First Quarter 2011 San Francisco Office Report SAN FRANCISCO OFFICE Lic # One Bush Street, Suite 400 San Francisco, CA Tel:

Transcription

1 First Quarter 2011 San Francisco Office Report SAN FRANCISCO OFFICE Lic # One Bush Street, Suite 400 San Francisco, CA Tel: Fax:

2 TABLE OF CONTENTS Coverage Map 1 Office Update and Q in Review 2 Office Market Highlights - Leasing 3 Office Market Highlights - Sales 5 San Francisco Class A Focus 6 North Financial District Market Summary 8 South Financial District Market Summary 10 North Waterfront / Jackson Square Market Summary 12 Van Ness / Civic Center Market Summary 13 Union Square Market Summary 14 SoMa Market Summary 15 Agent Roster 19

3 COVERAGE MAP 1

4 OFFICE UPDATE AND Q IN REVIEW Driven by the organic expansion of technology based industries, San Francisco s economy appears to be in recovery mode. In a matter of 12 months the local unemployment rate has dropped from 10.1 percent to 9.5% (according to January figures). Furthermore, corporate confidence has led to increased spending on information technology, which has inturn positively affected the majority of local business sectors. The financial service and professional service sectors have also begun to thaw, filling holes leftover from the economic downturn. The San Francisco office market as a whole has benefited from local economic stabilization, recording 327,701 square feet of positive net absorption through Q1-11. The overall office vacancy rate fell from 14.2% to 13.6% quarter-overquarter. This increase in occupancy has in turn begun to push CBD Class A asking rents up to $38.21/rsf fully serviced (compared to $37.49/rsf fully serviced in Q4-10). Leasing activity in the first quarter was once again led by technology companies. Salesforce.com expanded by 55,977 square feet at 123 Mission Street, Idle Games leased 33,252 square feet at 875 Howard Street, InqMobile leased 10,925 square feet at 139 Townsend Street and Aptimus renewed and expanded its sublease from AON at 199 Fremont Street for a total of 51,429 square feet. As mentioned, leasing velocity from San Francisco financial and legal firms has begun to re-emerge; with Sedgwick, Detert, We expect to see continued Moran, & Arnold leasing nearly improvement in office market 90,000 square feet at 333 Bush fundamentals moving forward, aided Street and Mellon Bank committing by future employment gains and a to 32,000 square feet at 100 Pine Street. Due to this increase in leasing activity many landlords have begun to pull back on concession packages and increase average asking rates citywide which currently average $38.21/rsf (all building classes). This trend is especially true in the SOMA submarket, where a handful of creative, brick and timber buildings are commanding starting rents in the mid-$40 s fully serviced. Strong demand from new and expanding tech tenants, coupled with diminishing creative inventory has placed a premium on creative space, further bifurcating the market between creative and traditional office use. In an attempt to revitalize the Central-Market area, the city of San Francisco recently approved a Mid Market Tax Break designed to alleviate increases to payroll tax for the first six years for companies locating within a specified zone in proximity to the blocks of Market Street. Twitter is reportedly in lease negotiations for over 210,000 square feet at Shorenstein s 1355 Market Street, located within the tax break zone. This could turn the Central-Market area into the next submarket to welcome the expanding technology sector. bullish technology sector. Reemerging professional services firms benefiting from the overall increase in business activity will be in a better position to review future occupancy needs. Look for landlords to continue to push asking rents and limit lease concessions as space options for tenants diminish. VACANCY Q1' % Q4' % CLASS A ASKING RENTS Q1'11 $38.21 Q4'10 $35.69 NET ABSORPTION Q1'11 ±327,701 TOP LEASES Sephora 525 Market Street ±110,588 Keker & Van Nest LLP 633 Battery Street ±90,000 Sedgwick, Detert, Moran & Arnold LLP 333 Bush Street ±89,076 2

5 OFFICE MARKET HIGHLIGHTS LEASING Average Asking Rate ¹ Submarket Net Rentable Area * Vacancy Total Vacancy ³ Total Availability Class A Class B Class C Q1 Net Absorption ² Y-T-D North Financial District 28,530,271 4,027, % 18.28% $39.23 $31.04 $ ,394 4,394 South Financial District 24,705,411 2,512, % 13.17% $38.46 $32.40 $ , ,136 North Waterfront/Jackson Sq. 6,559, , % 13.43% $33.00 $29.75 $24.25 (6,839) (6,839) Van Ness/Civic Center 6,437,028 1,195, % 18.68% $27.95 $24.50 $ ,739 63,739 Union Square 5,628, , % 13.42% $32.00 $28.65 $ ,692 39,692 SoMa** 10,432,871 2,190, % 21.00% $40.21 $35.70 $ ,579 71,579 San Francisco Office Market 82,292,807 11,145, % 16.40% $38.21 $31.43 $ , ,701 ** SoMa Inventory includes the following markets: South of the Market; Yerba Buena; Multimedia Gulch; Mission Bay; South Beach; Inner Mission & Potrero Hill Class A Historical Trends Class A Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates ¹ 2007/Q1 46,668,376 3,422, , % 91,954 $42.02 Q2 46,663,509 3,286, , % 92,522 $43.32 Q3 46,663,509 3,083, , % 240,597 $46.82 Q4 46,663,509 2,976, , % 154,149 $ /Q1 47,322,203 2,754, , % 209,188 $46.91 Q2 47,595,475 3,243, , % (517,616) $46.94 Q3 47,595,475 3,448, , % (555,126) $44.07 Q4 48,151,794 4,587, , % (1,236,304) $ /Q1 48,219,559 4,968,642 1,122, % (661,859) $37.02 Q2 48,219,559 5,009,042 1,273, % (190,864) $35.49 Q3 48,219,559 4,995,774 1,178, % 108,158 $34.64 Q4 48,337,119 5,439, , % (227,776) $ /Q1 48,337,137 5,809, , % (87,475) $34.78 Q2 48,337,137 5,841, , % (96,109) $35.02 Q3 48,337,137 5,908, , % (26,932) $35.64 Q4 48,363,449 6,106, , % 50,297 $ /Q1 48,362,494 5,900, , % 206,666 $38.21 CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as Full service ³ Vacancy is based on vacant square footage 2 Absorption is based on vacant square footage * Includes all classes of office space 3

6 OFFICE MARKET HIGHLIGHTS LEASING (CONT.) 525 Market Street BY THE NUMBERS Sephora SAN FRANCISCO renewed OFICE and expanded FIRST QUARTER at 525 Market Street for ±110,588 square feet making it the largest lease transaction of the first quarter. Significant Leases (By Square Footage) Largest Leases Tenant Lessor (Sublessor) Address Sq. Ft. Sephora ( E ) ( R ) NY State Teachers Retirement System 525 Market Street 110,588 Keker & Van Nest, LLP ( R ) Brannan Street Investors 633 Battery Stret 90,000 Sedgwick, Detert, Moran & Arnold LLP Brookfield Properties 333 Bush Street 89,076 Goodby, Silverstein & Partners ( R ) Prime Holdings Inc. 720 California Street 81,065 Williams Sonoma Smith Lucille H Trust 100 North Point Street 60,000 Wells Fargo Insurance Services Shorenstein Company LLC 45 Fremont Street 57,081 Salesforce.com ( C ) ( E ) Sumitomo Corporation of America 123 Mission Street 55,977 Catholic Healthcare West ( R ) McCarthy Cook & Company 185 Berry Street 55,000 Aptimus ( E ) ( S ) ( R ) AON 199 Fremont Street 51,429 CA Department of General Services ( R ) Manulife Financial 575 Market Street 36,324 Idle Games Hudson Pacific Properties 875 Howard Street 33,252 WSP Flack + Kurtz ( C ) ( R ) Ashforth Pacific/GE Pension 405 Howard Street 33,155 Largest Pending Leases Tenant Lessor (Sublessor) Address Sq. Ft. Twitter Shorenstein Company LLC 1355 Market Street 210,000 Hellman Freedman, Farallon Capital, Pisces, Offit Capital ( R ) Morgan Stanley One Maritime Plaza 175,000 Farella, Braun + Martel, LLP ( R ) Shorenstein Company LLC 235 Montgomery Street 122,000 Zynga ( E ) TMG Partners 650 Townsend Street 80,000 Moss Adams Hines 101 2nd Street 30,000 Q Top Contiguous Spaces (vacant/ available in the next 12 months) Address Lessor (Sublessor) Sq. Ft. 100 Van Ness Avenue National Electric Benefits Foundation 597, Market Street Shorenstein Company LLC 518, Brannan Street Wells Fargo 400, Folsom Street TMG/ Rockwood Capital 400, Third Street Lincoln/Lane Partners 367, Terry Francois Blvd. Sobrato Development 278, Fremont Street TIAA-CREF 257,696 ( S ) = Sublease ( R ) = Renewal ( E ) = Expansion ( C ) = Cornish & Carey Commercial Newmark Knight Frank Involvement 4

7 OFFICE MARKET HIGHLIGHTS- SALES (CONT.) BY THE NUMBERS Shorenstein Company LLC purchased 1355 Market Street & 875 Stevenson Street (±1,105,000 square feet total) from the ADCO Group, the largest purchase of the first quarter Market Street Significant Sale Statistics (By Square Footage) Largest Buildings Sales (By Square Footage) Building Seller Buyer Sq. Ft Market Street & 875 Stevenson Street ADCO Group Shorenstein Company LLC 1,105,000 Waterfront Plaza ( Montgomery Street) Lincoln Property Co LaSalle Investment Management 297, Terry Francois Blvd. Lionstone Sobrato Development 278, Kearny Street * Lender Highridge Partners 196, Bush Street STG Group HCV Pacific Partners 104, Brannan Street Broe Cos Kilroy Realty 90, California Street ( C ) Trophy Properties LLC Manchester Capital Management LLC 23,588 Largest Buildings for Sale (Over 50,000 Square Feet) Building Seller Buyer Sq. Ft. 409 & 499 Illinois Street Shorenstein Company LLC N/A 453, Brannan Street (Pending) Wells Fargo SKS Investments (Rumored) 400, Howard Street* Lender Embarcadero Capital Partners 306, Market Street (Pending) Metcalf Family Trust Unidentified 140, Rhode Island (Pending) Paladin Realty w/ CalSTRS Tishman Speyer (Rumored) 135, Montgomery Street (Pending) Argonaut Private Equity Unidentified 116, Townsend (East) Street LBA Realty N/A 82, Howard Street Gordon Development N/A 75, United Nations Plaza Hill Companies LLC N/A 72, th Street ( C ) Metrovation & Terranomics Development, LLP N/A 72, Harrison Street 642 Harrison/Hawthorne LLC N/A 59,169 Projects Planned (By Square Footage) Building Owner Location Status Sq. Ft. 222 Second Street Tishman Speyer SFD Planning 700, Bush Street & 500 Pine Street Lincoln Properties NFD Entitled/ On Hold 400, Folsom Street TMG/ Rockwood Capital SFD Planning 400, Mission Street Beacon Capital Partners SFD Entitled 307, Mission Street ( C ) GLL Real Estate Partners SFD Entitled / Marketing Space 300,000 Piers Shorenstein Company LLC North Waterfront Planning 300,000 Foundry Square III Wilson Meany Sullivan SFD Entitled 278,710 * = Note Sale ( C ) = Cornish & Carey Commercial Newmark Knight Frank Involvement 888 Brannan Street s RBA is based on entitlements acquired in 2010 to rezone the property. 5

8 SAN FRANCISCO CLASS A FOCUS TIER 1, 2 & 3 Energy Star LEED Certified LEED - Pending 6

9 SAN FRANCISCO CLASS A FOCUS TIER 1, 2 & 3 Energy Star LEED Certified LEED - Pending 7

10 NORTH FINANCIAL DISTRICT MARKET SUMMARY 1st Quarter, 2011 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q4 '10 Rental Rates¹ A 21,484, % 12.6% 1.5% 3,018,341 2,698,792 SAN FRANCISCO 319,549 64,319 OFICE FIRST 111,598 QUARTER $39.23 B 6,272, % 14.9% 0.4% 960, ,351 23,589 (62,991) 28,672 $31.04 C 773, % 5.7% 0.5% 48,093 44,093 4,000 3,066 16,289 $ ,530, % 12.90% 1.22% 4,027,374 3,680, ,138 4, ,559 Historical Trends Class A Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates 2007/Q1 20,968,597 1,703, , % (3,396) $37.60 Q2 20,968,597 1,654, , % (121,277) $43.24 Q3 20,968,597 1,381, , % (17,312) $45.15 Q4 20,968,597 1,252, , % 83,823 $ /Q1 21,482,945 1,294, , % 55,817 $48.30 Q2 21,482,945 1,430, , % (134,611) $48.30 Q3 21,482,945 1,525, , % (286,019) $45.30 Q4 21,482,945 2,075, , % (480,054) $ /Q1 21,546,720 2,189, , % (254,346) $37.98 Q2 21,546,720 2,215, , % (136,359) $36.30 Q3 21,546,720 2,320, , % (47,790) $35.40 Q4 21,546,720 2,437, , % (8,559) $ /Q1 21,484,328 2,460, , % 61,244 $35.68 Q2 21,484,328 2,496, , % (34,636) $35.89 Q3 21,484,328 2,623, , % (104,957) $36.01 Q4 21,484,328 2,701, , % 111,598 $ /Q1 21,484,328 2,698, , % 64,319 $39.23 CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as full service 8

11 NORTH FINANCIAL DISTRICT MARKET SUMMARY BY THE NUMBERS Sedgwick, Detert, Moran & Arnold LLP leased ±89,076 square feet deal at 333 Bush Street % overall vacancy in Q1 11, compared to 14.11% in Q4 10. ±4,394 square feet of absorption in Q1 11, compared to ±156,559 square feet of positive absorption in Q4 10. CLASS A HISTORICAL DIRECT VS. SUBLEASE AVAILABLE SPACE 9

12 SOUTH FINANCIAL DISTRICT MARKET SUMMARY Quarter, 2011 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Sublet Overall SAN Direct FRANCISCO Sublet Current OFICE Quarter FIRST Q4 '10QUARTER Rental Rates¹ A 20,239, % 9.4% 1.0% 2,097,330 1,902, , , $38.46 B 3,244, % 7.2% 0.1% 237, ,404 3,279 (5,476) (12,596) $32.40 C 1,222, % 14.2% 0.3% 177, ,544 4,032 (13,022) (9,041) $ ,705, % 9.35% 0.82% 2,512,589 2,310, , ,136 (21,106) Historical Trends Class A Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates 2007/Q1 19,128, , , % 252,536 $37.10 Q2 19,128, , , % 13,586 $42.67 Q3 19,128,276 1,157,348 92, % 114,922 $43.40 Q4 19,128,276 1,294,077 83, % (128,390) $ /Q1 19,612,763 1,064, , % (32,660) $47.60 Q2 19,612,763 1,153, , % 37,426 $47.60 Q3 19,612,763 1,357, , % (73,457) $47.60 Q4 20,169,082 1,977, , % (410,583) $ /Q1 20,181,060 2,089, , % (237,133) $41.50 Q2 20,181,060 2,086, , % (9,910) $37.35 Q3 20,181,060 1,990, , % 145,018 $36.20 Q4 20,181,060 1,966, , % 80,375 $ /Q1 20,239,092 2,099, , % (106,961) $35.30 Q2 20,239,092 2,103, , % (77,822) $35.30 Q3 20,239,092 2,022, , % 71,816 $35.78 Q4 20,239,092 2,064, , % 531 $ /Q1 20,239,092 1,902, , % 173,634 $38.46 CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as full service 10

13 SOUTH FINANCIAL DISTRICT MARKET SUMMARY BY THE NUMBERS Salesforce.com leased ±55,977 square feet of expansion space at 123 Mission Street % overall vacancy in Q1 11, compared to 10.80% in Q4 10. ±155,136 square feet of positive absorption in Q1 11, compared to (±21,106) square feet of negative absorption in Q4 10. CLASS A HISTORICAL DIRECT VS. SUBLEASE AVAILABLE SPACE 11

14 NORTH WATERFRONT/JACKSON SQUARE MARKET SUMMARY BY THE NUMBERS Keker & Van Nest, LLP renewed at 633 Battery Street for ±90,000 square feet % overall vacancy in Q1 11, compared to 11.10% in Q4 10. (±6,839) square feet of negative absorption in Q1 11, compared to (±68,994) square feet of negative absorption in Q st Quarter, 2011 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q4 '10 Rental Rates¹ A 1,680, % 17.8% 0.0% 298, , (90,194) $33.00 B 3,458, % 9.0% 1.6% 366, ,193 56,275 7,322 (8,896) $29.75 C 1,420, % 4.1% 0.8% 69,766 57,866 11,900 (14,916) 30,096 $ ,559, % 10.17% 1.04% 735, ,934 68,175 (6,839) (68,994) CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are Quoted as Full Service 12

15 VAN NESS/CIVIC CENTER MARKET SUMMARY BY THE NUMBERS 18.57% overall vacancy in Q1 11, compared to 19.56% in Q4 10. ±63,739 square feet of positive absorption in Q1 11, compared to ±5,045 square feet of positive absorption in Q4 10. Quarter, 2011 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q4 '10 Rental Rates¹ A 2,105, % 22.2% 0.0% 467, , ,688 2,586 $27.95 B 2,682, % 22.3% 2.9% 675, ,559 78,116 44,642 (1,383) $24.50 C 1,648, % 3.2% 0.0% 52,701 52, ,409 3,842 $ ,437, % 17.36% 1.21% 1,195,522 1,117,406 78,116 63,739 5,045 CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as full service 13

16 UNION SQUARE MARKET SUMMARY BY THE NUMBERS Inkling leased ±10,343 square feet at 153 Kearny Street. 8.61% overall vacancy in Q1 11, compared to 10.62% in Q4 10. ±39,682 square feet of absorption in Q1 11, compared to ±62,069 square feet of absorption in Q4 10. Quarter, 2011 Vacancy Rate Vacant (SF) Net Absorption Building Class Total RSF Overall Direct Sublet Overall Direct Sublet Current Quarter Q4 '10 Rental Rates¹ A 294, % 31.6% 0.0% 92,824 92, ,664 $32.00 B 2,948, % 6.3% 0.1% 188, ,031 3,356 18,222 13,770 $28.65 C 2,385, % 8.5% 0.0% 203, , ,470 38,635 $ ,628, % 8.54% 0.07% 484, ,905 3,881 39,692 62,069 CLASS A HISTORICAL VACANCY VS. LEASE RATES 1 Rates are quoted as full service 14

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18 SOMA OFFICE UPDATE Q SAN FRANCISCO OFFICE FIRST QUARTER By: Riccardo Gale Over the course of the past four quarters, the SOMA market has seen steadily increasing rates and decreasing vacancy. This trend continued with increased vigor this past quarter. Average asking rents across all classes soared to $37.64/rsf up from $30.90/rsf in the previous quarter. This represents a noteworthy 22% increase in average asking rents. Vacancy fell from 23.62% to 21.00%, with tenants absorbing 71,579 rentable square feet of office space. Although the market is much tighter for creative space, this the huge increase in average asking rents. Primarily driving the demand is, of course, the technology sector. There is a great deal of appetite for creative, collaborative space in those submarkets which provide good access to Caltrain and/or BART, including the ball park area, the Mission/Howard street corridor, and the always attractive 2 nd Street corridor. Driving the largest percentage of absorption this quarter were early stage start-ups and small users. In fact, only three transactions of over 20,000 rentable square feet were completed, and of those only Idle Games is a technology company. Demand for small, creative suites in the most coveted submarkets has so outstripped supply that asking rents there have pushed well into the $40 s per rentable square foot, fully serviced. But it s not just the coveted brick and timber space that is driving strong rates anymore. Well located, high-ceiling buildings such as nd Street, which have some creative appeal and can deliver larger blocks of space for current occupancy or future expansion, are leasing with continued rent increases. Similarly, tenants who have traditionally been located in the heart of SOMA are showing more willingness to stretch their geographic parameters. Twitter s commitment to the Central-Market is evidence of this trend. Not surprisingly, the pace of investment activity has also increased from previous quarters. Following the sale of 250 Brannan Street for ±$365/rsf to Kilroy Realty, Tishman Speyer is rumored to be in contract to purchase 350 Rhode Island for ±$310/rsf, and Mission Bay s 500 Terry Francois has been sold by Lionstone to Sobrato Development at an undisclosed price. In addition, LBA Realty recently brought 600 Townsend (East) to the market. In conclusion, the first quarter of 2011 saw rapid increases in rents, particularly for small creative suites in prime locations. Many tenants are accordingly compelled to consider slightly more traditional buildings and fringe locations. VACANCY Q1' % Q4' % CLASS A ASKING RENTS Q1'11 $37.64 Q4'10 $30.90 TOP LEASES Catholic Healthcare West 185 Berry Street ±55,000 Idle Games 875 Howard Street ±33,252 ABM Industries 600 Harrison Street ±31,179 SUBLEASE SPACE AVAILABLE Q1'11 ±69,966 Q4'10 ±159,706 16

19 SOMA MARKET SUMMARY 1 st Quarter, 2011 Submarket # of Buildings Total Sq. Ft. Vacant Sq. Ft. Vacancy Rate SAN FRANCISCO OFICE Average Asking FIRST QUARTER Rent Absorption Sq. Ft. South Beach 17 2,102, , % $ ,363 Multimedia Gulch 42 4,038, , % $ ,248 Yerba Buena/South of Market 19 2,628, , % $24.05 (22,226) Potrero Hill / Inner Mission 14 1,099, , % $ ,742 Mission Bay 2 563, , % $ ,452 Totals: 94 10,432,871 2,190, % $ ,579 *Rates are based on a weighted average for available space only. SOMA Top Buildings Q Building Stories Building Sq. Ft. Total ¹Rates Direct Avg. Direct Sq. Ft. Sublease Sq. Ft. Total Avail. Sq. Ft. Total Percent Avail. 185 Berry Street 6 939,549 $ ,089 11, , % 475 Brannan Street 4 255,000 $ % 444 DeHaro Street 2 152,000 $ , , % 303 2nd Street ,945 $ , , % 501 2nd Street 7 207,809 $ , , % 625 2nd Street 4 134,447 $ ,000 33, % 123 Townsend Street 6 138,735 $ % 139 Townsend Street 5 57,782 $ ,925 7,105 18, % 410 Townsend Street 4 73,755 $ % 1 Rates are Quoted as Full Service Top Contiguous Spaces Available (vacant/available space in the next 12 months) Address Sq. Ft. 680 Folsom Street ±400, Third Street ±367, Terry Francois ±278, Brannan Street ±260, Illinois - Bldg. 2 ±210,275 17

20 SOMA MARKET SUMMARY (CONT.) Top Leases Q Tenant Address Lessor Square Feet Catholic Healthcare West ( R ) 185 Berry Street McCarthy Cook & Company ±55,000 Idle Games 875 Howard Street Hudson Pacific Properties ± ABM Industries 600 Harrison Street Pell Development ±31,179 Airbnb.com ( S ) 99 Rhode Island Street Aliph ±20,000 BitTorrent ( C ) 303 2nd Street Kilroy ±17,522 Top Pending Leases Q Tenant Address Lessor Square Feet Zynga ( E ) 650 Townsend Street TMG Partners ±80,000 Top Buildings for Sale Q Building Seller Buyer Square Feet 409 & 499 Illinois Street Shorenstein Company LLC N/A ±453, Brannan Street (Pending) Wells Fargo SKS Investments (Rumored) ±400, Rhode Island Street (Pending) Paladin Realty w/ CalSTRS Tishman Speyer (Rumored) ±135, Townsend (East) Street LBA Realty N/A ±82, Howard Street Gordon Development N/A ±75, th Street ( C ) Metrovation & Terranomics Development, LLP N/A ±72, Harrison Street 642 Harrison/Hawthorne LLC N/A ±59,169 ( * ) = Note Sale ( S ) = Sublease ( R ) = Renewal ( E ) = Expansion ( C ) = Cornish & Carey Commercial Newmark Knight Frank Involvement 18

21 AGENT ROSTER OFFICE LEASING Roman Adler Jonathan Allen Karl Baldauf Bill Benton Mike Brown John Cashin Donnette Clarens Bryan Courson Nathan Crawford Kevin Delehanty Shannon Dolan Riccardo Gale Liz Hart Jim Lucas John Norton Bart O Connor boconnor@ccareynkf.com Will Scovill wscovill@ccareynkf.com Nick Slonek nslonek@ccareynkf.com Cassidy Zerrer czerrer@ccareynkf.com RETAIL LEASING Tracy Chiao tchiao@ccareynkf.com Erika Elliott eeliott@ccareynkf.com Tom Neuburger tneuburger@ccareynkf.com Julie Taylor jtaylor@ccareynkf.com INVESTMENTS Russ Sherman rsherman@ccareynkf.com CAPITAL GROUP Ben Bullock bbullock@ccareynkf.com Erik Doyle edoyle@ccareynkf.com Sean Fulp sfulp@ccareynkf.com Allison Gorelick agorelick@ccareynkf.com Mike Hegseth mhegseth@ccareynkf.com Kyle Ladewig kladewig@ccareynkf.com Brad Zampa bzampa@ccareynkf.com Ali Siddiqui asiddiqui@ccareynkf.com MARKETING/SALES ASST. Lauren Collette lcollette@ccareynkf.com Natelle Fitzgerald nfitzgerald@ccareynkf.com Kathryn Jackson kjackson@ccareynkf.com Madeline Kieselhorst mkieselhorst@ccareynkf.com Raquel Ledesma rledesma@ccareynkf.com Melinda Miyagishima mmiyagishima@ccareynkf.com Cynthia Morales cmorales@ccareynkf.com Rachel Pagan rpagan@ccareynkf.com OFFICE ADMIN. Nicole Costello ncostello@ccareynkf.com BK Masterson bkmasterson@ccareynkf.com 19

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