TRENDS AND TRADES - SALES Created on 06/21/2018 for Erick Parulan

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Melanie Hudson
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1 Created on 6/21/218 for Erick Parulan Geography: Seattle, Property Types: Historical Pricing Trends s By Total ($m) Rolling 12-mo. total Quarterly Volume 2,5 Market Transactions - s $/sf Closed Pending 6 2, 45 1,5 1, 3 5 Q1'14 Q1'15 Q1'16 Q1'17 Q1'18 Change in s (YOY) s Change 15 J J A S O N DJ'15F M A M J J A S O N DJ'16F M A M J J A S O N DJ'17F M A M J J A S O N DJ'18F M A M J 4.% Only properties with prices that are well-qualified are plotted 3.% 2.% Market Snapshot 1.%.% -1.% Avg Price $/sf Q1'14 Q1'15 Q1'16 Q1'17 Q1'18 Selected Filters Q1'14 Q1'15 Q1'16 Q1'17 Q1 Avg Cap Rate (Yield) Selected Filters 8.5% 8.% 7.5% 7.% 6.5% 6.% 5.5% Current Market Statistics Q2 '18 to Date Deals Pending Combined Total Last Quarter Vol ($m) # Props Total sf 2,32,235 28,8 2,349,35 2,467,955 Avg Price/sf* Avg Cap Rate* Historical Market Performance Prior 12 Months (thru Q1 '18) Selected Filters Prior Q1 '18 Prior Prior 12 Months (thru Q1 '18) Cumulative Monthly Volume ($m) ,5 2, 1,5 1, 5 J F M A M J J A S O N D Year-to-date volume: $64.4 Year-over-year chg: 7% Prior Q1 '18 Prior Vol ($m) 1, % % 78, % 2, % # Props % % 7, % 2, % Total sf 9,611,49-3.% 2,467, % 1,66,642, % 372,953, % Avg Price/sf* % % % % Avg Cap Rate* 5.1% -92 bps 6.4% -45 bps 6.4% -6 bps 5.% Q1'14 Q1'15 Q1'16 Q1'17 Q1 Copyright 218 Real Capital Analytics, Inc.

2 Created on 6/21/218 for Erick Parulan Geography: Seattle, Property Types: Pricing Analysis Price ($ per sf) Quartile Distribution Cap Rate (Yield) Quartile Distribution 25% Median Top 25% Top 25% Median Top 25% Top Selected Filters Selected Filters 5.6% 5.1% 4.9% 4.3% 2.8% , % 7.4% 6.3% 5.4% 1.9% Data based on prior 12 months. Data based on prior 12 months. Most Active Markets Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Seattle - Proper ,646 1, Pierce/Thurston/Kitsap Snohomish/Island Olympia-Tumwater, WA Seattle - CBD Bremerton-Silverdale, WA Copyright 218 Real Capital Analytics, Inc.

3 Created on 6/21/218 for Erick Parulan Geography: Seattle, Property Types: Capital Flows Buyer Composition Net Investment ($m) Acq Disp Net Buyer Types Cross-Border Institutional Public Listed/REITs Private User/Other Cross Border Institutional Selected Filters 1, 1, 12% 22% 16% 22% 33% 4% 1% % 24% 17% 17% 21% 7% 6% 62% 7% % 1% 25% 34% 41% 46% -1, , % 9% 7% 11% % 218 Public Listed/REIT Private 1, 1, , , Cross-Border Analysis Buyers by Country Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Canada China Switzerland 33 Hong Kong Singapore 481 Norway 282 Netherlands 133 South Korea 114 Australia Sweden Copyright 218 Real Capital Analytics, Inc.

4 Created on 6/21/218 for Erick Parulan Geography: Seattle, Property Types: Top Buyers Past 24 Months All-Time Rank Buyer City, State, Country Buyer Group Acq ($m) # Props Avg Price ($m) Acq ($m) # Props 1 Blackstone New York, NY Eq. Fund , Deutsche AWM - US Santa Ana, CA Inv. Mgr , ING Group Amsterdam NLD Bank , Bentall Kennedy Vancouver, BC CAN Inv. Mgr , Prologis San Francisco, CA Pub. REIT , Boeing Employee CU Seattle, WA Bank LaSalle Chicago, IL Inv. Mgr , Clarion Partners New York, NY Inv. Mgr , Niru Group Irvine, CA Eq. Fund DCT Denver, CO Pub. REIT , Terreno Realty San Francisco, CA Pub. REIT , IPT Denver, CO Priv. REIT , BREIT New York, NY Priv. REIT , InCity Properties Seattle, WA Dev/Own Caisse de Depot Quebec City, QC CAN Inv. Mgr , Bixby Ranch Co Long Beach, CA Dev/Own , Dermody Properties Reno, NV Dev/Own Laird Norton Properties Seattle, WA Dev/Own LBA Realty Irvine, CA Eq. Fund , SAFE Beijing CHN SWF , Copyright 218 Real Capital Analytics, Inc.

5 Created on 6/21/218 for Erick Parulan Geography: Seattle, Property Types: Top Sellers Past 24 Months All-Time Rank Seller City, State, Country Seller Group Disp ($m) # Props Avg Price ($m) Disp ($m) # Props 1 Panattoni Development Newport Beach, CA Dev/Own , MetLife New York, NY Insur , LBA Realty Irvine, CA Eq. Fund , Barings Charlotte, NC Inv. Mgr , LACERA Pasadena, CA Pen. Fund , Hines Houston, TX Inv. Mgr , TIAA New York, NY Pen. Fund , Sabey Data Center Props Seattle, WA Dev/Own Deutsche AWM - US Santa Ana, CA Inv. Mgr , GLP Singapore SGP REOC , Hill Raaum Pietromonaco Mercer Island, WA Dev/Own Cabot Properties Boston, MA Eq. Fund , Bridge Dev Partners Chicago, IL Dev/Own , TPG Capital Fort Worth, TX Eq. Fund , Int'l Airport Centers Highland Park, IL Dev/Own , Sanofi-Aventis Paris FRA Corp GIC Singapore SGP SWF , First Chicago, IL Pub. REIT , Carlyle Group Washington, DC Eq. Fund , Trammell Crow Co (CBRE) Dallas, TX Dev/Own , Copyright 218 Real Capital Analytics, Inc.

Google Terms of Use Pin # Transaction Date Prop Type Property Name

($m) Blt/Renov $/sf # Bldgs / Cap Flrs Rate Owner/Buyer Broker Seller

SW 27th St Renton, WA 9857 479,1 sf 1996/21 $67. $14 /sf 3.

;flex property; Tenants: Coca Cola Bottling, Sealed Air; prior sale:

3m); 2 Sep '17 Western Distribution Services 86 S 146th St Burien, WA

5 $238 /sf Bentall Kennedy from JLL Bridge Dev Partners by 1% occ.

Distribution Services; prior land sale: May-16 ($4.

WA 98516 458,91 sf 29 3 bldgs / 1 $42.1 $92 /sf 4.

6 Created on 6/21/218 for Erick Parulan Geography: Seattle, Property Types: Top Transactions Last 12 Months Map data 218 Google Terms of Use Pin # Transaction Date Prop Type Property Name Address City, State, Postal / CN sf Price Yr. ($m) Blt/Renov $/sf # Bldgs / Cap Flrs Rate Owner/Buyer Broker Seller Broker Lender (Loan Amt) Comments 1 Oct '17 East Valley Commerce Park 3 SW 27th St Renton, WA ,1 sf 1996/21 $67. $14 /sf 3.8% Clarion Partners from TH Real Estate by CBRE 1% occ.;flex property; Tenants: Coca Cola Bottling, Sealed Air; prior sale: Dec-1 ($3.3m); 2 Sep '17 Western Distribution Services 86 S 146th St Burien, WA ,1 sf 217 $57.5 $238 /sf Bentall Kennedy from JLL Bridge Dev Partners by 1% occ.;warehouse/distribution property; Tenants: single tenant -- Western Distribution Services; prior land sale: May-16 ($4.5m); 3 Jan '18 Genzyme Corp nd St SW Lynnwood, WA ,386 sf 26 1 bldg / 3 s $45.6 approx $522 /sf Robert Mulroy; John Mulroy; Debasish Roychodhury from Sanofi-Aventis 1% occ.;flex/r&d property; bought for occupancy; Tenants: single tenant -- Genzyme Corp; prior sale: Jul-12 ($15.8m); 4 Aug '17 Meridian Campus Corporate Park 9225 Polaris Ln NE Lacey, WA ,91 sf 29 3 bldgs / 1 $42.1 $92 /sf 4.7% Dermody Properties from First Realty Trust by CBRE Wells Fargo ($36.2m approx) Warehouse/distribution/park property; 5 Apr '18 Associated Materials 252 Freeman Rd E Fife, WA ,49 sf 217 $37.3 approx $149 /sf BlackRock from Carlyle Group by Trammell Crow Co (CBRE) JV Newmark Knight Frank 1% occ.;warehouse/distribution/mfg property; Tenants: single tenant -- Associated Materials; prior land sale: Jul-16 ($7.7m); Copyright 218 Real Capital Analytics, Inc.

7 Created on 6/21/218 for Erick Parulan Pin # Transaction Date Prop Type Property Name Address City, State, Postal / CN sf Price Yr. ($m) Blt/Renov $/sf # Bldgs / Cap Flrs Rate Owner/Buyer Broker Seller Broker Lender (Loan Amt) Comments 6 Mar ' st Avenue South st Ave S Seattle, WA , sf 1967/198 $34. $145 /sf 5.1% Terreno Realty from Wendy Ellen Gruenberg; Edwin Lee Solot Jr; Claire Solot; Nancy E Marx etal 65% occ.;warehouse/distribution property; Tenants: Sears Parts & Repair Center, Custom Delivery; 7 Jul '17 West Willows Technology Center th Ave NE Redmond, WA ,4 sf bldgs / 2 s $33. $23 /sf Alco Investment Company by AGM CRE Advisors from Burnstead Construction Co PGIM Real Estate ($17.2m approx) 97% occ.;flex/r&d property; Tenants: Allytics, Playnetwork, Oculus, Sensitech; prior sale: Feb- 15 ($28.5m); 8 May '18 Harbour Pointe Tech Center 65 Harbour Heights Pkwy Mukilteo, WA ,989 sf 1984/21 1 bldg / 4 s $25. $75 /sf InCity Properties JV Razore Enterprise from Prescott Dev LLC Washington Fed Savings ($12.5m approx) Flex/R&D property; prior sale: Dec-12 ($5.m); 9 Jan ' Northeast 145th Street 143 NE 145th St Woodinville, WA ,23 sf bldgs / 2 s $24.5 $19 /sf Yuchasz Family JV Kazuo Yamada by Kidder Mathews from Redhook Ale Brewery Inc by Capstone Advisors Private/Other ($6.8m approx) 1% occ.;warehouse/mfg - light property; Tenants: single tenant -- Redhook Ale Brewery Inc; 1 Sep '17 Lakewood 25, sf Corporate 25 Center 1111 S Tacoma Way Lakewood, WA $23.9 $117 /sf 4.9% TA Realty from TH Real Estate by CBRE 1% occ.;warehouse/distribution property; office buildout of; Tenants: Ta Chen International, Burkhart Dental; prior sale: Jul-14 ($17.5m); Copyright 218 Real Capital Analytics, Inc.

LUXURY MARKET REPORT. - January

LUXURY MARKET REPORT. - January LUXURY MARKET REPORT - January 2018 - www.luxuryhomemarketing.com THIS IS YOUR LUXURY MARKET REPORT MAP OF LUXURY RESIDENTIAL MARKETS Welcome to the Luxury Market Report, your guide to luxury real estate