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 $/sf Q1'14 Q1'15 Q1'16 Q1'17 Q1'18 Selected Filters 15 14 13 12 11 1 9 8 7 6 Q1'14 Q1'15 Q1'16 Q1'17 Q1 Avg Cap Rate (Yield) Selected Filters 8.5% 8.% 7.5% 7.% 6.5% 6.% 5.5% Current Market Statistics Q2 '18 to Date Deals Pending Combined Total Last Quarter Vol ($m) 253.9 11.5 265.4 428.9 # Props 3 1 31 5 Total sf 2,32,235 28,8 2,349,35 2,467,955 Avg Price/sf* 115 115 181 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) 214 215 216 217 218 2,5 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) 1,379.8-27.3% 428.9 62.5% 78,5.9 25.% 2,944.8 13.3% # Props 138-8.6% 5 78.6% 7,617 21.4% 2,362 35.5% Total sf 9,611,49-3.% 2,467,955 33.5% 1,66,642,386 32.% 372,953,995 57.2% Avg Price/sf* 143 1.2% 181 33.3% 82 5.1% 88 8.4% 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.
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 25 116 149 224 69 Selected Filters 5.6% 5.1% 4.9% 4.3% 2.8% 1 59 1 167 2,791 13.4% 7.4% 6.3% 5.4% 1.9% Data based on prior 12 months. Data based on prior 12 months. Most Active Markets 28 29 21 211 212 213 214 215 216 217 218 Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Seattle - Proper 478 17 39 34 593 722 489 1,646 1,49 99 378 Pierce/Thurston/Kitsap 125 135 57 132 31 169 19 257 283 119 159 Snohomish/Island 91 19 17 148 83 148 95 225 168 93 146 Olympia-Tumwater, WA 24 3 1 11 6 8 64 Seattle - CBD 27 25 33 15 18 49 163 12 12 Bremerton-Silverdale, WA 9 6 3 15 9 Copyright 218 Real Capital Analytics, Inc.
Created on 6/21/218 for Erick Parulan Geography: Seattle, Property Types: Capital Flows Buyer Composition Net Investment ($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% 5 5 39% 24% 17% 17% 21% 7% 6% 62% 7% -5-5 39% 1% 25% 34% 41% 46% -1, 214 215 216 217 218-1, 214 215 216 217 218 6% 9% 7% 11% 214 215 216 217 218 8% 218 Public Listed/REIT Private 1, 1, 5 5-5 -5-1, 214 215 216 217 218-1, 214 215 216 217 218 Cross-Border Analysis 28 29 21 211 212 213 214 215 216 217 218 Buyers by Country Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Vol ($m) Canada 3 15 7 42 15 111 9 168 China 287 9 37 Switzerland 33 Hong Kong 16 31 Singapore 481 Norway 282 Netherlands 133 South Korea 114 Australia 67 28 Sweden 33 12 Copyright 218 Real Capital Analytics, Inc.
Created on 6/21/218 for Erick Parulan Geography: Seattle, Property Types: Top Buyers Past 24 Months All-Time Rank Buyer City, State, Country Buyer Group Acq ($m) # Props Avg Price ($m) Acq ($m) # Props 1 Blackstone New York, NY Eq. Fund 196.4 5 39.3 279,52.8 939 2 Deutsche AWM - US Santa Ana, CA Inv. Mgr. 162.7 6 27.1 32,68.7 1453 3 ING Group Amsterdam NLD Bank 132.7 9 14.7 27,47.4 113 4 Bentall Kennedy Vancouver, BC CAN Inv. Mgr. 125.4 2 62.7 9,5.9 232 5 Prologis San Francisco, CA Pub. REIT 78.9 1 78.9 31,651.4 131 6 Boeing Employee CU Seattle, WA Bank 78. 1 78. 97.6 3 7 LaSalle Chicago, IL Inv. Mgr. 76.4 2 38.2 53,785.6 1458 8 Clarion Partners New York, NY Inv. Mgr. 67. 1 67. 36,111.5 1298 9 Niru Group Irvine, CA Eq. Fund 65.1 2 32.5 622. 57 1 DCT Denver, CO Pub. REIT 58.1 3 19.4 3,321.7 322 11 Terreno Realty San Francisco, CA Pub. REIT 57.7 5 11.5 1,574.2 133 12 IPT Denver, CO Priv. REIT 54. 4 13.5 3,218.8 189 13 BREIT New York, NY Priv. REIT 53.8 5 1.8 3,258.3 176 14 InCity Properties Seattle, WA Dev/Own 43. 4 1.8 96.2 15 15 Caisse de Depot Quebec City, QC CAN Inv. Mgr. 42.8 3 14.3 47,847.7 115 16 Bixby Ranch Co Long Beach, CA Dev/Own 42.7 2 21.3 1,715.5 77 17 Dermody Properties Reno, NV Dev/Own 42.1 1 42.1 865.1 46 18 Laird Norton Properties Seattle, WA Dev/Own 41.2 2 2.6 317.4 15 19 LBA Realty Irvine, CA Eq. Fund 4.5 4 1.1 7,257.7 361 2 SAFE Beijing CHN SWF 37.5 2 18.7 5,865.7 5 Copyright 218 Real Capital Analytics, Inc.
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 ($m) # Props 1 Panattoni Development Newport Beach, CA Dev/Own 211. 6 35.2 9,255.3 54 2 MetLife New York, NY Insur. 159.7 3 53.2 25,25.4 328 3 LBA Realty Irvine, CA Eq. Fund 139.9 6 23.3 8,262. 333 4 Barings Charlotte, NC Inv. Mgr. 132.7 9 14.7 16,559.4 366 5 LACERA Pasadena, CA Pen. Fund 111.8 4 27.9 2,29.5 83 6 Hines Houston, TX Inv. Mgr. 94. 1 94. 48,615.4 617 7 TIAA New York, NY Pen. Fund 9.9 2 45.5 32,179.2 776 8 Sabey Data Center Props Seattle, WA Dev/Own 78.9 1 78.9 35. 8 9 Deutsche AWM - US Santa Ana, CA Inv. Mgr. 78. 1 78. 29,89.4 1213 1 GLP Singapore SGP REOC 62.7 2 31.4 17,69.9 1721 11 Hill Raaum Pietromonaco Mercer Island, WA Dev/Own 59.8 3 19.9 74. 5 12 Cabot Properties Boston, MA Eq. Fund 59.6 6 9.9 7,976.3 95 13 Bridge Dev Partners Chicago, IL Dev/Own 57.5 1 57.5 1,718. 55 14 TPG Capital Fort Worth, TX Eq. Fund 51.5 4 12.9 11,36.8 446 15 Int'l Airport Centers Highland Park, IL Dev/Own 5.9 2 25.5 1,15.6 49 16 Sanofi-Aventis Paris FRA Corp. 45.6 1 45.6 146.7 7 17 GIC Singapore SGP SWF 45.2 1 45.2 25,226.4 951 18 First Chicago, IL Pub. REIT 42.1 1 42.1 8,32.8 981 19 Carlyle Group Washington, DC Eq. Fund 37.3 1 37.3 37,418.1 871 2 Trammell Crow Co (CBRE) Dallas, TX Dev/Own 37.3 1 37.3 7,974.8 217 Copyright 218 Real Capital Analytics, Inc.
Created on 6/21/218 for Erick Parulan Geography: Seattle, Property Types: Top Transactions Last 12 Months 8 3 9 7 6 2 1 5 1 4 Map data 218 Google Terms of Use Pin # Transaction Date Prop Type Property Name Address City, State, Postal / CN sf Price Yr. ($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 9857 479,1 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 98168 241,1 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 2625 162nd St SW Lynnwood, WA 9887 87,386 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 98516 458,91 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 98424 25,49 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 ($7.7m); Copyright 218 Real Capital Analytics, Inc.
Created on 6/21/218 for Erick Parulan Pin # Transaction Date Prop Type Property Name Address City, State, Postal / CN sf Price Yr. ($m) Blt/Renov $/sf # Bldgs / Cap Flrs Rate Owner/Buyer Broker Seller Broker Lender (Loan Amt) Comments 6 Mar '18 4786 1st Avenue South 4786 1st Ave S Seattle, WA 98134 235, 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 87 148th Ave NE Redmond, WA 9852 162,4 sf 1985 5 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 98275 333,989 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 '18 143 Northeast 145th Street 143 NE 145th St Woodinville, WA 9872 129,23 sf 1997 2 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 98499 $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.