CordenPharma Proposal

A CUSTOMIZED STRATEGY TO DRIVE VALUE AND OPTIMIZE SPEED TO MARKET FOR CORDENPHARMA TAKING CARE EXPERTS

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EXECUTIVE SUMMARY

TEAM & EXPERIENCE

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STRATEGY OVERVIEW

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OPTIONS SUMMARY

APPENDIX

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LIFE SCIENCES PRACTICE GROUP

BIOS

TABLE OF CONTENTS

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EXECUTIVE SUMMARY

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EXECUTIVE SUMMARY

CordenPharma –

On behalf of Cushman & Wakefield’s Life Science Practice Group, we greatly appreciate the opportunity to present our services to represent CordenPharma on your real estate requirement in Colorado. As lead of our team, I’ve spent my entire career advocating on behalf of companies in all aspects of their real estate strategy and have a passion for negotiations. Furthermore, our team is unique in the fact that not only do we represent tenants only (never landlords), but take that a step further and have focused the majority of our business on the life science sector. We also try to help grow the life science ecosystem in Colorado through our involvement and sponsorship of the Colorado Bioscience Association. As it pertains to your requirement, we believe we are in the best position to drive superior results for the following reasons: Relevant Experience – We are fortunate to have the most experience and knowledge of negotiating with the three landlords that would likely present the most viable options: Biomed Realty, Beacon Capital, and Breakthrough Properties. We are in active negotiations with all of these landlords right now on behalf of clients like KBI Biopharma, Think Biosciences, Inscripta, Enveda Biosciences, and Infinome Biosciences. As you review the enclosed package, this should be apparent due to the detailed information regarding these landlords’ assets and our specific understanding of exactly where they are in the permitting timeline. Speed to Market – We are the only team that has experience negotiating a lease with Biomed and working with them on the build out timeline of a new lab. The Enveda Biosciences 60,000 square foot facility in Flatiron Park is the only lab lease signed and currently under construction with Biomed Realty since they purchased Flatiron Park in January 2022. We know exactly how long it will take to get the lab space built out and can apply short cuts based on our experience on the Enveda project. Additionally, the other key to successfully completing your facility will be assembling the right team of vendors (e.g., project manager/architect/contractor) and we are well versed with the players so we can assemble a team quickly. We would recommend getting a project manager engaged immediately to start assembling the team and we can provide this service at Cushman & Wakefield or advise on multiple third party PMs that we have worked with over the years. Engagement Guaranty – I listened to your concern as it relates to the cost of our engagement and that it would simply drive a higher rent for your lease. I respect and understand this perspective, but I know the value that we will bring to the process and have no doubt we’ll drive more value than our fee would be from the landlord. Since we have no history working together, I believe the best way to address this concern is by providing references that can speak to our value AND inserting a guaranty that we will improve on your terms in our engagement agreement. I’ve included our standard engagement agreement, but you’ll see I added a Value Guaranty section whereby I state that I will forgo any commission on this transaction if I don’t improve on the terms you have received from Biomed Realty. If there is anything that I have not addressed, please let me know! I’m hopeful I’ve demonstrated that our team is uniquely positioned with our extensive experience in Boulder and with life science companies to be selected for this assignment.

Steve Billigmeier Vice Chairman

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TEAM & EXPERIENCE

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TEAM & EXPERIENCE

The C&W platform provides our clients customized solutions regardless of the size and scope of the assignment. Furthermore, the Account Lead (Steve Billigmeier) will not simply hand-off assignments to the Account Team, but rather drive all services offerings to ensure they are aligned with the broader strategy. With the right people in the right roles, and consistent processes ready to be implemented, we can hit the ground running. Based on our current understanding of CordenPharma’s Boulder requirement, we propose the following Account Team.

SUPPORT

PROJECT ADVISORS

PROJECT MANAGER JASON D’ORLANDO

INCENTIVES JANE ORLIN

STEVE BILLIGMEIER VICE CHAIRMAN

ROB BAIN SENIOR DIRECTOR

FINANCIAL ANALYST OLAN YOUNG

CAPITAL MARKETS JOSH KING

SID DIXON DIRECTOR

FACILITY MANAGEMENT

CAPITAL MARKETS

INCENTIVES

CONSULTING

PROJECT MANAGEMENT

WORKPLACE STRATEGY

RESEARCH

MARKETING

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TEAM & EXPERIENCE

EXPERIENCE Our team has collectively negotiated the highest volume of Life Sciences transactions throughout the Boulder metro area. As evident by our client list below, we’re incredibly familiar with the local real estate landscape and as such, have developed a detailed understanding of each viable option, which we’ve expanded upon in the ‘Options Summary.’ Furthermore, our counterparts within C&W’s Life Sciences Practice Group represent multiple national clients, also included below, whereby we’re able to learn from their experience and apply their collective knowledge to our local transactions.

OUR TEAM TOURING THE BIODESIX LAB

SID DIXON STEVE BILLIGMEIER ROB BAIN

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ENVEDA BIOSCIENCES BOULDER HQ

TEAM & EXPERIENCE

CASE STUDY ENVEDA BIOSCIENCES BOULDER HQ SITUATION

SITUATIO Enveda B growing b is discove small mole Through b advancem and comp Enveda is integrated in the wor discovery. small, Eas laboratory with an ex term grow Series A r horizon, w move quic space in a existing lif for lease. would nee function as committed expansion overall Bo STRATEG At the time summer 2 estate ma beginning favor. Sev landlords developin were evalu major buil Boulder m closed on

Enveda Biosciences is a rapidly growing biotechnology company that is discovering the next generation of small molecule therapeutics. Through breakthrough advancements in machine learning and computational metabolomics, Enveda is building the largest integrated dataset of plant chemistry in the world, tailor-made for drug discovery. Enveda moved into their small, East Boulder office & laboratory headquarters in late 2020 with an expectation for rapid near-term growth. With a $51 million Series A round of financing on the horizon, we knew they needed to move quickly to get into laboratory space in a market that had no pre-existing life sciences space available for lease. We also knew that Enveda would need a quality landlord to function as a long-term partner, committed to Enveda’s fast paced expansion and the growth of the overall Boulder life sciences market. STRATEGY At the time of our first tour in summer 2021, the life sciences real estate market in Boulder was beginning to move in Enveda’s favor. Several large, institutional landlords focused on acquiring and developing life sciences assets, were evaluating the purchase of major building portfolios in the Boulder market. Beacon Capital closed on the 900,000 SF Pearl East Business Park in early 2021 and BioMed Realty, one of the largest life sciences landlord developers in the world, was seriously considering a purchase of the 1 million SF Flatiron Park portfolio in East Boulder. Crescent Real Estate was the existing owner of Flatiron Park, and they were intent on completing a substantial life sciences transaction in the Park to help improve their park’s value and solidify Flatiron Park as the premier biotech hub in Boulder. Our strategy was to leverage Beacon & Crescent’s desire for a high-growth biotech tenant to create a competitive negotiation environment and drive as much value to Enveda as possible. SUCCESS Thanks to the sophisticated and effective decision making of Enveda’s

CLIENT

LOCATION Boulder, Colorado

REAL ESTATE TYPE Office and Lab

SQUARE FOOTAGE 58,000 SF

SERVICES • Site Selection and Lease Negotiations

leadership team, we were ultimately able to finalize a 58,000 SF transaction at 5700 Flatiron Parkway, in the heart of Flatiron Park. The Tenant Improvement Allowance was the largest ever provided to a tenant in Boulder, and the annual rental rate was several dollars below the starting rate that BioMed Realty was advertising after they closed on the purchase of Flatiron Park. The new space will be comprised of both office and laboratory space and will function as Enveda’s brand new headquarters when construction is completed in February 2023.

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TEAM & EXPERIENCE

REFERENCES We are the only team that has successfully completed a life sciences transaction in Flatiron Park since BioMed began their due diligence process to purchase the asset. We are now in active negotiations with BioMed as well as ALL other life sciences landlords in Boulder County on behalf of our biotech clients. We have a better understanding of the market for lab space in Boulder than any tenant advisory team in Colorado. Any of the below contacts will attest to our knowledge of the market, the speed at which we work, and the great outcomes we deliver for our clients.

THINK BIOSCIENCE Matt Traylor Chief Scientific Officer mtraylor@thinkbioscience.com (415) 728-1239

ENVEDA BIOSCIENCES Viswa Colluru, Ph.D. Founder & CEO viswa@envedabio.com (415) 323-5252

COLORADO BIOSCIENCE ASSOCIATION Elyse Blazevich President & CEO eblazevich@cobioscience.com (303) 592-4089

KBI BIOPHARMA Mark Lutgen

Vice President, Engineering mlutgen@kbibiopharma.com (303) 479-9898 Eric Mundhenke Global Engineering emundhenke@kbibiopharma.com (303) 339-5613

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TEAM & EXPERIENCE

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PROJECT & DEVELOPMENT SERVICES

IFE & TECHNOLOGY ard-Winning Project Management Services Throughout the Asset Lifecycle ushman & Wakefield’s Project & Development ervices Life & Technology Sciences Practice Group rtners with our clients to achieve their real estate oals throughout the asset lifecycle. ur team consists of recognized leaders in the armaceutical, biotechnology and medical technology dustries with specialized backgrounds ranging from gineering, strategic planning, scheduling, estimating, nstruction and CQV methods. We use our deep pharma ogram knowledge to help our clients explore and plan for w capital investments, support and staff existing ograms, and leverage technology and data to drive eater efficiency. PROJECT & DEVELOPMENT SERVICES Cushman & Wakefield’s Project & Development Services Life & Technology Sciences Practice Group partners with our clients to a hieve their real estate goals throughout the asset lifecycle. Our team consists of recognized leaders in the pharmaceutical, biotechnology and medical technology industries with specialized backgrounds ranging from engineering, strategic planning, scheduling, estimating, construction and CQV methods. e use our deep pharma program knowledge to help our clients explore and plan for new capital investments, support and staff existing programs, and leverage technology and data to drive greater efficiency. E & TECHNOLOGY SCIENCES Specialization

POWER OF THE PLATFORM 25+ years of Life & Technology Sciences experience 2,792 experienced project management professionals 6,264 projects managed $15.0B value of projects managed

*Statistics represent a three-year average of transactions globally

Wakefield

2

SERVICES & SPECIALIZATION We are skilled in providing project and program delivery services for biotech, pharmaceutical and other related companies because our experts come directly from the Life Science industry. We act as your representative to drive and implement solutions tailored to your business needs. We provide quality and innovation b yond expectations.

SERVICES

killed in providing nd program delivery for biotech, eutical and other ompanies because rts come directly from Science industry. We ur representative to implement solutions o your business

Project & Program Management Procurement & Contract Management

Program Set up/Test Fits

Risk Management

Cost Estimating & Validation

Project Controls

SELECT AREAS OF LIFE SCIENCE SPECIALIZATION

Commissioning & Qual oversight & planning

Operation Readiness support

Pre-Program Set up

de quality vation beyond ons.

Tech Transfer Planning & Oversight

Cost and Schedule Benchmarking

3

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PROJECT & DEVELOPMENT SERVICES

SERVICES & SPECIALIZATION

PROJECT MANAGEMENT Set the right baseline to drive your business objectives to a deliverable that meets all quality and scope objectives on time and under budget.

DESIGN MANAGEMENT Drive the design process to meet your vision, schedule and budget.

RISK MANAGEMENT Understand risk and opportunity to drive better project decisions and anticipate road bumps along the way.

PROJECT CONTROLS Utilize data to drive decisions, hold accountabilities and mitigate risks on the horizon.

PROCUREMENT & CONTRACT MANAGEMENT Manage procurement and supply chain strategies that get the best results from the market.

MOVE MANAGEMENT Coordinate the logistics of moving building occupants and contents during renovations or new developments.

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STRATEGY OVERVIEW

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STRATEGY OVERVIEW

As alluded to in the ‘Executive Summary’, we’re uniquely positioned to achieve the best deal terms possible while ensuring an expeditious timeline. While timelines will certainly fluctuate building-to-building, our experience allows us to understand which landlords are best positioned to react quickly to guarantee a favorable outcome. The subsequent pages outline our recommended process whereby we initially define CordenPharma’s objectives internally before officially engaging the market to mitigate any future obstacles. This is a proven process we’ve implemented on behalf of countless clients that results in successful, timely transactions. Lastly, the timeline graphic provides a much more simplistic overview of the process that we’ll immediately implement in attempt to eliminate any unforeseen permitting & construction delays.

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PROCESS

STRATEGIC PLANNING PHASE

DEFINE OBJECTIVES

DEVELOP STRATEGIC PLANNING Clarify current and projected space requirements Market research 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

PRE-DESIGN

SITE SELECTION

Select team including architects, engineers, telecom consultant, & CM Preliminary programming Develop building test fit criteria

Establish short-and long-term business goals Determine preliminary location requirements Identify financial considerations Customize reporting process

Inspection tour of properties Preliminary financial analysis

Select final candidates

Operational/technical review of alternatives Assessment of building systems Analyze efficiencies and layouts Investigate building ownership Operational analysis Select most qualified properties

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PROCESS

IMPLEMENTATION PHASE

INITIATE SPACE NEGOTIATIONS Send RFP to candidate landlords Financial and operational analysis Determine government incentives Reduce alternatives Refine negotiating strategy Design, space planning, budget schedules Financial analysis of proposals

FINAL NEGOTIATIONS

DESIGN & CONSTRUCTION Final programming Schematic drawings Design development Contract documents Order long lead items Order technology equipment Order/build furniture Obtain landlord approvals Obtain building permits Construct premises Install systems and

PROVIDE ONGOING SERVICE Prepare lease abstract Monitor lease provisions Review yearly escalation provisions Assess general conditions

Draft final terms and conditions Develop construction documents Financial analysis of agreed terms Negotiate documents Execute lease or renewal documents

furniture Move-in

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TIMELINE

TIMELINE This illustrates a realistic timeline for identifying and building new lab space in Boulder. Our team will work quicker than anyone to expedite the due diligence & lease execution process, but the construction process creates the longest delay. Permitting in the city of Boulder along with supply chain issues for generators, HVAC rooftop units, switch gear, and other lab equipment continuously extend construction timelines. Our detailed understanding of the progress landlords have made to proactively expedite these timelines will be key to getting CordenPharma into space as quickly as possible.

STRATEGIC ASSESSMENT & MARKET TOURS

TERM SHEET NEGOTIATION & BUILDING DUE DILIGENCE

LEASE NEGOTIATIONS

2 MONTHS

2 MONTHS

2 MONTHS

DUE DILIGENCE & LEASE EXECUTION = 6 MONTHS

1.5 YEAR

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TIMELINE

DESIGN, PERMITTING & CONSTRUCTION

12-18 MONTHS

12-18 MONTHS

RS TOTAL

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OPTIONS SUMMARY

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OPTIONS SUMMARY

Enclosed are the top options for 30,000 – 40,000 SF of lab space in Boulder. We were able to pull this list together so quickly because of our experience representing life sciences tenants in Boulder. We have strong relationships with the asset managers for all life science landlords in Boulder because of that experience. We are constantly speaking to all the life sciences landlords in Boulder about their timelines to deliver new lab space. Construction timelines for these spaces are key because there is no existing lab product available for lease. It all must be built out new, and the timelines to do so are 16-18 months because of supply chain issues and equipment delays. Generators, switch gear, and rooftop HVAC units are the lead culprits, with 9 – 12-month lead times for delivery. These issues and delays often blindside tenants not represented by advisors that are entrenched in the market on a day-to-day basis. We save tenants 2-4 weeks on the front end of their search process because we know exactly what is going on with all the potential lab space in Boulder. Most advisors find out a tenant’s facility requirement and then spend 2-3 weeks making calls to figure what options each landlord has available and what their realistic delivery timeline looks like. We already have that information on hand because of how active we are in the market, which translates to our clients getting into new space sooner.

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OPTIONS SUMMARY

Building Name & Address

Property Type

Total Size & Stories

Total Availability

1

5710 - 35,461 SF (~17k SF Floors) 5720 - 41,115 SF (~20k SF Floors)

Flatiron Park 5710/5720 Flatiron Parkway Boulder, CO 80301

236,156 SF 2 Stories

Lab/Office

2

5505 Central Avenue Boulder, CO 80301

56,000 SF 2 Stories

56,000 SF (Entire Building)

Lab/Office

3

41,507 SF (Entire Building)

4780 Pearl East Circle Boulder, CO 80301

41,507 SF 3 Stories

1st Floor - 26,411 SF 2nd Floor - 8,386 SF 3rd Floor - 6,710 SF

Lab/Office

4

2865 Wilderness 26,152 SF (Will not divide) 2885 Wilderness 13,389 SF

Wilderness Labs 2865 & 2885 Wilderness Place Boulder, CO 80301

2865 Wilderness 26,152 SF 2885 Wilderness 25,758 SF

Lab/Office

5

1st Floor - 23,206 SF 2nd Floor - 16,045 SF

Boulder Labs 5330 Sterling Drive Boulder, CO 80301

Lab Ready Shell

39,251 SF 2 Stories

Total - 39,251 SF (Entire Building)

6

1st Floor - 81,723 SF (Batelle Expires 9/30/24)

1685 38th Street Boulder, CO 80301

103,126 SF 2 Stories

Lab/Office

2nd Floor - 18,646 SF (Vacant Today)

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OPTIONS SUMMARY

Asking Rate(s)

Notes

• Flatiron Park office building that BioMed is planning to convert for life sciences • Have started their design phase to convert to spec laboratory space • Can quickly pivot design plan to accommodate specific tenant needs • Experienced life science landlord • Brand new construction building underway off 55th Street • Will be a state of the art, purpose built lab facility • Planning to build spec but will modify to meet specific tenant needs • Waiting on a revised permit from the city of Boulder • Ready for occupancy in 18 months • Unique opportunity to control entire building as a single tenant • Former LogRhythm office building being converted to lab • Obtaining demo permit this month • Plan to do demo, initial studs, plumbing, electrical, and HVAC work before receiving full permit - helps shave 3-6 months from timeline. • 2 Building complex owned by Beacon, planning to convert both to spec lab/office • They should have permits to build spec lab in 2865 by Sept. 2022 - should be ready for occupancy by mid-2023 • No ability to change 2865 spec plan at this point - 50% lab, 50% office • Landlord will have demo permit for 2885 building by end of month • Completing work to HVAC, electrical, • 2885 building is likely Q1 2024 occupancy • Steelwave is close to going under contract to purchase this – will look to deliver “lab shell ready” space • Interior of the building has been demolished and is ready for tenant improvements • Neighboring buildings have been converted from office to lab shell ready space - this building has only been demoed, with exterior cosmetic renovations underway • BreakThrough Properties bought 38th Street portfolio of 4 buildings in early August • Plan to convert this to a life sciences campus • Have not submitted for any permits but they have their design team on board and have begun space plans for potential tenants. • Batelle has lease expiring in late 2024 but likely has plans to downsize and move out. May be able to get into project sooner pending landlord’s discussions with Batelle

$55.00/SF NNN $12 - $14/SF in Opex (Estimate)

$67.00 - $69.00/SF

$60.00/SF NNN $12 - $14/SF in Opex (Estimate)

$72.00 - $74.00/SF

$55.00 - $60.00/SF NNN $12 - $14/SF in Opex (Estimate)

$67.00 - $69.00/SF

$50.00 - $55.00/SF NNN $12 - $14/SF in Opex (Estimate)

$62.00 - $69.00/SF

$50.00 - $55.00/SF NNN $12 - $14/SF in Opex (Estimate)

$62.00 - $69.00/SF

$50.00 - $55.00/SF NNN $12 - $14/SF in Opex (Estimate)

$62.00 - $69.00/SF

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OPTIONS SUMMARY

OPTIONS MAP

1. Flatiron Park

5710/5720 Flatiron Parkway Boulder, CO 80301

2. 5505 Central Avenue Boulder, CO 80301 3. 4780 Pearl East Circle Boulder, CO 80301

4. Wilderness Labs

2865 & 2885 Wilderness Place Boulder, CO 80301

4

5. Boulder Labs

5330 Sterling Drive Boulder, CO 80301

6. 1685 38th Street

Boulder, CO 80301

3

6

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OPTIONS SUMMARY

5

1

2

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OPTIONS SUMMARY

FLATIRON PARK

Flatiron Park 5710/5720 Flatiron Parkway Boulder, CO 80301

BUILDING NAME & ADDRESS

LANDLORD

BioMed Realty

PROPERTY TYPE

Lab/Office

236,156 SF 2 Stories

TOTAL SIZE & STORIES

5710 Flatiron - 35,461 SF (~17k SF Floors) 5720 Flatiron - 41,115 SF (~20k SF Floors)

TOTAL AVAILABILITY

$55.00/SF NNN $12 - $14/SF in Opex (Estimate) $67.00 - $69.00/SF

ASKING RATE(S)

• Flatiron Park office building that BioMed is planning to convert for life sciences • Have started their design phase to convert to spec laboratory space • Can quickly pivot design plan to accommodate specific tenant needs • Experienced life science landlord

NOTES

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OPTIONS SUMMARY

FLATIRON PARK

5710 Flatiron - Floor 1

5710 Flatiron - Floor 2

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OPTIONS SUMMARY

FLATIRON PARK

5720 FLATIRON

5720 Flatiron - Floor 1

5720 Flatiron - Floor 2

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OPTIONS SUMMARY

FLATIRON PARK

5710 FLATIRON

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OPTIONS SUMMARY

FLATIRON PARK

5720 FLATIRON

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OPTIONS SUMMARY

FLATIRON PARK

Project Schedule Executive Schedule

5710 Flatiron Parkway 20-Jul-22 18-25K sqft *Assumes LOI Execution in July 2022, Lease Execution in August 2022

2022

2023

scope by

J J A S O N D J F M A M J J A S O N D

LOI execution Lease execution

Tenant Tenant

1

1 1

Test-fit, Concept Design & Concept Budget Tenant Approval of Design and Budget

BMR

Tenant

Permit Drawings, Permitting Preconstruction, Procurement

BMR BMR BMR

1 2 3 4 5 6

1 2 3 4 5 6 7 8 9

Construction Occupancy

1 2 3 4 5 6 7

1

*Above project schedule provided to a recent tenant. Estimated October 2023 occupancy based on a signed lease by August 2022.

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OPTIONS SUMMARY

5505 CENTRAL

5505 Central Avenue Boulder, CO 80301

BUILDING NAME & ADDRESS

LANDLORD

BioMed Realty

PROPERTY TYPE

Lab/Office

56,000 SF 2 Stories

TOTAL SIZE & STORIES

56,000 SF (Entire Building)

TOTAL AVAILABILITY

$60.00/SF NNN $12 - $14/SF in Opex (Estimate) $72.00 - $74.00/SF

ASKING RATE(S)

• Brand new construction building underway off 55th Street • Will be a state of the art, purpose built lab facility • Planning to build spec but will modify to meet specific tenant needs • Waiting on a revised permit from the city of Boulder • Ready for occupancy in 18 months

NOTES

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OPTIONS SUMMARY

5505 CENTRAL

Site Plan

2108 55TH STREET

55TH ST

5505 CENTRAL

5525 CENTRAL

5541 CENTRAL

M

CENTRAL AVE

1" = 30'-0" 1 LS - SITEPLAN FULL SITE Copy 1

FULL SITE PLAN - GENERAL

5505 CENTRAL AVE | CONCEPT | 2022.03.23

A0

Pg.

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OPTIONS SUMMARY 5505 CENTRAL

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OPTIONS SUMMARY 5505 CENTRAL

Project Schedule

Executive Summary Schedule 21 ‐ Aug ‐ 22 5505 Central, Flatiron Park

2022

2023

2024

A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

Landlord Delivery of Warm Shell

Permitting, Long ‐ lead Procurement Utilities, Demo, Make ‐ ready work Shell Construction, TI Early Access

5 6 7 8 9 10 11 12 13 14

1 2 3 4

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Tenant Fit ‐ out and Occupancy

TI Design, Permitting, Long ‐ lead Procurement

1 2 3 4 5 6 7 8 9 10 11 12 13 14

TI Construction, Occupancy

1 2 3 4 5 6 7 8

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OPTIONS SUMMARY 4780 PEARL EAST

4780 Pearl East Circle Boulder, CO 80301

BUILDING NAME & ADDRESS

LANDLORD

Beacon Capital

PROPERTY TYPE

Lab/Office

41,507 SF 3 Stories

TOTAL SIZE & STORIES

41,507 SF (Entire Building) 1st Floor - 26,411 SF | 2nd Floor - 8,386 SF | 3rd Floor - 6,710 SF

TOTAL AVAILABILITY

$55.00 - $60.00/SF NNN $12 - $14/SF in Opex (Estimate) $67.00 - $69.00/SF

ASKING RATE(S)

• Unique opportunity to control entire building as a single tenant • Former LogRhythm office building being converted to lab • Obtaining demo permit this month • Plan to do demo, initial studs, plumbing, electrical, and HVAC work before receiving full permit - helps shave 3-6 months from timeline.

NOTES

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OPTIONS SUMMARY 4780 PEARL EAST

For Lease Floor Plans

4 7 8 0 P E A R L E A S T C I R C L E B O U L D E R , C O L O R A D O

For Lease Floor Plans

1st Floor - 26,411 SF | 2nd Floor - 8,386 SF | 3rd Floor - 6,710 SF 4 7 8 0 P E A R L E A S T C I R C L E B O U L D E R , C O L O R A D O

For Lease Floor Plans

S U I T E 2 0 0 8 , 3 86 R S F

S U I T E 1 0 0 2 6 , 4 1 1 R S F

Terrace

Terrace

P R I V AT E B A L C O N Y

P R I V AT E B A L C O N Y

Terrace

S U I T E 3 0 0 6 , 7 1 0 R S F

P R I V AT E B A L C O N Y

S U I T E 3 0 0 6 , 7 1 0 R S F

SUITE OCCUPANT 200 LOGRHYTHM

USF

RSF

CLSF

LED

8,385.70

8,385.70

---

Suite 100 - Final Tenant Floor

Suite 300 - Final Tenant

SUITE OCCUPANT 200 LOGRHYTHM

USF

RSF

4780 Pearl East Circle Boulder, CO 80301

4780 Pearl East Circle Boulder, CO 80301

3-02

6,710.34

0.00

6,710.34

6,710.34

Report ID

8,385.70

8,385.70

WWW. CBRE .US /COLORADO

0.00 4780 Pearl East Circle Boulder, CO 80301

Floor

© Stevenson Systems Inc | 2021 | 478PE-R03

1-02

25,907.88

25,907.88

25,907.88

Report ID

USF - Total Usable Area LED - Lease Expiration Date

RSF - Target Rentable Area

CLSF - Current Leased Area

WWW. CBRE .US /COLORADO

Report ID

2021 | 478PE-R03

Suite 300 - Final Tenant

Floor

4780 Pearl East Circle Boulder, CO 80301

3-02

6,710.34

0.00

6,710.34

6,710.34

Report ID

WWW. CBRE .US /COLORADO

© Stevenson Systems Inc | 2021 | 478PE-R03

4780 Pearl East Circle Boulder, CO 80301

Floor

© Stevenson Systems Inc | 2021 | 478PE-R03

USF - Total Usable Area LED - Lease Expiration Date

RSF - Target Rentable Area

Report ID

© Stevenson Systems Inc | 2021 | 478PE-R03

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OPTIONS SUMMARY 4780 PEARL EAST

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OPTIONS SUMMARY 4780 PEARL EAST

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OPTIONS SUMMARY WILDERNESS LABS

Wilderness Labs 2865 & 2885 Wilderness Place Boulder, CO 80301

BUILDING NAME & ADDRESS

LANDLORD

Beacon Capital

PROPERTY TYPE

Lab/Office

TOTAL SIZE & STORIES

2865 Wilderness- 26,152 SF | 2885 Wilderness- 25,758 SF

2865 Wilderness - 26,152 SF (Will not divide) 2885 Wilderness - 13,389 SF

TOTAL AVAILABILITY

$50.00 - $55.00/SF NNN $12 - $14/SF in Opex (Estimate) $62.00 - $69.00/SF

ASKING RATE(S)

• 2 Building complex owned by Beacon, planning to convert both to spec lab/office • They should have permits to build spec lab in 2865 by Sept. 2022 - should be ready for occupancy by mid-2023 • No ability to change 2865 spec plan at this point - 50% lab, 50% office • Landlord will have demo permit for 2885 building by end of month • Completing work to HVAC, electrical, • 2885 building is likely Q1 2024 occupancy

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40 CORDENPHARMA Proposal for Real Estate Services

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OPTIONS SUMMARY WILDERNESS LABS

LAB AREA

(114) 6’ BENCHES 2 TISSUE CULTURE SUITES 6 LAB SUPPORT ROOMS

2865 Wilderness 26,152 SF (Will not divide)

2 CHEMISTRY SUPPORT ROOMS 1 AUTOCLAVE / GLASSWASH ROOM

90-DAY HOLD ROOM 1 LAB STORAGE ROOM

OFFICE AREA

42 OPEN DESKS 3 PHONE BOOTHS 2 CONFERENCE ROOMS 2 HUDDLE ROOMS 2 NEW RESTROOMS - 5 FIXTURES EACH 1 WELLNESS ROOM 2 UNISEX RESTROOM

AMENITY SPACES

OUTDOOR SPACE LOBBY KITCHENETTE & CAFÉ

LAB

26,152 SF

LAB SUPPORT

OFFICE

COLLABORATION

LOADING DOCK

BS

2865 & 2885 WILDERNESS PLACE

P.5

2885 Wilderness 13,389 SF

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OPTIONS SUMMARY WILDERNESS LABS

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OPTIONS SUMMARY WILDERNESS LABS

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OPTIONS SUMMARY BOULDER LABS

Boulder Labs 5330 Sterling Drive Boulder, CO 80301

BUILDING NAME & ADDRESS

LANDLORD

Ivy Realty

PROPERTY TYPE

Lab Ready Shell

39,251 SF 2 Stories

TOTAL SIZE & STORIES

1st Floor - 23,206 SF 2nd Floor - 16,045 SF Total - 39,251 SF (Entire Building) $50.00 - $55.00/SF NNN $12 - $14/SF in Opex (Estimate) $62.00 - $69.00/SF

TOTAL AVAILABILITY

ASKING RATE(S)

• Steelwave is close to going under contract to purchase this – will look to deliver “lab shell ready” space • Interior of the building has been demoed and is ready for tenant improvements • Neighboring buildings have been converted from office to lab shell ready space - this building has only been demoed, with exterior cosmetic renovations underway

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SIZE 39,251 SF RENT Negotiable EXPENSES $6.48/SF (2021) AVAILABLE Renovations started 4Q2020, Available for TI 2Q2021 5330 Sterling Drive

OPTIONS SUMMARY BOULDER LABS

SIZE 39,251 SF RENT Negotiable EXPENSES $6.48/SF (2021) AVAILABLE Renovations started 4Q2020, Available for TI 2Q2021 5330 Sterling Drive

1st Floor - 23,206 SF

ce dy an or is ce y Conversion for Life or Technical Office rive is a flex / R&D two-story office oing a full renovation to lab ready cience or technical office. This is an a company to occupy a portion of, or gs on the Boulder Labs campus. It is end of Sterling Drive with open space ws.

~15,163 SF CLEAR HEIGHT 10'-4"

~7,440 SF CLEAR HEIGHT 15'-9"

~15,163 SF CLEAR HEIGHT 10'-4"

~7,440 SF CLEAR HEIGHT 15'-9"

LEVEL 1

1/8" = 1'-0" 1 LEVEL 1

0'

4'

8'

16'

32'

TRUE NORTH

2nd Floor - 16,045 SF

ARCHITECTURE

STERLING PROPERTIES | 5330 STERLING DRIVE, BOULDER, CO | PERMIT SET | 05/05/20

LEVEL 1 FLOOR PLAN

LEVEL 1

Pg. A1.0

URBAN DESIGN

1/8" = 1'-0" 1 LEVEL 1

INTERIOR DESIGN

0'

4'

8'

16'

32'

ARCHITECTURE

STERLING PROPERTIES | 5330 STERLING DRIVE, BOULDER, CO | PERMIT SET | 05/05/20

LEVEL 1 FLOOR PLAN

URBAN DESIGN

INTERIOR DESIGN

S

grade 300 PSF

ROOF LEVEL

ROOF LEVEL

~14,816 SF CLEAR HEIGHT 9'-5" - B/ ACT GRID

~14,816 SF CLEAR HEIGHT 9'-5" - B/ ACT GRID

”

LEVEL 2

LEVEL 2 1/8" = 1'-0" 1 LEVEL 2

0'

4'

8'

16'

32'

TRUE NORTH

0'

4'

8'

16'

32'

TRUE NORTH

ARCHITECTURE

STERLING PROPERTIES | 5330 STERLING DRIVE, BOULDER, CO | PERMIT SET | 05/05/20

LEVEL 2 FLOOR PLAN

Pg. A1.1

URBAN DESIGN

INTERIOR DESIGN Proposal for Real Estate Services CORDENPHARMA 45

ARCHITECTURE

DRIVE, BOULDER, CO | PERMIT SET | 05/05/20

LEVEL 2 FLOOR PLAN

Pg. A1.1

URBAN DESIGN

INTERIOR DESIGN

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OPTIONS SUMMARY BOULDER LABS

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OPTIONS SUMMARY BOULDER LABS

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OPTIONS SUMMARY 1685 38TH STREET

1685 38th Street Boulder, CO 80301

BUILDING NAME & ADDRESS

LANDLORD

BreakThrough Properties

PROPERTY TYPE

Lab/Office

103,126 SF 2 Stories

TOTAL SIZE & STORIES

1st Floor - 81,723 SF (Batelle Expires 9/30/24) 2nd Floor - 18,646 SF (Vacant Today)

TOTAL AVAILABILITY

$50.00 - $55.00/SF NNN $12 - $14/SF in Opex (Estimate) $62.00 - $69.00/SF

ASKING RATE(S)

• BreakThrough Properties bought 38th Street portfolio of 4 buildings in early August • Plan to convert this to a life sciences campus • Have not submitted for any permits but they have their design team on board and have begun space plans for potential tenants. • Batelle has lease expiring in late 2024 but likely has plans to downsize and move out. May be able to get into project sooner pending landlord’s discussions with Batelle

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OPTIONS SUMMARY 1685 38TH STREET

1st Floor - 81,723 SF (Batelle Expires 9/30/24)

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OPTIONS SUMMARY 1685 38TH STREET

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OPTIONS SUMMARY 1685 38TH STREET

Project Schedule

E S T I M A T E D T I M E L I N E

Office Occupancy

2Q23

4Q23

3Q22

4Q22

1Q23

3Q23

Office Area Occupancy (as-is): 7/1/23

Programming: 9/15/22 – 10/15/22

Design/ Permit Docs: 10/15/22 – 12/15/22

First Day of Science

Permitting: 12/15/22 – 4/15/23

Construction and Commissioning: 4/15/23 – 10/31/23

New Lab Space Occupancy: 10/31/23

CONFIDENTIAL

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APPENDIX

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LIFE SCIENCES PRACTICE GROUP

IFE SCIENCES pporting Innovation with Focused Expertise

LIFE SCIENCES PRACTICE GROUP To support their fast-paced growth and highly specialized operations, Cushman & Wakefield partners with life sciences companies to attract and retain the brightest minds in science, while simultaneously preserving flexibility and thoughtfully managing efficiency and costs across their real estate portfolios. o support their fast-paced growth and ghly-specialized operations, Cushman & Wakefield partners with life sciences ompanies to attract and retain the brightest inds in science, while simultaneously reserving flexibility and thoughtfully anaging efficiency and costs across their eal estate portfolios. EXPERTS IN EVERY LIFE SCIENCES HUB • Atla ta • Austin • Baltimore • Boston

POWER OF THE PLATFORM 300+ Life Sciences Advisory Group professionals globally $1.2B Capital markets transaction value $4B leasing transaction value 6.5M square feet under management

• New Jersey • New York • Orlando • Philadelphia • Phoenix • Pittsburgh • Portland • Raleigh • Salt Lake City • San Diego • San Francisco • Seattle • South Carolina • St. Louis • Tampa • Toronto

LIFE SCIENCES Robust Network & Reach

• Charlotte • Chicago • Cincinnati • Dallas • D.C. Metro • Denver • Greensboro • Houston • Indianapolis • Irvine • Kansas City • Los Angeles • Montreal

*Statistics represent a three-year average of transactions globally

Wakefield

4

Cushman & Wakefield

7

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LIFE SCIENCES PRACTICE GROUP

THE CUSHMAN & WAKEFIELD EDGE

Top life sciences real estate experts in every major and emerging hub

Dedicated research team analyzing life science trends

Integrated global resources to service specialized needs

Technical and lab project management expertise

LIFE SCIENCE HUB MARKET EXPERTS

Cushman & Wakefield

22

BRIAN STARCK SAN DIEGO

BILL HARTMAN NEW YORK

DEB BOUCHER RALEIGH-DURHAM

MARC POPE SAN FRANCISCO

ROBERT RICHARDS BOSTON

PETER ROSAN MARYLAND

SHAWN STRAKA NEW JERSEY

JONATHAN METZL CHICAGO

SHANE FUNSTON PHILADELPHIA

SHAUN STILES SOUTHERN CAL

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LIFE SCIENCES PRACTICE GROUP

OPTION #2 – OCCUPIER CUSTOMIZE AS NEEDED

LIFE SCIENCES Occupier Real Estate Solutions

OUR REAL ESTATE SOLUTIONS

Location & Portfolio Strategy

Market, Demographic & Labor Analyses

Incentives Negotiation

DRIVING YOUR BUSINESS STRATEGY & FINANCIAL GOALS

INTEGRATED PLATFORM

Transaction Management

Facility Design & Project Management

Maintenance & Janitorial Solutions

INDUSTRY-LEADING THOUGHT LEADERSHIP 14 Cushman & Wakefield

2022 Q1

Sector Growth = Increased Demand for Lab Space

Correlation between Talent & Lab Space Life Sciences Inventory & Employment Pool, Select U.S. Markets

Growth in Life Sciences Markets Under Construction Space & Projected Growth in Labor Pool

Life Sciences Update North American Report

Lab Space: Current Inventory & Under Construction

Projected Growth in Labor Pool & Lab Inventory

50

Current Inventory Under Construction U/C as % of Inventory

16%

San Francisco Bay Area

45

SF Bay Area

50%

60

New York City

14%

40

50

40%

12%

Boston

35

Raleigh-Durham

40

10%

30

30%

San Diego

Seattle

30

Suburban MD

8%

Boston

25

MSF

20%

Suburban MD

20

San Diego

20

6%

Philadelphia

Talent is on the Rise

10%

New Jersey

10

15

Raleigh/Durham Life Sciences Inventory (MSF)

New Jersey

4%

Philadelphia

10

0%

0

Chicago Forecasted Labor Growth (2021-2025) 2%

Los Angeles

Denver

Markets with the Largest Talent Pool Life Sciences Total Employment and Labor Pool by Market (MSA), 2021 0 5 0

Seattle

Chicago

0%

New York City

0%

10%

20%

30%

40%

20

40

60

80

100

Under Construction as % of Current Inventory

Employment Pool (Thousands)

Life Sciences Job Growth Accelerated in 2021 Second Largest YoY Growth (+11.4%) in past 30 Years, Behind only 2018

Sacramento Indianapolis St. Louis

Source: Emsi, Cushman & Wakefield Research

Source: Cushman & Wakefield Research

Source: Esmi, Cushman & Wakefield Research

San Diego DC Metro Los Angeles Seattle Chicago Raleigh-Durham Houston Baltimore Minneapolis Dallas Portland, OR Salt Lake City Madison, WI Miami Pittsburgh Detroit Atlanta Denver

Employment: R&D in Biotechnology Industry

Employment Growth by Decade (Average Annual)

Funding Remains Strong

There is, of course, a correlation between the depth of the employment pool and the life sciences inventory in each market. Across these 12 markets, the average inventory-to-talent ratio is 462 sf. Several Western markets—as well as Raleigh-Durham—have higher ratios above 600 sf: San Francisco Bay Area, San Diego and Denver. Chicago is the only market with a ratio below 250 sf per potential worker. Boston has the largest labor pool and its inventory is scheduled to grow the most with over 9.6 msf of lab space currently under construction.

The 10 featured U.S. life sciences markets currently have 17.1 msf of lab space under construction. This represents 10.7% of current inventory. Currently, Boston (9.6 msf), San Francisco Bay Area (2.9 msf) and San Diego (2.3 msf) have the most construction in the pipeline. Although starting from a lower basis, double-digit increases in inventory are coming for New York City (26%), Chicago (14%) and Philadelphia (10%). New lab space is needed, especially in tight markets with sub-6% vacancy rates (e.g., San Diego, Philadelphia and Boston).

Total Employment (U.S.)

Life Sciences (U.S.)

300

7%

6.6%

275

267

6%

250

Life Sciences Investment by Region In 2021, the top markets for life sciences VC investment remained the same as the previous year: Boston, San Francisco Bay Area, San Diego and New York City—accounting for $41.3 billion in 2021. There were 29 completed deals for at least $250 billion, of which 20 were VC funding rounds and nine were IPOs. Three-fourths of those large deals occurred in just four markets: Boston (11), San Francisco (7), San Diego (3) and New York City (2).

5%

225

4%

200

Boston San Francisco Bay Area New York City-New Jersey Philadelphia

Thousands

175

3%

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LIFE SCIENCES Q1 2022

Life Sciences VC & Public Capital Invested by Region, 2021

0 10 20 30 40 50 60 70 80 90

150

2.0%

2%

Thousands

1.7%

Source: Emsi

125

1.0%

1%

$6.6B San Diego

$3.1B New York City

0.5%

100

$52.4B Total

0.0%

0%

The top 10 markets account for 45% of the U.S. life sciences talent pool (including current employment and labor pool). This percentage is up from 42% over the past five years, illustrating that job growth continues to be concentrated in these top markets. Labor pool growth in the top 10 markets is up 19% since 2016 and the next tier of markets (#11-20) have increased a similar amount over the past five years (+16%). After that, however, growth is anemic with all other markets accounting for just 3.3% growth since 2016. Major life sciences hubs will continue to be drivers of life science and lab real estate with employment and funding trends also boding well for real estate growth in emerging markets around the country.

1991-2001

2001-2011

2011-2021

Source: U.S. Bureau of Labor Statistics

Source: U.S. Bureau of Labor Statistics, Cushman & Wakefield Research

$1.4B Washington DC Metro

$18.0B Boston

Unlike the broader economy, life sciences employment did not falter during the pandemic. Instead, there was only one month of job losses (April 2020 declined by 0.1%) and year-end job growth was up 7.9% YoY in 2020 and 11.4% in 2021.

$2.1B Seattle

$0.8B Salt Lake City

$0.9B New Jersey

$0.2B Montreal

Sector Growth = Increased Demand for Lab Space

$0.7B Toronto

$1.5B Philadelphia

$0.7B Denver

$13.6B San Francisco Bay Area

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LIFE SCIENCES Q1 2022

$0.4B Vancouver

$0.8B Chicago

$1.1B Los Angeles

$0.5B Raleigh / Durham

Source: PitchBook

6 / CUSHMAN & WAKEFIELD

LIFE SCIENCES Q1 2022

Growth in the life sciences sector has directly translated into increased demand for lab space across major markets. Coupled with strong capital flows, life sciences companies have increased their footprint in most markets, driving up rents and increasing occupancies. This uptick has attracted more jobs and more talent to the sector as evidenced by the growth of employment. Investors are trying to keep up with this demand in 10 key U.S. markets with the current robust construction pipeline totaling 17.1 million square feet (msf).

9 / CUSHMAN & WAKEFIELD

LIFE SCIENCES Q1 2022

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Steve Billigmeier Executive Managing Director Tenant Advisory Group 1401 Lawrence Street, Suite 1100 | Denver, CO 80202 Direct +1 303 813 6413 | Mobile +1 303 919 0850 steve.billigmeier@cushwake.com | cushmanwakefield.com

Professional Expertise Mr. Billigmeier has negotiated some of the largest and most complex lease transactions on behalf of corporate occupiers over the past 20 years. He is a tenant representation specialist with an expertise in lease administration, disposition, acquisition, portfolio management and strategic advisory services. Mr. Billigmeier focuses on developing an in-depth understanding of his clients’ business objectives and then formulates and executes a real estate strategy that aligns with the organization’s mission. During his tenure, Mr. Billigmeier has served as a strategic partner managing real estate portfolios on global basis. As one of the top producing brokers at Cushman & Wakefield, Mr. Billigmeier has earned multiple awards including “Rookie of the Year,” “Deal of the Year,” “Top Producer Award,” and the “Service Excellence Award.” The Denver Business Journal consistently recognizes his team as one of the top producing teams in the market and he is consistently nominated by NAIOP as one of the top office leasing brokers in Colorado.

Notable Assignments • Pfizer – 150,000 RSF

• QEP Resources - 180,0000 RSF • Sierra Nevada Corporation - 400,000 RSF+ (Multiple Locations) • Questar - 180,000 RSF • Epsilon - 80,000 RSF • Medtronic Technologies - 110,000 RSF • Burns & McDonnell - 100,000 RSF • TSYS - 115,000 RSF

• Zimmer Biomet – 110,000 RSF • Horizon Discovery – 70,000 RSF • Enveda Biosciences – 60,000 RSF • Inscripta – 50,000 RSF • VF Corporation - 285,000 RSF • Boom Supersonic - 280,000 RSF • Computershare - 282,000 RSF • Vail Resorts - 165,000 RSF

Professional Affiliations • Colorado Bioscience Association • NAIOP and DMCAR • Downtown Denver Partnership’s Leadership Program • Cushman & Wakefield Tenant Advisory Group – Executive Board

Education • B.A. in Finance from Miami University (OH)

56 CORDENPHARMA Proposal for Real Estate Services