Washington, D.C. Quarterly Market Report. 4th Quarter lpcwashingtondc.com

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1 Washington, D.C. Quarterly Market Report th Quarter 17

2 Table of Contents Washington, D.C. Leasing & Market Research Metropolitan D.C. Market Overview...3 Washington, D.C. Quarterly Overview...5 Washington D.C. Top Sales... Washington D.C. Top Ten Leases... 9 Market Spotlight, Q 17: CBD...1 East End CBD / East End Class A... 1 CBD / East End Class B Southwest... 1 West End / Georgetown Capitol Hill / NoMa...1 Capitol Riverfront Tysons Corner John Marvin Jones Senior Vice President Managing Director Elaine Clancy Senior Vice President Adam Biberaj Senior Vice President Robert Hines Senior Vice President Merrill Turnbell Senior Vice President John Olson Senior Vice President Terry Amling Senior Vice President Joe Mehok Director of Research

3 Metropolitan D.C. Market Overview th Quarter 17 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 1.5 million square feet of rentable office space located in the District of Columbia, Northern Virginia, and Suburban Maryland. The total vacancy rate decreased to 15.% in the fourth quarter, down from 15.3% at the end of the third quarter. The market recorded 5,13 square feet of net absorption in the fourth quarter, representing a 3% decrease from the 1,7,9 square feet absorbed in the third quarter. Leasing activity totaled approximately 7. million square feet in transactions signed. The largest lease executed was a pre-lease by the GSA-TSA for,1 square feet at 595 Springfield Center Drive, a proposed building in Springfield, Virginia. Two buildings, totaling 19, square feet, broke ground; bringing the year-to-date 17 construction pipeline total to,5,9 square feet (59% pre-leased). Six buildings, totaling 1,3,31 square feet (75% leased), delivered this quarter including the 55,71-square-foot CEB Tower at 11 Wilson Boulevard in Arlington, Virginia. There were twenty-three sale transactions in the fourth quarter, totaling $.1 billion. The largest sale was 1 M Street, NW in Washington, DC trading for $1,, ($75 psf). Average asking rental rates decreased $. to $3.1 per square foot, Full Service. From November 1 - November 17 the DC Metropolitan area had a net increase of,9 jobs (5,3 private sector, -1, government) representing 1.5% growth, while the unemployment rate decreased to 3.%. DC VA MD Metro Area (YTD) Direct Vacancy (Q 17) 1.% 15.% 1.% 1.% Total Vacancy (Q 17) 1.% 1.% 1.9% 15.% Total Net Absorption (SF, YTD 17) 1,,9 1,79,7 3,9.5 M SF (SF, YTD 17) 9,79,7 13,37, 3,93,1. M SF 3 11 Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

4 Metropolitan D.C. Market Overview th Quarter 17 Outlook The Washington, DC Metropolitan market had a strong finish to 17. Vacancy decreased in DC and Suburban Maryland, while Northern Virginia remained flat. All three regions posted positive net absorption in the fourth quarter and the DC Metro absorbed approximately.5 million square feet in 17. Sales volume totaled $7.33 billion in 17 (a 1.1% increase from year-end 1) and leasing activity totaled. million square feet (a 5.% increase from year-end 1). Regional employment experienced 1.5% of growth YOY ending November 17, primarily driven by the private sector, specifically the Educational & Health Services industry. The DC Metro area s unemployment rate decreased to 3.%, out-pacing the.1% national average. While market fundamentals strengthened in 17, Metro Washington, DC is expected to remain a tenant s market through 1. Projects and trends to keep an eye on in 1 include the upcoming deliveries of Midtown Center and Capitol Crossing and how they will impact their respective submarkets of the East End and Capitol Hill, respectively. Downtown Bethesda is heating up with proposed new developments and the future relocation of Marriott s headquarters. While there s a strong sense of optimism among defense contractors that the government s emphasis on increased Department of Defense spending will be a boon for their industry in Northern Virginia, and the region in general. 11 Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

5 Washington, D.C. th Quarter 17 Market Summary The Washington, DC office market consists of 779 buildings over 5, square feet, totaling approximately 1.1 million square feet of rentable space. As of November 17, the unemployment rate for the District of Columbia remained flat at.%, while the Washington, DC Metropolitan area decreased to 3.%. The national unemployment rate decreased to.1%. The DC Metropolitan area gained,9 net new jobs from November 1-November 17, representing 1.5% growth. Educational & Health Services lead the private sector with 15,9 new jobs; while the Government lost 1,. The largest public sector lease executed this quarter was a renewal by the GSA - Immigration & Customs Enforcement for 5,997 square feet at 5 1th Street, SW - Potomac Center North in the Southwest submarket. K&L Gates signed the largest private sector lease with a 1,91-square-foot renewal at 11 K Street, NW in the CBD submarket. Direct Vacancy Total Vacancy Net Absorption (SF) Leasing Activity (SF) (SF) U/C Percent Pre-Leased Q 17 3Q 17 Q 1 1.% 1.3% 1.3% 1.% 11.3% 1.9% 11, 157,35 37,39.9 M 1. M.9 M 5. M 5.1 M 3.9 M 57% 5% % There were nine sale transactions in DC, totaling $1,31,3,. The largest sale was Allianz Real Estate / Columbia Property Trust purchasing 1 M Street, NW for $1,, ($75 psf) from PGIM Real Estate. Vacancy Rate (SF) 5,5 95,7 $5.5 $5.39 $51.95 The total vacancy rate in the District decreased to 1.% at the end of the fourth quarter, totaling approximately 15. million square feet of vacant space. The Class A total vacancy rate decreased to 1.1%, while Class B total vacancy increased to 9.%. Sales Volume $1.3 B $1. B $1. B Unemployment DC Metro Area 3.% 3.7% 3.7% Sublet vacancy decreased to.% at the end of the fourth quarter, totaling approximately 1. million square feet Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

6 Washington, D.C. th Quarter 17 Net Absorption & Leasing Net Absorption Vacancy Rate 1 The Washington, DC market recorded 11, square feet of net absorption in the fourth quarter; totaling 1,,9 square feet absorbed in 17. The 1-year average for net absorption in the District is 1. million square feet absorbed per year Contributing to the positive absorption this quarter included the DC Government moving into 1,11 square feet at 15 First Street, NE - Sentinel Square II. 1-1 '7 ' '9 '1 '1 '1 '1 The Central Business District (CBD) market posted,93 square feet of net absorption in the fourth quarter; totaling -,995 square feet absorbed in 17. The East End market posted 15,93 square feet of net absorption in the fourth quarter; totaling 5, square feet absorbed in 17. Net Absorption A total of,99,95 square feet of leases were executed in the fourth quarter, bringing the year end 17 total to 9,79,7 square feet leased. The 1-year average for leasing activity in DC is 9.7 million square feet annually. The largest lease executed this quarter was by the GSA-ICE for 5,997 square feet. All other leases in the Top Ten ranged between 31,75 to 9, square feet, including six public sector and four private sector transactions. Fourteen buildings were under construction in Washington, DC at the end of the fourth quarter, totaling,959,7 square feet (57% pre-leased). '7 ' '9 ' '1 '1 '1 At the end of the quarter, % of the,73,55 square feet under construction in the core markets of the CBD and East End was pre-leased, while the balance of the construction pipeline in DC stood at % pre-leased. 9 3 Two buildings delivered in the fourth quarter 17; Maine Avenue, SW (, sf, 7% leased) and 7 Pennsylvania Avenue, SE (3,5 sf, 31% leased). '7 ' '9 '1 '1 '1 '1 11 Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

7 Washington, D.C. th Quarter 17 (cont d) Sales Volume Buildings expected to deliver in 1 include; 99 M St, SE (31, sf, 3% pre-leased), 1 Maine Ave, SW (5, sf, 5% pre-leased), 11 Pennsylvania Ave, NW (,, 53% pre-leased), 11 15th St, NW (75, sf, % pre-leased), 91 th St, NW (1, sf, 7% pre-leased), 55 New York Ave, NW (75, sf, % pre-leased), 15 M St, NE - Constitution Square IV (93, sf, 1% pre-leased), and 1 M St, SE (13, sf, 1% preleased). Massachusetts Avenue, NW (,99 sf, 1% pre-leased) and 5 Massachusetts Avenue, NW (559,91 sf, % pre-leased) at Capitol Crossing are expected to deliver in 1 as well. Sales Volume ($ Billions) '7 ' '9 '1 '1 '1 '1 5 L Enfant Plaza, SW (15, sf, 5% preleased) and 131 Pennsylvania Avenue, NW (3,5 sf, % pre-leased) are expected to deliver in 19. Buildings that broke ground in the fourth quarter 17 include; 19 N Street, NW (5, sf, 3% pre-leased to Goodwin & Procter) and 1 K Street, NW (15, sf, 1% pre-leased to the IFC). A total of 5,5 square feet of new construction delivered in 17. The 1-year average for new inventory added to the District is 1.7 million square feet per year. Vacant Space Available & Vacancy by Class SF Vacant (Millions) 1 1.1% 1 9.% 1 3.9% (%) of Building Class Vacant Buildings currently under renovation include; Alexander Court, 7 K St, NW, K St, NW, 171 Rhode Island Ave, NW, 111 1th St, NW, 11 L St NW, and 1th St, NW. A B C Outlook Washington, DC should remain a tenant s market through abundant supply and declining demand. Aggressive landlords continue to offer generous concessions (free rent and TI s) to be competitive. Vacancy is expected to increase as approximately. million square feet of new inventory is expected to deliver in 1, of which % (or 1. million sf) is still available for lease. Short-term extensions, consolidations, and downsizing of the federal real estate footprint remain a priority of the GSA Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

8 Washington, D.C. th Quarter 17 Washington, D.C. Top Sales 1 M St, NW New York Ave, NE Submarket CBD Submarket NoMa Submarket Capitol Hill Date Sold October 17 Date Sold December 17 Date Sold December 17 $1,, ($75 PSF) Allianz Real Estate / Columbia Property Trust Price Buyer Price Buyer Seller $1,3, ($55 psf) ASB Capital Management Brookfield Office Properties Price Buyer Seller $175,, ($71 PSF) Principal Real Estate Investors Beacon Capital Partners Seller PGIM Real Estate RBA 5,93 SF RBA 355,3 SF RBA,5 SF Class A Class A Class A Leased 9.% Leased 99.5 Leased 1.% Cap Rate 5.% Cap Rate.5% 91 D St, SW th St, NW Submarket Southwest Submarket East End Date Sold October 17 Date Sold October 17 Price $1,5, ($9 PSF) Buyer DivcoWest Seller Clark Enterprises RBA 5,319 SF Class B Leased 9.7% Price Buyer Seller RBA Class Leased 1 New Jersey Ave, NW $1,, ($311 PSF) Georgetown Company / Meadow Partners CIM Group Advisors 7, SF A.% 1 1st St, NE One Union Center 15 1st St, NE Sentinel Square II Submarket NoMa Date Sold December 17 Price Buyer Seller $15,9, ($573 psf) Hana Alternative Asset Mgmt / Ocean West Capital Partners Trammell Crow / Cottonwood Partners Mgmt RBA 9,5 SF Class A Leased 93.7% Cap Rate 5.% 111 1th St, NW Submarket East End Date Sold November 17 $,5, ($33 PSF) American Real Estate Partners American Realty Advisors Price $1,75, ($5 PSF) Buyer TA Realty Seller American Realty Advisors RBA 1,15 SF 191,5 SF Class B A Leased 91.% Leased.% Cap Rate.% Cap Rate.% Submarket NoMa Date Sold October 17 Price Buyer Seller RBA Class 11 Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

9 Washington, D.C. th Quarter 17 Top Ten Leases In the fourth quarter 17 there were five new leases and five renewals in the Top Ten, including four leases over 1, square feet. The largest lease executed this quarter was in the public sector by the GSA - Immigration & Customs Enforcement renewing 5,997 square feet at 5 1th Street, SW. The largest private sector lease was a renewal signed by K&L Gates for 1,91 square feet at 11 K Street, NW. Law firms executing leases this quarter include; K&L Gates (1,91 sf at 11 K St, NW) and Sughrue Mion (7, sf at Pennsylvania Ave, NW). Morrison & Foerster signed a pre-lease for 1,3 square feet at 1 L Street, NW, a proposed 19,-square foot building scheduled to break ground in the second quarter 1. Massachusetts Avenue, NW - Capitol Crossing signed it s first tenant with the American Petroleum Institute pre-leasing 7,1. 17 finished strong with,99,95 square feet leased in the fourth quarter, representing a.% increase from the 1,1, square feet leased in the third quarter. The Washington, DC market totaled 9,79,7 square feet of leasing activity in 17; achieving approximately 9% of the yearly 9.7 millionsquare-foot 1-year average. 5 1th St, SW Potomac Center North GSA - Immigration & Customs Enforcement 5,997 SF Renewal 55 1th St, SW Potomac Center South GSA - Department of Housing & Urban Development, SF Renewal 5 1th St, SW The Portals II GSA - Pension Guaranty Corporation 31,75 SF New 1 L St, NW Morrison & Foerster 1,3 SF New / Pre-lease 175 First St, NE One Constitution Square GSA - Peace Corps 173, SF New Pennsylvania Ave, NW Sughrue Mion 7, SF New 11 K St, NW K&L Gates 1,91 SF Renewal Massachusetts Ave, NW Capitol Crossing American Petroleum Institute 7,1 SF New / Pre-lease 5 1th St, SW Potomac Center North GSA - Department of Homeland Security 99,15 SF Renewal 1 Eye St, NW GSA - Drug Enforcement Agency 9, SF Renewal 9 11 Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

10 Market Spotlight CBD th Quarter '7 ' '9 '1 '1 '1 '1 Total Net Absorption '7 ' '9 '1 '1 Direct Vacancy Rate '1 '1 Highlights Total vacancy in the CBD market decreased to 9.% at the end of the fourth quarter, down from 9.3% at the end of the third quarter. The CBD recorded,93 square feet of net absorption in the fourth quarter, a slight decrease from the 7, square feet absorbed in the third quarter. s contributing to the positive net absorption include Bank of America moving into 1,7 square feet at 1 K Street, NW and Edgeworth Economics moving into,3 square feet at th Street, NW. Leasing activity increased to 7,19 square feet in the fourth quarter, up from the 7, square feet leased in the previous quarter. s executing leases this quarter include K&L Gates renewing 1,91 square feet at 11 K Street, NW and Morrison & Foerster pre-leasing 1,3 square feet at 1 L Street, NW. 1 M Street, NW sold to Allianz Real Estate / Columbia Property Trust from PGIM Real Estate for $1,, ($75 psf). 1 Year Averages (7-1) Net Absorption 5,37 SF / Year 1,197 SF / Year 3.1 M SF / Year Market Stats Inventory.3 M SF Direct Vacancy.3% Total Vacancy 9.% YTD 17 Absorption -,995 SF YTD 17,5, SF 59, SF Percent Pre-Leased 55% YTD 17 SF 19 N Street, NW broke ground in the fourth quarter. This 5,-square-foot trophy class building, expected to deliver in late 19, is currently 3% pre-leased to law firm Goodwin Procter. 7: $7. 1: $53.79 YTD 17: $ Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

11 Market Spotlight East End th Quarter '7 ' '9 '1 '1 '1 '1 Total Net Absorption '7 ' '9 '1 '1 Direct Vacancy Rate '1 '1 Highlights Total vacancy in the East End market decreased to 1.% at the end of the fourth quarter, down from 13.% at the end of the third quarter. The East End recorded 15,93 square feet of net absorption in the fourth quarter, a notable improvement from the -133,3 square feet absorbed in the third quarter. s contributing to the positive net absorption include FTI Consulting moving into 93,57 square feet at 555 1th Street, NW - District Center. Leasing activity increased to 7,93 square feet in the third quarter, up from the 7,59 square feet leased in the previous quarter. s executing leases this quarter include the GSA - Drug Enforcement Agency renewing 9, square feet at 1 Eye Street, NW, the Bill & Melinda Gates Foundation renewing 53,9 square feet at 13 Eye Street, NW, and the FAA renewing 37,7 square feet at 1575 Eye Street, NW. Two buildings sold in the East End; th Street, NW traded to DivcoWest from Clark Enterprises for $1,5, ($9 psf) and 111 1th Street, NW traded to TA Realty from American Realty Advisors for $1,75, ($5 psf). 1 Year Averages (7-1) Net Absorption Market Stats Inventory,355 SF / Year 9, SF / Year 3.5 M SF / Year. M SF Direct Vacancy 11.5% Total Vacancy 1.% YTD 17 Absorption YTD 17 5, SF,33,9 SF,1,55 SF Percent Pre-Leased 7% YTD 17 7: $9.73 1: $5.3 SF YTD 17: $ Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

12 Market Spotlight CBD / East End Class A th Quarter '7 ' '9 '1 '1 '1 '1 Total Net Absorption 1 1 '7 ' '9 '1 '1 Direct Vacancy Rate '1 '1 Highlights Total vacancy in the CBD / East End Class A market decreased to 13.% at the end of the fourth quarter, down from 1.% at the end of the third quarter. The Class A market recorded 5,759 square feet of net absorption in the fourth quarter, a notable improvement from the -9,3 square feet absorbed in the third quarter. s contributing to the positive absorption include Bank of America moving into 1,7 square feet at 1 K Street, NW and FTI Consulting moving into 93,57 square feet at 555 1th Street, NW - District Center. Leasing activity totaled 935,31 square feet in the fourth quarter, an increase from the 5,591 square feet leased in the previous quarter. s executing leases this quarter include Council for Affordable Quality Healthcare signing for 3,79 square feet at K Street, NW and Mindspace signing for 3,59 square feet at 131 K Street, NW. 1 M Street, NW sold to Allianz Real Estate / Columbia Property Trust from PGIM Real Estate for $1,, ($75 psf). 1 Year Averages (7-1) Net Absorption 31,35 SF / Year 1,19 SF / Year.1 M SF / Year Market Stats Inventory 57.3 M SF Direct Vacancy 1.% Total Vacancy 13.% YTD 17 Absorption 9,33 SF YTD 17 3,35,3 SF,73,55 SF Percent Pre-Leased % YTD 17 SF A total of seven Class A buildings ( East End, 3 CBD) were under construction, including 19 N Street, NW (5, sf, 3% pre-leased), which broke ground during the fourth quarter. 7: $ : $5. YTD 17: $ Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

13 Market Spotlight CBD / East End Class B th Quarter '7 ' '9 '1 '1 '1 '1 Total Net Absorption '7 ' '9 '1 '1 Direct Vacancy Rate '1 '1 Highlights The vacancy rate in the CBD / East End Class B market increased to 7.9% and the end of fourth quarter, up from 7.% at the end of the third quarter. The Class B market continues to out-pace the Class A market in total vacancy; 7.9% (Class B) vs. 13.% (Class A). Class B buildings recorded a total of -131,3 square feet of net absorption in the fourth quarter. While net absorption was negative, tenants moving into Class B assets include Liquidity Services taking occupancy of,71 square feet of sublease space at 19 L Street, NW. Leasing activity totaled 3,557 square feet in the fourth quarter, an increase from the 55,3 square feet leased in the previous quarter. s executing leases this quarter include the FAA renewing 37,7 square feet at 1575 Eye Street, NW and Qorvis renewing 1,3 square feet at 11 Connecticut Avenue, NW. Two Class B buildings sold in the CBD / East End; th Street, NW sold to Divco West for $1,5, ($9 psf) and 111 1th Street, NW sold to TA Realty fort $1,75, ($5 psf). 1 Year Averages (7-1) Net Absorption Market Stats Inventory -,9 SF / Year SF / Year.5 M SF / Year 33. M SF Direct Vacancy 7.% Total Vacancy 7.9% YTD 17 Absorption YTD 17-7, SF 1,7,13 SF SF Percent Pre-Leased % YTD 17 7: $3.17 1: $5.7 SF YTD 17: $ Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

14 Market Spotlight Southwest th Quarter '7 ' '9 '1 '1 '1 '1 Total Net Absorption '7 ' '9 '1 '1 Direct Vacancy Rate '1 '1 Highlights Total vacancy in the Southwest market decreased to 13.% at the end of the fourth quarter, down from 13.1% at the end of the third quarter. The Southwest recorded 1,51 square feet of net absorption in the fourth quarter, a notable improvement from the -5,119 square feet absorbed in the third quarter. s contributing to the positive absorption include the DHS-OIG moving into,3 square feet at 395 E Street, SW and the American Psychiatric Association moving into 3,19 square feet at Maine Avenue, SW - The Wharf. 1 Year Averages (7-1) Net Absorption 159,3 SF / Year 19,99 SF / Year 17,15 SF / Year Market Stats Inventory 11. M SF Direct Vacancy 1.7% Total Vacancy 13.% Leasing activity increased to 1,1,73 square feet in the fourth quarter, up substantially from the 1,1 square feet leased in the previous quarter. Leases executed this quarter include the GSA - Immigration and Customs Enforcement renewing 5,997 square feet at 5 1th Street, SW. YTD 17 Absorption YTD 17 3,97 SF 1,1,7 SF 5, SF 91 D Street, SW sold to Georgetown Company / Meadow Partners from CIM Group Advisors for $1,, ($311 psf). Percent Pre-Leased 5% YTD 17, SF Maine Avenue, SW delivered (, sf, 7% leased); while 5 L Enfant Plaza, SW (15, sf, 5% pre-leased) and 1 Maine Avenue, SW (5, sf, 5% pre-leased remained under construction. 7: $. 1: $51.7 YTD 17: $ Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

15 Market Spotlight West End / Georgetown th Quarter '7 ' '9 '1 '1 '1 '1 Total Net Absorption '7 ' '9 '1 '1 Direct Vacancy Rate '1 '1 Highlights Total vacancy in the West End / Georgetown market decreased to 7.% at the end of the fourth quarter, down from.5% at the end of the third quarter. The West End / Georgetown recorded 5,75 square feet of net absorption in the fourth quarter, a notable improvement from the -,7 square feet absorbed in the third quarter. Contributing to the positive absorption includes The Aspen Institute moving into 91,395 square feet at 3 N Street, NW. Leasing activity increased to 7,5 square feet in the fourth quarter, a slight uptick from the 5,37 square feet leased in the previous quarter. Leases executed this quarter include Reese Communications Companies renewing, square feet at 155 Thomas Jefferson Street, NW and ASHRAE signing for,573 square feet at 155 3rd Street, NW. 1 Year Averages (7-1) Total Absorption 3,19 SF / Year 3,9 SF / Year 99,739 SF / Year Market Stats Inventory 7. M SF Direct Vacancy.7% Total Vacancy 7.% YTD 17 Absorption 5,39 SF YTD ,771 SF SF Percent Pre-Leased % YTD 17 SF 7: $5. 1: $51.51 YTD 17: $ Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

16 Market Spotlight Capitol Hill / NoMa th Quarter '7 ' '9 '1 '1 '1 '1 Total Net Absorption '7 ' '9 '1 '1 Direct Vacancy Rate '1 '1 Highlights Total vacancy in the Capitol Hill / NoMa market decreased to 1.% at the end of the fourth quarter, down from 1.% at the end of the third quarter. Capitol Hill / NoMa recorded 71,77 square feet of net absorption in the fourth quarter, down from the 37,55 absorbed in the third quarter. Contributing to the positive net absorption includes the DC Government moving into 1,11 square feet at 15 First Street, NE and the Association for Accessible Medicines moving into 1,51 square feet at 1 New Jersey Avenue, NW. Leasing activity increased to 373,9 square feet in the fourth quarter, up from the 3,9 square feet leased in the previous quarter. Leases executed this quarter include the GSA - Peace Corps signing for 173, square feet at 175 First Street, NE and the American Petroleum Institute signing a pre-lease for 7,1 square feet at Massachusetts Avenue, NW - Capitol Crossing. 1 Year Averages (7-1) Net Absorption 3,39 SF / Year,55 SF / Year 977,3 SF / Year Market Stats Inventory 1.5 M SF Direct Vacancy 9.% Total Vacancy 1.% YTD 17 Absorption 59, SF YTD 17 1,3,93 SF 1,59,917 SF Percent Pre-Leased 39% Four buildings, totaling $591.5 million, sold this quarter; the largest sale being New York Avenue, NE trading for $1.3 million ($55 psf). 7 Pennsylvania Avenue, SE delivered (3,5 sf, 31% leased). YTD 17 7: $.7 1: $51.9 3,5 SF YTD 17: $ Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

17 Market Spotlight Capitol Riverfront th Quarter '7 ' '9 '1 '1 '1 '1 Total Net Absorption '7 ' '9 '1 '1 Direct Vacancy Rate '1 '1 Highlights Total vacancy in the Capitol Riverfront market decreased to.% at the end of the fourth quarter, down from 7.1% at the end of the third quarter. The Capitol Riverfront recorded,9 square feet of net absorption in the fourth quarter, a decrease from the, square feet absorbed in the third quarter. s contributing to the positive net absorption include South Capitol Bridge Partners moving into 1,55 square feet at 1 1th Street, SE - Maritime Plaza II. Leasing activity decreased to 5,59 square feet in the fourth quarter, down from the 19,79 square feet leased in the previous quarter. s executing leases this quarter include South Capitol Bridge Partners signing for 1,55 square feet at 1 1th Street, SE, Strategic Insight renewing 1,79 square feet at 3 M Street, SE, and PYXERA expanding 5,7 square feet at 99 M Street, SE. 1 Year Averages (7-1) Net Absorption 1,11 SF / Year 155,15 SF / Year,5 SF / Year Market Stats Inventory 3. M SF Direct Vacancy.% Total Vacancy.% YTD 17 Absorption,3 SF YTD 17 3,1 SF 31, SF Percent Pre-Leased % Two buildings are currently under construction in the Capitol Riverfront; 99 M Street, SE (31, sf, 3% pre-leased) and 1 M Street, SE (13, sf, 1% pre-leased). YTD 17 7: $.1 1: $.35 SF YTD 17: $ Constitution Ave., Suite 35 East Washington D.C Wilson Blvd., Suite Arlington, VA 73.5.

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