THE OFFICE MARKET REPORT LEE NYC

THE OFFICE MARKET REPORT LEE NYC MANHATTAN TREND TRACKER

E IV DR R FD WE SIDE HIGHWAY SUBMARKETS MIDTOWN MIDTOWN WE WE CENTRAL PARK SOUTH W 57TH AVENUE OF THE AMERICAS E 49TH GRAND GRAND CENTRAL CENTRAL E 42ND 8TH AVE E 23RD GRAMERCY GRAMERCY FLATIRON FLATIRON W 14TH E 14TH HUDSON HUDSON SQ. SQ. TRIBECA TRIBECA BROADWAY BROADWAY LIN NK FRA WORTH CENTRE DELANCEY CA N AL N E HOUO DELANCEY CITY CITY HALL HALL INSURANCE INSURANCE DIRICT DIRICT RK PA PARK PL VESEY VESEY BROADWAY WILLIAM WORLD WORLD TRADE TRADE CENTER CENTER RY TTE BA PL W RO WALL WA TER CHAMBERS TRINITY PL ALLEN SOHO SOHO NOHO NOHO Y BOWER GOLD F THE UE O AVEN W HOUON E 4TH W BROADWAY CAN AL ICK VAR T WES W T NS TO US HO ICAS AMER W 4TH SON HUD HUDSON HUDSON RIVER RIVER EA EA RIVER RIVER AVE A 1 AVE 5TH AVE T TS OR VO SE NE GA FDR DRIVE 10TH AVE W 23RD MURRAY MURRAY HILL HILL AY ADW BRO CHELSEA CHELSEA E 34TH 1 AVE AVENUE OF THE AMERICAS AVE 12TH AY ADW BRO 5TH AVE PENN PENN ATION ATION GARMENT GARMENT DIRICT DIRICT W 34TH DOWNTOWN 1 AVE W 42ND FDR DRIVE MIDTOWN SOUTH ROCKEFELLER ROCKEFELLER CENTER CENTER TIMES TIMES SQUARE SQUARE MIDTOWN MIDTOWN EA EA LEXINGTON AVE 8TH AVE AY BROADW 10TH AVE W 49TH 11 TH AV E MIDTOWN E 57TH PLAZA PLAZA DIRICT DIRICT W ES T S IDE HIG HW AY 1 AVE 5TH AVE LEXINGTON AVE E 65TH CENTRAL PARK WE AY DW OA BR W 65TH FINANCIAL FINANCIAL DIRICT DIRICT ER AV BE 2 MANHATTAN TREND TRACKER 4TH QUARTER

MARKET SUMMARY Market Inventory (MSF) (Rnd.) Manhattan Office Available Total (SF) Total Vacancy Rate (%) Total Availability Rate (%) Total Net Absorption (SF) Under Construction (SF) Direct Asking Rent ($PSF) Sublease Asking Rent ($PSF) Overall Asking Rent ($PSF) Midtown 223 25,140,339 8.2% 11.3% 687,938 2,919,888 $84.02 $65.49 $79.53 Grand Central 72 8,280,203 9.1% 11.6% 605,330 1,732,955 $78.85 $49.68 $74.77 Midtown East 26 2,753,127 6.0% 10.7% (89,548) 290,505 $73.97 $64.89 $69.37 Midtown West 20 1,426,657 4.9% 7.0% 35,889 90,000 $86.04 $60.11 $82.42 Plaza District 38 5,375,306 11.4% 14.1% (297,990) 806,428 $117.76 $70.09 $112.27 Rockefeller Plaza 29 2,142,095 6.4% 7.5% 136,636 - $84.49 $68.07 $82.52 Times Square 38 5,162,951 8.1% 13.5% 297,621 - $75.70 $66.32 $74.77 Midtown South 154 16,431,276 7.0% 10.7% 662,019 9,621,814 $67.76 $50.19 $64.49 Chelsea 18 1,842,820 7.8% 10.0% 163,399 877,867 $69.20 $51.00 $64.56 Gramercy Flatiron 31 2,523,241 4.4% 8.2% 96,508 73,323 $73.87 $62.69 $72.06 Hudson Square Tribeca 22 3,183,569 9.4% 14.8% (6,437) 138,938 $81.73 $59.10 $78.78 Murray Hill 13 1,184,630 7.0% 8.9% 189,853 - $61.62 $43.57 $57.99 Penn Station-Garment 57 6,356,176 7.2% 11.2% 118,146 8,272,745 $58.37 $46.34 $55.59 SoHo NoHo 13 1,340,840 6.9% 10.4% 100,550 258,941 $74.77 $62.48 $73.28 Downtown 105 11,724,262 9.1% 11.2% 93,267 2,861,402 $62.64 $42.33 $60.96 City Hall Insurance Dist. 26 1,971,193 4.9% 7.5% 70,495 - $54.40 $38.00 $52.88 Financial District 43 5,433,577 9.1% 12.5% (114,255) - $59.95 $49.48 $57.35 World Trade Center 35 4,319,492 12.5% 12.7% 137,027 2,861,402 $65.19 $49.78 $64.69 Manhattan 482 53,295,877 8.0% 11.0% 1,443,224 15,403,104 $74.32 $59.28 $61.24 1. Arrows are an indication based on quarter-over-quarter movements. 2. All rent figures are based on market and submarket weighted averages. Overall Asking Rents take Direct and Sublease rents into account. 3. Under Construction only includes buildings with expected deliveries, with a primary office use and over 50,000 square feet. Buildings under construction that include office as a secondary or tertiary use are excluded. All proposed new construction buildings were excluded. Commenced with report,, Lee & Associates utilizes new metric methods from its prior reporting methods. Lee & Associates Office Metrics are based on office buildings with a minimum rentable building area of 100,000 square feet, with the exception in the submarket of Soho/Noho, which uses metrics based on office buildings with a minimum rentable building area of 50,000 square feet. Lee & Associates Office Metrics comprise data representing existing office buildings for Classes A, B and C. Since new metric methods have been applied, the correlation of data for this report (and all reports since ) will have no bearing over the reports previously published by Lee & Associates (prior to ). Lee & Associates NYC accepts no liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be placed on the information contained in this document. 3 MANHATTAN TREND TRACKER 4TH QUARTER

MIDTOWN idtown overall asking rents gradually increased quarter-to-quarter to $79.53 Mfrom $79.09; and are down 2.4% or $1.97 year-over-year. Base rents increased quarter-to-quarter to $77.22 from $69.55, by 11% or $7.67; and are up 4.3% or $3.20 year-over-year. Q4 had an average asking-to-base rent spread of 2.9%, compared to 12.1% in Q3 and 9.2% in Q4. Concessional discounts increased to 6.9% from 6.5% quarter-to-quarter, and are up from 5% year-over-year; with net effective rents increasing 10.7% to $71.93, and are up 2.3% year-over-year. Leasing activity finished at 12,968,761 SF. Quarter-to-quarter leasing activity decreased 5%, with 2,435,252 SF leased in Q4 compared to 2,563,981 SF leased in Q3. 390 Madison leased the largest block of space this quarter. The availability rate decreased to 11.3% from 11.7% over the quarter; is down from 12% year-over-year and is 0.4% below its five-year average of 11.7%; with 399 Park Avenue leading the market in available space. experienced a negative net absorption of 87,865 SF; with the vacancy rate decreasing to 8.2% from 8.8% in Q3, down from 8.8% year-over-year and is 0.2% below its five-year average of 8.4%. Grand Central overall asking rents decreased quarter-to-quarter to $74.77 from $75.13, by 0.5% or $0.36; and are up 2.1% or $1.52 year-over-year. Base rents remained stagnant quarter-to-quarter around $66, and are up 2.5% or $1.58 yearover-year. Q4 had an average asking-to-base rent spread of 11.6%, compared to 12% in Q3 and Q4. Concessional discounts decreased to 6.7% from 8.2% quarterto-quarter, and are up from 6.5% year-over-year; with net effective rents increasing 1.7% to $61.71, and are up 2.2% year-over-year. Leasing activity finished at 4,982,165 SF. Quarter-to-quarter leasing activity decreased 15.4% with 868,254 SF leased in Q4, compared to 1,026,449 SF in Q3. 390 Madison Avenue leased the largest block of space this quarter. The availability rate decreased to 11.6% from 11.8% over the quarter; is down from 13.2% year-over-year and is 2.1% below its fiveyear average of 13.7%; with 405 Lexington Avenue leading the submarket in available space. experienced a negative net absorption of 161,576 SF; with the vacancy rate decreasing to 9.1% from 9.9% in Q3, up from 9% year-over-year and is 0.8% below its five-year average of 9.9%. Notable Deal: Shiseido Americas Corporation signed a new 15-year lease for 230,042 SF at 390 Madison Avenue (15th to 22nd floors), with a base rent in the high $80s. Midtown East overall asking rents increased quarter-to-quarter to $69.37 from $68.33, by 1.5% or $1.04; and are down 4.6% or $3.33 year-over-year. Base rents increased quarter-to-quarter to $62.98 from $59.23, by 6.3% or $3.75; and are down 6.8% or $4.60 year-over-year. Q4 had an average asking-to-base rent spread of 9.2%, compared to 13.3% in Q3 and 7% in Q4. Concessional discounts increased to 2% from 1.8% quarter-to-quarter, and are down from 5.2% year-over-year; with net effective rents increasing 6.2% to $61.74, and are down 3.6% year-over-year. Leasing activity finished at 693,812 SF. Quarter-to-quarter leasing activity decreased 22.6% with 153,403 SF leased in Q4, compared to 198,268 SF leased in Q3. 570 Lexington Avenue leased the largest block of space this quarter. The availability rate increased to 10.7% from 8.8% over the quarter; is up from 9.2% year-over-year and is 2.7% above its five-year average of 8%; with 875 Third Avenue leading the submarket in available space. experienced a negative net absorption of 140,215 SF; with the vacancy rate increasing to 6% from 5.3% in Q3, up from 4.9% year-overyear and is 1% above its five-year average of 5%. Notable Deal: Cerberus Capital Management signed a new 5-year lease for 10,144 SF at 875 Third Avenue (36th floor), with a base rent in the high $50s. Midtown West overall asking rents decreased quarter-to-quarter to $82.42 from $83.08, by 0.8% or $0.66; and are up 0.6% or $0.49 year-over-year. Base rents increased quarter-to-quarter to $81.50 from $70.83, by 15.1% or $10.67; and are up 12.3% or $8.90 year-over-year. Q4 had an average asking-to-base rent spread of 1.1%, compared to 14.8% in Q3 and 11.4% in Q4. Concessional discounts decreased to 6.3% from 7.5% quarter-to-quarter, and are up from 3.2% year-overyear; with net effective rents increasing 16.5% to $76.36, and are up 8.7% yearover-year. Leasing activity finished at 1,622,380 SF. Quarter-to-quarter leasing activity has increased 87% with 218,654 SF leased in Q4, compared to 116,838 SF in Q3. 250 West 57th Street leased the largest block of space this quarter. The availability rate decreased to 7% from 7.5% over the quarter; is down from 7.1% yearover-year and is 1.4% below its five-year average of 8.4%; with 1345 Avenue of the Americas leading the submarket in available space. experienced a negative net absorption of 271,537 SF; with the vacancy rate decreasing to 4.9% from 5.2% in Q3, up from 3.7% year-over-year and is 1.4% below its five-year average of 6.3%. Notable Deal: ASCAP signed a new 15-year lease for 85,000 SF at 250 West 57th Street (12th to 14th and 20th floors), with a base rent in the low $60s. Plaza District overall asking rents increased quarter-to-quarter to $112.27 from $109.83, by 2.2% or $2.44; and are up 2.7% or $2.90 year-over-year. Base rents increased quarter-to-quarter to $99.72 from $80.09, by 24.5% or $19.63; and are up 10.1% or $9.18 year-over-year. Q4 had an average asking-to-base rent spread of 11.2%, compared to 27.1% in Q3 and 17.2% in Q4. Concessional discounts increased to 7% from 3.8% quarter-to-quarter, and are up from 6.3% year-over-year; with net effective rents increasing 20.4% to $92.73, and are up 9.3% year-over-year. Leasing activity finished at 1,977,775 SF. Quarter-to-quarter leasing activity has increased 33.9% with 512,980 SF leased in Q4, compared to 383,101 SF in Q3. 65 East 55th Street leased the largest block of space this quarter. The availability rate decreased to 14.1% from 16.3% over the quarter; is down from 15.4% year-over-year and is 1.5% above its five-year average of 12.6%; with 399 Park Avenue leading the submarket in available space. experienced a negative net absorption of 803,577 SF; with the vacancy rate decreasing to 11.4% from 12.5% in Q3, up from 11% year-over-year and is 2.7% above its five-year average of 8.7%. Notable Deal: The Raine Group signed a new 15-year lease for 33,253 SF at 65 East 55th Street (23rd to 24th floors). Rockefeller Plaza overall asking rents increased quarter-to-quarter to $82.52 from $74.27, by 11% or $8.25; and are up 4.7% or $3.70 year-over-year. Base rents increased quarter-to-quarter to $81.36 from $72.80, by 11.8% or $8.56; and are up 14% or $9.96 year-over-year. Q4 had an average asking-to-base rent spread of 1.4%, compared to 2% in Q3 and 9.4% in Q4. Concessional discounts increased to 8.4% from 8.1% quarter-to-quarter, and are up from 3% year-over-year; with net effective rents increasing 11.3% to $74.46, and are up 7.5% year-over-year. Leasing activity finished at 1,614,499 SF. Quarter-to-quarter leasing activity has increased 46.1% with 342,575 SF leased in Q4, compared to 234,538 SF in Q3. 1290 Avenue of the Americas leased the largest block of space this quarter. The availability rate decreased to 7.5% from 7.7% over the quarter; is down from 9.7% year-overyear and is 2.6% below its five-year average of 10.1%; with 75 Rockefeller Plaza leading the submarket in available space. experienced a positive net absorption of 806,723 SF; with the vacancy rate decreasing to 6.4% from 6.7% in Q3, down from 9.1% year-over-year and is 2.4% below its five-year average of 8.8%. Notable Deal: Bryan Cave LLP signed a 15-year renewal for 126,084 SF at 1290 Avenue of the Americas (31st, 33rd, 35th to 37th floors), with a base rent in the mid-$80s. Times Square overall asking rents increased quarter-to-quarter to $74.77 from $73.15, by 2.2% or $1.62; and are down 3% or $2.27 year-over-year. Base rents increased quarter-to-quarter to $71.03 from $62.88, by 13% or $8.15; and are down 3.7% or $2.75 year-over-year. Q4 had an average asking-to-base rent spread of 5%, compared to 14% in Q3 and 4.2% in Q4. Concessional discounts increased to 9.2% from 5.4% quarter-to-quarter, and are up from 5.8% year-over-year; with net effective rents increasing 8.5% to $64.51, and are down 7.1% year-over-year. Leasing activity finished at 2,078,130 SF. Quarter-to-quarter leasing activity has decreased 43.9% with 339,386 SF leased in Q4, compared to 604,787 SF in Q3. 1633 Broadway leased the largest block of space this quarter. The availability rate decreased to 13.5% from 14% over the quarter; is up from 12.7% year-over-year and is 1% above its five-year average of 12.5%; with 330 West 42nd Street leading the submarket in available space. experienced a positive net absorption of 402,389 SF; with the vacancy rate decreasing to 8.1% from 8.7% in Q3, down from 9.2% yearover-year and is 0.5% below its five-year average of 8.6%. Notable Deal: MongoDB signed a new 12-year lease for 106,230 SF at 1633 Broadway (37th to 38th floors). 4 MANHATTAN TREND TRACKER 4TH QUARTER

MIDTOWN Midtown Vacancy and Availability 16.0% 14.0% 11.9% 12.0% 10.0% 8.0% 8.0% 6.0% 4.0% 2.0% 0.0% Vacancy Availability 10Y Vacancy Avg. 10Y Availability Avg. Midtown Leasing Activity 8,000,000 Ten Year Average 4,415,611 7,000,000 6,000,000 Great Recession 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 Historical statistics are updated to reflect new ly released market information. SF Leased 10Y Avg. Midtown Net Absorption 2,000,000 1,500,000 1,000,000 500,000 0 (500,000) (1,000,000) (1,500,000) (2,000,000) (2,500,000) 5 MANHATTAN TREND TRACKER 4TH QUARTER

MIDTOWN SOUTH idtown South overall asking rents gradually increased quarter-to-quarter to M $64.49 from $64.35; and are down 2.3% or $1.51 year-over-year. Base rents increased quarter-to-quarter to $63.19 from $58.84, by 7.4% or $4.35; and are up 4.5% or $2.72 year-over-year. Q4 had an average asking-to-base rent spread of 2%, compared to 8.6% in Q3 and 8.4% in Q4. Concessional discounts increased to 9.2% from 3.8% quarter-to-quarter, and are up from 4.3% yearover-year; with net effective rents increasing 1.4% to $57.39, and are down 0.9% year-over-year. Leasing activity finished at 10,957,975 SF. Quarter-to-quarter leasing activity decreased 24.4% with 2,116,416 SF leased in Q4, compared to 2,799,331 SF in Q3. 150 Fifth Avenue leased the largest block of space this quarter. The availability rate decreased to 10.7% from 10.9% over the quarter; is up from 10.1% year-over-year and is 1% above its five-year average of 9.7%; with 1250 Broadway leading the market in available space. experienced a negative net absorption of 89,718 SF; with the vacancy rate decreasing to 7% from 7.5% in Q3, up from 6.7% year-over-year and is 0.5% above its five-year average of 6.5%. Chelsea s overall asking rents increased quarter-to-quarter to $64.56 from $63.38, by 1.9% or $1.18; and are up 13.4% or $7.63 year-over-year. Base rents decreased quarter-to-quarter to $59.16 from $60.30, by 1.9% or $1.20; and are up 11.1% or $5.93 year-over-year. Q4 had an average asking-to-base rent spread of 8.4%, compared to 4.9% in Q3 and 6.5% in Q4. Concessional discounts increased to 7.2% from 4.4% quarter-to-quarter, and are up from 3.7% year-overyear; with net effective rents decreasing 4.8% to $54.89, and are up 7.1% yearover-year. Leasing activity finished at 874,738 SF. Quarter-to-quarter leasing activity has decreased 24.3% with 186,074 SF leased in Q4, compared to 245,669 SF in Q3. 125 West 25th Street leased the largest block of space this quarter. The availability rate increased to 10% from 9.9% over the quarter; is up from 9.2% year-over-year and is 1.7% above its five-year average of 8.3%; with 601 West 26th Street leading the submarket in available space. experienced a negative net absorption of 348,632 SF; with the vacancy rate decreasing to 7.8% from 8.8% in Q3, up from 5.5% year-over-year and is 1.8% above its five-year average of 6%. Notable Deal: Scholastic Corporation signed a new 10-year sublease for 44,033 SF at 601 West 26th Street (10th floor), with a base rent in the high $40s. Gramercy Park and Flatiron overall asking rents increased quarter-to-quarter to $72.06 from $70.90, by 1.6% or $1.16; and are up 0.8% or $0.59 year-over-year. Base rents increased quarter-to-quarter to $66.82 from $61.25, by 9.1% or $5.57; and are up 5.4% or $3.45 year-over-year. Q4 had an average asking-to-base rent spread of 7.3%, compared to 13.6% in Q3 and 11.3% in Q4. Concessional discounts increased to 7.7% from 5.3% quarter-to-quarter, and are up from 5.2% year-over-year; with net effective rents increasing 6.2% to $61.65, and are up 2.6% year-over-year. Leasing activity finished at 1,733,371 SF. Quarter-to-quarter leasing activity has increased 17.8% with 520,09 SF leased in Q4, compared to 441,545 SF in Q3. 150 Fifth Avenue leased the largest block of space the quarter. The availability rate decreased to 8.2% from 8.9% over the quarter; is up from 6.2% year-over-year and is 0.2% above its five-year average of 8%; with 63 Madison Avenue leading the submarket in available space. experienced a negative net absorption of 27,375 SF; with the vacancy rate decreasing to 4.4% from 5% in Q3, up from 4.2% year-over-year and is 0.9% below its five-year average of 5.3%. Notable Deal: MasterCard signed a new 15-year lease for 212,500 SF at 150 Fifth Avenue (the entire building); with a base rent in the low $90s. Hudson Square and Tribeca overall asking rents decreased quarter-to-quarter to $78.78 from $80.23, by 1.8% or $1.45; and are down 1.4% or $1.13 year-overyear. Base rents decreased quarter-to-quarter to $63.50 from $68.75, by 7.6% or $5.25; and are down 10.5% or $7.44 year-over-year. Q4 had an average askingto-base rent spread of 19.4%, compared to 14.3% in Q3 and 11.2% in Q4. Concessional discounts increased to 14.2% from 7% quarter-to-quarter, and are up from 1.4% year-over-year; with net effective rents decreasing 14.8% to $54.49, and are down 22.1% year-over-year. Leasing activity finished at 985,555 SF. Quarter-to-quarter leasing activity has decreased 53% with 108,082 SF leased in Q4, compared to 229,961 SF in Q3. 345 Hudson Street leased the largest block of space this quarter. The availability rate increased to 14.8% from 14.5% over the quarter; is up from 13.4% year-over-year and is 2.1% above its five-year average of 12.7%; with 75 Varick Street leading the submarket in available space. experienced a positive net absorption of 250,207 SF; with the vacancy rate remaining stagnant at 9.4% quarter-to-quarter, down from 10.4% year-over-year and 0.4% above its five-year average of 9%. Notable Deal: Pepsi renewed for 39,176 SF at 350 Hudson Street (2nd floor), with a base rent in the low $70s (term of the lease is unconfirmed). Murray Hill overall asking rents gradually increased quarter-to-quarter to $57.99 from $57.83; and are down 1.7% or $1.01 year-over-year. Base rents increased quarter-to-quarter to $55.60 from $54.30, by 2.4% or $1.30; and are approximately the same as they were a year ago. Q4 had an average asking-to-base rent spread of 4.1%, compared to 6.1% in Q3 and 5.5% in Q4. Concessional discounts increased to 8.2% from 1.7% quarter-to-quarter, and are up from 5.7% year-overyear; with net effective rents decreasing 4.4% to $51.05, and are down 3% yearover-year. Leasing activity finished at 613,984 SF. Quarter-to-quarter leasing activity has increased 35.1% with 157,766 SF leased in Q4, compared to 116,809 SF in Q3. 135 Madison Avenue leased the largest block of space this quarter. The availability rate decreased to 8.9% from 10% over the quarter; is down from 9.8% year-over-year and is 0.1% above its five-year average of 8.8%; with 2 Park Avenue leading the submarket in available space. experienced a positive net absorption of 213,786 SF; with the vacancy rate decreasing to 7% from 9.6% in Q3, down from 8.8% year-over-year and is 0.3% above its five-year average of 6.7%. Notable Deal: WeWork Companies signed a new lease for 90,228 SF at 135 Madison Avenue (4th to 7th and 11th to 12th floors). Penn Station-Garment overall asking rents decreased quarter-to-quarter to $55.59 from $59.75, by 7% or $4.16; and are down 9.8% or $6.06 year-over-year. Base rents decreased quarter-to-quarter to $53.92 from $54.70, by 1.4% or $0.78; and are down 10.5% or $6.32 year-over-year. Q4 had an average asking-to-base rent spread of 3%, compared to 8.5% in Q3 and 2.3% in Q4. Concessional discounts increased to 6.9% from 2.3% quarter-to-quarter, and are up from 4.9% year-over-year; with net effective rents decreasing 6% to $50.22, and are down 12.4% year-over-year. Leasing activity finished at 5,940,794 SF. Quarterto-quarter leasing activity has decreased 39.4% with 913,346 SF leased in Q4, compared to 1,507,382 SF in Q3. 500 Seventh Avenue leased the largest block of space this quarter. The availability rate increased to 11.2% from 11% over the quarter; is down from 11.3% year-over-year and is 1% above its five-year average of 10.2%; with 1250 Broadway leading the submarket in available space. experienced a negative net absorption of 84,088 SF; with the vacancy rate decreasing to 7.2% from 7.4% in Q3, up from 6.9% year-over-year and is 0.5% above its five-year average of 6.7%. Notable Deal: WeWork Companies signed a new 20-year lease for 280,000 SF at 500 Seventh Avenue, with a base rent in the mid-$50s. SoHo and NoHo overall asking rents decreased quarter-to-quarter to $73.28 from $74.50, by 1.6% or $1.22; and are up 1% or $0.71 year-over-year. Base rents increased quarter-to-quarter to $70.70 from $66.46, by 6.4% or $4.24; and are up 14.7% or $9.05 year-over-year. Q4 had an average asking-to-base rent spread of 3.5%, compared to 10.8% in Q3 and 15.1% in Q4. Concessional discounts increased to 5.3% from 4.5% quarter-to-quarter, and are up from 1.2% year-overyear; with net effective rents increasing 5.5% to $66.94, and are up 10% yearover-year. Leasing activity finished at 539,456 SF. Quarter-to-quarter leasing activity decreased 4% with 168,569 SF leased in Q4, compared to 175,485 SF in Q3. 575 Broadway leased the largest block of space this quarter. The availability rate decreased to 10.4% from 11.6% over the quarter; is up from 9.5% year-overyear and is 2.8% above its five-year average of 7.6%; with 100 Avenue of the Americas leading the submarket in available space. experienced a positive net absorption of 39,848 SF; with the vacancy rate increasing to 6.9% from 6.7% in Q3, up from 5.3% year-over-year and is 2.3% above its five-year average of 4.6%. Notable Deal: Codeacademy signed a new 5-year sublease for 20,987 SF at 575 Broadway (5th floor), with a base rent in the low $70s. 6 MANHATTAN TREND TRACKER 4TH QUARTER

MIDTOWN SOUTH Midtown South Vacancy and Availability 14.0% 12.0% 10.1% 10.0% 8.0% 6.0% 6.6% 4.0% 2.0% 0.0% Vacancy Availability 10Y Vacancy Avg. 10Y Availability Avg. Midtown South Leasing Activity 8,000,000 Ten Year Average 3,253,264 7,000,000 6,000,000 5,000,000 Great Recession 4,000,000 3,000,000 2,000,000 1,000,000 Historical statistics are updated to reflect new ly released market information. SF Leased 10Y Avg. Midtown South Net Absorption 1,500,000 1,000,000 500,000 0 (500,000) (1,000,000) (1,500,000) Net Absorption 7 MANHATTAN TREND TRACKER 4TH QUARTER

DOWNTOWN Downtown overall asking rents decreased quarter-to-quarter to $60.96 from $61.80, by 1.4% or $0.84; and are up 3.7% or $2.19 yearover-year. Base rents increased quarter-to-quarter to $51.67 from $50.66, by 1.8% or $1.01; and are up 6.4% or $3.18 year-over-year. Q4 had an average asking-to-base rent spread of 15.2%, compared to 18% in Q3 and 17.5% in Q4. Concessional discounts increased to 4.2% from 3.8% quarter-to-quarter, and are up from 3.1% year-over-year; with net effective rents increasing 1.6% to $49.50, and are up 5.4% year-over-year. Leasing activity finished at 5,730,181 SF. Quarter-to-quarter leasing activity has decreased 47.9% with 810,001 SF leased in Q4, compared to 1,554,225 SF in Q3. 77 Water Street leased the largest block of space this quarter. The availability rate increased to 11.2% from 11% over the quarter; is down from 12% year-over-year and is 1.9% below its five-year average of 13.1%; with 28 Liberty Street leading the market in available space. experienced a negative net absorption of 4,188,604 SF; with the vacancy rate remaining stagnant at 9.1% quarter-to-quarter, down from 9.4% yearover-year and is 1.4% below its five-year average of 10.5%. $51.04 from $48.88, by 4.4% or $2.16; and are up 3.2% or $1.59 year-overyear. Q4 had an average asking-to-base rent spread of 11%, compared to 17.2% in Q3 and 13.8% in Q4. Concessional discounts increased to 4.6% from 3.9% quarter-to-quarter, and are up from 3.2% year-overyear; with net effective rents increasing 3.6% to $48.69, and are up 1.8% year-over-year. Leasing activity finished at 2,441,992 SF. Quarter-toquarter leasing activity has decreased 58.3% with 371,572 SF leased in Q4, compared to 891,642 SF in Q3. 77 Water Street leased the largest block of space this quarter. The availability rate increased to 12.5% from 12.4% over the quarter; is down from 15.3% year-over-year and is 1.1% below its five-year average of 13.6%; with 28 Liberty Street leading the submarket in available space. experienced a positive net absorption of 476,767 SF; with the vacancy rate increasing to 9.1% from 8.8% in Q3, down from 10.5% year-over-year and is 1.3% below its five-year average of 10.4%. Notable Deal: Lewis Brisbois Bisgaard & Smith LLP signed a new 15-year lease for 100,952 SF at 77 Water Street (18th to 21st floors), with a base rent in the low $50s. City Hall and Insurance District overall asking rents decreased quarterto-quarter to $52.88 from $53.04, by 0.3% or $0.16; and are up 5.7% or $2.87 year-over-year. Base rents decreased quarter-to-quarter to $48.02 from $51, by 5.8% or $2.98, and are approximately the same as they were a year ago. Q4 had an average asking-to-base rent spread of 9.2%, compared to 3.9% in Q3 and 3.7% in Q4. Concessional discounts decreased to 1% from 1.2% quarter-to-quarter, and are down from 2.7% year-over-year; with net effective rents decreasing 5.5% to $47.58, and are up 1.6% year-over-year. Leasing activity finished at 803,511 SF. Quarter-to-quarter leasing activity has decreased 31.2% with 162,695 SF leased in Q4, compared to 236,404 SF in Q3. 123 William Street leased the largest block of space this quarter. The availability rate increased to 7.5% from 6.3% over the quarter; is up from 4.4% year-over-year and is 1% above its five-year average of 6.5%; with One Seaport Plaza leading the submarket in available space. experienced a negative net absorption of 107,279 SF; with the vacancy rate decreasing to 4.9% from 5.1% in Q3, up from 4.4% year-over-year and is 0.1% below its five-year average of 5%. Notable Deal: NYC Dept. of Youth & Community signed a new 20-year lease for 40,610 SF at 123 William Street (17th & 18th floors), with a base rent in the low $50s. World Trade Center overall asking rents decreased slightly to $64.69 from $64.97, and are up 3.5% or $2.21 year-over-year. Base rents increased quarter-to-quarter to $57.44 from $54.90, by 4.6% or $2.54; and are up 32.9% or $14.22 year-over-year. Q4 had an average asking-to-base rent spread of 11.2%, compared to 15.5% in Q3 and 30.8% in Q4. Concessional discounts increased to 5.7% from 5.1% quarter-to-quarter, and are up from 1.4% year-over-year; with net effective rents increasing 4% to $54.16, and are up 27.1% year-over-year. Leasing activity finished at 2,484,678 SF. Quarter-to-quarter leasing activity has decreased 35.3% with 275,734 SF leased in Q4, compared to 426,179 SF in Q3. One World Trade Center leased the largest block of space this quarter (3 World Trade Center had a larger pre-delivery deal signing). The availability rate decreased to 12.7% from 12.8% over the quarter; is down from 13.9% year-over-year and is 4.7% below its five-year average of 17.4%; with One World Trade Center leading the submarket in available space. experienced a negative net absorption of 245,033 SF; with the vacancy rate increasing to 12.5% from 12.4% in Q3, up from 11.9% year-over-year and is 2.5% below its five-year average of 15%. Notable Deal: McKinsey & Company signed a new 15-year lease for 184,389 SF at 3 World Trade Center (60th to 64th floors). Financial District overall asking rents decreased quarter-to-quarter to $57.35 from $59.03, by 2.9% or $1.68; and have an approximate average asking rent year-over-year. Base rents increased quarter-to-quarter to 8 MANHATTAN TREND TRACKER 4TH QUARTER

DOWNTOWN Downtown Vacancy and Availability 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 12.6% 9.2% Vacancy Availability 10Y Vacancy Avg. 10Y Availability Avg. Downtown Leasing Activity 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 - Ten Year Average 1,571,900 Great Recession Historical statistics are updated to reflect new ly released market information. SF Leased 10Y Avg. Downtown Net Absorption 4,000,000 3,000,000 2,000,000 1,000,000 0 (1,000,000) (2,000,000) (3,000,000) 9 MANHATTAN TREND TRACKER 4TH QUARTER

CONRUCTION Under Construction Office Property Developer Submarket Square Feet Class Est. Delivery 3 World Trade Center Silverstein Properties World Trade Center 2,861,402 A 2018 30 Hudson Yards (500 West 33rd Street) Related Companies Penn Station-Garment 2,600,000 A 2019 400 West 33rd Street (One Manhattan West) (North Tower) Brookfield Properties Penn Station-Garment 2,216,609 A 2019 3 Hudson Boulevard (555 West 34th Street) One Vanderbilt Avenue 55 Hudson Yards (550 West 34th Street) 425 Park Avenue 57 Eleventh Avenue (Pier 57) Moinian Group Penn Station-Garment 1,900,000 A 2021 SL Green Realty Corp. Grand Central 1,732,955 A 2020 Related Companies Penn Station-Garment 1,556,136 A 2018 L&L Holding Company Plaza District 670,000 A 2019 RXR Realty Chelsea 263,835 A 2018 159 East 53rd Street Boston Properties Midtown East 200,000 A 2019 512 West 22nd Street Albanese Organization Chelsea 174,222 A 2018 61 Ninth Avenue Aurora Capital Associates Chelsea 167,170 A 2018 412 West 15th Street LM Legacy Group Chelsea 144,273 A 2018 40 Tenth Avenue William Gottlieb Real Estate Hudson Sq. Tribeca 138,938 A 2019 36 East 57th Street (432 Park Ave Office) Macklowe Properties Plaza District 136,428 A 2018 540 West 26th Street Savanna Chelsea 128,367 A 2018 2 Pike Street Yeung Real Estate Dev. SoHo NoHo 93,000 A 2018 330 East 62nd Street Joy Construction Corp. Midtown East 90,505 B 2019 104-106 West 56th Street Savanna Midtown West 90,000 A 2020 300 Lafayette Street Related Companies SoHo NoHo 83,000 A 2018 9 Orchard Street DLJ Real Estate Capital SoHo NoHo 82,941 B 2018 44 Union Square East Liberty Theaters Inc. Gramercy Flatiron 73,323 B 2018 Reconstruction (Major Renovation) Office Property Owner Submarket Square Feet Class Completion 390 Madison Avenue Clarion Partners Grand Central 862,154 A 2018 550 Madison Avenue Olayan America Plaza District 850,000 A 2019 787 Eleventh Avenue Pershing Square Capital Midtown West 470,000 B 2018 592 Fifth Avenue United Overseas Bank Group Rockefeller 70,135 B 2019 9 East 38th Street ClearRock Properties Grand Central 59,544 B 2018 Office Property 415 Tenth Avenue (50 Hudson Yards) Pre-Construction Sponsor Submarket Square Feet Class Commencing Related Companies Penn Station-Garment 2,900,000 A 2019 435 Tenth Avenue (66 Hudson Boulevard) 2 World Trade Center 400 West 33rd Street (Two Manhattan West) (South Tower) Tishman Speyer Penn Station-Garment 2,850,000 A N/A Silverstein Properties World Trade Center 2,800,000 A 2019 Brookfield Properties Penn Station-Garment 1,976,602 A N/A 511 West 35th Street Spitzer Enterprises Penn Station-Garment 950,000 A 2018 123-131 West 23rd Street JHG Holdings Chelsea 186,562 A 2018 Only Properties with over 50,000 Square Feet are listed. 10 MANHATTAN TREND TRACKER 4TH QUARTER

NOTABLE INVEMENT SALES Office Property Submarket Class SF Buyer Seller Price $PSF 1515 Broadway One Astor Plaza (Partial Interest: 43%) 825 Eighth Avenue One Worldwide Plaza (Partial Interest: 48.7%) 165 Broadway One Liberty Plaza (Partial Interest: 49%) Times Sq. A 1,750,000 Allianz Real Estate SL Green Realty Corp. $1,950,000,000 $1,114 Times Sq. A 2,049,553 RXR Realty SL Green Realty Corp. New York REIT $1,725,000,000 $842 World Trade A 2,346,000 Blackstone Brookfield Property Partners $1,515,000,000 $646 1440 Broadway Times Sq. B 740,000 CIM Group New York REIT $520,000,000 $703 685 Third Avenue Grand Central A 651,429 Unizo Holdings 330 Hudson Street 6 Hudson Square (Pending Sale) (Leasehold) Hudson Sq. A 466,000 AEW Capital Future Fund TIAA Ivanhoe Cambridge Callahan Capital Partners $467,500,000 $718 $385,000,000 $826 245-249 West 17th Street Chelsea B 281,294 Columbia Property Trust New York REIT $339,400,000 $1,207 600 Lexington Avenue Manhattan Tower (Pending Sale) 333 West 34th Street (Pending Sale) 80 Broad Street (Partial Interest: 95%) 19-25 West 44th Street Berkeley Building Midtown East A 303,515 (Unconfirmed) SL Green Realty Corp. $305,000,000 $1,005 Penn/Garment B 338,409 Brookfield Property Partners New York REIT $255,000,000 $754 Financial Dist. B 423,403 Invesco RXR Realty $235,000,000 $555 Grand Central B 292,000 Savanna Deka Immobilien $195,000,000 $668 216 West 18th Street Chelsea B 165,670 Columbia Property Trust New York REIT $174,700,000 $1,055 300 Lafayette Street (Pending Sale) (Leasehold) 880 Broadway (Condominium) (Sale-Leaseback) SoHo A 80,000 Nightingale Properties Related Companies LargaVista $135,000,000 $1,688 Flatiron C 217,500 Normandy RE Partners ABC Carpet $133,000,000 $611 229 West 36th Street Penn/Garment C 140,747 Brickman Associates Investcorp New York REIT $93,000,000 $661 Properties are sorted by highest priced sale. Selective pending sales, bulk portfolio sales, leaseholds and condominium units are excluded. Pending sale prices are approximate and may be contingent on a rumor. 11 MANHATTAN TREND TRACKER 4TH QUARTER

Lee & Associates NYC 600 Madison Avenue, Third Floor New York, NY 10022 212.776.1200 www.leeassociatesnyc.com James Wacht President 212.776.1202 jwacht@lee-associates.com Henry Abramov Research Director habramov@lee-associates.com Carly Farkas Research Associate cfarkas@lee-associates.com With offices across the nation, the Lee & Associates group of independently owned and operated companies is the largest provider of regional commercial real estate services in the United States and the fourth-largest full-service commercial real estate organization overall.