Leeds Equity Real Estate Report 4-18-19

Net Effective Rents - 590 Madison Avenue

Perspective:

Landlord

Landlord

Landlord

Landlord

Tenant Studley

Tenant

Tenant

Tenant

Broker: Tenant:

Studley

C&W

C&W

C&W

C&W

C&W

C&W

Crestview

Leeds Deal 1 12,856 RSF

Leeds Deal 2 14,678 RSF

Leeds Deal 3 14,678 RSF

Crestview

Leeds Deal 1 12,856 RSF

Leeds Deal 2 14,678 RSF

Leeds Deal 3 14,678 RSF

RSF:

25,499 RSF

25,499 RSF

Base Rent :

60 Mos 60 Mos 60 Mos

$139.00 $149.00 $159.00

60 Mos 60 Mos

$145.00 $155.00

60 Mos 60 Mos

$145.00 $155.00

60 Mos 60 Mos

$137.00 $147.00

60 Mos 60 Mos 60 Mos

$139.00 $149.00 $159.00

60 Mos 60 Mos

$145.00 $155.00

60 Mos 60 Mos

$145.00 $155.00

60 Mos 60 Mos

$137.00 $147.00

Tranche 1 Tranche 2 Tranche 3

Weighted Avg. Base Rent

180 Mos $149.00

120 Mos

$150.00

120 Mos

$150.00

120 Mos

$142.00

180 Mos $149.00

120 Mos

$150.00

120 Mos

$150.00

120 Mos

$142.00

LL Work Contribution: TT Capital Needed:

$160.00 ($320.00) ($160.00) 14.00 Mos $160.00

$50.00 ($51.65) ($1.65)

$56.20 ($60.50) ($4.30)

$61.65 ($60.50)

$160.00 ($320.00) ($160.00) 14.00 Mos $160.00 *

$50.00 ($51.65) ($1.65) 8.00 Mos $318.35 *

$56.20 ($60.50) ($4.30) 8.25 Mos $315.70 *

$61.65 ($60.50)

TT NET Capital:

$1.15

$1.15

8.00 Mos

8.25 Mos

10.00 Mos

10.00 Mos $321.15 *

Free Rent: TI Allowance

$50.00

$56.20

$61.65

*Implied value of $320/RSF for current Leeds space Effective Rent:

$112.81

$129.09

$127.83

$117.19

$112.81

$91.92

$91.88

$81.24