National Presence. Local Focus

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1 Metropolitan DC Market Overview 4Q 214 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 41.9 million square feet of rentable office space located in the District of Columbia, Northern Virginia, and Suburban Maryland. The total vacancy rate increased to 15.8% in the fourth quarter, up from 15.4% at the end of the previous quarter. The market recorded approximately 93,584 square feet of net absorption in the fourth quarter, a notable improvement from the -47, square feet absorbed in the third quarter. Leasing activity decreased with 4.8 million square feet in transactions signed during the fourth quarter. The largest lease executed was a renewal signed by law firm Finnegan for 252, square feet in Washington, DC. Three buildings completed construction in the fourth quarter ( DC, 1 VA, 2 MD), totaling 718,317 square feet and 47% leased. There were twenty sale transactions in the fourth quarter, comprising of 4.9 million rentable square feet and totaling $2.2 billion. The market totaled 15 million square feet in sales transactions worth $6.2 billion in 214. Average asking rental rates ticked down $.14 to $35.45 per square foot, Full Service. From November 213 to November 214 employment in the DC Metropolitan area had a net increase of 18,9 jobs representing.6% growth, while the unemployment rate decreased to 4.5%. Direct Vacancy Total Vacancy Total Net Absorption Leasing Activity DC 1.% 1.6% 343,999 SF 9.1 M SF VA 16.2% 17.1% -164,76 SF 9.7 M SF MD 16.2% 16.9% -199,559 SF 4.1 M SF Metro Area 14.9% 15.8% -19,636 SF 22.9 M SF Arrows reflect differences from 3Q 214 Arrows reflect differences from YTD 4Q 213 totals Outlook As slow economic and employment growth continues to impact the Washington, DC region, the commercial real estate market is expected to remain relatively flat entering 215. The private sector should continue to drive employment; while the federal government continues to downsize its workforce. Early renewals are expected to dominate the larger lease transactions, as private sector tenants leverage the current market conditions. The GSA should continue to execute renewals as well, however, their primary focus will be on consolidating and downsizing federal office space requirements when possible. To maintain or increase competitiveness in this tenant s market, aggressive landlords will continue to renovate and upgrade amenities to their buildings. As the GSA and the private sector (as seen with the larger DC law firms) continue to reduce space requirements, vacancy is expected to tick upward, while net absorption is expected to decrease. While the construction pipeline remains limited, there will be a modest uptick in inventory with six new buildings, totaling 687, square feet, scheduled to deliver during the first half of 215. Sales velocity is expected to decline as there are approximately nine buildings currently under contract. With the recent success of CityCenter, look for other developments including; The Wharf, Reston Town Center, and Pike & Rose attempt to capitalize on tenants seeking higher-end space and millennials (25% of the workforce) who desire a Live, Work, Play environment. 11 Constitution Avenue Suite 325 East Washington, DC Wilson Boulevard Suite 2 Arlington, VA

2 Northern Virginia 4Q 214 Market Summary The Northern Virginia office market consists of 1,535 buildings over 25, square feet, totaling approximately million square feet of rentable space. The largest non-gsa lease signed during the fourth quarter was a pre-lease of a 146,-square-foot build-to-suit in Loudoun County by K2M, a medical tech company. The development of this property will serve as the new company headquarters and will include a R&D facility. Proximity to Dulles International Airport coupled with incentives offered by local jurisdictions and state funding helped to retain the quickly growing company within the submarket. The largest government lease signed during the fourth quarter was a renewal by the GSA Financial Crimes Enforcement Network for 124,99 square feet in the Tysons Corner submarket at Tycon Courthouse 27 Chain Bridge Road. FinCEN gave back approximately 44, square feet in the renewal. This transaction is consistent with the leasing fundamentals adopted by federal agencies and contractors alike throughout the metropolitan area. Direct Vacancy Total Vacancy Net Absorption (YTD) Leasing Activity (YTD) 4Q 14 3Q 14 4Q % 16.% 15.% 17.1% 16.9% 16.% -164,76 sf -292,93 sf 69,22 sf 9.7 M sf 8.2 M sf 11.9 M sf Building sales volume totaled approximately $1.4 billion during the fourth quarter. The most notable transaction to occur was the sale of 33 Washington Boulevard in the RB-Corridor. The 211,17-square-foot building delivered in late 214 and upon purchase was 95% leased to tenants such as The C.N.A. Corporation. KBS bought the property from Penzance and Invesco for $149,1, or $76 psf, and it traded at a 5.5% cap rate. This transaction, as well as the sale of 1776 Wilson Boulevard during the third quarter 214, exemplifies the attractiveness of new product situated in amenity rich, transit-oriented markets. Both buildings were over 8% leased at time of purchase and traded for over $65 psf. At the end of the fourth quarter 214 the Northern Virginia office market recorded 95 buildings outside of the Beltway with 5, square feet of contiguous space available; compared to only 59 buildings inside the Beltway. Under Construction Deliveries (YTD) 2.4 M sf 1.8 M sf 1.8 M sf 1.8 M sf 1.4 M sf 2. M sf Rental Rates $32.29 fs $32.12 fs $32.26 fs U/C Percent Pre-Leased 69.3% 63.3% 62.7% 11 Constitution Avenue Suite 325 East Washington, DC Wilson Boulevard Suite 2 Arlington, VA

3 Northern Virginia Quarterly overview 4th Quarter 214 Vacancy Rate Direct vacancy has increased from 16.% in the third quarter 214 to 16.2% in the fourth quarter 214, and has increased from 15.% since the fourth quarter 213. Total vacancy has increased from 16.9% in the third quarter 214 to 17.1% in the fourth quarter 214, and has increased from 16.% since the fourth quarter 213. This is the highest vacancy recorded in Northern Virginia since Deliveries vs. Sublet vacancies within the Northern Virginia office market decreased from 1.% during the third quarter 214 to.9% in fourth quarter 214. Absorption and Gross Leasing Leasing activity dwindled during the fourth quarter and yielded only 1.5 million square feet leased, bringing the year-to-date total to 9.7 million square feet. As predicted, this was well below the 1-year average of 12.6 million square feet. There was a dearth of demand due to an increasing tenant preference to upgrade to quality space while maximizeing space efficiency Deliveries Northern Virginia recorded positive absorption during the fourth quarter 214 at 128,827 square feet, bringing the year-to-date total to -164,76 square feet. Positive absorption in the fourth quarter 214 can be attributed to a large number of small to medium-sized move-ins, but the majority of positive absoprtion was negated by large move-outs. Freddie Mac vacated 22,84 square feet at 8 Jones Branch Avenue in Tysons Corner and consolidated within their existing portfolio. In Tysons Corner, Sunrise Assisted Living vacated 125,546 square feet at the Tower Building 79 Westpark Drive and in the Route 28 South submarket, CSC vacated 176,945 square feet at 15 Conference Center Drive. Since 211 negative absorption in Northern Virginia has totalled -1.8 million square feet. The ten largest leases signed during the fourth quarter ranged in size from 146, square feet to 42,221 square feet. Construction Two new projects broke ground during the fourth quarter 214. One of which was Mitre Colshire Drive in Tysons Corner, being developed by Cityline Partners. Upon its scheduled delivery in the fourth quarter of 216, Mitre will occupy the entirety of the 34,-squarefoot building. The second project to break ground was the CEB Tower 121 Wilson Boulevard in Rosslyn. JBG plans to finish development during the first quarter of 218, at which point the Corporate Executive Board will occupy 65% of the building in floors one through twenty-two. Deliveries Net Absorption Vacancy Rate Delivery Net Absorption Total Vacancy Rate Vacancy Rate (%)

4 Northern Virginia Quarterly overview 4th quarter 214 Construction (Cont.) One building delivered during the fourth quarter for a total of 321,965 square. MRP completed construction on Tysons Overlook 794 Jones Branch Drive, a 321,965-square-foot building, with Logistics Management Institute as an owner/user occupying floors one through six, leaving 14,94 square feet available for lease or sale. Two projects are scheduled to deliver during the first quarter 215. COPT s two building project in the Route 28 South submarket, 485 & 487 Stonecroft Boulevard. The buildings total for 3, square feet and are pre-leased to the CIA. Lastly, Comstock Partners plans to complete Loudoun Station Central Station Drive and deliver the 49,99-square-foot building on a speculative basis. Outlook Private sector tenants will have a broader choice of markets to choose from due to an increase in developments offering a livework-play environment as more projects from the construction pipeline come online. Consequently, these private sector tenants will continue a flight to newer Class A product located in amenity rich, transit-oriented markets. While paying a premium for space, a consolidated footprint in such product offers greater maximization of space leased. Tech companies hiring millennials will opt for these urban-like markets that offer the live-work-play environment. Federal agencies and their corroborating contractors will continue a hold pattern opting to shed space and execute in-place renewals. Building owners will continue to offer aggressive concession packages to either retain tenants in place or attract new tenants. Examples include the American Diabetes receiving a $115 psf allowance at 2451 Crystal Drive and JBG absorbing CEB s lease liability at Waterview Tower. For More Information, Please Contact: Neil Alt nalt@lpc.com Doug McLearn dmclearn@lpc.com Chris Dyson cdyson@lpc.com Eamon McCrann emccrann@lpc.com Jed Prossner jprossner@lpc.com Correll Caulfield ccaulfield@lpc.com Stoddie Nibley snibley@lpc.com Mary Fitzgerald mfitzgerald@lpc.com Jack Redmond jredmond@lpc.com Tom Colicchio tcolicchio@lpc.com

5 Northern Virginia Top Ten Leases 4Q 214 Seven of the top ten leases signed during the fourth quarter 214 were greater than 5, square feet, with four transactions greater than 1, square feet. Included in the top leases for the fourth quarter 214 were five lease renewals, two renewal/ expansions, one sublet/expansion, one relet and one pre-lease. The largest transaction of the quarter was a pre-lease for a buildto-suit by K2M for a new 146,-square-foot headquarters at Trammell Crow and Keane Enterprise s Oaklawn development at Hope Parkway in the Loudoun County submarket. The second largest transaction of the quarter was a 124,99-squarefoot renewal by the Financial Crimes Enforcement Network at Tycon Courthouse - 27 Chain Bridge Road in the Tysons Corner submarket. Boeing renewed 121,6 square feet at MetroPlace II - 26 Park Tower Drive in the Merrifield submarket. The largest expansion of the fourth quarter was by an undisclosed tenant, who signed for 8,628 square feet, and also renewed an existing 4,314 square feet at 132 North Courthouse Road in the Rosslyn-Ballston submarket. Software AG renewed its 73,349-square-foot U.S. headquarters at Plaza America Tower Plaza America Drive in the Reston/Herndon submarket. The American Diabetes Association signed for 68, square feet at Crystal Park Five Crystal Drive in the Crystal City submarket, which was the largest relet of the quarter in Northern Virginia. Booz Allen Hamilton signed a 58,658-square-foot renewal/expansion at Crystal Square Crystal Drive in the Crystal City submarket. In the Rosslyn-Ballston submarket, the Department of Homeland Security renewed 46,5 square-feet at Rosslyn Overlook North Fort Myer Drive. Bechtel executed a sublease/expansion for a 45,799-square-foot space in Plaza America Tower Plaza America Drive in the Reston/Herndon submarket. Lastly, Carnegie Mellon renewed their 42,221-square-foot Software Engineering Institute located at NRECA I & II and 441 Wilson Boulevard in the Rosslyn-Ballston Corridor submarket. Leesburg Hope Parkway Tycon Courthouse 27 Chain Bridge Road MetroPlace II 26 Park Tower Drive 132 North Courthouse Road Plaza America Tower Plaza America Drive K2M 146, sf Pre-lease/BTS GSA-FInCEN 124,99 sf Boeing 121,6 sf Undisclosed 12,942 sf /Expansion Software AG 73,349 sf Crystal Park Five 2451 Crystal Drive Crystal Square Crystal Drive Rosslyn Overlook 1616 North Fort Myer Drive Plaza America Tower Plaza America Drive NRECA I & II 431/441 Wilson Boulevard American Diabetes Assoc. 68, sf Booz Allen Hamilton 58,658 sf /Expansion GSA-DHS 46,5 sf Bechtel 45,799 sf Sublet/Expansion Carnegie Mellon 42,221 sf

6 Northern Virginia Sales Transactions 4Q 214 Patriots Park I-III 1231, 123 & 1229 Sunrise Valley Drive Date Sold: Oct-214 Price: $321,, ($454 psf) Cap Rate: 5.6% Buyer: Hyundai Securities Seller: Boston Properties Class: Class A Occupancy: 1% TransPotomac Canal Center 11, 44, 66 & 99 Canal Center Plaza Date Sold: Oct-214 Price: $176,, ($327 psf) Cap Rate: 7.15% Buyer: American RE Partners/Investcorp Seller: Tishman Speyer Class: Class A Occupancy: 91% 33 Washington Boulevard Date Sold: Dec-214 Price: $149,1, ($76 psf) Cap Rate: 5.5% Buyer: KBS Seller: Penzance/Invesco Class: Class A Occupancy: 97% Webb Building 44 North Fairfax Drive Date Sold: Dec-214 Price: $56,2, ($296 psf) Buyer: Lionstone Investments/Penzance Seller: Federal Capital Partners/RESI Mgmt. Class: Class B Occupancy: 49.3% Liberty Center I-III 1466, & Lee Road Date Sold: Nov-214 Price: $11,, ($247 psf) Cap Rate: 8.9% Buyer: Federal Partners Seller: Eaton Vance/Duke Realty Class: Class A Occupancy: 99% Reston Square 1179 Sunrise Valley Drive Date Sold: Dec-214 Price: $48,, ($345 psf) Cap Rate: 6.8% Buyer: KBS REIT III Seller: Westbrook Partners Class: Class A Occupancy: 92% Dulles Metro Center 2325 Dulles Corner Boulevard Date Sold: Oct-214 Price: $45,45, ($27 psf) Buyer: Pinkard/Principal RE Investors Seller: DEKA Immoblien Class: Class A Occupancy: 75.6% Campus Pointe 188 Campus Commons Drive Date Sold: Oct-214 Price: $42,5, ($246 psf) Buyer: Verizon (Owner/User) Seller: Brandywine Realty Trust Class: Class B Occupancy: 97.1%

7 Northern Virginia Sales Transactions 4Q 214 Commerce Metro VI 1148 Commerce Park Drive Date Sold: Oct-214 Price: $38,1, ($261 psf) Cap Rate: 6% Buyer: TA Associates Seller: New Tower Trust Co./MEPT Class: Class A Occupancy: 92.3% Reston Metro I & II 1216 & Sunrise Valley Drive Date Sold: Nov-214 Price: $27,8, ($1 psf) Buyer: Coretrust/Normandy Seller: Thomas Properties/CalSTRS Class: Class A/B Occupancy:.75% Loudoun Tech Corporate Campus A-C 2166, 2167 & 2168 Ridgetop Circle Date Sold: Nov-214 Price: $11,65, ($93 psf) Buyer: St. John Properties Seller: Hudson Advisors Class: Class B Occupancy: 33.3% 1821 Michael Faraday Drive Date Sold: Nov-214 Price: $1,5, ($18 psf) Buyer: Bognet Construction Associates Seller: Toll Brother,s Inc. Class: Class A Occupancy: 77.9% Beauregard Square A & B 631 & 633 Little River Turnpike Date Sold: Nov-214 Price: $1,14,19 ($135 psf) Buyer: Curtis Investment Group Seller: C-III Capital Partners Class: Class B Occupancy: 79.5%

8 Northern Virginia Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 2.1 Million SF/YR Total Leasing Activity: 12.6 Million SF/YR Deliveries: 2.8 Million SF/YR Inventory: Million SF Direct Vacancy: 16.2% Total Vacancy: 17.1% YTD Absorption: -164,76 SF YTD Leasing Activity: 9.7 Million SF : 2.4 Million SF % Pre-leased: 69.3% YTD Deliveries: 1.8 Million SF Asking Rental Rates (Full Service) 24: $27.58 PSF 213: $32.26 PSF YTD 214: $32.29 PSF Highlights Direct vacancy has increased from 16.% in the third quarter 214 to 16.2% in the fourth quarter 214, and has increased from 15.% since the fourth quarter 213. Total vacancy has increased from 16.9% in the third quarter 214 to 17.1% in the fourth quarter 214, and has increased from 16.% since the fourth quarter 213. Northern Virginia recorded 128,827 square feet of absorption for the fourth quarter 214, which brings the year-to-date total to -164,76 square feet. Positive absorption in the fourth quarter 214 was driven by the GSA - Bureau of Safety & Environmental Enforcement s 83,278-square-foot move to 456 Woodland Road, as well as number of small and medium-sized move-ins. Significant negative absorption was caused by move-outs by CSC at Washington Tech Park I, Sunrise Assisted Living at 79 Westpark Drive, and Freddie Mac at 8 Jones Branch Drive. Inside the Beltway, there were 59 buildings marketing 5, square feet or greater of contiguous space available at the end of the fourth quarter 214, compared to 58 buildings from the third quarter 214. Outside the Beltway, there were 95 buildings marketing 5, square feet or greater of contiguous space available at the end of the fourth quarter 214, compared to 96 buildings from the third quarter 214. Neil Alt Correll Caulfield Tom Colicchio Elaine Clancy Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

9 Northern Virginia 4th Quarter 214 Building Name Submarket Building Size Available Pre-Leased Delivery Date Developer Major Tenant(s) Loudoun Station Central Station Drive Westfields - 485/487 Stonecroft Boulevard Route 28 North/ Loudoun Co. Route 28 South 49,99 sf 49,99 sf.% 1st qtr 15 Comstock Partners 3, sf sf % 1st qtr 15 COPT CIA 1775 Tysons Boulevard Tysons Corner 476,913 sf 476,913 sf % 1st qtr 16 Lerner Enterprises None None Mitre IV Colshire Drive Tysons Corner 34, sf sf 1% 4th qtr 16 Cityline None National Science Foundation HQ Eisenhower Avenue Alexandria 7, sf 18,34 sf 97.2% 1st qtr 17 Lowe Enterprises NSF CEB Tower Wilson Boulevard RBC 552,781 sf 195,7 sf 64.6% 1st qtr 18 JBG CEB One building delivered during the fourth quarter for a total of 321,965 square. MRP completed construction on Tysons Overlook 794 Jones Branch Drive, a 321,965-square-foot building, with Logistics Management Institute as an owner/user occupying floors one through six, leaving 14,94 square feet available for lease or sale. 892,781 sf = 4th Quarter start Total = 2.4 Million sf 69.3% Pre-leased (does not include condos)

10 Alexandria Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 174,61 SF/YR Total Leasing Activity: 851,455 SF/YR Deliveries: 343,542 SF/YR Inventory: 16.6 Million SF Direct Vacancy: 17.2% Total Vacancy: 18.8% YTD Absorption: 75,294 SF YTD Leasing Activity: 1.3 Million SF : 7, SF % Pre-leased: 97.4% YTD Deliveries: SF Highlights Asking Rental Rates (Full Service) 24: $27.74 PSF 213: $31.24 PSF YTD 214: $32.47 PSF Direct vacancy in Alexandria has decreased from 17.5% in the third quarter 214 to 17.2% in the fourth quarter 214, and has increased from 16.3% since fourth quarter 213. Total vacancy decreased from 19.1% from the third quarter 214 to 18.8% in the fourth quarter 214, and has increased from 17.% since fourth quarter 213. Alexandria finished the fourth quarter 214 with 35,965 square feet of absorption, yielding a year-to-date total of 75,294 square feet. The positive absorption can be primarily attributed to a number of smaller occupancies, including move-ins by HRCI at 1725 Duke Street and Stites & Harbison at 1199 North Fairfax Street. One of the most noteworthy sales transactions executed throughout Northern Virginia during the fourth quarter 214 was the sale of TransPotomac Canal Center 11, 44, 66 and 99 Canal Center Plaza in Old Town. Tishman Speyer traded the 54,-squarefoot portfolio to a JV of Investcorp and American Real Estate Partners for $176 million or $327 per square foot with a 7.15% cap rate. Leasing activity during the fourth quarter was driven by renewals (five of the seven top leases over 1, square feet) of space by federal agencies (National Credit Union Administration) and their contractors (Harris Corp, CB&I and Sentel). This is consistent with the hold pattern seen by such tenants throughout all of Northern Virginia. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

11 Alexandria 4th Quarter 214 Major Leases Parkway Office Building 121 East Abingdon Drive King Street Station Duke Street Parkway Office Building 121 East Abingdon Drive Harris Corporation 39, sf CB&I 15,134 sf Cypress International 13, sf Carlyle Gateway II 19 Duke Street Cameron Run 361 Eisenhower Avenue Tycon Alexandria 111 King Street National Credit Union Administration 12,239 sf The Leukemia & Lymphoma Society 1,466 sf Sentel 1,31 sf Sales TransPotomac Canal Center 11, 44, 66 & 99 Canal Center Plaza Date Sold: Oct-214 Price: $176,, ($327 psf) Cap Rate: 7.15% Buyer: American RE Partners/Investcorp Seller: Tishman Speyer Class: Class A Occupancy: 91% 115 South Union Street Date Sold: Oct-214 Price: $8,5, ($266 psf) Cap Rate: 6.8% Buyer: GME Investments Seller: Twinbrooke Associates Class: Class B Occupancy: 1% NSF HQ 241 Eisenhower Avenue 7, sf Prelease: 97.1% Delivery: 1st Qtr 217 Developer: Lowe Enterprises Major National Science Foundation

12 Crystal City Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption 1 Year Averages (24-213) Total Absorption: -46,51 SF/YR Total Leasing Activity: 957,197 SF/YR Deliveries: 151,56 SF/YR Market Stats Inventory: 11.7 Million SF Direct Vacancy: 21.8% Total Vacancy: 22.3% YTD Absorption: 68,984 SF YTD Leasing Activity: 614,45 SF : SF % Pre-leased: % YTD Deliveries: SF Highlights Asking Rental Rates (Full Service) 24: $33.51 PSF 213: $41.12 PSF YTD 214: $38.79 PSF Direct vacancy in Crystal City has decreased from 23.1% in the third quarter 214 to 21.8% the fourth quarter 214, and has decreased from 23.4% since fourth quarter 213. Total vacancy has decreased from 23.7% in the third quarter 214 to 22.3% in the fourth quarter 214, and has decreased from 24.2% since fourth quarter 213. Crystal City recorded 52,467 square feet of positive absorption during the fourth quarter 214, yielding a year-to-date total of 68,984 square feet. Crystal City finished the year with three consecutive quarters of positive absorption, of which the majority the fourth quarter can be contributed to occupancies of 27,31 square feet by L-3 Communications at Crystal Gateway North and 1,951 square feet by Booz Allen Hamilton at Crystal Square 2. In an effort to offset Crystal City s historically high vacancy rate, Vornado, in partnership with WeWork, has begun redevelopment on the vacant Crystal Plaza South Clark Street. After a complete conversion of the 15,-squarefoot building into 25 micro residential units, Vornado will lease the building to WeWork at a steep discount. This is a unique and innovative way to be adaptive and keep product relevant. In what will result in organic growth much needed in the submarket, the American Diabetes Association signed a 68,-square-foot lease at Crystal Park Crystal Drive, relocating from 171 N Beauregard Street in the Alexandria submarket. Booz Allen executed a renewal/expansion at 155 Crystal Drive resulting in 12, square feet of positive absorption when they occupy their space in 215. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

13 Crystal City 4th Quarter 214 Major Leases Crystal Park Five 2451 Crystal Drive Crystal Square Crystal Drive Potomac Gateway North 28 Crystal Drive Crystal Park One 211 Crystal Drive American Diabetes Association 68, sf Booz Allen Hamilton 58,658 sf /Expansion EMCOR Gov t Services 38,246 sf Eastern Foundry 2,945 sf Crystal Park Three 2231 Crystal Drive Crystal Square th Street South Disruption Corp 13, sf Expansion Technology Service Center 1,398 sf Sales There were no buildings sold in the Crystal City submarket during the fourth quarter 214. There were no new construction starts in the Crystal City submarket during the fourth quarter 214.

14 Fairfax Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: -2,795 SF/YR Total Leasing Activity: 81,524 SF/YR Deliveries: 47,66 SF/YR Inventory: 12.3 Million SF Direct Vacancy: 14.5% Total Vacancy: 15.% YTD Absorption: -28,938 SF YTD Leasing Activity: 928,428 SF : SF % Pre-leased: % YTD Deliveries: 112,57 SF Asking Rental Rates (Full Service) 24: $23.86 PSF 213: $27.9 PSF YTD 214: $27.8 PSF Highlights Direct vacancy in Fairfax has increased from 13.2% in the third quarter 214 to 14.5% in the fourth quarter 214, and has increased from 12.9% since fourth quarter 213. Total vacancy has increased from 13.8% in the third quarter 214 to 15.% in the fourth quarter 214, and has increased from 13.4% since fourth quarter 213. The Fairfax submarket recorded -19,759 square feet of absorption at the end of the fourth quarter 214, bringing the yearto-date total to -28,938 square feet absorbed. One of the largest contributions to negative absorption in Northern Virginia this quarter was General Dynamics 97,513-square-foot move-out from 156 Arrowhead Drive, which was part of their regional consolidation to 1245 Fair Lakes Circle. This large move-out was partially counteracted by Service Source moving its 65,397-square-foot regional office to 1467 White Granite Drive and Virginia Vision Associates moving into 19,469 square feet at Sherwood Plaza. One could speculate that the lack of tenant demand is a consequence of the delivery of the Silver Line and the resulting attractiveness of submarkets closer in proximity. Leasing activity recorded during the fourth quarter, 67,225 square feet, marks a historical low for the submarket. Class A vacancy within the submarket has gradually increased since fourth quarter % to 17.1% recorded at year-end 214. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

15 Fairfax 4th Quarter 214 Major Leases One Flint Hill 153 Rosehaven Street Centerpointe Two 4 Legato Road Lockheed Martin 11,42 sf MG-IP Law 1,681 sf Expansion Sales There were no buildings sold in the Fairfax submarket during the fourth quarter 214. There were no new construction starts in the Fairfax submarket during the fourth quarter 214.

16 Loudoun County Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 431,525 SF/YR Total Leasing Activity: 711,234 SF/YR Deliveries: 468,264 SF/YR Inventory: 15 Million SF Direct Vacancy: 15.5% Total Vacancy: 16.1% YTD Absorption: 185,68 SF YTD Leasing Activity: 688,41 SF : 49,99 SF % Pre-leased: % YTD Deliveries: 11,681 SF Asking Rental Rates (Full Service) 24: $22.54 PSF 213: $24.54 PSF YTD 214: $24.31 PSF Highlights Direct vacancy in Loudoun County has decreased from 15.8% in the third quarter 214 to 15.5% in the fourth quarter 214, and has decreased from 16.1% since fourth quarter 213. Total vacancy has decreased from 16.3% in the third quarter 214 to 16.1% in the fourth quarter 214, and has decreased from 16.4% since fourth quarter 213. Loudoun County recorded 113,873 square feet of positive absorption during the fourth quarter 214, which brings the year-to-date total to 185,68 square feet. Loudoun County concluded the year with three straight quarters of positive absorption. The majority of the positive absorption during the fourth quarter was driven by an 82,697 square-foot move in at 456 Woodland Road by the Bureau of Safety & Environmental Enforcement. The largest lease transaction of the fourth quarter in Northern Virginia was K2M s 146,-square-foot pre-lease at Trammell Crow and Keane Enterprise s Oaklawn development in Leesburg. K2M s current headquarters is in Leesburg at 751 Miller Drive Southeast, and when their rapid expansion lead them to search for a larger headquarters they were given over $85, in grants from the State of Virginia to remain within Loudoun County. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

17 Loudoun county 4th Quarter 214 Major Leases Leesburg Hope Parkway K2M 146, sf Pre-lease/BTS Sales There were no buildings sold in the Loudoun County submarket during the fourth quarter 214 Loudoun Station Central Station Drive 49,99 sf Prelease: % Delivery: 1st Qtr 215 Developer: Comstock Partners Major None

18 Merrifield Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 35,686 SF/YR Total Leasing Activity: 589,579 SF/YR Deliveries: 55,44 SF/YR Inventory: 9.3 Million SF Direct Vacancy: 12.3% Total Vacancy: 13.2% YTD Absorption: 95,87 SF YTD Leasing Activity: 28,818 SF : SF % Pre-leased: % YTD Deliveries: SF Asking Rental Rates (Full Service) 24: $26.79 PSF 213: $3.99 PSF YTD 214: $31.8 PSF Highlights Direct vacancy in Merrifield has increased from 11.4% in the third quarter 214 to 12.3% in the fourth quarter 214, and has increased from 11.2% since fourth quarter 213. Total vacancy has increased from 12.3% in the third quarter 214 to 13.2% in the fourth quarter 214, and has decreased from 13.4% since fourth quarter 213. Merrifield absorbed -28,942 square feet during the fourth quarter 214, bringing the year-end total to 95,87 square feet. This year-to-date absorption total is a significant turnaround for the submarket compared to 213, which finished the year with -311,912 square feet of absorption. This also marks the first time in two years that the submarket has recorded end-of-year positive absorption. Negative absorption in the fourth quarter 214 can be attributed to a handful of small move-outs. Reed Smith will soon be vacating over 5, square feet in 311 Fair View Park Drive to consolidate and upgrade space at Tysons Tower 79 Tysons One Place. This move exemplifies real estate fundamentals being adopted by tenants throughout Northern Virginia: the price of paying more per square foot is worth consolidating space to newer product situated in a transit-oriented, mixed-use development. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

19 Merrifield 4th Quarter 214 Major Leases MetroPlace II 26 Park Tower Drive Prosperity Medical Center Arlington Boulevard Willow Oaks Willow Oaks Corporate Drive Boeing 121,6 sf INOVA 19,99 sf Direct Holdings of America 16,563 sf 2941 Fairview Park Drive Fairview Eleven Tower 3141 Fairview Park Drive Booz Allen Hamilton 12,35 sf Lee & Morse 1,998 sf Sales There were no buildings sold in the Merrifield submarket during the fourth quarter 214. There were no new construction starts in the Merrifield submarket during the fourth quarter 214.

20 Rosslyn-Ballston Corridor Market Spotlight 4Q Vacancy Rate (%) 1 4 Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 266,75 SF/YR Total Leasing Activity: 1.9 Million SF/YR Deliveries: 456,48 SF/YR Inventory: 24.6 Million SF Direct Vacancy: 18.4% Total Vacancy: 19.1% YTD Absorption: -595,961 SF YTD Leasing Activity: 1.67 million SF : 552,781 SF % Pre-leased: 64.6% YTD Deliveries: 32,8 SF Asking Rental Rates (Full Service) 24: $31.67 PSF 213: $42.29 PSF YTD 214: $41.68 PSF Highlights Direct vacancy in the RB-Corridor has decreased from 18.5% in the third quarter 214 to 18.4% in the fourth quarter 214, and has increased from 15.6% since fourth quarter 213. Total vacancy has decreased from 19.3% in the third quarter 213 to 19.1% in the fourth quarter 214, and has increased from 16.6% since fourth quarter 213. The RB Corridor submarket finished the fourth quarter 214 with -51,892 square feet of absorption, which brings year-to-date absorption in the submarket to -595,961 square feet. Contributing to the negative absorption in the submarket this quarter was an 81,6 square-foot move-out by FBR at Potomac Tower, which consolidated its headquarters to 54,54 square-feet in Arlington Tower. Positive changes in the submarket during the fourth quarter 214 included a 27,813 move-in by Evolent Health to a new headquarters at 8 North Glebe Road. 214 represents the fourth consecutive year of negative absorption for the RB Corridor. The JBG Cos. broke ground on the 552,781-square-foot CEB Tower at 121 Wilson Boulevard, which is the second largest office building currently under construction in Northern Virginia. The building is slated to be completed in the first quarter 218 at which point it will be anchored by the Corporate Executive Board, who will vacate their current space nearby at 1919 North Lynn Street and 1777 North Kent Street. CEB will occupy the first floor through the twentieth floor, leaving the remaining floors available for lease. KBS s purchase of 33 Washington Boulevard from Penzance and Invesco was not only the third largest sales transaction in Northern Virginia in the quarter; at $76 psf, it sold for the highest price per square foot throughout Northern Virginia in 214. The majority of the top transactions in 214 were sold below $3 per-square-foot. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

21 RB Corridor 4th quarter 214 Major Leases 132 North Courthouse Road Rosslyn Overlook 1616 North Fort Myer Drive NRECA I & II 431/441 Wilson Boulevard Arlington Tower 13 North 17th Street International Place 1735 North Lynn Street Undisclosed 12,942 sf /Expansion GSA-DHS 46,5 sf Carnegie Mellon 42,221 sf Promontory Financial 36,869 sf Salem Communication 23,52 sf Navy League Building 23 Wilson Boulevard Courthouse Plaza 2 23 Clarendon Boulevard 41 North Fairfax Drive Rosslyn Metro Center 17 North Moore Street Commonwealth Tower 13 Wilson Boulevard Segue Technologies 19,555 sf Safran USA 18, sf Canon USA 15,96 sf Sales Innovative Discovery 11,346 sf Expansion Rockwell Collins 1,235 sf /Downsize 33 Washington Boulevard Date Sold: Dec-214 Price: $149,1, ($76 psf) Cap Rate: 5.5% Buyer: KBS Seller: Penzance/Invesco Class: Class A Occupancy: 97% Webb Building 44 North Fairfax Drive Date Sold: Dec-214 Price: $56,2, ($296 psf) Buyer: Lionstone Investments/Penzance Seller: Federal Capital Partners/RESI Mgmt. Class: Class B Occupancy: 49.3% CEB Tower 121 Wilson Boulevard 552,781 sf Prelease: 64.6% Delivery: 1st Qtr 218 Developer: JBG Major Corporate Executive Board

22 Reston-Herndon Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 554,197 SF/YR Total Leasing Activity: 2.7 Million SF/YR Deliveries: 413,345 SF/YR Inventory: 29.9 Million SF Direct Vacancy: 11.8% Total Vacancy: 13.1% YTD Absorption: 252,32 SF YTD Leasing Activity: 1.3 Million SF : SF % Pre-leased: % YTD Deliveries: SF Asking Rental Rates (Full Service) 24: $24.67 PSF 213: $27.53 PSF YTD 214: $28.43 PSF Highlights Direct vacancy has remained flat at 11.8% from the third quarter 214 to the fourth quarter 214, and has increased from 11.2% since fourth quarter 213. Total vacancy has increased from 13.% from the third quarter 214 to 13.1% the fourth quarter 214, and has increased from 12.8% since fourth quarter 213. There was 141,245 square feet of absorption recorded during the fourth quarter 214, which brings the year-to-date total to 252,32 square feet. The positive absorption this quarter was more the double the amount recorded in the third quarter 214, and consisted of over eight smaller move-ins above 1, square feet. The most significant of these moves consisted of SES Government Services moving into their new 3,36-square-foot headquarters at 1179 Sunrise Valley Drive, a 24,93-square-foot occupancy by the National Automated Clearing House Association at 255 Wasser Terrace, and a 2,585-square-foot move-in by hcentive at Sunrise Plaza 1. The Reston-Herndon submarket had the largest number of sales transactions over $1 million out of any submarket in Northern Virginia during the fourth quarter 214, totalling seven such transactions. The largest of these deals was the sale of Reston Square by Westbrook Partners to KBS REIT III for $48 million, or $345 per-square-foot. With the exception of Reston Metro I & II, all of the buildings sold had an occupancy above 75% at the time of sale. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

23 Reston-herndon 4th quarter 214 Major Leases Plaza America Tower Plaza America Drive Plaza America Tower Plaza America Drive RTC West III 1212 Sunset Hills Road Monument II 1295 Worldgate Drive One Reston Overlook 1211 Sunset Hills Road Software AG 73,349 sf Bechtel 45,799 sf Sublet/Expansion Sage Software 41,662 sf Smartronix 13,38 sf Kforce Staffing 12,12 sf Reston Square 1179 Sunrise Valley Drive Date Sold: Dec-214 Price: $48,, ($345 psf) Cap Rate: 6.8% Buyer: KBS REIT III Seller: Westbrook Partners Class: Class A Occupancy: 92% Commerce Metro VI 1148 Commerce Park Drive Sales Dulles Metro Center 2325 Dulles Corner Boulevard Date Sold: Oct-214 Price: $45,45, ($27 psf) Buyer: Pinkard/Principal RE Investors Seller: DEKA Immoblien Class: Class A Occupancy: 75.6% Campus Pointe 188 Campus Commons Drive Date Sold: Oct-214 Price: $38,1, ($261 psf) Cap Rate: 6% Buyer: TA Associates Seller: New Tower Trust Co./MEPT Class: Class A Occupancy: 92.3% Patriots Park I-III 1231, 123 & 1229 Sunrise Valley Drive Date Sold: Oct-214 Price: $321,, ($454 psf) Cap Rate: 5.6% Buyer: Hyundai Securities Seller: Boston Properties Class: Class A Occupancy: 1% Date Sold: Oct-214 Price: $42,5, ($246 psf) Buyer: Verizon (Owner/User) Seller: Brandywine Realty Trust Class: Class B Occupancy: 97.1% Reston Metro I & II 1216 & Sunrise Valley Drive Date Sold: Nov-214 Price: $27,8, ($1 psf) Buyer: Coretrust/Normandy Seller: Thomas Properties/CalSTRS Class: Class A/B Occupancy:.75% There were no new construction starts in the Reston-Herndon submarket during the fourth quarter 214.

24 Route 28 North Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 172,29 SF/YR Total Leasing Activity: 513,457 SF/YR Deliveries: 152,177 SF/YR Inventory: 9.4 Million SF Direct Vacancy: 17.5% Total Vacancy: 18.3% YTD Absorption: 8,139 SF YTD Leasing Activity: 425,541 SF : 49,99 SF % Pre-leased: % YTD Deliveries: SF Highlights Asking Rental Rates (Full Service) 24: $21.28 PSF 213: $23.88 PSF YTD 214: $23.69 PSF Direct vacancy in the Route 28 North submarket has decreased from 18.2% in the third quarter 214 to 17.5% in the fourth quarter 214, and has decreased from 17.9% since fourth quarter 213. Total vacancy has decreased from 18.9% in the third quarter 214 to 18.3% in the fourth quarter 214, and has remained flat at 18.3% since fourth quarter 213. The Route 28 North submarket experienced 15,195 square feet of positive absorption in the fourth quarter. Despite ending the first quarter 214 with -22,733 square feet absorbed, after three straight quarters of positive absorption the submarket has rebounded and ended the year slightly positive with a year-to-date total of 8,139 square feet. The majority of positive absorption during the fourth quarter was due to the GSA - Bureau of Safety & Environmental Enforcement s 83,278-square-foot move to 456 Woodland Road. Loudoun Station Central Station Drive s delivery scheduled for the fourth quarter 214 was delayed until the first quarter 215. Since the project has yet to experience any pre-lease activity, vacancy rates can be expected to rise when the building comes online. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

25 Route 28 North 4th quarter 214 Major Leases There were no major leases in the Route 28 North submarket during the fourth quarter 214. Sales Loudoun Tech Corporate Campus A-C 2166, 2167 & 2168 Ridgetop Circle Date Sold: Nov-214 Price: $11,65, ($93 psf) Buyer: St. John Properties Seller: Hudson Advisors Class: Class B Occupancy: 33.3% Loudoun Station Central Station Drive 49,99 sf Prelease: % Delivery: 1st Qtr 215 Developer: Comstock Partners Major None

26 Route 28 South Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 444,12 SF/YR Total Leasing Activity: 855,82 SF/YR Deliveries: 523,82 SF/YR Inventory: 13.5 Million SF Direct Vacancy: 17.2% Total Vacancy: 17.9% YTD Absorption: -389,467 SF YTD Leasing Activity: 37,769 SF : 3, SF % Pre-leased: 1% YTD Deliveries: 375,25 SF Asking Rental Rates (Full Service) 24: $22.18 PSF 213: $25.16 PSF YTD 214: $25.47 PSF Highlights Direct vacancy in the Route 28 South submarket has increased from 15.3% in the third quarter 214 to 17.2% in the fourth quarter 214, and has increased from 14.3% since fourth quarter 213. Total vacancy has increased from 16.% from the third quarter 214 to 17.9% in the fourth quarter 214, and has increased from 15.3% since fourth quarter 213. The Route 28 South submarket finished the fourth quarter with -21,164 square feet, with a year-to-date absorption total of -389,467 square feet. Negative absorption was driven by the vacating 176,945 square-feet at Washington Tech Park I - 15 Conference Center Drive by Computer Sciences Corporation, which contributed to 214 having the largest year-to-date negative absorption recorded in the submarket in the past ten years. The portfolio sale of Liberty Center I-III , and Lee Road in Chantilly was one of the largest sales transactions in Northern Virginia during the fourth quarter 214, and one of four transactions over $1 million. A joint venture of Eaton Vance and Duke Realty purchased the 49,-square-foot portfolio from KBS REIT III for $11 million or $247 per square foot with a 8.19% cap rate. At the time of sale, all three buildings were nearly fully leased to Boeing, Scitor Corporation and Leidos respectively. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

27 Route 28 South 4th quarter 214 Major Leases Plaza East II Park Meadow Drive Greens II 1559 Conference Center Drive Independence Center Conference Center Drive Trinity Centre Trinity Parkway OG Systems 34,526 sf New Boeing 25,777 sf Arion Systems, Inc. 16,333 sf Riverside Research 1,685 sf Sales Liberty Center I-III 1466, & Lee Road Date Sold: Nov-214 Price: $11,, ($247 psf) Cap Rate: 8.9% Buyer: Federal Partners Seller: Eaton Vance/Duke Realty Class: Class A Occupancy: 99% Westfields 485 & 487 Stonecroft Boulevard 3, sf Prelease: 1% Delivery: 1st Qtr 215 Developer: COPT Major CIA

28 Springfield Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 59,46 SF/YR Total Leasing Activity: 343,684 SF/YR Deliveries: 164,474 SF/YR Inventory: 6.1 Million SF Direct Vacancy: 22.2% Total Vacancy: 25.7% YTD Absorption: -57,418 SF YTD Leasing Activity: 158,179 SF : SF % Pre-leased: % YTD Deliveries: 4, SF Highlights Asking Rental Rates (Full Service) 24: $25.12 PSF 213: $28.37 PSF YTD 214: $29.37 PSF Direct vacancy in the Springfield submarket has increased from 21.5% in the third quarter 214 to 22.2% in the fourth quarter 214, and has decreased from 23.7% since fourth quarter 213. Total vacancy has increased from 25.5% in the third quarter 214 to 25.7% in the fourth quarter 214, and has decreased from 26.3% since fourth quarter 213. The Springfield submarket ended the fourth quarter 214 nearly flat, with 1,81 square feet of positive absorption. This brings the year-to-date total to -57,418 square feet. Positive absorption the fourth quarter 214 was primarily driven by a 26,187 square-foot move-in by Xator Corporation at 568 King Centre Drive. Class A product within the Springfield accounts for 25% of total inventory within the submarket. This being the case, the Class A buildings in Springfield finished the year at 38% total vacancy with an average asking price of $37.82 psf. Consequently, we can expect landlords and owners in the submarket to begin to lower asking rates and offer incentives such as aggressive concessions and abatement packages to attract tenants to Springfield. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzgerald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

29 Springfield 4th quarter 214 Major Leases There were no major leases in the Springfield submarket during the fourth quarter 214. Sales There were no buildings sold in the Springfield submarket during the fourth quarter 214 There were no new construction starts in the Springfield submarket during the fourth quarter 214.

30 Tysons Corner Market Spotlight 4Q Vacancy Rate (%) Asking Rate ($) Deliveries Direct Vacancy Rate Total Vacancy Rate Asking Rate Leasing Activity Total Net Absorption Market Stats 1 Year Averages (24-213) Total Absorption: 184,851 SF/YR Total Leasing Activity: 2.1 Million SF/YR Deliveries: 131,654 SF/YR Inventory: 28.8 Million SF Direct Vacancy: 15.5% Total Vacancy: 16.3% YTD Absorption: -322,441 SF YTD Leasing Activity: 1.6 Million SF : 816,913 SF % Pre-leased: 41.6% YTD Deliveries: 846,944 SF Asking Rental Rates (Full Service) 24: $25.1 PSF 213: $3.18 PSF YTD 214: $33.36 PSF Highlights Direct vacancy in the Tysons Corner submarket has decreased from 15.7% in the third quarter 214 to 15.5% in the fourth quarter 214, and has increased from 13.6% from the fourth quarter 213. Total vacancy has decreased from 16.6% from the third quarter 214 to 16.3% in the fourth quarter 214, and has increased from 14.5% since fourth quarter 213. The Tysons Corner submarket finished 214 with five consecutive quarters of negative absorption, ending the fourth quarter with -135,435 square feet, which brings the year-to-date total to -322,441 square feet. A major contributor to the negative absorption was Freddie Mac, who consolidated within their existing portfolio, and vacated the entirety of 8 Jones Branch Drive totaling 22,84 square feet. Additionally, Sunrise Assisted Living vacated 125,546 square feet at the Tower Building - 79 Westpark Drive. The final project to complete construction this year was Tysons Overlook 794 Jones Branch Drive. The 321,965-squarefoot building was developed by MRP Realty and is occupied by partial-owner and user LMI. There are 14,74 square feet remaining available for either sale or lease. Added to the construction pipeline this past quarter was Mitre Colshire Drive. The project is being developed by Cityline Partners and will yield a 34,-square-foot office building fully occupied by Mitre upon its expected delivery in late 216. Neil Alt Correll Caulfield Elaine Clancy Tom Colicchio Chris Dyson Mary Fitzterald Erin Jones Eamon McCrann Doug McLearn Stoddie Nibley Jed Prossner Jack Redmond

31 Tysons Corner 4th quarter 214 Major Leases Tycon Courthouse 27 Chain Bridge Road Tysons Tower 79 Tysons One Place Towers Crescent/A 8 Towers Crescent Drive Tower Building 79 Westpark Drive Greensboro Station Greensboro Station Place GSA-FInCEN 124,99 sf Reed Smith 28,553 sf New Capital One 26,872 sf Expansion LCC International 22,441 sf Tysons Business Center 21,249 sf 821 Greensboro Drive Tysons Corner Office Center 83 Greensboro Drive Tysons Metro Center III 8281 Greensboro Drive Westwood Office Building 8618 Westwood Center Drive Tycon Courthouse 27 Chain Bridge Road Executive Offices 15,22 sf Sublet Williams Mullen 14,646 sf E3 Federal Solutions 12,48 sf Homefix Custom Remodeling Potomac College 11,797 sf 1,699 sf Sales There were no buildings sold in the Tysons Corner submarket during the fourth quarter 214 MITRE Colshire Drive 34, sf Prelease: 1% Delivery: 1st Qtr 216 Developer: Cityline Major Mitre The Corporate Office Tysons II 1775 Tysons Boulevard 476,913 sf Prelease:.% Delivery: 1st Qtr 216 Developer: Lerner Enterprises Major None