Market Report. Washington, DC 1st Quarter cushmanwakefield.com

Market Report Washington, DC 1st Quarter 2017 cushmanwakefield.com

Contents DC Metropolitan Area Overview...3 Washington, DC & Map...4-6 Core (CBD/East End)...7-8 Non-Core...9 West End/Georgetown...10 Capitol Hill/NoMa...11 Southwest/Capitol Riverfront...12 Appendix...13 Tables...13-22 Methodology & Definitions...23 About Cushman & Wakefield...24 Cushman & Wakefield 2

Washington, DC Metropolitan Area A Slow Start to 2017 For the Washington, DC metropolitan region (DC Metro) in early March 2017, the Bureau of Labor Statistics (BLS) revised the number of job gains in 2016 downward from 73,000 to 57,000. Despite this significant revision, job creation for 2016 as a whole for the Metro area was still well above its historical annual average of 36,000 jobs per year and the pace of job growth has continued to accelerate into 2017; in the first three months of 2017, the DC Metro saw 12,300 new jobs added. Northern Virginia (NoVA) and Suburban Maryland gained jobs while employment in the District of Columbia (the District) remained flat. Three industry sectors contributed to the majority of job gains: Retail added 5,800 jobs, Professional and Business Services added 4,400 jobs and Education and Healthcare added 4,800 positions. As is typical early in any year, the headline commercial real estate statistics for the first quarter of 2017 were relatively flat. While 2017 began with activity on an uptick, deals continued to take time to transact. The regional vacancy rate ended the first quarter of 2017 at 17.7%, down 10 basis points (BP) from the first quarter of 2016. The majority of vacant space 27.8 million square feet () was in NoVA whose vacancy rate was 21.3% at first-quarter s end, while the District and Suburban Maryland ended the quarter with vacancies of 12.3% and 19.6%, respectively. While asking rents have continued to rise on a regional basis up from $36.19 per square foot (PSF) in Q1 2016 to $39.29 in Q1 2017 concessions have remained at peak levels. Effective rents are expected to remain flat, overall, for the next 12 to 18 months. The amount of new construction that will hit the regional market in 2017 and 2018 totals more than 7. But while that new construction is 68% committed as of the first quarter of 2017, 2.3 remains available and will likely cause vacancy to rise in the near term. Greater rent growth will be seen at the upper end of the market, in highly amenitized suburban submarkets that have access to mass transit, and Class B space downtown. Modest positive net absorption in the District and Suburban Maryland was offset by a negative 195,000 square feet (SF) of absorption in Northern Virginia the result of several moves out of tenants off transit to more efficient space along Metro lines. The largest lease deals of the first quarter of 2017 illustrate the overall market dynamics. In the District, the Federal Communications Commission (FCC) boasted the largest leasing transaction of the quarter, as the agency consolidated operations into 473,000 SF at Sentinel Square III in NoMA first-generation space that is set to deliver in mid-2019. The FCC downsized from its 660,000 SF in the Southwest submarket and the overall square-feet-per-worker shrank from 272 SF to 180 SF. As has been the case in other high-profile federal/gsa leases like those for the Department of Justice, the Federal Election Commission and the National Labor Relations Board, the federal government will likely continue to migrate from the core downtown submarkets where price points and efficiency are much harder to achieve to emerging markets to benefit from new, highly efficient offerings. On the private sector side, two significant law firm transactions illustrate the continued demand for new construction and increased efficiency from the legal sector. Akin Gump was the top largest private-sector deal; it signed a lease for 189,000 SF at the former 2000 L Street, NW an office building currently undergoing a complete façade renovation in a relocation from its current Washington, DC operations at 1333 New Hampshire Avenue, NW. Paul Hastings will relocate from the Bowen Building in the East End to a to-be-built project at 2050 M Street, NW. Both of these transactions illustrate strong face rents in the mid-to-upper $50 s NNN, with 15+ years of term coupled with aggressive tenant improvement allowances and ample free rent. These transactions also represent 15-20% of downsizing on the part of both firms, as high-performance floor plates allow for more timekeepers per square foot on the floor. There are several additional high-profile legal sector tenants active in the market that are targeting the top floors of new or substantially renovated product that are expected sign leases during 2017. The largest non-renewal transaction in the DC Metro suburbs was that of Nestle North America, which will relocate its U.S. headquarters operations from Glendale, CA to 250,000 SF of first- generation space at 1812 N. Moore Street in Rosslyn, VA. The company is bringing 750 jobs to Northern Virginia and is expected to aggressively hire locally to fill additional positions that will become vacant with Nestle s relocation. Following on the heels of Marriott s decision to occupy new construction in Bethesda, several other regionally and nationally competitive relocations to the region could be on the horizon. New construction in the suburbs will benefit as it continues to outperform existing space. Large suburban users are more active in the market currently than in nearly a decade, and developers are expected to move forward with several projects in key submarkets such as Bethesda, Tysons Corner, Reston and Herndon. WASHINGTON, DC METRO Economic Indicators Q1 16 Q1 17 DC Metro Employment 3.22M 3.26M DC Metro Unemployment 3.8% 3.7% U.S. Unemployment 5.0% 4.5% Market Indicators Q1 16 Q1 17 Overall Vacancy 17.8% 17.7% Net Absorption -334K -76K Under Construction 6.77M 9.63M Deliveries 764K 432K Average Asking Rent (FS) $36.19 $39.29 Net Absorption/Asking Rent 4Q TRAILING AVERAGE 1,400 1,200 1,000 Washington, DC Metropolitan Area NET ABSORPTION - DELIVERIES - VACANCY 800 600 400 200 0-200 -400-600 -800 10 8 6 4 2 0-2 -4-6 05 06 07 08 09 10 11 12 13 14 15 16 17 Net Absorption Deliveries Vacancy Rate 12-Month Forecast 12-Month Forecast -1,000 $36 2011 2012 2013 2014 2015 2016 2017 Net Absorption, SF (thousands) Asking Rent, $ PSF 20% 16% 12% 8% 4% 0% $39 $39 $38 $38 $37 $37 Vacancy Rate cushmanwakefield.com 3

Washington, DC Economy The Washington, DC metropolitan region continued its robust economic expansion in the first quarter of 2017, adding a total of 12,300 net new nonfarm jobs to payrolls in January and February. Despite the strong regional environment, the District of Columbia proper (the District) was flat. Modest gains in Professional and Business Services, Retail, and Leisure and Hospitality were offset by losses in the Education, Healthcare, Financial Services, and Federal Government sectors. The unemployment rate for the District ended March 2017 at 5.8%. Market Overview Market Indicators Q1 16 Q1 17 Overall Vacancy 11.80% 12.30% Net Absorption (3K) 43K Under Construction 3.0M 4.8M Deliveries 469K 367K Average Asking Rent $51.74 $53.21 Overall Net Absorption/Overall Asking Rent District of Columbia, 4Q Trailing Average 12-Month Forecast The Downtown Washington, DC office market hit a lull during the first quarter of 2017. Net absorption totaled 43,356 square feet (sf) and vacancy ticked up 50 basis points to 12.3% year-over year, due to a slowdown in leasing activity and large scale moves occurred. Venable was the largest mover in the market as they took occupancy at 600 Massachusetts Avenue NW, moving from 575 7th Street NW near the Verizon Center. The move resulted in a marginal downsize for Venable in large part due to the expansions that they had taken at 600 Mass before moving in. Other market movers were the DC Government moving out of 609 H Street NE, Bingham McCutchen moving out of 2020 K Street NW and National Park Service (NPS) terminating the top two floors at 1201 Eye Street NW. The delivery of the newly renovated 1333 H Street NW drove most of the positive absorption for the quarter as the building was over 75% leased. In the Capitol Riverfront submarket, 80 M Street SE also experienced significant activity in the small tenant space as five deals closed, the largest being DC Water for nearly 11,000 SF. Outlook Class B space continues to be a hot commodity in the Core Submarket. Developers continue to pursue the high end of the market by redeveloping obsolete product. As these properties are removed from inventory, limited choices remain in the Class B space. The Class B market is currently at 10.0% vacancy in the CBD and East End, and continues to tighten. As pricing in Class A and Trophy continues to rise, look out for near term rental growth in Class B properties in the Core markets, particularly as tenants who are displaced due to the next wave of redevelopment continue to compete for space. 12 $54.00 10 $53.00 8 $52.00 6 $51.00 4 $50.00 2 $49.00 0 $48.00-2 $47.00-4 $46.00 2011 2012 2013 2014 2015 2016 2017 Net Absorption, Asking Rent, $ PSF Overall Vacancy Rate 15.0% 14.0% 13.0% 12.0% 11.0% 10-Year Historical Average = 11.7% 10.0% 9.0% 8.0% 2010 2011 2012 2013 2014 2015 2016 2017 New Leasing Activity 8 7 6.8 Additionally, the presidential election coupled with the alignment of the House and Senate has not created any more certainty through the end of the first quarter. Many tenants have continued to use a wait-and-see approach as many policies the President promised to act on are still up in the air. As more appointees are approved and policy becomes clearer, expect leasing velocity in the lobbying and government affairs space to accelerate. Millions 6 5 4 3 2 1 5.9 5.2 4.5 5.8 4.8 5.2 3.3 4.7 5.0 1.8 0 07 08 09 10 11 12 13 14 15 16 YTD 17 Capitol Hill/NoMa East End CBD West End/Georgetown Uptown Southwest Capitol Riverfront Cushman & Wakefield 4

Washington, DC Submarkets UPTOWN NORTHEAST WEST END/ GEORGETOWN CBD 1 EAST END 50 NOMA 29 66 50 CAPITOL HILL 1 395 DISTRICT OF COLUMBIA VIRGINIA 395 SOUTHWEST 1 395 395 CAPITOL RIVERFRONT/ SOUTHEAST 295 cushmanwakefield.com 5

Top Transactions Key Lease Transactions Q1 2017 PROPERTY SF TENANT TRANSACTION TYPE SUBMARKET 45 L Street NE 473,000 Federal Communications Commission Relocation Capitol Hill/NoMa 20 Massachusetts Avenue NW 260,992 GSA - U.S. Citizenship & Immigration Services Renewal Capitol Hill/NoMa 1200 1st Street NE 200,000 DC Government Public Schools & Dept of Environment Renewal Capitol Hill/NoMa 2001 K Street NW - Addition 189,268 Akin Gump Relocation CBD 2050 M Street NW 97,000 Paul Hastings Relocation CBD Key Sales Transactions Q1 2017 PROPERTY SF SELLER/BUYER PRICE / $PSF SUBMARKET Lafayette Centre 789,235 Beacon Capital Partners / GIC $404,000,000 / $512 CBD 575 7th Street NW 424,808 Beacon Capital Partners / GIC $266,500,000 / $627 East End 1875 K Street NW 187,624 Shorenstein Properties / Carr Properties $150,000,000 / $799 CBD 425 3rd Street SW 221,086 Clark Enterprises / Unizo Holdings $148,000,000 / $669 Southwest Washington, DC Office Market Net Absorption - Deliveries - Vacancy, First Quarter 2017 Washington, DC Office Market Inventory by Class, First Quarter 2017 5 3 1 16% 12% 8% 4% Vacancy Rate 40 35 30 25 20 15 10 5 23% 21% 19% 17% 15% 13% 11% 9% 7% Vacancy Rate -1 06 07 08 09 10 11 12 13 14 15 16 YTD 17 Net Absorption Deliveries Vacancy Rate 0% 0 Capitol Hill/ NoMa East End CBD West End/ Uptown Southwest Capitol Georgetown Riverfront Class A Class B Class C Vacancy % DC Overall Vacancy 5% Cushman & Wakefield 6

Core (CBD/East End) CBD Market Indicators *Arrows = Current Qtr Trend Vacancy 9.9% Net Absorption (150,088 SF) Under Construction 1,778,597 SF Deliveries 102,000 SF Asking Rent $54.93 FS The Core submarket, comprised of the CBD and the East End, experienced diverging market dynamics through the first quarter of 2017, particularly when compared to the more cohesive market dynamics experienced in the previous two years. With tenants continually seeking newer construction in the CBD, the recent market dynamics have proven that tenants have will pursue the next wave of development slated for the CBD. With that said, the absorption in the East End actually outperformed the CBD in the first quarter of 2017, experiencing 197,970 square feet (SF) of positive net absorption compared to the 150,088 SF of negative absorption seen in the CBD. The majority of the East End absorption was in MRP s redevelopment project at 1333 H Street NW. After undergoing extensive renovations over the last 18 months, the building was nearly 80% leased and occupied at the time of the delivery. With the difficult task of keeping inplace tenants, the owner was able to offer a significant upgrade to the project while maintaining the occupancy throughout. The renovations included a new glass curtainwall façade and significant internal work on the elevators, restrooms, and lobby. Among the other market movers in the East End was that of Venable at 600 Massachusetts Avenue NW. The new development welcomed its first tenants to take occupancy as they moved into nearly 300,000 SF. When Venable originally signed, the move was perceived to be a significant downsize but as the project took shape, the tenant signed for expansion space before the building delivered. At the end of the day, Venable moved out of about the same amount of space at 575 7th Street, NW. Despite positive absorption for the first quarter of 2017, the East End still saw year-over-year vacancy rates climb 50 basis points (BP) to close the quarter at 13.0% as a result of the vacancy left by Venable and Haworth at 575 7th Street, NW. Conversely, in the CBD, year-over-year vacancy rates have continued to hold, with declines seen in the Class B and C sectors as landlords look to redevelop existing product. Overall vacancy rates in the CBD closed the first quarter at 9.9%, an 80 BP increase year-over-year as a result of the delivery of 900 19th Street, NW that came online in the first quarter of 2017 without any preleasing. The CBD product continues to experience a noteworthy fork in the office dynamics between Class A and Class B space. The Class B market continues to shrink as many landlords seek to take advantage of the changing tenant demands in the core of Washington, D.C. Inventory from the Class B market continues to undergo significant renovations where landlords add amenities and implement new finishes throughout the buildings as a result, yearover-year Class B vacancy rates declined by 30 BP while Class A vacancy rates climbed 40 BP since first quarter 2017. Net Absorption Deliveries Vacancy (CBD) 1.5 16% 1.0 12% 0.5 0.0-0.5-1.0 06 07 08 09 10 11 12 13 14 15 16 YTD 17 Net Absorption Deliveries Vacancy Rate New Leasing Activity (CBD) 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 8% 4% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Asking Rent (CBD) $70 $65 Full Service PSF $60 $55 $50 $45 $40 $35 2009 2010 2011 2012 2013 2014 2015 2016 2017 Class A Class B, $ PSF Vacancy Rate cushmanwakefield.com 7

Core (Continued...) East End Market Indicators *Arrows = Current Qtr Trend Vacancy 13.0% Net Absorption 197,970 SF Under Construction 1,011,394 SF Deliveries 265,084 SF Asking Rent $57.93 FS Along with these redevelopments comes a significant pop in asking rents for the entire Class A market as well as a slight uptick in Class A vacancy. As Class B space becomes scarcer, effective rents are gaining momentum in the Class B space over the last four quarters. As the new developments currently under construction are only 40% pre-leased, expect the tenant-favorable concessions in the Class A CBD space to remain around for a little longer than originally anticipated, especially as the deliveries inflate the vacancy rate over the next two years. Core overall asking rents increased by 3.7% over the year to $56.53 driven by the largest growth in the CBD Class A space which increased 5.9% over the year to $64.87 per square foot on a full service basis. East End asking rents actually remained relatively flat, only increasing 1.6% over the year to $57.93 FS PSF, for all classes. Class B space in the CBD is at a significant discount to that of the East End. Current asking rents within the East End B space are approximately 11% higher than those of the CBD. Therefore many of the tenants that were displaced from the Class B market in the CBD are lead to search in the emerging markets as well as suburban submarkets such as Crystal City. One of the largest leases in the District during the first quarter of 2017 was that of Urban Institute, which signed at 500 L Enfant Plaza, SW, relocating the think tank from 2100 M Street, NW. Net Absorption Deliveries Vacancy (East End) 2.0 1.5 1.0 0.5 0.0-0.5-1.0 06 07 08 09 10 11 12 13 14 15 16 YTD 17 Net Absorption Deliveries Vacancy Rate New Leasing Activity (East End) 3.50 3.00 2.50 2.00 1.50 1.00 16% 12% 8% 4% 0% Vacancy Rate 0.50 0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Outlook With the redevelopment boom in full swing in the CBD, the core market is expected to become more bifurcated. Tenants searching for top-tier, Class A space will continue to chase new construction as concessions remain at peak levels, allowing tenants to relocate with minimal-cost moves. For those displaced from Class B and C assets slated for redevelopment, tenants face increasingly limited options within the Core Submarket. As a result, Class B concessions will continue to recede back to near pre-recession levels. Additionally, locations outside of the core will become increasingly more competitive as Class B asking rents in the East End remains at an approximately 11.0% premium to Class B asking rents in the CBD. Asking Rent (East End) $65 $60 Full Service PSF $55 $50 $45 $40 $35 2009 2010 2011 2012 2013 2014 2015 2016 2017 Class A Class B, $ PSF Cushman & Wakefield 8

Capitol Hill/NoMa Market Indicators *Arrows = Current Qtr Trend Vacancy 13.8% Net Absorption (76,300 SF) Under Construction 1,589,186 SF Deliveries 0 SF Asking Rent $54.31 FS The Capitol Hill/NoMa submarket experienced its third most active quarter of the past decade based on new leasing activity, nearly meeting its year-end total from a strong 2016. Leading the way was the General Services Administration (GSA) transaction, which secured 473,000 square feet (SF) on behalf of the Federal Communications Commission (FCC) at Sentinel Square III (45 L Street, NE). This also marked the largest lease of the first quarter of 2017 for the District of Columbia. The build-to-suit project is expected to break ground in second quarter of 2017, with delivery anticipated for mid-2019, at which point the FCC will relocate from its current headquarters at 445 12th Street, SW. Despite strong new leasing activity, the Capitol Hill/NoMa submarket closed the first quarter of 2017 with 76,300 SF of negative absorption as a result of DC Government s move-out of 609 H Street, NE. Following negative absorption, overall vacancy in the submarket ticked up for the second consecutive quarter, climbing 60 basis points to 13.8%, although this trend is not expected to last long. Class B tenants continue to be displaced from the core submarkets as buildings undergo renovations to remain competitive. With over 1.1 million square feet () of new construction in the pipeline, most of which is currently unspoken for, tenants who are willing to relocate across town will be able to sign on for newer product. Net Absorption Deliveries Vacancy 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0-0.5 07 08 09 10 11 12 13 14 15 16 YTD 17 Net Absorption Deliveries Vacancy Rate New Leasing Activity THSF 3,000.00 2,500.00 2,000.00 1,500.00 24% 20% 16% 12% 8% 4% 0% Vacancy Rate Both Class A and Class B asking rents continued their rise, albeit nominally, climbing nearly 2.0% each. Landlords began lowering or withholding Class C rates after no deals were signed in the quarter, bringing the overall rate back down after a substantial 15% rise over the course of 2016. As such, overall asking rents for all classes closed the first quarter of 2017 at $54.31 per square foot the highest of all the non-core submarkets. With the Class A 700 Pennsylvania Avenue, SE targeting delivering in the third quarter of 2017, asking rents will certainly continue to increase on a year-over-year basis moving forward. 1,000.00 500.00 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Asking Rent $60 Outlook With the FCC deal at Sentinel Square III done, NoMa could potentially see new development popping up very soon, likely even speculative ones. South of Massachusetts Avenue, the Capitol Crossing development is still under construction and seeking its first office tenants; however, it continues to target tenants from across the market. Once the mixed-use project delivers, it will help connect the Capitol Hill/NoMa and East End submarkets. Full Service PSF $55 $50 $45 $40 $35 2009 2010 2011 2012 2013 2014 2015 2016 2017 A B cushmanwakefield.com 9

West End/Georgetown/Uptown West End Market Indicators *Arrows = Current Qtr Trend Vacancy 10.4% Net Absorption 28,361 SF Under Construction 0 SF Deliveries 0 SF Asking Rent $46.17 FS Leasing activity across the West End/Georgetown/ Uptown submarkets cooled off after a high-volume 2016 declining by 52.5% year over year. However, there were still two notable leases over 10,000 square feet (SF) that closed in the first quarter of 2017. Fox Architects signed a 12-year lease for 17,603 SF at 1255 23rd Street, NW in the West End/Georgetown submarket. The second largest lease of the quarter was executed by O Donoghue & O Donoghue, which signed a 10-year, 16,809-SF lease at 5301 Wisconsin Avenue, NW in the Uptown submarket. Despite experiencing deal volume lower than the historical average, the vacancy rate in West End/Georgetown dropped 50 basis points (BP) year over year, closing the first quarter of 2017 at 10.4%. The submarket remains the second-tightest in the city, trailing only the CBD. Conversely, Uptown s vacancy rate remains the highest in the city as a result of Intelsat s relocation to Tysons Corner in Northern Virginia in the fourth quarter of 2015. Year-over-year vacancy climbed slightly by 80 basis points, however, quarter over quarter, Uptown s vacancy declined by 30 basis points, ending the first quarter of 2017 at 20.2%. Given that small and mid-sized tenants have continued to chip away at availabilities, both submarkets experienced positive absorption for the quarter as well, with Georgetown/West End closing the first quarter with 28,361 SF of positive absorption, and Uptown ending the first quarter of 2017 with 13,994 SF of positive absorption. Between the Uptown and West End/Georgetown submarkets asking rents continued to diverge, particularly in the Class A sector. Uptown rates dropped 11.7% quarter over quarter back to third quarter 2016 levels of $46 per square foot (PSF) on a Full Service (FS) basis. This was in large part a result of the absorption of high-rate space at 5301 Wisconsin Avenue, NW by O Donoghue & O Donoghue. In the West End/Georgetown submarket Class A asking rents ticked up quarter over quarter by 3.5% to close the first quarter of 2017 at $49.71 PSF FS. However, year-over-year asking rents remain down 13.2%. Given still elevated vacancy rates, particularly in Uptown, neither submarket registered any new construction starts Outlook The West End appears to be experiencing a renaissance as several new development projects are set to change the landscape of the commercial market and reinvigorate the area. Of note are: the redevelopment and repurposing of 1255 22nd Street, NW into a multifamily (MF) project; 2501 M Street, NW which is adding 60 Class A MF units and has landed Nobu as its high-end retail tenant; EastBanc s projects on Squares 37 and 50 which will bring over 250 MF units, a 21,000 SF library, 10,000 SF of retail space, a fire station, and a squash club. Net Absorption Deliveries Vacancy (WE/Gtown) 0.5 20% 16% 0.0-0.5 06 07 08 09 10 11 12 13 14 15 16 YTD 17 Net Absorption Deliveries Vacancy Rate New Leasing Activity (WE/Gtown) 0.60 0.50 0.40 0.30 0.20 0.10 0.00 8% 4% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Asking Rent (WE/Gtown) $68 $63 Full Service PSF $58 $53 $48 $43 $38 $33 2009 2010 2011 2012 2013 2014 2015 2016 2017 Class A Class B, $ PSF 12% Vacancy Rate Cushman & Wakefield 10

Southwest/Capitol Riverfront Southwest Market Indicators *Arrows = Current Qtr Trend Vacancy 13.5% Net Absorption (38,180 SF) Under Construction 457,787 SF Deliveries 0 SF Asking Rent $45.85 FS Despite a reputation as a government enclave in the District of Columbia, both the Southwest and Capitol Riverfront submarkets have continued to garner attention and leases from private sector tenants. The American Road & Transportation Builders Association signed a lease for 15,093 square feet (SF) at 250 E Street, SW. However, the most notable non-core private sector lease was executed by Urban Institute, which signed a lease to relocate its HQ from 2100 M Street, NW in the District s CBD submarket to JBG s 500 L Enfant Plaza, SW upon delivery in mid- 2019. The think tank, which focuses on economic and social policy research, will take 121,388 square feet (SF) (approximately 60% of the building), and will join the International Spy Museum, which is anticipated to open in 2018 at 900 L Enfant Plaza, SW. Even with increased private sector leasing activity, the Southwest and Capitol Riverfront submarkets still continue to attract public sector leasing particularly as the two non-core submarkets offer tenants core-quality assets at non-core pricing in an era when agencies are increasingly cost-competitive. The Government Services Administration (GSA) signed a lease for 52,720 SF to relocate Social Security offices to One Independence Square at 250 E Street SW, further helping to chip away at the full-building vacancy that was left by the vacancy of the Office of the Comptroller of the Currency in 2013. In the Capitol Riverfront, DC Water signed a 10,981 SF expansion at 80 M Street SE in which it also took occupancy of in the first quarter. Between the Southwest and Capitol Riverfront submarkets, the area experienced nearly 30,000 SF of positive absorption, accounting for over two-thirds of space absorbed across the entire D.C. market. However, absorption was not equal between the two submarkets. While the Capitol Riverfront experienced 67,599 SF of positive absorption in the first quarter of 2017, due to the previously mentioned expansion of DC Water at 80 M Street SE, the Southwest submarket closed the first quarter of 2017 with 38,180 SF of negative absorption. IT firm CSRA vacated The Portals III building at 1201 Maryland Ave SW as part of regional consolidation efforts. Similarly, engineering consultants CSSI, Inc. centralized its footprint into a single HQ at Capitol View 425 3rd Street SW moving out of a larger space at 400 Virginia Ave SW in the process. Vacancy rates mirrored these absorption figures for each submarket, with Southwest vacancy rising 90 basis points (BP) to 13.5% overall, while the figure for Capitol Riverfront fell by a substantial 160 BP down to 12.3% to end of the first quarter of 2017. Asking rates dropped off fairly significantly, particularly in the Southwest, as landlords attempt to appeal to not only new firms exploring a departure from the core, but also to Full Service PSF Net Absorption Deliveries Vacancy 1.5 0.5-0.5 New Leasing Activity 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 Asking Rent $60 $55 $50 $45 $40 06 07 08 09 10 11 12 13 14 15 16 YTD 17 Net Absorption Deliveries Vacancy Rate 28% 24% 20% 16% 12% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 $35 2009 2010 2011 2012 2013 2014 2015 2016 2017 Class A Class B, $ PSF 8% 4% 0% Vacancy Rate cushmanwakefield.com 11

Southwest/Capitol Riverfront (Cont.) Capitol Riverfront Market Indicators *Arrows = Current Qtr Trend Vacancy 12.3% Net Absorption 67,599 SF Under Construction 215,616 SF Deliveries 0 SF Asking Rent $40.49 FS their existing tenant base in the area who are also facing a growing number of quality options as a result of the pipeline of new deliveries that is expected to come online over the next two years. As a result, overall asking rents closed the first quarter of 2017 at $45.85 per square foot (PSF) in the Southwest and $40.49 PSF in Capitol Riverfront a yearover-year decline of 4.8% and 2.8% respectively. However, with the pipeline of new construction delivering, asking rents are anticipated to surpass 2016 levels. PN Hoffman and Madison Marquette kicked off vertical construction of 1000 Maine Avenue, SW, which is a part of the first phase of The Wharf development that will deliver in the fall. Skanska also continued to make progress on its speculative office building (99 M Street, SE) in the Capitol Riverfront, which is expected to deliver in the first quarter of 2018. Finally, with the prelease inked by Urban Institute, JBG will soon be kicking off vertical construction of 500 L Enfant Plaza, SW as the platform had been previously built. Net Absorption Deliveries Vacancy 1.0 0.5 0.0-0.5 07 08 09 10 11 12 13 14 15 16 YTD 17 Net Absorption Deliveries Vacancy Rate New Leasing Activity 0.50 0.45 0.40 0.35 0.30 20% 16% 12% 8% 4% 0% Vacancy Rate 0.25 Outlook With both the first phase of the Wharf development and Skanska s 99 M Street, SE nearing delivery, as well as the pending relocation of the International Spy Museum, and United Soccer stadium kicking off construction, the Southwest and Capitol Riverfront are poised to become cohesive and activated neighborhoods south of the National Mall that will cater to public and private sector office users, as well as the District s citizens and area tourists. Outside of the office sector, multi-family developments and strengthened amenity bases continue to spring up around Nationals Park. DC United and District officials broke ground on a new soccer stadium at Buzzard Point, which is about a half-mile from Nationals stadium. Several other developers including Akridge and Douglas Development Corporation have already announced plans to add highend residential and retail space in the immediate vicinity. These projects are expected to kick off within a year and will continue to help transform the Southwest and Capitol Riverfront submarkets into a 24/7 destination. 0.20 0.15 0.10 0.05 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Asking Rent $50 Full Service PSF $45 $40 $35 2009 2010 2011 2012 2013 2014 2015 2016 2017 All Classes Class A, $ PSF Cushman & Wakefield 12

Appendix Table Summaries Metro Washington Office Market Summary: First Quarter 2017p Inventory Total Vacant Space Vacancy Rate Q1 2017 Absorption Year to Date Absorption Metro Washington Office Market Summary 13 Employment Data 13 Office Availability, Vacancy, and Net Absorption 14 Trailing 12-Month Data 15 Historical Year-End Data 16 Market Statistics by Class 17-18 Survey of New Office Space by Submarket 19-22 Methodology & Definitions 23 Washington, DC 108,470,369 13,382,980 12.3% 43,356 43,356 Northern Virginia 130,065,770 27,762,560 21.3% -194,557-194,557 Suburban Maryland 59,331,631 11,619,715 19.6% 75,294 75,294 Regional Totals 297,867,770 52,765,255 17.7% -75,907-75,907 Metro Washington Current Employment Data Nonfarm Employment (Jan-Mar 2016) Nonfarm Employment (Jan-Mar 2017p) Jobs Added/ Lost* Percent Change Washington, DC 780,033 787,800 7,767 1.0% Northern Virginia 1,429,000 1,458,467 29,467 2.1% Suburban Maryland 985,967 1,012,667 26,700 2.7% Regional Totals 3,212,200 3,269,167 56,967 1.8% SOURCE: U.S. Bureau of Labor Statistics (Not seasonally adjusted) * Average per year to date p - preliminary cushmanwakefield.com 13

Appendix Office Availability, Vacancy, and Net Absorption, First Quarter 2017p Total Inventory New/ Relet Space Vacant Sublet Space Vacant Total Space Vacant Vacancy Rate (%) New/ Relet Space Absorption Sublet Space Absorption Total Absorption CBD 33,010,557 2,876,576 389,464 3,266,040 9.9% (155,102) 5,014 (150,088) East End 37,563,231 4,483,112 412,387 4,895,499 13.0% 296,989 (99,019) 197,970 West End/ Georgetown 5,097,432 480,104 48,571 528,675 10.4% 32,488 (4,127) 28,361 Capitol Hill/NoMa 13,639,903 1,797,791 78,542 1,876,333 13.8% (47,232) (29,068) (76,300) Southwest 10,931,247 1,441,011 37,695 1,478,706 13.5% (28,492) (9,688) (38,180) Capitol Riverfront/ Southeast 4,074,326 475,147 24,018 499,165 12.3% 70,930 (3,331) 67,599 Uptown 4,153,673 806,953 31,609 838,562 20.2% 20,243 (6,249) 13,994 TOTAL 108,470,369 12,360,694 1,022,286 13,382,980 12.3% 189,824 (146,468) 43,356 p - preliminary Cushman & Wakefield 14

Appendix Trailing 12-Month Data Total Inventory Vacancy Rate (%) Total Absorption 2nd Qtr 2016 3rd Qtr 2016 4th Qtr 2016 1st Qtr 2017 2nd Qtr 2016 3rd Qtr 2016 4th Qtr 2016 1st Qtr 2017 2nd Qtr 2016 3rd Qtr 2016 4th Qtr 2016 1st Qtr 2017 CBD 33,281,295 33,482,521 33,482,521 33,010,557 9.8% 9.8% 9.3% 9.9% 57,046 135,922 573,359 (150,088) East End 37,496,445 37,277,737 37,671,390 37,563,231 11.6% 11.9% 13.0% 13.0% 153,592 (130,427) (441,549) 197,970 West End/ Georgetown 5,097,432 5,097,432 5,097,432 5,097,432 11.4% 11.1% 10.9% 10.4% (28,302) 14,754 9,743 28,361 Capitol Hill/NoMa 13,603,173 13,603,173 13,639,903 13,639,903 13.3% 12.9% 13.2% 13.8% 146,573 45,553 (1,086) (76,300) Southwest 10,931,247 10,931,247 10,931,247 10,931,247 11.9% 13.2% 12.6% 13.5% 147,108 (52,600) 67,145 (38,180) Capitol Riverfront/ Southeast 4,674,326 4,074,326 4,074,326 4,074,326 13.3% 14.5% 13.9% 12.3% (6,939) 30,661 24,583 67,599 Uptown 4,070,754 4,153,673 4,153,673 4,153,673 19.4% 19.9% 20.5% 20.2% 6,387 64,694 (26,562) 13,994 TOTAL 109,154,672 108,620,109 109,050,492 108,470,369 11.7% 11.9% 12.1% 12.3% 475,465 108,557 205,633 43,356 p - preliminary cushmanwakefield.com 15

Appendix Historical Year-End Data Total Inventory Vacancy Rate (%) Total Absorption 2014 2015 2016 2017p 2014 2015 2016 2017p 2014 2015 2016 2017p CBD 33,080,283 33,057,458 33,482,521 33,010,557 11.2% 9.3% 9.3% 9.9% 721,426 592,303 946,073 (150,088) East End 36,940,570 37,686,959 37,671,390 37,563,231 11.7% 12.0% 13.0% 13.0% 487,410 534,436 (538,596) 197,970 West End/ Georgetown 5,097,432 5,097,432 5,097,432 5,097,432 12.2% 11.2% 10.9% 10.4% (181,106) 54,773 11,998 28,361 Capitol Hill/NoMa 13,249,755 13,249,755 13,639,903 13,639,903 13.4% 12.2% 13.2% 13.8% 153,842 165,215 54,178 (76,300) Southwest 10,667,091 10,667,091 10,931,247 10,931,247 17.2% 10.8% 12.6% 13.5% 232,425 403,406 76,721 (38,180) Capitol Riverfront/ Southeast 4,674,326 4,674,326 4,074,326 4,074,326 18.9% 15.4% 13.9% 12.3% (81,409) 162,242 152,706 67,599 Uptown 3,751,857 4,014,207 4,153,673 4,153,673 22.6% 23.2% 20.5% 20.2% (370,052) (28,187) 83,230 13,994 TOTAL 107,461,314 108,447,228 109,050,492 108,470,369 13.0% 11.6% 12.1% 12.3% 962,536 1,884,188 786,310 43,356 p - preliminary Cushman & Wakefield 16

Market Statistics Washington, DC First Quarter 2017 Market Statistics Buildings Total Inventory (SF) New/Relet Vacancy (%) Sublet Vacancy (%) Total Vacancy* (%) Net Absorption Current QTR (SF) Under Construction (SF) Average Asking Rent (FS) CBD Class A 54 13,063,800 10.7% 1.3% 12.0% (145,019) 1,778,597 $64.87 B 54 10,668,951 7.2% 0.7% 7.8% 42,441 - $51.13 C 75 9,277,806 7.7% 1.6% 9.3% (47,510) - $42.31 TOTAL 183 33,010,557 8.7% 1.2% 9.9% (150,088) 1,778,597 $54.93 East End Class A 79 22,958,734 12.0% 1.3% 13.3% 188,398 1,011,394 $62.73 B 39 8,436,475 13.7% 1.0% 14.6% 64,829 - $56.73 C 43 6,168,022 9.4% 0.6% 10.0% (55,257) - $42.82 TOTAL 161 37,563,231 11.9% 1.1% 13.0% 197,970 1,011,394 $57.93 West End/Georgetown Class A 7 1,437,437 21.4% 1.3% 22.7% (5,571) - $49.71 B 10 1,938,420 7.3% 1.3% 8.7% 28,098 - $46.82 C 14 1,721,575 1.7% 0.2% 2.0% 5,834 - $38.45 TOTAL 31 5,097,432 9.4% 1.0% 10.4% 28,361 - $46.17 Capitol Hill/NoMa Class A 24 7,378,305 16.0% 0.8% 16.8% 23,239 1,589,186 $60.09 B 18 5,122,825 10.1% 0.4% 10.5% (22,136) - $45.82 C 10 1,138,773 8.9% 0.0% 8.9% (77,403) - - TOTAL 52 13,639,903 13.2% 0.6% 13.8% (76,300) 1,589,186 $54.31 Southwest Class A 19 8,188,245 11.7% 0.4% 12.1% (15,816) 457,787 $45.02 B 7 1,593,948 24.8% 0.3% 25.1% (22,545) - $46.04 C 6 1,149,054 7.9% 0.0% 7.9% 181 - $47.22 TOTAL 32 10,931,247 13.2% 0.3% 13.5% (38,180) 457,787 $45.95 * Total Vacancy - the vacancy rate is calculated using the combined total of relet, sublet and new vacant space. cushmanwakefield.com 17

Market Statistics Washington, DC First Quarter 2017 Market Statistics Buildings Total Inventory (SF) New/Relet Vacancy (%) Sublet Vacancy (%) Total Vacancy* (%) Net Absorption Current QTR (SF) Under Construction (SF) Average Asking Rent (FS) Capitol Riverfront Class A 10 3,596,764 7.2% 0.7% 7.8% 67,599 215,616 $43.61 B - - - - - - - - C 1 477,562 45.4% 0.0% 45.4% - - $39.00 TOTAL 11 4,074,326 11.7% 0.0% 12.3% 67,599 215,616 $40.49 Uptown Class A 2 367,832 5.2% 2.5% 7.7% 16,809 - $46.00 B 9 2,011,558 31.7% 0.3% 32.1% (6,873) - $42.94 C 21 1,774,283 8.4% 0.9% 9.3% 4,058 - $37.74 TOTAL 32 4,153,673 19.4% 0.0% 20.2% 13,994 - $41.99 Washington, DC Class A 193 56,991,117 12.1% 1.1% 13.1% 129,639 4,306,890 $61.73 B 137 29,772,177 12.1% 0.7% 12.8% 83,814 - $50.23 C 170 21,707,075 8.7% 0.9% 9.6% (170,097) - $41.64 TOTAL 500 108,470,369 11.4% 0.9% 12.3% 43,356 4,306,890 $53.21 * Total Vacancy - the vacancy rate is calculated using the combined total of relet, sublet and new vacant space. Cushman & Wakefield 18

Washington, DC Survey of Office Space Under Construction/Under Renovation CBD BUILDING ADDRESS OWNER/DEVELOPER RENTAL RATE STATUS DELIVERY DATE RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED MAJOR TENANTS 2112 Pennsylvania Avenue, NW Skanska USA N/A U/C 1Q18 240,000 125,403 48% Cleary Gottlieb 1100 15th Street, NW (Midtown Center - Fannie Mae) Carr Properties N/A U/C 2Q18 810,000 43,000 95% Fannie Mae 2001 K Street, NW (Alexander Court) Rockrose Development Corporation/Spitzer Enterprises N/A U/C 4Q17 506,479 274,539 46% Cornerstone Research, Akin Gump 2000 K Street, NW Tishman Speyer / Farragut Development Co N/A U/R 2Q17 222,118 222,118 0% N/A Total 1,778,597 665,060 63% East End BUILDING ADDRESS OWNER/DEVELOPER RENTAL RATE STATUS DELIVERY DATE RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED MAJOR TENANTS 1301 Pennsylvania Avenue, NW Quadrangle Development Corporation N/A U/C 1Q19 270,590 83,590 69% Kirkland & Ellis 655 New York Avenue, NW Douglas Development Corporation N/A U/C 4Q18 740,804 240,804 67% Advisory Board Total 1,011,394 324,394 68% Status Operating Expense and Real Estate Tax Base U/C = Under Construction FS = Full Service NN = Plus Electric & Char U/R = Under Renovation N = Plus Electric NT = Plus Taxes NNN = Net of all Operating Expenses and Taxes cushmanwakefield.com 19

Washington, DC Survey of Office Space Under Construction/Under Renovation Capitol Hill/ NoMa BUILDING ADDRESS OWNER/DEVELOPER RENTAL RATE STATUS DELIVERY DATE RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED MAJOR TENANTS 150 M Street NE Metlife N/A U/C 2Q19 475,100 0 100% Department of Justice 700 Pennsylvania Avenue, SE Eastbanc / Stanton Development $65.00 - $73.00 FS U/C 3Q17 156,581 121,083 23% The Yard 200 Massachusetts Avenue, NW Property Group Partners N/A U/C 1Q18 425,296 425,296 0% N/A 250 Massachusetts Avenue, NW Property Group Partners N/A U/C 3Q18 532,209 532,209 0% N/A Total 1,589,186 1,078,588 32% Southwest/Capitol Riverfront BUILDING ADDRESS OWNER/DEVELOPER RENTAL RATE STATUS The Wharf Phase 1-800 Maine Avenue, SW DELIVERY DATE RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED PN Hoffman / Madison Marquette Mid to High $50's FS U/C 3Q17 211,787 82,958 61% MAJOR TENANTS APA, Van Scoyoc, MakeOffices The Wharf Phase 2-1000 Maine Avenue, SW PN Hoffman / Madison Marquette N/A U/C 2Q18 246,000 186,700 24% Fish & Richardson 99 M Street, SE Skanska N/A U/C 1Q18 215,616 215,616 0% N/A Total 673,403 485,274 28% Washington, DC Summary RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED 2017 DELIVERIES 1,096,965 700,698 36% 2018 DELIVERIES 3,209,925 1,769,028 45% 2019 DELIVERIES 745,690 83,590 89% TOTAL CURRENTLY UNDER CONSTRUCTION/RENOVATION Status Operating Expense and Real Estate Tax Base U/C = Under Construction FS = Full Service NN = Plus Electric & Char U/R = Under Renovation N = Plus Electric NT = Plus Taxes NNN = Net of all Operating Expenses and Taxes 4,306,890 2,469,726 43% Cushman & Wakefield 20

Washington, DC Survey of New Office Space 2017 Deliveries BUILDING ADDRESS OWNER/DEVELOPER STATUS RENTAL RATE SUBMARKET RENTABLE BUILDING AREA NEW SPACE AVAILABLE VACANCY RATE (AS OF CURRENT QUARTER)* PERCENT LEASED UPON DELIVERY 900 19th Street NW Tishman Speyer Delivered 1Q17 $67.00 - $71.00 FS CBD 101,816 101,816 100% 100% 1333 H Street NW MRP Realty Delivered 1Q17 $71.00 - $81.00 FS East End 265,084 70,148 26% 26% Total 366,900 171,964 47% 2016 Deliveries BUILDING ADDRESS OWNER/DEVELOPER STATUS RENTAL RATE SUBMARKET RENTABLE BUILDING AREA NEW SPACE AVAILABLE VACANCY RATE (AS OF CURRENT QUARTER)* PERCENT LEASED UPON DELIVERY 1000 F Street, NW Douglas Development Corporation Delivered 4Q16 $80.00 - $90.00 FS East End 86,114 86,114 100% 0% 1140 3rd Street, NE (Uline Arena) Douglas Development Corporation Delivered 4Q16 $56.00 - $58.00 FS Capitol Hill/NoMa 174,000 129,698 75% 25% 600 Massachusetts Avenue, NW Oxford Properties/Gould Property Delivered 4Q16 N/A East End 307,539 33,957 11% 89% 1328-1346 Florida Avenue, NW (Manhattan Laundry) Douglas Development Corporation Delivered 3Q16 $61.00 FS Uptown 82,919 0 0% 80% 1800 K Street, NW RREEF / Prudential Property Company Delivered 3Q16 $53.00 - $66.00 FS CBD 201,226 164,229 82% 14% 660 N Capitol Street, NW Republic Properties Corporation Delivered 2Q16 $69.00 - $76.00 FS Capitol Hill 196,722 111,401 57% 38% 2001 M Street, NW Brookfield Office Properties Delivered 2Q16 $70.00 - $80.00 FS CBD 261,000 103,149 40% 18% 900 16th Street, NW The JBG Companies Delivered 1Q16 $81.00 - $83.00 FS East End 127,825 28,380 22% 78% ) 500 D Street,SW (National Square Columbia Funding Corp Delivered 1Q16 $50.00 - $55.00 FS Southwest 341,283 341,283 100% 0% Total 1,778,628 998,211 56% Operating Expense and Real Estate Tax Base *Vacancy rate for new office space- does not include relet or sublet space available FS = Full Service NN = Plus Electric & Char N = Plus Electric NT = Plus Taxes NNN = Net of all Operating Expenses and Taxes cushmanwakefield.com 21

Washington, DC Survey of New Office Space 2015 Deliveries BUILDING ADDRESS OWNER/DEVELOPER STATUS RENTAL RATE SUBMARKET RENTABLE BUILDING AREA NEW SPACE AVAILABLE VACANCY RATE (AS OF CURRENT QUARTER)* PERCENT LEASED UPON DELIVERY 601 Massachusetts Avenue, NW Boston Properties Delivered 3Q15 $53.50 NNN East End 472,754 23,697 5% 84% 900 G Street, NW ASB Real Estate Investments / MRP Realty, Inc Delivered 1Q15 $47.00-$53.00 NNN East End 104,541 10,136 10% 40% Total 577,295 33,833 6% Operating Expense and Real Estate Tax Base *Vacancy rate for new office space- does not include relet or sublet space available FS = Full Service NN = Plus Electric & Char N = Plus Electric NT = Plus Taxes NNN = Net of all Operating Expenses and Taxes Cushman & Wakefield 22

Methodology & Definitions Methodology Market statistics are calculated from a base building inventory made up of office properties deemed to be competitive in the typical Washington, DC office market. Single-tenant buildings and privately-owned buildings in which the federal government leases space are included. Generally, owneroccupied and federally-owned buildings are not included. Older buildings unfit for occupancy or ones that require substantial renovation before tenancy are generally not included in the competitive inventory. Vacant space is defined as space that is physically vacant and available immediately. Sublet space still occupied by the tenant is not counted as vacant space. Explanation of Terms Total Inventory: The total amount of office space (in buildings greater than 10,000 square feet) that can be rented by a Fourth party. New Space Vacant: First generation, never-occupied office space in newly constructed or substantially renovated buildings, being actively marketed by a landlord. Relet Space Vacant: Secondgeneration, unoccupied office space being actively marketed by a landlord. (Space that is marketed but largely occupied is not counted as vacant space.) Sublet Space Vacant: Secondgeneration, unoccupied space being actively marketed by a tenant. (Sublet space that is marketed but still occupied is not counted as vacant space.) Total Space Vacant: The sum of new, relet, and sublet space that is unoccupied and being actively marketed. Vacancy Rate: The amount of unoccupied space (new, relet, and sublet) expressed as a percentage of total inventory. (Total Space Vacant divided by Total Inventory.) Total Space Available: The total amount of space, both vacant and occupied, being actively marketed for lease by a tenant or landlord. (This includes space that is currently occupied but marketed for future availability.) Availability Rate: The total amount of space being actively marketed for lease (both vacant and occupied) expressed as a percentage of total inventory. (Total Space Available divided by Total Inventory.) Absorption: The net change in occupied space between two points in time. (Total occupied space in the previous quarter minus total occupied space in the current quarter, quoted on a net, not gross, basis.) New/Relet/Sublet Absorption: The net change in occupied new, relet, and sublet space between two quarters. Total Absorption: The net change in total occupied (new, relet, and sublet) space between two quarters. New Leasing Activity: The sum of all square footage underlying any leases between two quarters. This includes pre-leasing activity as well as expansion. It does not include renewals. Disclaimer This report and other research materials may be found on our website at www.cushmanwakefield.com. This is a research document of Cushman & Wakefield in Washington, DC. Questions related to information herein should be directed to the Research Department at +1 202 463 2100. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. cushmanwakefield.com 23

Visit cushmanwakefield.com for more information on the full range of Cushman & Wakefield commercial real estate services or contact: Nathan Edwards Regional Director 2101 L Street, NW, Suite 700 Washington, DC 20037 +1 202 463 2100 Summer Newman Associate Market Director 2101 L Street, NW, Suite 700 Washington, DC 20037 +1 202 463 2100 Joseph Wood Research Analyst 2101 L Street, NW, Suite 700 Washington, DC 20037 +1 202 463 2100 Charlie Garner Research Analyst 2101 L Street, NW, Suite 700 Washington, DC 20037 +1 202 463 2100 About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive Core Services Capital Markets - Debt Placement - Investment Sales - Note Sales - Structured Finance Corporate Services - Facilities Management - Portfolio Administration - Project Management - Strategic Consulting - Transaction Management Project Leasing Project and Development Services Property Management Tenant Representation Practices and Specialties Auction Services Distressed Assets Financial Advisory Food and Beverage Golf and Resort Properties Government Contracting Government Services Healthcare Higher Education Hospitality Law Firm Life Sciences Location Advisory and Incentives Mission Critical Net Lease Not-for-profit Private Client Supply Chain Sustainability Services Real Estate Types Industrial Land Multi-family Office Retail platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. Publication date: 5.10.17 Copyright 2017 Cushman & Wakefield. All rights reserved.