Burns & McDonnell_Denver RFP Response_FLIP BOOK

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CUSHMAN & WAKEFIELD TENANT ADVISORY GROUP REQUEST FOR PROPOSAL 09.03.2021

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EXECUTIVE SUMMARY

PROJECT TEAM

REQUEST FOR PROPOSAL

OUR RESOURCES

RELEVANT EXPERIENCE

PROJECT MANAGEMENT

COMPARATIVE ANALYSIS

INCENTIVES

PROSPECTIVE CLIENTS

TABLE OF CONTENTS

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EXECUTIVE SUMMARY

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EXECUTIVE SUMMARY

Burns & McDonnell –

On behalf of our team, we greatly appreciate the opportunity to respond to Burns & McDonnell’s RFP for real estate services. I will lead the entire real estate process from the initial development of the strategy to the final negotiations of the lease language. Our team has a long history working with Burns & McDonnell in Colorado dating back to April, 2012 when we expanded your facilities at 9785 South Maroon Circle to 28,000 SF and then subsequent expansion negotiations leading to the 95,000 SF footprint you occupy today. These negotiations included aggressive deal terms with each round of expansions, but we were also able to drive significant base building and system upgrades when the asset was sold from Hamilton-Titan to Felton Properties. Most recently, we leveraged Felton Properties desire to sell the asset to drive below market terms on the last expansion. Interestingly, Felton Properties failed in their attempt to sell the asset in 2019 due to the lack of lease term they had in place with Burns & McDonnell and the market knows they will be desperate to retain your tenancy in order to prevent a default on their loan. All of this history puts me in a unique position to leverage any relocation option with what the market will know will be a super cheap renewal proposal. Regardless if there is any intent to renew or not, it will be critical to play up the potential to drive the best possible deal terms. It’s been a pleasure working with Burns & McDonnell over the last decade. As an extra inducement to secure Burns & McDonnel’s business our team will rebate 10% of any commissions earned on this transaction. I’ve always admired the fact that Burns & McDonnell is a 100% employee-owned business, so I can guaranty you that I will continue to aggressively negotiate on your behalf as every last dollar matters to each of your employees.

Please find enclosed a comprehensive and customized response to your RFP questions.

Thank you,

Steve Billigmeier Executive Managing Director +1 303 813 6413 steve.billigmeier@cushwake.com

Cc: John DeHardt , Sid Dixon , Rob Bain

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PROJECT TEAM

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PROJECT TEAM

1. Please describe your Project Team, together with relevant experience and references.

The team will be lead by Steve Billigmeier with executive oversight by John DeHardt along with support of Sid Dixon and Rob Bain.

STEVE BILLIGMEIER Executive Managing Director Co-Team Leader

JOHN DEHARDT Principal Co-Team Leader

SID DIXON Director Market Expert

ROB BAIN Director Market Expert

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PROJECT TEAM

There additional team members and resources below from Cushman & Wakefield’s platform will be engaged wherever appropriate.

PROJECT MANAGEMENT

INCENTIVES Jane Orlin Support Team

Erik Petersen Support Team

WORKPLACE STRATEGY ANTONIA CARDONE Support Team

FINANCIAL ANALYSIS Olan Young Support Team

RESEARCH Jonathan Sullivan Support Team

TECHNOLOGY IMPLEMENTATION Maity Peete Support Team

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PROJECT TEAM

EXPERIENCE Please click here to learn about our relevant experience in supporting firms in the engineering industry.

REFERENCES The following references are only a small sample of our successful assignments and client relationships. Our clients are happy to speak to the value-add results we have achieved through our strategic real estate advisory services.

VAIL RESORTS (STEVE LEAD) WORLD HEADQUARTERS RENEWAL Erin Torres , Senior Director 390 Interlocken Crescent, Suite 100 Broomfield, CO 80021 (303) 404-6418 etorres1@vailresorts.com

VF CORPORATION (STEVE LEAD) WORLD HEADQUARTERS RELOCATION Rob Koch , Senior Director, Corporate Real Estate 1551 Wewatta Street Denver, Colorado, 80202 (336) 424-7682 rob_koch@vfc.com

MERRICK (SID LEAD) WORLD HEADQUARTERS Christopher Sherry , CEO and President 5970 Greenwood Plaza Boulevard Greenwood Village, CO 80111 (303) 353-3600 chris.sherry@merrick.com

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PROJECT TEAM

OUR PROCESS

Strategic Planning Phase

DEFINE OBJECTIVES

DEVELOP STRATEGIC PLANNING Analyze existing conditions (space utilization and lease commitments)

PRE-DESIGN

SITE SELECTION

Establish short-and long-term business goals Determine preliminary location requirements

Select team including architects, engineers, telecom consultant, & CM

Inspection tour of properties Preliminary financial analysis

Clarify current and projected space requirements

Preliminary programming

Select final candidates

Identify financial considerations

Operational/technical review of alternatives Assessment of building systems Analyze efficiencies and layouts

Market research

Develop building test fit criteria

Workforce and location analysis Determine alternative scenarios Establish preliminary budgets for potential renewal/relocation scenarios Develop an informed and cohesive strategy to meet tenant’s requirements

Customize reporting process

Investigate building ownership

Operational analysis

Select most qualified properties

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PROJECT TEAM

Implementation Phase

INITIATE SPACE NEGOTIATIONS Send RFP to candidate landlords Send RFP to existing landlord (if appropriate) Financial and operational analysis Determine government incentives

FINAL NEGOTIATIONS Draft final terms and conditions Develop construction documents Financial analysis of agreed terms

DESIGN & CONSTRUCTION

PROVIDE ONGOING SERVICE

Final programming

Prepare lease abstract

Schematic drawings

Monitor lease provisions

Design development

Review yearly escalation provisions

Contract documents

Assess general conditions

Order long lead items

Negotiate documents

Order technology equipment

Execute lease or renewal documents

Reduce alternatives

Order/build furniture

Refine negotiating strategy

Obtain landlord approvals

Design, space planning, budget schedules Financial analysis of proposals

Obtain building permits

Construct premises

Install systems and furniture

Move-in

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Steve Billigmeier and the Cushman & Wakefield team represented VF Corp on a significant global headquarter relocation that included multiple service lines, product types, and alignment of key stakeholders that culminated in over 400,000 SF of new facilities in the Denver Metropolitan Area. The C&W team provided strong representation of VF Corp’s interest throughout the process, but most importantly delivered on a highly complicated requirement with seamless execution .

ROB KOCH Senior Director, VF Corporation

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REQUEST FOR PROPOSAL

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REQUEST FOR PROPOSAL

2. Provide examples of the form of Request for Proposal that you would propose to utilize with prospective landlords. Please see below for links to our Request for Proposal Templates that we would utilize for prospective landlords. We have included two separate templates for your review. One is meant for landlords of existing buildings, and the other is catered toward new construction buildings. There are a number of different points, specifically in relation to Base Building language, that are necessary to include when negotiating in a New Construction asset. Our RFP templates are extensive and ensure that we negotiate all major economic and business provisions prior to the landlord drafting a lease. A tenant’s leverage is always much stronger when negotiating during the letter of intent stage, which is why we push to finalize ALL points of the below RFPs before agreeing move to the lease negotiation stage. These RFPs demonstrate the level of detail our team applies in negotiating each and every key point to drive a below market deal for our clients.

CLICK HERE for a Request for Proposal for an existing building

CLICK HERE for a Request for Proposal for a new construction building

Steven J. Billigmeier Executive Managing Director 1401 Lawrence Street, Suite 1100 Denver, CO 80202 Office +1 303 813 6413 Cell +1 303 919 0850 steve.billigmeier@cushwake.com

Term Sheet

TENANT ADVISORY GROUP

September 2, 2021

First/Last Name Title Company City, State, Zip

Term Sheet

Tenant Disclosure

Term Sheet

TENANT ADVISORY GROUP

Tenant Entity:

Insert tenant entity that is signing the lease.

Date, 2021

Financial Summary:

Insert public financial info if available.

Re: Term Sheet – CLIENT NAME BUILDING ADDRESS/SUITE NUMBER

Landlord Representations and Warranties:

Term Sheet

Use/Requirement:

Contemporary Office Use including, but not limited to, offices, open furniture systems, meeting space, computer and communications network room, collaborative open environments, food/beverage areas with minimal food prep and catering prep and layout.

TENANT ADVISORY GROUP

1. Management and Maintenance - Landlord will warrant that the Building will be maintained and managed in a manner consistent with the first-class office properties fou d in D nv r, Colorado. Interruption of Services – Landlord will use all commercially reasonable efforts to prevent and mitigate any interruption of services whether they be services provided t the Building by utility companies or municipality services or services within and upon the Building provided by Landlord or Landlord’s Agent and contractors. All Capital Expenses incurred by the Landlord prior to the commencement of the Lease shall be expenses of Landlord solely and under no circumstances eligible for recovery or inclusion in operating expenses or insurance proceeds, for which increased future premiums ar required. Any Capital Expense items which occur after the Commencement Date of the Le se and during the Term of the Lease, as may be extended, shall be eligible for recovery only if those capital expenses were specifically required by a change in law taking effect aft r the Commencement Date or capital expenses that actually succeed in reducing Operati g Expenses by more than the eligible recovery amount. In the event of an eligible recovery event, those Capital Expenses must be amortized over the longer of the useful life of the equipment, or improvement, as established by ASHRAE or GAAP standards or the amortization standards for the IRS. Landlord will identify any areas of the Building that are used by third parties for the purposes of generating revenues but may also be defined as common areas, or l ter converted from common areas to leasable or eligible for third party revenue generation, an Landlord will make the appropriate adjustment to remove those areas from Tenant’s useable to rentab e factors and any other costs required of Tenant to maintain or support those ar as of the Building. Please further illustrate any calculations concerning retail space in the Bu lding and that area’s use of and allocation of expenses methodology to ensure Tenant is not paying for areas which only support retail operations within the Building. Base Rent: 2. Operating Expenses: Compliance with Law – Landlord will represent to Tenant that Landlord’s Building is in compliance with law, including, but not limited to, the regulations of the ADA, and that all known compliance issues that remain in process will be completed, inspected and remediated in whatever manner is required to allow Tenant occupancy and quiet enjoyment of the leasehold estate established by the Lease between the parties. 4. Tenant shall not be charged Rent on any outdoor space adjacent to or even exclusive to Tenant’s use. Landlord shall accept responsibility for the design and function of any outdoor space and the potential for the existence of outdoor space to cause damage to Tenant’s interior improvements if not properly designed and constructed. Landlord will deliver the Premises, and any associated outdoor space or common corridors, in broom clean, level and moisture mitigation condition. The Premises shall be delivered free of asbestos and other hazardous materials and in conformance with local codes and ADA requirements (including any ADA improvements required to be made to the Building whether triggered by Tenant’s submission of construction drawings, or not). Further, the Lease will provide for clear delineation between a Landlord Delay and a Tenant Delay associated with the delivery of the Premises for tenant improvement construction to begin. | 2 Security Deposit: 5. Tenant Improvement Allowance: The Premises shall consist of approximately (Insert Size Range) rentable square feet (“RSF”). The final square footage calculation shall be mutually agreed upon and v rifi d upon the completion of a space plan. 3. Property Taxes:

Gentlemen:

Building Attributes

1. Landlord Entity: On behalf of our client, CLIENT NAME, (hereinafter “Tenant”) we are requesting a response to this request for proposal from LANDLORD NAME (hereinafter “Landlord”) for the leasing of office space and other appur enant uses in the above referenced property. We would like to evaluate your facility, BUILDING ADDRESS (hereinafter “Building”), further to determine the Building’s ability to accommodate the requirements of Tenant. 2. Lender: 3. Measurements:

Insert landlord entity that is signing the lease.

Base Rent shall be the NNN rent charged by Landlord in return for the exclusive use and quiet enjoyment of the Premises and use in common of the Building by Tenant. The Base Rent schedule shall be: Months 1 – XX = $00.00 per RSF per Year NNN Tenant will pay its proportionate share of operating expenses for the Building in addition to the above stated Base Rent. The operating expenses, which vary based upon occupancy, will be adjusted to reflect 100% occupancy. Increases in controllable operating expenses will be capped at 3% per year, non-cumulative, non-compounding. “Uncontrollable Expenses” means actual and reasonable expenses relating to the cost of utilities (not provided by Landlord), insurance, real estate taxes and snow removal. All services provided to Tenant will be charged at Landlord’s actual costs. Operating Expenses shall be calculated in accordance with Generally Accepted Accounting Principles (GAAP) and shall include all commercially reasonable expenses incurred to operate the Building. Management fees or royalties charged for the management of the Building shall not be greater than three percent (3%) of the properly chargeable Base Rent NNN (excluding fees and royalties), and in no event shall fees or royalties be greater than those costs that are above market rates charged for similar properties. Tenant will have a list of categories that will be allowed for inclusion in operating expenses and others that will be specifically excluded. Tenant reserves the right to audit Operating Expenses on an annual basis using a firm of Tenant’s designation. In the event any audit results discover an overstatement of expenses in excess of 3%, Landlord agrees to reimburse Tenant for all reasonable costs of the audit in addition to the amount of the overstatement. Cushman & Wakefield shall be named as an approved Auditor on a contingency fee basis. Please provide a breakdown of the estimated 2020 Operating Expenses with your response . Tenant will pay its proportionate share of real estate taxes for the Building in addition to the above stated Base Rent and Operating Expenses. Landlord will provide Tenant with all calculations and with copies of all tax documents received from the taxing authority. Tenant will have the right to compel Landlord to pursue an appeal or other challenge to the property taxes or pursue any other remedy available to Tenant. Any tax increase caused by Landlord’s actions, and not required by the Lease, shall not be charged or otherwise reimbursed by Tenant. Given the length of term of the Lease and the financial strength and operating history of Tenant, we do not anticipate the need for any Security Deposit. Landlord shall provide a Tenant Improvement Allowance of ______ (“TIA”) for the initial design, engineering, and construction of the space including, without limitation, permits, signage, security system(s), data center infrastructure, and project management fees and any other modifications necessary to accommodate Tenant in the Building. Landlord shall allow Tenant to utilize up to _____ per rentable square foot of the above stated “TIA” for telecommunications/cabling, furniture fixtures & equipment, and/or shall be applied as rent abatement.

(Landlord to Provide any Lender on the Building)

6. All space shall be measured in accordance with the BOMA definition, American National Standard Z 65.1 – 2017. The standard shall have modifications to comply with market practice in the Denver Metropolitan Market and Tenant shall have the right to have their own architect review the space measurement calculations. Landlord shall provide with your response the complete BOMA Measurement Summary document for the Building. Life Safety Systems – Landlord will warrant that all Life Safety Systems of the Building are installed in compliance with all codes and regulations and that all con ections to the building systems from the Premises are completed and in good working order prior to the delivery of the Premises for commencement of tenant improvements. Elevators, Escalators and Stairwells – If available, Landlord warrants that all levator systems, escalators and any stairwells are engineered and constructed to be in compliance with ll codes and regulations and designed to accommodate the density and traffic re sonably expected for the use. Capital Expenses: 7. Security Systems – Landlord, at Landlord’s expense, shall provide building security equipment, personnel procedures and access systems. In your response, please provide information regarding the building security system for both the Building’s operating and non- operating hours. Communication & Data – Landlord shall provide a fiber-optic lines into the building terminating in the main Building communication/network point of presence room. T nant shall be provided no less than two, three-inch conduits in the Building’s vertical communications conduit running from the Building’s communications/network point of presence room to Tenant’s communication/network room on each floor and then continuing to the rooftop conduit port for connection to any rooftop antennae or communication equipment. Please provide a list of the existing fiber providers in the Building. Electricity – Please describe in detail how “tenant electricity” is determined. Is it separately metered directly to the utility provider, sub or check-metered by Landlord, or pro-rated by Landlord? Does it include anything more than traditional lights and plugs (i.e. HVAC, VAV boxes, etc.)? Electricity shall be provided 24 hours per day, 7 days a week without interruption, subject to force majeure and scheduled maintenance outages. HVAC – Tenant’s preference is for a digital HVAC system with dedicated air handler for their floor maximizing zone control and after-hours convenience. Tenant requires HVAC from 6:00 a.m. to 7:00 p.m. Monday through Friday, 7:00 a.m. to 12:00 p.m. on Saturday. Landlord certifies that building standard heating, ventilating and air-conditioning systems are designed to be capable of maintaining ASHRAE standards. | 1 Excluded Area Identification: C. Tenant’s Premises 1. Premises Size: 2. Outdoor Space:

INSERT CLIENT INFO

Base Building Systems:

We ask that you respond in full to the attached Term Sheet to enable a complete and thorough evaluation of your Building. CLIENT NAME requires that responses be included within the attached Term Sheet, formatted as an MS Word document, using the REDLINE feature to track changes. If any item or clause is not specifically included or mentioned in your responses, we will assume ownership is in agreement with our language as written. Client Name/ Logo

Prepared for: First Last Name Company Name

Sincerely,

Prepared by: Steven J. Billigmeier Executive Managing Director Cushman & Wakefield

Steven J. Billigmeier Executive Managing Director Cushman & Wakefield 1401 Lawrence Street, Suite 1100 Denver, CO 80202 Steve.Billigmeier@cushwake.com 303-813-6413

Cushman & Wakefield of Colorado, Inc.

Delivery Condition:

Cushman & Wakefield of Colorado, Inc.

Economic Provisions

Early Commitment Consideration:

Please describe the opportunity for Tenant to participate in value creation their tenancy provides to the Landlord and any critical path deadlines that may be associated with this value. Tenant understands the benefits of their commitment and the timing of their commitment and has an expectation that they will participate in the value creation they provide. | 3

Cushman & Wakefield of Colorado, Inc.

| 4

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On C&W’s advice, we moved quickly securing aggressive economics and terms that just a few months later were significantly under the market rates for the space. We wanted a headquarters that will help us attract and retain the top people while remaining very cost effective and financially prudent. The Tenant Advisory Group helped us achieve that .

Charles Stanley Chairman & CEO at QEP Resources, Inc.

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OUR RESOURCES

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OUR RESOURCES

3. Discuss resources your firm has to help Burns determine the preferred location relative to existing employee base, future recruiting initiatives, convenience to existing and potential future clients, competitors, and opportunities for favorable building signage.

ADVANCED REAL ESTATE MARKET DATA AND PROPERTY VISUALIZATION Prism, Cushman & Wakefield’s proprietary 3D market visualization solution, provides users with a unique perspective of commercial real estate to support location decisions. By generating powerful analytics, 3D visuals, and market data in real time via an intuitive dashboard, Prism enables users to explore real estate markets at the macro level all the way down to the individual building level with property information, stacking plans, available space, and even floor plans. PRISM BENEFITS • A real-time, interactive platform with the flexibility to produce custom real estate market and property views in seconds • Insights through filters and layers of robust data sets—both proprietary and through leading third-party data providers— including demographics, workforce analytics, amenities, transportation, services, drive times, and real estate market data • Flexible property search functionality to quickly deliver market comparisons • Quick access to building and floor-level data, including tenant, lease expiration, quoted asking rates and square footage

CLICK HERE to see Prism in action

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OUR RESOURCES WHAT’S NEXT

Cushman & Wakefield Brings You Intelligent Space Cushman & Wakefield’s partnership with Saltmine changes how your clients will experience workspace through intelligent programming and customized, realistic visualization of properties. Our Planning Services’ design team uses Saltmine technology to create test fits customized to a client’s unique needs in days, not weeks. The cloud-based platform allows designers to quickly modify layouts via an instant drag-and-drop process, and native 3D tours eliminate the need for additional renderings to uncover a property’s true potential. Cushman & Wakefield has partnered with Saltmine to deliver to our clients a digital property visualization platform that surpasses any that currently exists in the commercial real estate industry. The platform changes how our clients experience workspace planning. Using customized and realistic visualizations of properties, the tool empowers our clients to make space decisions faster and with more confidence. Our team uses the Saltmine technology to create test fits customized to a client’s unique needs in days, not we ks. The cloud-based platform allows us to instantly modify layouts and enables our clients to experience 3-D walk throughs of the space. The platform includes: • AI-powered programming • Interactive 3D test fit models, as well as 2D and VR design visualization • Automated quantity take-offs • Browser-based collaboration with clients and the C&W team

Saltmine will empower you and your clients to make space decisions faster and with more confidence.

CLICK HERE to see a Saltmine Walkthrough

Want to know more? Contact: PlanningServices@cushwake.com

See office space differently

Unrivaled technology links workplace strategy and design

cushmanwakefield.com

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OUR RESOURCES

GEOGRAPHIC INFORMATION SYSTEMS TEAM Cushman & Wakefield’s Geographic Information Systems (GIS) team provides unparalleled geospatial advisory, analytics, visualization and technology solutions. Through innovative mapping design, skilled advisory services and trend-setting use of technology, the GIS team will help empower Burns & McDonnell to make better decisions.

Competitor Map View potential properties at a street level in relation to competitive users and current locations

Employee Location Map Create employee location maps with current and potential locations. Calculate geographic mean center of employees. Optionally show transportation routes

Drive Time Study Analyze drive time drive distance to current vs. proposed locations to estimate employee retention based on move. Show average drive time, employee estimated travel time and % increase or decrease in commute

Demographics Map Find the highest areas of demographics such as population or median income by block group, census tract or ZIP code for any area within the U.S.

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“

Steve Billigmeier is one of the finest professionals I have worked with in my 16 years as a business owner. We hired Cushman & Wakefield to help us find our next location. They were very thoughtful in how they approached the search. C&W spent considerable time interviewing all the stakeholders to better understand our culture and growth potential . They also presented us with critical market trends and was very informed about current price fluctuations and related opportunities. When we finally made our decision, C&W was a shark during the negotiation with our landlord.

David Asseoff Former President/CEO, Founder at Adperio

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RELEVANT EXPERIENCE

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RELEVANT EXPERIENCE

4. Discuss any relevant experience that the Team has in supporting firms in the engineering industry. The Project Team and Cushman & Wakefield have represented some of the largest engineering firms in Colorado and globally. The following is a select list of firms we have worked with in various capacities:

WE’VE ADVISED MORE HQ TRANSACTIONS THAN ANY OTHER TEAM IN DENVER

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“

Steve is well informed, organized, personable, and well connected commercial property real estate broker in the Denver area market who makes things happen . SourceGas hired Cushman & Wakefield to find us a Corporate Headquarters. Steve was instrumental in our close on a 10 year lease on approximately 53,000 square feet that met all of our major needs. After being in the location for several months, our employees could not be happier .

Douglas Whitefoot Senior Vice President, SourceGas

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PROJECT MANAGEMENT

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PROJECT MANAGEMENT

5. Describe any Project Management Services that your firm can offer to assist with coordination with landlord regarding space planning, tenant finish construction, and logistics relative to the move. Cushman & Wakefield’s Project & Development Services expertise includes proficiency in strategic planning, architecture, engineering, purchasing, scheduling, budgeting, construction and relocation. Our experience in project planning and management covers a wide range of building and project types, including tenant build-outs, build-to-suit facilities, commercial tenant improvements and capital improvements. Our technology tools help increase communication levels and accuracy of information. Drawing upon our varied expertise, Cushman & Wakefield offers Burns & McDonnell a complete range of services from project inception through move-in to ongoing occupancy. Our Project Management experts understand that real estate decisions go beyond space, cost and schedule. We manage the planning, design and construction process, to ensure value and savings, without sacrificing quality. Our project managers consistently deliver 10% to 15% construction cost savings to our clients and schedule improvements, while minimizing project risks. Cushman & Wakefield’s PDS group provides expert project management services and seamlessly integrates with the Cushman & Wakefield Transaction Team. The key to our success in managing complex projects is the strength of our PDS team, with the involvement of our team from the inception of a transaction through final close out. The experience of our project managers allows us to provide qualitative and quantitative information that will enable the Burns & McDonnell team to understand and properly evaluate options and make decisions throughout the project. During the initial stages of a project, the project management team

will provide preliminary schedules and budgets and a pro/con analysis of all options will be developed with the core team to facilitate decision making by the Burns & McDonnell team. Throughout the project, we will provide detailed information to eliminate surprises throughout the implementation of the selected solution.

PROJECT MANAGEMENT SERVICES

DEVELOPMENT AND BUILD-TO-SUIT

DEVELOPMENT MANAGEMENT

INTERIORS PROJECT MANAGEMENT

FURNITURE

MOVE MANAGEMENT

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PROJECT MANAGEMENT

LOW $

Minimal design team (adherence to global design)

SOFT COSTS All professional fees including architectural, engineering and consultancies

HARD COSTS All construction costs including contractor fee, supervision, finishes, mechanical, electrical, etc.

Drywall and glass front combination / carpet tile

Basic furniture / limited pantry equipment

FF&E Furniture, fixtures and equipment including all workstations, chairs, soft seating, storage, signage and fire extinguishers

Minimal number of conference rooms with televisions connected by cabling with no video conferencing

AV Audio-visual equipment including televisions, projectors, projector screens and supporting systems

Hardwire to each desk / minimal security features

DATA/IT/SECURITY Structured cabling and security

KEY DRIVERS IN TOTAL PROJECT COST

Leverage in-house project management

FEES Project management delivery fees

Single-phase box move coordinated internally

MOVE Office relocation

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PROJECT MANAGEMENT

MEDIUM $$

HIGH $$$

Limited design team (A&D supplemented by in-house workplace strategy)

Extensive design team with multiple specialty consultants (LEED, WELL, Acoustics, etc.)

Glass fronts used in many areas / carpet and hard flooring

Extensive use of glass fronts / marble or stone flooring, custom millwork

Ergonomic furniture / limited high-end pantry finishes with mid-level soft seating / minimal AV Wireless and cabled connectivity in all medium to large conference rooms with limited video conferencing

High-end, imported, ergonomic furniture / advanced tele-presence systems

Wireless and cabled connectivity in all conference rooms, break room, reception and video conferencing in some conference rooms

Hardwire to each desk / mid-level security (card readers, etc.)

Combination hardwire / wireless connectivity to support flexible workspaces and teleconferencing

Fully outsourced project management

Fully outsourced workplace strategy, project management and change management

Single-phase box move coordinated internally with support of a 3rd party project manager or move management company

Multi-phase box move with extensive planning efforts using external 3rd-party move manager or project manager

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COMPARATIVE ANALYSIS

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COMPARATIVE ANALYSIS

6. Provide an example of comparative analysis of proposals received from multiple landlords. Below is a link to our template comparative analysis that the Project Team will use to present potential options to the client. This analysis is a comprehensive overview of all quantitative and qualitative factors that should be taken into account when comparing potential buildings and spaces. We include an in depth financial analysis, photos and floorplans for each building, and a qualitative overview of each option that compares signage potential, expansion opportunities, nearby amenities, and a number of other factors that are not reflected in a purely financial comparison. This package allows the client to make informed decisions about each property and ensure that no important component is left out of the decision making process.

PROPOSAL SUMMARY TENANT ADVISORY GROUP

August 16, 2021

PROPOSAL SUMMARY

1900 16th Street - 3rd Floor (estimated) BentallGreenOak

1900 16th Street - 17th Floor

2001 16th Street Invesco (Landlord) DaVita (Sublandlord) 133 Months September 1, 2022 September 30, 2033

PREPARED BY

BentallGreenOak 156 Months September 1, 2022 August 31, 2035

LANDLORD LEASE TERM TARGET COMMENCEMENT DATE EXPIRATION DATE FLOOR / PREMISES RENTABLE SQUARE FOOTAGE

130 Months

STEVE BILLIGMEIER Executive Managing Director +1 303 813 6413 steve.billigmeier@cushwake.com ROB BAIN Director +1 303 813 6452 rob.bain@cushwake.com Suite 800 24,700 SF

September 1, 2022 June 30th, 2033

FINANCIAL ANALYSIS

Suite 1700 23,762 SF

Suite 300 26,443 SF

Month 9/1/2022 - 8/31/2023 9/1/2023 - 8/31/2024 9/1/2024 - 8/31/2025 9/1/2025 - 8/31/2025 9/1/2026 - 8/31/2027 9/1/2027 - 8/31/2028 9/1/2028 - 8/31/2029 9/1/2029 - 8/31/2030 9/1/2030 - 8/31/2031 9/1/2031 - 8/31/2032 9/1/2032 - 8/31/2033 9/1/2033 - 8/31/2034 9/1/2034 - 8/31/2035

$$$ $0.00/RSF, NNN $37.00/RSF, NNN $37.93/RSF, NNN $38.87/RSF, NNN $39.84/RSF, NNN $40.84/RSF, NNN $41.86/RSF, NNN $42.91/RSF, NNN $43.98/RSF, NNN $45.08/RSF, NNN $46.20/RSF, NNN $47.36/RSF, NNN $48.54/RSF, NNN

$$$ $0.00/RSF, NNN $32.00/RSF, NNN $32.80/RSF, NNN $33.62/RSF, NNN $34.46/RSF, NNN $35.32/RSF, NNN $36.21/RSF, NNN $37.11/RSF, NNN $38.04/RSF, NNN $38.99/RSF, NNN $39.96/RSF, NNN $40.96/RSF, NNN

Month 9/1/2022 - 4/30/2023 5/1/2023 - 4/30/2024 5/1/2024 - 4/30/2025 5/1/2025 - 4/30/2026 5/1/2026 - 4/30/2027 5/1/2027 - 4/30/2028 5/1/2028 - 4/30/2029 5/1/2029 - 4/30/2030 5/1/2030 - 4/30/2031 5/1/2031 - 4/30/2032 5/1/2032 - 4/30/2033 5/1/2033 - 9/30/2033

$$$ $0.00/RSF, NNN $33.00/RSF, NNN $33.83/RSF, NNN $34.67/RSF, NNN $35.54/RSF, NNN $36.43/RSF, NNN $37.34/RSF, NNN $38.27/RSF, NNN $39.23/RSF, NNN $40.21/RSF, NNN $41.21/RSF, NNN

Month 9/1/2022 - 6/30/2023 7/1/2023 - 6/30/2024 7/1/2024 - 6/30/2025 7/1/2025 - 6/30/2025 7/1/2026 - 6/30/2027 7/1/2027 - 6/30/2028 7/1/2028 - 6/30/2029 7/1/2029 - 6/30/2030 7/1/2030 - 6/30/2031 7/1/2031 - 6/30/2032 7/1/2032 - 6/30/2033

OPTION 3 - RELOCATE: 2001 16th St, Denver, CO_DaVita Sublease_Sublandlord Response 8.12.21 24.7K SF Sublease - Suite 800: 133 mos

OPTION 1 - RENEW: 1900 16th St - 17th Floor, Denver, CO_Landlord Counter 7.7.21 23.76K SF Renewal Lease - 17th Floor: 156 mos

OPTION 2 - RENEW: 1900 16th St - 3rd Floor, Denver, CO_Landlord Proposal 7.29.21 26.44K SF Renewal Lease - 3rd Floor: 130 mos

FINANCIAL ANALYSIS Denver Lease Options Renew / Relocate

BASE RENT SCHEDULE (SF/MONTH)

Analysis Period Rentable Square Feet Lease Commencement Date Lease Term

Sep'22 - Apr'35 (156 mos) 23,762 sf

Sep'22 - Jun'33 (130 mos) 26,443 sf

Sep'22 - Sep'33 (133 mos) 24,700 sf

9/1/2022

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our principals. 156.0 mos 13.0 yrs 8/31/2035

130.0 mos

10.8 yrs

133.0 mos

11.1 yrs

Lease Expiration Date Rent Base Rent Free Rent Free Rent Value Annual Escalation Effective Rent Operating Expense OpEx / Prop Tax

6/30/2033

9/30/2033

$3.08 sf/mos

$37.00 sf/yr

$2.75 sf/mos

$33.00 sf/yr

$2.67 sf/mos

$32.00 sf/yr

2.5% 12 Months Gross Rent $20.46/SF

2.5%

2.5% 8 Months Gross Rent $25.73/SF

ANNUAL BASE RENT INCREASES FREE RENT EST. 2022 OPEX & TAXES T.I. ALLOWANCE EST. UP FRONT COSTS AVERAGE ANNUAL OPERATING EXPENSE PARKING RATIO

First 12 mos Free - Gross

First 10 mos Free - Gross $1,167,877

First 8 mos Free - Gross

10 Months Gross Rent $20.46/SF $80.00/SF

$1,353,006

$956,966

2.50%

$110.00/SF FINANCIAL ANALYSIS $39.26 sf/yr $2.84 sf/mos

$3.27 sf/mos

$34.13 sf/yr

$2.82 sf/mos

$33.89 sf/yr

$100.00/SF $475,240 $1,606,333 1.30:1,000 SF

$1.70 sf/mos

$20.46 sf/yr

$1.70 sf/mos

$20.46 sf/yr

$2.14 sf/mos

$25.73 sf/yr

$1,057,720

$247,000

NNN

$1,642,188

$1,622,158

$0.33 sf/mos

$3.98 sf/yr

$0.32 sf/mos

$3.87 sf/yr

$0.25 sf/mos

$3.01 sf/yr

OpEx - Parking 1

31 spaces (1.3 / 1,000): $220/mos - Unreserved, $285/mos - Reserved

1.14:1,000 SF 34 spaces (1.3 / 1,000): $220/mos - Unreserved, $285/mos - Reserved

28 spaces (1.14 / 1,000): $225/mos - Unreserved.

1.30:1,000 SF

Capital Items

OPTION 3 - RELOCATE: 2 01 16th St, Denver, CO_DaVita Sublease_Sublandlord Response 8.12.21 24.7K SF Sublease - Suite 800: 133 mos

Buildout Requirement Total Capital Items

$120.00 sf $120.00 sf $100.00 sf $20.00 sf

$2,851,440 $2,851,440 $2,376,200

$120.00 sf $120.00 sf $80.00 sf $40.00 sf

$3,173,160 $3,173,160 $2,115,440 $1,057,720 4 mos 31-Dec-22 Stub Period

$120.00 sf $120.00 sf $110.00 sf $10.00 sf 2 mos 31-Dec-24

$2,964,000 $2,964,000 $2,717,000 12 mos $247,000 31-Dec-26

LL Provided TI Allowance

Analysis Period

133 mos

12 mos

9 mos

31-Dec-23

31-Dec-25

31-Dec-27

31-Dec-28

31-Dec-29

31-Dec-30

31-Dec-31

31-Dec-32

31-Dec-33 Stub Period

Fiscal Year Ended

Year 1: Net 1-Time Expense / Capital

$475,240

24,700 SF

Cash Cost

total

$247,000 $18,447,919 $12,365,369 total $1,642,188 $1,039,799 $1,556,564 ($823 6 3) ($694,446) ($81,135) $0 $0

CASH

Nom $s Total

(Expense) / Income

$21,357,565 $13,371,095 $475,240

$18,631,100 $12,801,041

NOM Pre Tax $'s NPV Pre Tax $'s

24.7K SF Sublease - Suite 800: 133 mos Rent: NNN

($9,276,727)

($0)

($526,933)

($803,573)

($844,254)

($865,361)

($886,995)

($909,169)

($931,899)

($955,196)

($979,076)

($750,608)

Day 1 Cash Cost - Net of TI 2023 Cash Operating Cost 2 2024 Cash Operating Cost - Stabilized Yr 2 Avg Annual Operating Cost 3 [1] Model assumes parking spaces at 50/50 split between reserved and unreserved pricing. No LL provided split. DaVita assumes all unreserved as no reserve mentioned. [2] Operating Cost includes Rent, OpEx/Tx and Parking. Free rent is captured in Year 1 amount. No Capital or 1-Time expense included. [3] Avg Annual Operating Cost is average of Rent, OpEx/Tx and Parking over the life of the lease. Free rent is included in this calc as well. No Capital or 1-Time expense included. $1,622,158 $1,566,032 $1,606,333 $1,502,486 $557,321 $1,057,720 $820,366 Free Rent: Gross OpEx / Prop Tax - NNN ($7,945,629) Parking ($978,563) ($24,750) Total Buildout Required ($2,964,000) ($2,964,000) Tenant Improvement Allowance $2,7 7,000 $2,717,000 Pre Tax Cash Flow ($18,447,919) Net Present Value: 7% disc rate ($12,365,369)

Captured in Rent and OpEx Stream

$0 ($436,388)

($674,219) ($78,772)

($715,279) ($83,569)

($736,737) ($86,076)

($758,840) ($88,658)

($781,605) ($91,318)

($805,053) ($94,058)

($829,204) ($96,879)

($854,081) ($99,786)

($659,777) ($77,085)

($76,478)

$0 $0

V11.0_8.13.21

($271,750) ($1,039,799) ($1,556,564) ($1,599,243) ($1,643,102) ($1,688,174) ($1,734,493) ($1,782,092) ($1,831,009) ($1,881,280) ($1,932,942) ($1,487,470)

V11.0_8.13.21

Page 2

Rubin Brown_Exist vs Proposed_Denver_V11.0_8.13.21

CLICK HERE to see the full Comparative Analysis

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Rubin Brown_Exist vs Proposed_Denver_V11.0_8.13.21

33 RFP for Real Estate Services BURNS & MCDONNELL

INCENTIVES

34 RFP for Real Estate Services BURNS & MCDONNELL

OME

INCENTIVES

7. Describe any incentives that may be available and your firm’s ability to assist in the pursuit of incentives. Our goal is singular. Reduce your total real estate cost with the shortest, clearest path to financial success by implementing strategies for the development, expansion, consolidation or relocation of facilities. Your firm’s presence in a particular location has tremendous financial implications not only for your company but also for the local municipality and state. We create competition for that residency, unearthing financial opportunities through the procurement of local and state economic incentives. We identify, evaluate, and negotiate incentives such as cash grants, infrastructure improvements, tax reductions, and job training. We evaluate local labor and area amenities to ensure that your business can be properly scaled. Our experience lives within all industries and sectors, with clients ranging in size from Global 2000 firms to individual owners, occupiers and developers.

WHAT WE SEEK • Tax abatements, credits, and refunds • Recruitment and training assistance • Relocation expense reimbursement • Favorable utility rates • Taxable and tax exempt industrial revenue bonds • Infrastructure and fixed-asset grants • Transportation improvements • Low Interest loans • Forgivable debt • Expedited permitting and variances

HOW WE CAN HELP • Develop a comprehensive strategy based on each client’s individual tax and business assessment • Expertly engage local and state officials through our time-tested relationships • Create competition for your residency • File necessary reports and applications • Effectively compare multiple incentive offers against a wide range of quantitative and qualitative factors • Track real-time financial incentives awarded nationally for comparison • Negotiate to ensure all possible benefits are secured • Monitor terms for compliance

CLICK HERE to view our Business Incentives brochure

35 RFP for Real Estate Services BURNS & MCDONNELL

INCENTIVES PROCESS

PHASE 01 FEASIBILITY

PHASE 02 NEGOTIATION

Gather, assemble and review project information based on contacts within Burns & McDonnell’s tax and/or real estate function Benchmark what Colorado has done for other firms and comparable projects

Identify issues unique to Burns & McDonnell to maximizing credits and incentives Develop business case describing Burns & McDonnell, potential activity, competing scenarios and economic impacts of project Develop negotiation approach with Burns & McDonnell’s tax and/or real estate function

Burns & McDonnell decides whether or not to move forward

Burn McDo appro the fi negoti strate

Prepare analysis of potential incentives and eligibility criteria

Preliminary estimate of total incentive benefits

Arrange meetings and obtain incentives offers

36 RFP for Real Estate Services BURNS & MCDONNELL

OME

PHASE 04 INCENTIVE COMPLIANCE

PHASE 03 DOCUMENTATION

Schedule and attend follow-up meetings with state and local economic development (ED) officials Maintain contact with ED officials to maximize benefits and expedite responses Obtain formal final written Offer Letters from competing locations Review and revise Offer Letters and ensure appropriate performance measures

Follow-up with final approvals, board resolutions and contracts

Prepare master calendar and project management system

ns & onnell oves final iation tegy

Burns & McDonnell accepts Incentives Offer letter

Facilitate coordination among Burns & McDonnell’s departments for compliance (Tax, CRE, HR, Purchasing, Gov’t Affairs, etc.) Prepare reports, claim forms and documentation for ongoing receipt and monetization of credits and incentives

Prepare applications and documentation

Coordinate final approvals

37 RFP for Real Estate Services BURNS & MCDONNELL

INCENTIVES CASE STUDIES

Business Incentives Practice

GLOBAL HEADQUARTERS DALLAS, TEXAS

PROJECT OVERVIEW Jacobs Engineering and Cushman & Wakefield partnered to create a global headquarters strategy to optimize Jacobs’ financial performance and access to top talent and customers. C&W Brokerage Professionals, Strategic Consulting, Business Incentives and Investment Banking teams collaborated to support Jacobs’ headquarters location strategy development. After considering several U.S. markets, Jacobs decided to relocate its global headquarters from Pasadena, CA to Dallas, TX. Dallas was identified due to its strong talent pool, global accessibility and favorable operating costs.

CLIENT Jacobs Engineering JOBS CREATED 100 New Jobs

INVESTMENT $4 Million

SQUARE FOOTAGE 100,000SF

THE SOLUTION The Company was looking to attract a strong labor pool for its headquarters and a favorable cost structure. C&W assisted the Company in finding a solution to mitigate its high costs and negotiated an incentive package that provided financial benefits to the bottom line. • Strong Talent Pool • Accessibility • Favorable Cost • Incentives

RESULTS ACHIEVED C&W focused on identifying a headquarters location that provided favorable labor, real estate and operating costs. Additionally, C&W secured an incentive package both on a local level and from a state perspective • Secured an incentive package of $1.3 million. • Highest award on a per job basis. • Local benefits provided a property tax exemption.

cushmanwakefield.com

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