolidating locations in the Metropolitan Chicago area, they typically give strong consideration to the O Hare market as it is well suited for regional operations and its location is ideal for serving virtually any suburban market. Vacancy Market Indicators Relative to prior periods Q4-15 Q3-16 Q4-16 Vacancy rate 18.0% 19.3% 18.6% Absorption (YTD) 173,397 (182,896) (79,681) Rents $21.19 $21.09 $21.34 Inventory 13,307,476 13,307,476 13,307,476 Vacant Space By Property Type Class C 274,430 SF 13.2% Vacant Class A 8,128,694 SF 13.7% Vacant At 18.6 percent, overall vacancy in the O Hare market witnessed a slight increase when compared to year-end s 18.0 percent. However, this is an improvement from the third quarter total of 19.3 percent. Class B 4,904,352 SF 26.9% Vacant Class A vacancy continued to improve, ending the year at 13.7 percent, down from 14.1 percent at the end of. Class B properties, continued to struggle, ending the year at 26.9 percent compared to 24.6 percent at the end of Class A Class B Class C While still low, sublease vacancy was on the rise in, increasing to 0.6 percent, up from 0.1 percent at year-end. Absorption Fourth quarter net absorption showed improvement, ending at positive 103,215 square feet. However, year-end overall absorption was down, ending at negative 79,681 square feet compared to yearend s total of positive 173,397 square feet. Net Absorption and Vacancy O Hare Office Market 250, , , ,000 50, % 131, % 70, % 208, % 173, % 18.6% 25.0% 20.0% 15.0% 10.0% Class A properties continued to improve, ending the year with 35,030 square feet of positive net absorption. 0 (50,000) (43,073) 5.0% Large Blocks of Availability (100,000) (79,681) 0.0% Options for large space requirements in the O Hare market continue to be limited. There are currently only three properties that can accommodate large (100,000 square feet and above) users, all of which are Class A. Source: Costar; Colliers International Research Absorption Vacancy

6 Rents Rental rates in the O Hare market continue to be the highest among the suburban markets. Class A average asking rent in the O Hare market increased to $31.32 per square foot gross, compared to year-end, when it averaged $30.75 per square foot. The average asking rate for all classes also increased, rising to $21.34 per square foot gross, up from $21.19 per square foot gross at year-end. Construction No new speculative construction was completed in the O Hare market during and none is expected throughout However, construction continues on the Elgin O Hare extension. The improved access to O Hare will reduce travel times to the airport as well as promote economic development in the O Hare and surrounding areas. Asking Gross Rental Rates O Hare Office Market $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Source: Costar; Colliers International Research Class A A Class Class B B Class C Average Top 10 Large Available Blocks by Square Feet Proposed projects include Pointe O Hare II and O Hare Corporate Campus, both in Rosemont. If completed, these projects could add 1.4 million square feet to the O Hare market. Janko is currently developing a new mixed-use property in Rosemont with completion expected in summer When completed, The Pearl will offer three restaurants, a boutique hotel, and 100,000 square feet of office space W Bryn Mawr Avenue 5450 N Cumberland Avenue 1350 Touhy Avenue E Devon Avenue 5500 Pearl Street 999 E Touhy Avenue 72,975 68,906 59,710 98, , ,676 What To Expect in 2017 > > Vacancy is expected to remain the same throughout > > Class A rental rates are expected to increase slightly and Class B rates will increase slightly W Bryn Mawr Avenue 1700 W Higgins Road 8725 W Higgins Road 2200 E Devon Avenue 56,454 53,645 52,259 47,825 CLASS A CLASS B > > Class A and B buildings with large blocks over 50,000 square feet available will be offered at a premium. > > No significant multi-tenant construction is expected. Significant Lease and Sale Activity Top O Hare Office Leasing Activity 4Q TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE While no large transactions were completed in the fourth quarter, multiple renewal transactions in the 5,000- to 15,000-squarefoot range were consummated. Recent O Hare Office Investment Sales Activity 4Q STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER Riverway Rosemont A 699,120 $173,000,000 $ Adventus Realty Services The Blackstone O'Hare Corporate Towers Rosemont B 202,325 $11,800,000 $58.32 KETU AMIN Lincoln Property UC Balmoral Business Campus Rosemont A 233,845 TBD TBD TBD TA Realty FS=For Sale NEW=New to Market UC=Under Contract 6 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

7 Northwest Over the years, the Northwest suburban office market has been home to an array of industries, making it the most diverse market in the suburbs. While it was the hardest hit suburban market during the recession as firms began consolidating or altogether closing, it has seen improvements in pockets of the market in recent years. Vacancy The Northwest market retained the highest vacancy level in all of the suburban markets as it ended with 24.5 percent vacancy, up from 22.4 at year-end. Class A properties were the culprit for a majority of the rise in vacancy, ending the year at 23.4 percent compared to percent at year-end. However, when larger tenants such as Paylocity and Swiss RE Management begin moving into their space, vacancy is expected to decline in Sublease vacancy remains low in the Northwest with 0.8 percent vacancy, up slightly from 0.7 percent at year-end. Absorption The Northwest market ended with negative 636,815 square feet of net absorption, compared to negative 170,525 square feet at year end of. In Class A properties, absorption totaled negative 533,204 square feet for the year, down from negative 261,627 square feet of absorption in. Large Blocks of Availability Market Indicators Relative to prior periods Q4-15 Q3-16 Q4-16 Vacancy rate 22.4% 22.1% 24.5% Absorption (YTD) (170,525) 92,724 (636,815) Rents $18.23 $18.66 $18.59 Inventory 30,606,240 30,606,240 30,606,240 Vacant Space By Property Type Class C 1,440,427 SF 12.2% Vacant Class B 10,638,097 SF 28.0% Vacant Class A 18,527,716 SF 23.4% Vacant Class A Class B Class C Net Absorption and Vacancy Northwest Office Market 400, ,000 0 (200,000) (400,000) 24.3% 115, % 343, % 275,285 (170,525) 22.4% 24.5% 25.0% 24.5% 24.0% 23.5% 23.0% 22.5% The Northwest market continues to offer the most options for large space requirements with 15 properties that can accommodate large (100,000 square feet and above) users, 11 of them being Class A. AT&T Corporate Campus, a 1.6-million-square-foot asset in Hoffman Estates, has been removed from our statistics as it is currently in receivership. Once the situation with this asset has been determined and it is recapitalized, we will place it back into our inventory. (600,000) (620,023) (800,000) Source: Costar; Colliers International Research Absorption 21.9% Vacancy (636,815) 22.0% 21.5%

8 Rents The Northwest market continues to offer the lowest rental rates in the suburban office markets with Class A average asking rates measuring $24.74 per square foot gross, up from year-end s rate of $ The average asking rate for all classes measured $18.59 per square foot gross, up slightly from $18.23 at the end of. Construction No new speculative construction was completed in the Northwest market during and none is expected during However, Zurich North America s 735,000-squarefoot headquarters at Meacham Road and Interstate 90 in Schaumburg was recently completed. American Academy of Pediatrics is building a 193,000-square-foot build-to-suit development at Park Boulevard and Pierce Road in Itasca with completion expected in the fall of In addition, McShane Development Company and MetLife Real Estate Investors recently announced Huntington 90, a build-to-suit business park in Hoffman Estates which can accommodate up to 500,000-square-foot facilities. What To Expect in 2017 > > Class A concessions will hold firm. > > Rents will remain flat throughout > > With recent sales of true Class A buildings in Schaumburg that have a new lower basis or a repriced basis due to being handed back to lender, Class A buildings will be in position to make deals and the days of zombie assets will be gone. > > As tollway improvements on Roselle, Meacham, and Barrington Roads reach completion, the Northwest market will become more desirable from an access perspective. Asking Gross Rental Rates Northwest Office Market $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Source: Costar; Colliers International Research Class A Class B Class CC Average Top 10 Large Available Blocks by Square Feet 1400 & 1450 American Lane 1301 E Algonquin Road 2550 W Golf Road 2 Pierce Place 1707 N Randall Road 1000 E Woodfield Road Lake Cook Road 5201 Tollview Road 700 N Wood Dale Road 777 Big Timber Road 145, , , , , , , , ,000 CLASS A CLASS B 572,509 Significant Lease and Sale Activity Top Northwest Office Leasing Activity 4Q Recent Northwest Office Investment Sales Activity 4Q STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER The Pointe at Itasca Itasca A 148,988 $9,000,000 $60.40 CR Itasca, LLC Northwestern Mutual New 3275 N Arlington Heights Road Arlington Heights B 184,510 TBD TBD TBD Chicagoland Commercial New 141 NW Point Boulevard Elk Grove Village B 114,642 TBD TBD TBD American Academy of Pediatrics New 2600 Forbes Avenue Hoffman Estates A 90,000 TBD TBD TBD Serta International UC Schaumburg Corporate Center Schaumburg A 965,986 TBD TBD TBD John Hancock UC TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE Swiss RE Management* 1450 American Lane Schaumburg A 34,000 New TravelClick* Woodfield Corporate Center Schaumburg A 21,000 Renewal *Colliers International Transaction Woodfield Green Executive Centre Schaumburg B 109,392 TBD TBD Village of Schaumburg JHO Mutual FS=For Sale NEW=New to Market UC=Under Contract 8 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

9 North Home to many large corporate occupiers, The North market has primarily attracted tenants for its low Lake County tax rate to the north and its proximity to Downtown Chicago to the south. As some of these larger corporate users began to vacate, the North market suffered its largest vacancy in decades. While it has made some progress, the North market continues to ebb and flow as it makes its way toward recovery. Vacancy The North market ended the fourth quarter of with 18.3 percent overall vacancy. While the rate is up from year-end s total of 17.8 percent, it has shown improvement from earlier in the year when vacancy rose to 19.0 percent. Vacancy in Class A properties also improved as the year progressed, ending at 20.9 percent following the first quarter high of 21.8 percent. When considering true Class A properties, vacancy is even lower at 15.4 percent. Absorption While absorption has shown improvement from the beginning of the year, overall cumulative absorption for the year sharply declined in the North market from the prior year. The year-end total of negative 130,523 square feet marked a swing of nearly 1.2 million square feet from total of positive 1,026,042 square feet. Large tenant move-outs such as Jim Beam cause the negative absorption in. However, as tenants such as Vyaire Medical and Brunswick begin moving into new space in 2017, absorption is expected to improve. Large Blocks of Availability There are currently 13 blocks of space available for large-sized tenants (100,000 square feet and above), with 12 of them being Class A. Market Indicators Relative to prior periods Q4-15 Q3-16 Q4-16 Vacancy rate 17.8% 18.3% 18.3% Absorption (YTD) 1,026,042 (131,085) (130,523) Rents $22.02 $22.04 $21.96 Inventory 29,055,076 29,055,076 29,055,076 Vacant Space By Property Type Class C 1,147,720 SF 18.7% Vacant Class B 9,382,904 SF 13.1% Vacant Class A 18,524,452 SF 20.9% Vacant Class A Class B Class C Net Absorption and Vacancy North Office Market 1,500,000 1,000, ,000 0 (500,000) (1,000,000) (1,500,000) 4, % 206, % Source: Costar; Colliers International Research 205, % Absorption (1,042,062) 21.3% Vacancy 1,026, % (130,523) 18.3% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%

10 Rents Average Class A gross asking rent in the North market increased to $30.13 per square foot gross, compared to $30.23 per square foot gross at the end of. The average gross asking rate for all classes decreased slightly in to $21.96 per square foot gross, compared to $22.01 at the end of. Construction No new speculative construction was completed in the North market during and none is expected during There are a few sites available for future build-to-suit projects in the North market, including Janko s 170,000-squarefoot project in Lake Forest and Quadrangle Development s 250,000-square-foot project in Deerfield. What To Expect in 2017 > > Class A product along the Lake Cook Road and Skokie Boulevard corridors with good access to public transportation and amenities will continue to see the majority of activity and absorption in > > There will continue to be a large spread between the true Class A vacancy and the rest of the product > > Class B and C product in secondary submarkets will be less favorable and continue to see limited absorption. > > Overall vacancy and absorption will remain steady. Significant Lease and Sale Activity Asking Gross Rental Rates North Office Market North Submarket $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Class A Class B Class C Average Source: Costar; Colliers International Research Class A Class B Class C Average Top 10 Large Available Blocks by Square Feet 600 N US Highway Milwaukee Avenue 3100 Sanders Road 2 Overlook Point S Lakeside Drive 300 Tower Parkway 300 N Field Drive 1 N Field Court 3600 W Lake Avenue 510 Lake Cook Road 405, , , , , , , , ,071 CLASS A CLASS B 966,091 CLASS A CLASS B Top North Office Leasing Activity 4Q TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE Vyaire Medical Woodland Falls Corporate Center Mettawa A 99,000 New Valent Biosciences Corporation* Innovation Park Libertyville A 58,000 New Brunswick Woodland Falls Corporate Ctr Mettawa A 55,000 New Marcum, LLP Nine Parkway North Deerfield A 26,500 New BNP Media* 155 Pfingsten Rd Deerfield A 16,750 Renewal *Colliers International Transaction Recent North Office Investment Sales Activity 4Q STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER 1200 Lakeside Drive Bannockburn A 260,084 $65,270,000 $ Private Equity Commonwealth Church Street Office Center Evanston A 155,652 $26,800,000 $ FD Stonewater Farbman 300 N Field Drive Lake Forest A 137,300 $9,700,000 $70.65 Pfizer Hospira 155 N Pfingsten Road Deerfield A 117,036 $10,137,525 $86.62 Boxer Property Colony Realty Partners One Conway Park Lake Forest A 105,000 $19,350,000 $ Rembroke Hobson Fulcrum/Zell 1200 Shermer Road Northbrook A 80,811 $9,800,000 $ Q2 Real Estate Intercontinental Real Estate UC 1 N Field Drive Lake Forest A 130,401 TBD TBD TBD Brunswick Corporation FS=For Sale NEW=New to Market UC=Under Contract 10 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

11 Lisle-Naperville The Lisle-Naperville market, known for attracting technology tenants with newer construction and bigger floor plates, suffered a setback in as available space rose due to the merger and relocation activities of large tenants. Vacancy Vacancy in the Lisle-Naperville area reached an 11-year high as significant space from large users such as Navistar and OfficeMax officially became available, bringing overall vacancy to 22.6 percent compared to 21.8 percent at the end of. Market Indicators Relative to prior periods Q4-15 Q3-16 Q4-16 Vacancy rate 21.8% 22.6% 22.6% Absorption (YTD) (426,169) (135,653) (140,803) Rents $20.20 $20.14 $20.68 Inventory 16,856,451 16,856,451 16,856,451 Vacant Space By Property Type Class C 875,864 SF 10.0% Vacant Class A assets were affected the most, rising to 23.5 percent versus 21.9 percent at the end of. Most of the vacancy was caused by full buildings and new blocks of available large space hitting the market. Sublease vacancy in Lisle-Naperville remains the highest of all the suburban markets, ending at 4.3 percent in compared to 3.2 percent at the end of. Class B 6,602,19 SF 20.6% Vacant Class A 9,378,388 SF 25.3% Vacant Absorption The Lisle-Naperville market ended with 140,803 square feet of negative net absorption, compared to negative 426,169 square feet at year-end. While Class A properties posted negative year-end net absorption of 317,790 square feet, Class B properties ended the year with positive 184,426 square feet of net absorption. Large Blocks of Availability Class A Class B Class C Net Absorption and Vacancy Lisle-Naperville Office Market 300, % 228, % 200, % 82, % 19.5% 19.3% 100, % 18.7% 45,633 15, % (100,000) 10.0% (200,000) (140,803) Nine properties in the Lisle-Naperville market can accommodate large (100,000 square feet and above) users, three of which are Class A. (300,000) (400,000) (500,000) (426,169) 5.0% 0.0% Source: Costar; Colliers International Research Absorption Vacancy

12 Rents The average Class A asking rent in the Lisle-Naperville market measured $28.00 per square foot gross at the end of, up from $27.82 per square foot in the fourth quarter of. Asking Gross Rental Rates Lisle-Naperville Office Market $35.00 $30.00 $25.00 $20.00 The average asking rate for all classes also increased to $20.68 per square foot gross, up from $20.20 at the end of. Construction $15.00 $10.00 $5.00 $0.00 While no new speculative construction was completed in the Lisle-Naperville market during, developers continue to seek locations for build-to-suit opportunities. What To Expect in 2017 > > The prevalence of large tenants considering relocations has subsided, however, small- to midsized tenants will remain active. > > Class A and B asking rates are expected to increase in > > Build-to-suit activity will increase in 2017 as speculative development will remain non-existent. > > Investment sales will continue at a steady pace throughout Source: Costar; Colliers International Research Class A Class B Class C Average Class A Class B Class C Average Top 10 Large Available Blocks by Square Feet *6200 S Route Shuman Boulevard 2601 Navistar Drive 4201 Winfield Road 2400 Cabot Drive 215 W Diehl Road Ferry Road 2441 Warrenville Road 750 N Commons Boulevard 162, , , , , ,000 CLASS A CLASS B *Sublease 360, , , Commcerce Court 96,278 Significant Lease and Sale Activity Top Lisle-Naperville Office Leasing Activity 4Q TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE PLZ Cooridors I Warrenville A 24,500 New Fairway Independent Mortgage Corporation* Corporetum Office Campus Lisle A 20,500 New *Colliers International Transaction Recent Lisle-Naperville Office Investment Sales Activity 4Q STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER Olympian Office Centre Lisle A 167,756 $5,100,000 $30.40 The Missner Riverview Realty Partners One Naperville Plaza Naperville B 54,108 $6,585,000 $ Undisclosed Suburban Real Estate New Ferry Rd Warrenville B 136,234 TBD TBD TBD FD Stonewater FS=For Sale NEW=New to Market UC=Under Contract 12 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

13 Oak Brook The Oak Brook market, which typically attracts smaller tenants in the 10,000- to 20,000-square-foot range and benefits from steady leasing velocity, continued to show improvement in due to the impact of Class A leasing near Oakbrook Center Mall. Vacancy Despite a slight increase in vacancy in the fourth quarter, the Oak Brook market ended with an overall vacancy rate of 19.4 percent, down from 20.0 percent at year-end. While the number of large users in the market has dissipated, the Oak Brook market has been able to remain stable as leasing of small- to midsized users continues to improve. Class B properties witnessed the most improvement, ending at 19.2 percent vacancy, down from 22.2 percent at the end of. Class A properties reported 19.8 percent vacancy at the end of, compared to 18.6 percent at the end of. Sublease vacancy remained stable, ending at 1.2 percent versus 1.4 percent at the end of. Absorption Market Indicators Relative to prior periods Q4-15 Q3-16 Q4-16 Vacancy rate 20.0% 19.1% 19.4% Absorption (YTD) 426, , ,382 Rents $20.06 $19.94 $20.01 Inventory 23,489,131 23,489,131 23,489,131 Vacant Space By Property Type Class C 999,111 SF 16.2% Vacant Class B 9,013,935 SF 19.2% Vacant Class A 13,476,085 SF 19.8% Vacant Class A Class B Class C Net Absorption and Vacancy Oak Brook Office Market The Oak Brook market ended with 142,382 square feet of positive net absorption, compared to 426,754 square feet of positive net absorption at year-end. The Oak Brook market was the only suburban market to achieve positive year-end absorption. 500, , , , , , % 21.9% 22.9% 261, % 426, , % 23.0% 22.5% 22.0% 21.5% 21.0% 20.5% Large Blocks Of Availability Options for large blocks of space in the Oak Brook market are limited. Currently there are only four buildings in the Oak Brook market can accommodate large tenants with space needs greater than 100,000 square feet, three of which are Class A. (100,000) (56,626) (200,000) (300,000) Source: Costar; Colliers International Research (219,667) Absorption Vacancy 20.0% 19.4% 20.0% 19.5% 19.0%

14 Rents Class A average asking rent in the Oak Brook market measured $29.27 per square foot gross at the end of the fourth quarter, up from $28.86 per square foot gross at year-end. The average asking rate for all classes totaled $20.01 per square foot gross, down slightly from $20.06 per square foot gross at year-end. Construction No new construction was completed in the Oak Brook market during. However, build-to-suit activity continues as Chamberlain, a division of Duchossois, is building a 228,600-squarefoot office development on the land it acquired from Follett Corporation on Windsor Drive in Oak Brook with completion expected in early Asking Gross Rental Rates Oak Brook Office Market $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Top 10 Large Available Blocks by Square Feet Source: Costar; Colliers International Research Class A Class B Class C Average There are also discussions for the HUB to construct a new building on York Road next to its existing site for expansion. What To Expect in 2017 > > Class A and B asking rates are expected to increase in > > No speculative development is expected in However, build-to-suit activity will increase. > > Large tenants seeking space will continue to become less common, while small -to mid-size tenants will remain active. 700 Oakmont Lane 2655 Warrenville Road *2707 Butterfield Road *3333 Finley Road 747 E 22nd Street 1333 Burr Ridge Parkway 1 Tower Lane 4 Westbrook Corporate Center 3050 Highland Parkway 1000 Royce Boulevard 149, , ,368 95,078 90,000 89,896 82,728 74,319 68, ,767 CLASS A CLASS B *Sublease Significant Lease and Sale Activity Top Oak Brook Office Leasing Activity 4Q TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE Ingredion Westbrook Corporate Center Westchester A 114,000 Renewal Chemical Personnel Research Westbrook Corporate Center Westchester A 16,000 Renewal Recent Oak Brook Office Investment Sales Activity 4Q STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER Parkview Plaza Oakbrook Terrace A 264,162 $47,500,000 $ Hamilton Partners TIAA-CREF Oakbrook Terrace Corporate Center III Oakbrook Terrace A 232,052 $17,403,900 $75.00 Finley Business Center Lombard B 63,196 $8,200,000 $ Helios Property Management LM Finley Investors, LLC Colony Realty Partners Pritchett Realty Corporation New Midwest Plaza North Oak Brook B 50,505 TBD TBD TBD Fox LN=Lisle/Naperville N=North NW=Northwest OB=Oak Brook Area O=O Hare FS=For Sale NEW=New to Market UC=Under Contract 14 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

15 Fourth Quarter Office Market Statistics Local Standards CLASS O HARE BLDGS TOTAL INVENTORY SF DIRECT VACANCY RATE SUBLEASE VACANCY RATE VACANCY RATE CURRENT QTR VACANCY QUARTERLY NET RATE PRIOR ABSORPTION SF QTR NET YTD ABSORPTION SF COMPLETIONS CURRENT QTR - SF UNDER CONSTRUCTION - SF Class A 37 8,128, % 0.9% 13.7% 14.7% 77,283 35, $31.32 Class B 49 4,904, % 0.1% 26.9% 27.4% 26,658 (111,773) 0 0 $19.27 Class C 8 274, % 0.0% 13.2% 12.9% (726) (2,938) 0 0 $13.42 Subtotal 94 13,307, % 0.6% 18.6% 19.3% 103,215 (79,681) 0 0 $21.34 NORTHWEST Class A 86 18,527, % 1.0% 23.4% 19.7% (690,104) (533,204) 0 0 $24.74 Class B ,638, % 0.4% 28.0% 27.6% (45,926) (103,810) 0 0 $17.13 Class C 28 1,440, % 2.3% 12.2% 12.3% 1, $13.90 Subtotal ,606, % 0.8% 24.5% 22.1% (734,718) (636,815) 0 0 $18.59 NORTH Class A ,524, % 0.9% 20.9% 20.8% (5,887) (148,647) 0 0 $30.13 Class B 151 9,382, % 0.9% 13.1% 13.1% 2,655 17, $18.77 Class C 29 1,147, % 0.4% 18.7% 19.0% 3, $16.98 Subtotal ,055, % 0.9% 18.3% 18.3% 562 (130,523) 0 0 $21.96 LISLE/NAPERVILLE Class A 54 9,378, % 3.5% 25.3% 24.9% (34,726) (317,790) 0 0 $28.00 Class B 122 6,602, % 6.1% 20.6% 21.1% 33, , $18.30 Class C , % 0.0% 10.0% 9.5% (4,412) (7,439) 0 0 $15.73 Subtotal ,856, % 4.3% 22.6% 22.6% (5,150) (140,803) 0 0 $20.68 OAK BROOK Class A 69 13,476, % 0.8% 19.8% 19.8% 6,736 (164,758) 0 0 $29.27 Class B 142 9,013, % 1.8% 19.2% 18.4% (69,819) 274, $17.75 Class C , % 0.0% 16.2% 15.9% (2,991) 33, $13.01 Subtotal ,489, % 1.2% 19.4% 19.1% (66,074) 142, $20.01 SUBURBAN TOTAL Class A ,035, % 1.3% 21.1% 20.2% (646,698) (1,129,369) 0 0 $28.69 Class B ,541, % 1.7% 21.3% 21.1% (52,444) 260, $18.24 Class C 109 4,737, % 0.8% 14.3% 14.2% (3,023) 23, $14.61 Subtotal 1, ,314, % 1.4% 20.9% 20.3% (702,165) (845,440) 0 0 $20.51 QUARTERLY COMPARISON AND TOTALS Q4-16 1, ,314, % 1.4% 20.9% 20.3% (702,165) (845,440) 0 0 $20.51 Q3-16 1, ,314, % 1.3% 20.3% 20.0% (312,150) (146,289) 0 0 $20.37 Q2-16 1, ,314, % 1.3% 20.0% 20.4% 450, , $20.41 Q1-16 1, ,314, % 1.4% 20.4% 20.1% (281,969) (281,969) 0 0 $20.36 Q4-15 1, ,314, % 1.2% 20.1% 20.7% 761,845 1,029, ,000 0 $20.34 RENTS *AT&T Corporate Campus in Hoffman Estates has been excluded from stats. 15 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

16 Fourth Quarter Office Market Statistics Includes Owner Occupied Properties CLASS O HARE BLDGS TOTAL INVENTORY SF DIRECT VACANCY RATE SUBLEASE VACANCY RATE TOTAL VACANCY RATE CURRENT QTR TOTAL VACANCY RATE PRIOR QTR QUARTERLY NET ABSORPTION SF NET YTD ABSORPTION SF COMPLETIONS CURRENT QTR - SF Class A 40 8,500, % 0.9% 13.1% 14.0% 77,283 35, Class B 62 5,488, % 0.1% 28.2% 28.9% 39,770 (226,894) 0 0 Class C , % 0.0% 6.2% 5.9% (2,855) (723) 0 0 Subtotal ,759, % 0.5% 18.4% 19.1% 114,198 (193,599) 0 0 NORTHWEST Class A ,746, % 0.8% 26.4% 23.5% (661,811) (1,081,522) 0 0 Class B ,550, % 0.3% 21.5% 21.1% (65,919) (263,572) 0 0 Class C 65 2,389, % 1.4% 14.4% 14.8% 9,458 (26,792) 0 0 Subtotal ,686, % 0.6% 23.7% 22.0% (718,272) (1,328,642) 0 0 NORTH Class A ,376, % 0.7% 19.2% 18.8% (33,530) (315,210) 0 0 Class B ,549, % 0.4% 9.0% 10.6% 335,139 (308,027) 0 0 Class C 63 2,196, % 1.6% 15.1% 12.9% (47,630) (53,794) 0 0 Subtotal ,122, % 0.6% 14.4% 15.0% 253,979 (677,031) 0 0 LISLE/NAPERVILLE Class A 64 12,089, % 2.7% 21.7% 21.4% (39,511) (307,994) 0 0 Class B ,053, % 3.6% 16.7% 17.0% 27,317 (44,817) 0 0 Class C 50 1,608, % 0.0% 10.0% 11.1% 17,836 14, Subtotal ,751, % 3.0% 18.7% 18.7% 5,642 (338,361) 0 0 OAK BROOK Class A 74 14,248, % 0.8% 19.2% 19.2% 2,160 (132,663) 0 0 Class B ,654, % 1.3% 14.9% 14.5% (52,888) 286, Class C 49 1,961, % 0.1% 10.0% 10.4% 7,590 36, Subtotal ,863, % 1.0% 16.7% 16.6% (43,138) 190, SUBURBAN TOTAL Class A ,961, % 1.1% 20.9% 20.1% (655,409) (1,802,359) 0 0 Class B 1,095 68,296, % 1.0% 16.6% 16.6% 283,419 (556,737) 0 0 Class C 244 8,925, % 0.8% 12.1% 11.9% (15,601) (30,392) 0 0 Subtotal 1, ,183, % 1.0% 18.4% 18.1% (387,591) (2,347,256) 0 0 QUARTERLY COMPARISON AND TOTALS Q4-16 1, ,183, % 1.0% 18.4% 18.1% (387,591) (2,347,256) 0 0 Q3-16 1, ,183, % 1.0% 18.1% 16.9% (1,158,591) (1,959,665) 890,800 0 Q2-16 1, ,292, % 1.0% 16.9% 16.6% (514,829) (801,074) 0 890,800 Q1-16 1, ,292, % 1.0% 16.6% 16.4% (286,245) (286,245) 0 890,800 UNDER CONSTRUCTION - SF Q4-15 1, ,292, % 0.9% 16.4% 16.6% 419, , , , Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

17 TOP LEASE TRANSACTIONS OF SUBURBAN CHICAGO ADDRESS TOWN SUBMARKET CLASS SIZE (SF) TYPE QUARTER US Cellular* US Cellular Plaza Chicago O A 332,000 Renewal/Expansion US Foods Riverway Rosemont O A 320,000 Renewal Paylocity* Zurich Towers Schaumburg NW A 309,500 New CF Industries Four Parkway Boulevard North Deerfield N A 178,000 Renewal/Expansion 1Q Citigroup Park of Northwest Point Elk Grove Village NW A 146,250 Renewal 3Q Ingredion Westbrook Corporate Center Westchester OB A 114,000 Renewal 4Q Vyaire Medical Woodland Falls Corporate Center Mettawa N A 99,000 New 4Q Combined Insurance Triangle Plaza Chicago O A 92,000 New Wilton Washington Pointe Naperville LN A 86,000 New 3Q Keyence 500 Park Blvd Itasca NW A 70,500 New Houghton Mifflin The 909 Davis Building Evanston N A 60,000 Renewal/Downsize 1Q Valent Biosciences Corporation* Innovation Park Libertyville N A 58,000 New 4Q Brunswick Woodland Falls Corporate Center Mettawa N A 55,000 New 4Q AbbVie Continental Executive Park Vernon Hills N A 49,000 Renewal Lundbeck, Inc. Six Parkway North Deerfield N A 49,000 New 1Q Abercrombie & Kent Executive Towers West Downers Grove OB A 45,500 New 3Q Tyco* 2010 Swift Drive Oak Brook OB C 40,500 Renewal 1Q Fresenius USA Manufacturing* Carriage Point Lake Bluff N B 45,250 New 3Q Sikich, LLP* One Tellabs Center Naperville LN A 39,500 Expansion 1Q Sagent Pharmaceuticals, Inc.* Chatham Centre Schaumburg NW A 39,000 Renewal/Expansion 3Q Swiss RE Management* Zurich Towers Schaumburg NW A 39,000 New 4Q Land of Nod* North Grove Corporate Park Morton Grove N C 37,750 Renewal 3Q KJWW Naperville Woods Office Center Naperville LN A 32,000 Renewal 1Q HFRI Westfield Business Park Elgin NW A 31,500 New 1Q Primera Engineers, LTD* Corporetum Office Campus Lisle LN A 30,750 Renewal 1Q Wistron Mobile Solutions Corporation* 953 American Lane Schaumburg NW A 30,500 New 3Q Motorola Schaumburg Corporate Center Schaumburg NW A 28,000 New 1Q Surgical Care Affiliates* Corporate 500 Centre Deerfield N A 28,000 New 1Q Sterigenics Commerce Plaza Oak Brook OB A 27,000 Renewal/Expansion McShane Construction O'Hare Gateway Rosemont O A 26,500 New 1Q TransNational Bancard, LLC* Pointe O'Hare Rosemont O A 26,250 Sublease 1Q Redfin O'Hare Plaza Chicago O A 26,000 Expansion 3Q Marcum, LLP Nine Parkway North Deerfield N A 26,500 New 4Q Turtle Wax Meadows Office Center Addison NW A 25,000 New PLZ Cooridors I Warrenville LN A 24,500 New 4Q Robert Morris University* Amerhurst Waukegan N B 24,000 Renewal 3Q Associated Agencies* Continental Towers Rolling Meadows NW A 23,500 Renewal Corptax Riverwalk II Buffalo Grove N A 23,000 New Thomson Reuter* 1111 W 22nd Street Oak Brook OB A 22,500 Renewal 3Q Paychex North America* Diehl Road Warrenville LN B 22,000 New 3Q Citadel Investments Esplanade V Downers Grove OB A 22,000 Renewal 3Q SHC Direct* Oakbrook Terrace Corp Ctr III Oakbrook Terrace OB A 22,000 Renewal TravelClick* Woodfield Corporate Center Schaumburg NW A 21,000 Renewal 4Q Wintrust Financial Corporation* Northwest Plaza Rosemont O B 21,000 New 1Q Sprint/PCS* Chatham Centre Schaumburg NW A 20,750 Renewal *Colliers International Transaction LN=Lisle/Naperville N=North NW=Northwest OB=Oak Brook Area O=O Hare FS=For Sale NEW=New to Market UC=Under Contract 17 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

18 TOP LEASE TRANSACTIONS OF SUBURBAN CHICAGO ADDRESS TOWN SUBMARKET CLASS SIZE (SF) TYPE QUARTER Civiltech Engineering, Inc.* Two Pierce Place Itasca NW A 20,500 New Fairway Independent Mortgage Corporation* Corporetum Office Campus Lisle LN A 20,500 New 4Q Plante Moran Woodfield Corporate Center Schaumburg NW A 20,000 New 3Q Rush Medical Mid America Plaza Oakbrook Terrace OB A 20,000 New 3Q Dealer E-Process Arboretum Lakes IV Lisle LN A 18,500 New 3Q Vision Solutions, Inc.* Oakbrook Terrace Corp Ctr II Oakbrook Terrace OB B 18,000 Renewal 3Q Northwestern University* Church Street Office Center Evanston N A 18,000 Renewal 3Q Publications International* North Grove Corporate Park Morton Grove N B 17,500 New 1Q BDO Seidman O'Hare Gateway Rosemont O A 17,000 New 3Q BNP Media* 155 Pfingsten Road Deerfield N A 16,750 Renewal 4Q Genex* Embassy Plaza Schaumburg NW A 16,500 Renewal 3Q Chemical Personnel Research Westbrook Corporate Center Westchester OB A 16,000 Renewal 4Q Sapa Extrusions, Inc.* One O'Hare Centre Rosemont O A 15,500 New 3Q Amcor Flexibles Riverwalk Buffalo Grove N A 15,000 New 1Q Daugherty Systems, Inc.* Oakbrook Terrace Tower Oakbrook Terrace OB A 15,000 New 3Q York Risk Services * Woodland Corporate Tower Downers Grove OB A 15,000 New 1Q *Colliers International Transaction LN=Lisle/Naperville N=North NW=Northwest OB=Oak Brook Area O=O Hare FS=For Sale NEW=New to Market UC=Under Contract 18 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

19 INVESTMENT SALE ACTIVITY SUBURBAN CHICAGO STATUS PROPERTY TOWN SUB- MARKET CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER QUARTER Riverway Rosemont O A 699,120 $173,000,000 $ Adventus Realty Services The Blackstone 3 Lakes Drive Northfield N B 679,000 $44,700,000 $65.83 Medline Industries W.P. Carey 1Q Woodfield Preserve Schaumburg NW A 647,216 $73,500,000 $ Woodfield Corporate Center Schaumburg NW A 532,972 $32,000,000 $61.38 Zeller Realty Sperry Commercial Commerce Plaza Oak Brook OB A 515,005 $10,192,500 $ Equus Partners 3, 6, 9 Parkway North Motorola Solutions Tech Center 1 & 2 Mid America Plaza Concourse Office Plaza Three Overlook Point Meadows Corporate Center Deerfield N A 484,328 $78,500,000 $ Schaumburg NW C 479,800 $80,000,000 $ Fulcrum Asset Advisors Oak Street Real Estate Capital KBS Real Estate Investment MassMutual Life Insurance The Blackstone John Buck Company Motorola Solutions 4Q 3Q 3Q 3Q Oakbrook Terrace OB A 409,260 $78,000,000 $ Equus Partners Lincoln Property 3Q Skokie N A 294,073 $30,500,000 $ Imperial Realty Company Lincolnshire N A 283,257 $60,150,000 $ Griffin Capital Rolling Meadows NW A 270,200 $7,800,000 $28.87 Marc Realty Lionstone Investments Northwestern Mutual John Buck Company Parkview Plaza Oakbrook Terrace OB A 264,162 $47,500,000 $ Hamilton Partners TIAA-CREF 4Q 1200 Lakeside Drive 2300 & 2500 Warrenville Road Oakbrook Terrace Corp Ctr III 3000 Lakeside Drive Bannockburn N A 260,084 $65,270,000 $ Private Downers Grove OB B 248,475 $11,000,000 $44.27 Oakbrook Terrace OB A 232,052 $17,403,900 $75.00 Bannockburn N A 209,628 $25,250,000 $ One Woodfield Lake Schaumburg NW B 204,345 $5,915,000 $28.95 Washington Commons O'Hare Corporate Towers Patriot Equities LP Helios Property Management Dougherty Real Estate Equity Advisors Vinayaka Holdings Corporation Naperville LN B 202,101 $18,000,000 $89.06 SVN Equities. LLC Equity Commonwealth Aramark Colony Realty Partners C-III Asset Management Westport Capital Partners EverWest Real Estate Partners 3Q 1Q 4Q 4Q 3Q 1Q Rosemont O B 202,325 $11,800,000 $58.32 Ketu Amin Lincoln Property 4Q Oakbrook Place Oak Brook OB B 179,400 $24,000,000 $ Olympian Office Centre Church Street Office Center Woodlake Corporate Center Lisle LN A 167,756 $5,100,000 $30.40 American Landmark Properties The Missner TA Realty Riverview Realty Partners 4Q Evanston N A 155,652 $26,800,000 $ FD Stonewater Farbman 4Q Lombard OB B 158,454 $28,300,000 $ Northwest Plaza Rosemont O B 155,649 $8,600,000 $55.25 Brennan Investment Wintrust Financial Corporation The Pointe at Itasca Itasca NW A 148,988 $9,000,000 $60.40 CR Itasca, LLC 300 N Field Drive Lake Forest N A 137,300 $9,700,000 $ Davis Street Evanston N A 126,788 $18,000,000 $ Tollview Drive Rolling Meadows NW B 126,284 $3,397,500 $26.90 The Missner Steelbridge Capital AMERCO Real Estate Co UBS Realty Investors Fulcrum Asset Advisors Northwestern Mutual Pfizer Sabal Financial The Blackstone 3Q 3Q 4Q 4Q LN=Lisle/Naperville N=North NW=Northwest OB=Oak Brook Area O=O Hare FS=For Sale NEW=New to Market UC=Under Contract 19 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International

20 INVESTMENT SALE ACTIVITY SUBURBAN CHICAGO STATUS PROPERTY Touhy Office Plaza at O'Hare 155 N Pfingsten Road Citibank Office Plaza TOWN SUB- MARKET CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER QUARTER Des Plaines O B 126,088 $5,309,000 $42.11 Bradford Allen Realty Services Deerfield N A 117,036 $10,137,525 $86.62 Boxer Property Oak Brook OB A 107,780 $17,489,500 $ Franklin Partners Boulevard 40 Northbrook N A 106,850 $9,850,000 $92.19 Farbman J. Emil Anderson & Son, Inc. Colony Realty Partners American Realty Advisors EverWest Real Estate Partners One Conway Park Lake Forest N A 105,000 $19,350,000 $ Pembroke Hobson Fulcrum/Zell 4Q 1200 Arlington Heights Road Itasca NW A 94,916 $4,296,847 $45.27 Hamilton Partners Summit Oaks Oakbrook Terrace OB B 91,844 $5,015,000 $54.60 Corporetum III Lisle LN A 91,722 $6,000,000 $65.42 Kensington Corp Ctr I 1200 Shermer Road Midwest Office Center 415 Executive Center 1501 Mittel Boulevard Butterfield Ridge Office Centre Kensington Business Center Finley Business Center Mount Prospect NW A 87,453 $1,450,000 $16.58 Forefront Properties, LLC American Landmark Properties Nanta Buranakanchana Northbrook N A 80,811 $9,800,000 $ Q2 Real Estate Oakbrook Terrace OB B 77,039 $4,305,000 $55.88 Waukegan N B 73,418 $2,150,000 $29.28 Wood Dale NW B 72,260 $14,000,000 $ Viking Partners Oakbrook, LLC Ascendance Partners, LLC Broadstone Real Estate, LLC Downers Grove OB B 71,552 $3,045,000 $42.56 Azim Hemani Mount Prospect NW B 71,310 $2,250,000 $31.55 Lombard OB B 63,196 $8,200,000 $ Terrace Oaks Oakbrook Terrace OB B 55,829 $5,100,000 $91.35 New Park Ridge Office Center Basswood Executive Plaza One Naperville Plaza Executive Office Center 3275 N Arlington Heights Rd Park Ridge O B 55,772 $2,400,000 $43.03 Schaumburg NW B 54,641 $1,257,000 $23.00 Nicholas & Associates LM Finley Investors, LLC Alcock Development Company Imperial Realty Company The Capital Companies, LLC Naperville LN B 54,108 $6,585,000 $ Undisclosed Principal Real Estate Investors, LLC WH&H Realty Advisors/Blue Vista Prudential Life Insurance Younan Properties Intercontinental Real Estate The Blackstone First City Financial Corp. Lend Lease RE Investments LNR Partners, LLC HSBC Card Services Pritchett Realty Corporation Terrace Oaks Associates William Napleton Exeter Property Suburban Real Estate 4Q 3Q 1Q 1Q 1Q 3Q 4Q 3Q 1Q 4Q 1Q 1Q 4Q Burr Ridge OB B 50,000 $2,550,000 $51.00 Anthony Cairo Jack Napoleon 1Q Arlington Heights NW B 184,510 TBD TBD TBD Chicagoland Commercial New Ferry Rd Warrenville LN B 136,234 TBD TBD TBD FD Stonewater New 141 NW Point Blvd Elk Grove Village NW B 114,642 TBD TBD TBD New 2600 Forbes Ave Hoffman Estates NW A 90,000 TBD TBD TBD New UC UC Midwest Plaza North Schaumburg Corporate Center Balmoral Business Campus American Academy of Pediatrics Serta International Oak Brook OB B 50,505 TBD TBD TBD Fox Schaumburg NW A 965,986 TBD TBD TBD John Hancock Rosemont O A 233,845 TBD TBD TBD TA Realty LN=Lisle/Naperville N=North NW=Northwest OB=Oak Brook Area O=O Hare FS=For Sale NEW=New to Market UC=Under Contract 20 Research & Forecast Report Fourth Quarter Suburban Chicago / Office Colliers International