MSKCC_RFP_5-6-2020-6-55am_ML

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TABLE OF CONTENTS

Section I. Cushman & Wakefield’s Response to MSKCC’s Proposal

Appendix • MSKCC Properties Included in the Study • Description of Capital Markets Group • Description of Valuation and Advisory Group • Select Bios of Project Team Members • Select KPIs for Consideration • Map Alignment of Cushman & Wakefield and MSKCC • Cushman & Wakefield’s Fee Proposal

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Cushman & Wakefield’s Response to MSKCC’s Proposal

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SUBMISSION TO MEMORIAL SLOAN KETTERING CANCER CENTER FOR OWNED AND LEASED PROPERTIES

Scope:

1. Examine and forecast changing market conditions with respect to MSK’s markets of interest in New York City, Long Island, Westchester County, and New Jersey; including how these may impact MSK’s current assets. Cushman & Wakefield has incredibly deep market penetration in ALL of the markets where MSKCC has facilities. In the appendix to this submission, you will see the overlapping locations of our offices. While Cushman & Wakefield aligns well with MSKCC’s locations, we align even better in the service lines and market leading results in each of MSKCC’s markets. In short, we have the horsepower and the talent to do an exceptional job on this project for MSK- CC. Further, as some elements of our report will be predictive, our research department will play a pivotal role and is regarded as best in class nationally and within the Tri-State Region. 2. Provide the current and projected market value of MSK’s physical assets based on the list we provided to you, including property, improvements, and unused development rights (if any). Cushman & Wakefield’s Valuation & Advisory practice is regarded as the best in the United States. Its center of gravity is here in New York City, where we will be able to utilize Rob Nardella (Regional Manager and known well by MSKCC), John Feeney, John Katinos, Naoum Papagianpoulos, and Gerald Rasmussen to perform the highest quality appraisals on the owned assets. Gerald is universally acknowledged as the foremost expert in valuing clinical medical facilities. Ed Donnery and I will evaluate every lease within your portfolio, summarize it, and project it forward so that you and your team have up to date intel on the cost and value parameters of all of your real estate holdings. Ed is one of our co-heads of our Strategic Advisory Group. Ed and Jennifer Casey, field research and consulting, will support our analytics which in every instance will be customized for MSKCC. We will utilize market experts in marking each lease to market utilizing our comps database, our market intel of pending transactions, as well as our research department for the predictive elements that will be so important in getting this right. 3. Evaluate for each location, whether its asset-related costs are favorable with its market value. Our ability to perform this work is unparalleled as each member of our team will work together, HOWEVER, the appraisals of the owned properties will be done in a completely unbiased manner without regard to marking them to market. Our appraisals are always independent. We will draw market information in forming our valuations in consul- tation with our investment sales teams, lead by Doug Harmon and Adam Spies. They are regarded as best in class in New York City. For New Jersey, we will use Gary Gabriel (I am working with him on the Princeton University account and regard him as best in class in New Jersey). Gary’s experience and probing intellect are impressive, and he would be a natural fit for MSKCC. On Long Island, we will use David Pennetta. David is deeply entrenched in both the Nassau and Suffolk markets and has sold more buildings in Suffolk County than any other broker on Long Island. In Westchester, we will work closely with Maureen O’Boyle. She has deep healthcare experience in Westchester County and worked closely with me on the Columbia University Account. Maureen is reliable, accurate and smart! 4. Identify the replacement opportunity cost of each asset, and ease with which a replacement may be found in future. Some assets will be relatively easy to replace and some, owing to their size and unique nature as well as the overall size of their submarkets, will be more challenging. We can and will be able to depict that information for you in clear, straightforward prose citing examples where necessary. Based on some of the intricacies of construction costs, we will use our Project Management Team, lead by Richard Jantz and Christina Fish, making certain that we get the capital costs right! 5. Create a baseline financial model of status quo projected asset-related expenses, including tax projections where applicable. Ed Donnery and his team will create highly customized, simple lease cost analyses for MSKCC. Ed and his team have a proven ability for client specific customization which will be essential as we work through all elements of scenario planning. Further, whenever MSKCC transacts a sale leaseback for less than 30 years in New York City or for any term in NJ, Westchester or LI, the owned properties necessarily go back onto the tax roles. Ed and his team will research and iterate, when necessary, the likely tax implications of every property within the MSKCC constellation of assets.

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SUBMISSION TO MEMORIAL SLOAN KETTERING CANCER CENTER FOR OWNED AND LEASED PROPERTIES

6. Develop multiple proforma scenarios of the financial implications for levering various dispositions and/or acquisi- tions. Ed and his team live and breathe this sort of work! Getting this right, however, requires all of the disciplines we are bringing together in order to fully service MSKCC. 7. Proforma the sale versus leasing of any owned targets for disposition. This will be done in consultation with the investment sales professionals mentioned above. We have a robust not-for- profit practice (including Cornell, Columbia, NYLAG, National Audubon) and are very fluent in creating these models which focus on interest rate sensitivities, growth rates and terminal cap rates. 8. Formulate KPIs, and benchmark against other leading companies/institutions. These will be provided and formulated by Lorie Damon. Lorie is Cushman & Wakefield’s Healthcare Practice Group lead. Lorie brings New York State and National expertise in developing relevant KPIs for many of the firm’s clients, both in healthcare (the majority of which are for-profit healthcare institutions) and for corporate clients (blue-chip). In our experience, many large healthcare providers value certain KPIs more than others. Space utilization, revenue per square foot, and operating costs per square foot are only a few KPIs that your peers track. We currently track up to 60 healthcare related KPIs and would work with MSKCC to determine which are most suitable and practical to mine data so that that data can be used effectively by MSKCC. Our goal will be to create KPIs for MSKCC to mea- sure itself against its peers as well as other leading institutions within New York City and nationally. 1. Comment on CW’s expertise for the noted scope and geographies, separately for both clinical and office uses. Our deep experience in each market is for BOTH clinical and office. We have sold and leased more healthcare properties than any other firm in the region. Accordingly, we are skilled at using all of our service lines together to benefit our healthcare clients. Further, our clinical experience in appraisal, lead by Gerald Rasmussen, is the finest in the real estate industry as we’ve noted that many of our competitors do not understand the highly nuanced nature of valuing a clinical healthcare asset 2. Note what access CW has to benchmark KPIs – including examples of who and where located. In our appendix, we listed some KPIs that may be relevant for MSKCC that we use for other healthcare systems (the majority of which are for-profit healthcare institutions), as well as blue-chip corporations. Note, however, that we have the ability (and proven track record) to craft and customize KPIs for MSKCC that are specific to MSKCC’s most important metrics. Those could include access to power, parking, value (appraised and market), patient access, physician access, compliance with laws, cost of deferred maintenance, in addition to the items on our list. Together, we would select the relevant and best monitored ones for MSKCC. We track KPIs for many major healthcare sys- tems and envision customizing KPIs for MSKCC based on asset value, asset utility, and asset cost basis. We can break down the KPIs to be compared both “vs. NYC/etc” and “vs. nationally”, however, we are not certain on the quality of the KPIs for the NYC institutions. For this work, we would work closely with Lorie. 3. Proposal should indicate that per the terms of a separate NDA, all MSK data will be highly confidential, and not be kept or used by CW for any other purpose (even if aggregated and/or anonymized). ALL MSKCC data shall be kept confidential and only be used for the purpose of generating this report and executive presentation. 4. Any engagement on the above scope shall not imply exclusivity, nor future engagement for other services related to this study and any of its output (including, but not limited to, workplace strategy, brokerage, etc.) UNDERSTOOD AND AGREED. 5. Pricing. Please see in our Appendix our proposed pricing model for this work. Also note that Cushman & Wakefield is honored to partner with MSKCC and is open to any other pricing model that may work best for MSKCC. Qualifications:

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APPENDIX • MSKCC Properties Included in the Study • Description of Capital Markets Group • Description of Valuation and Advisory Group • Select Bios of Project Team Members • Select KPIs for Consideration • Map Alignment of Cushman & Wakefield and MSKCC • Cushman & Wakefield’s Fee Proposal

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MSKCC PROPERTIES INCLUDED IN THE STUDY

DESCRIPTION

STREET ADDRESS

CITY

STATE INTEREST LOCATION(S)

REGIONALS AND LYNDHURST DATA CENTER 1 Lyndhurst Data Center

1050 Wall Street

Lyndhurst

NJ Leased

4th & 5th Floors

2 MSK Basking Ridge

136 Mountain View Blvd. 225 Summit Avenue 650 Commack Road 800 Veterans Highway

Basking Ridge NJ Owned

Entire Entire Entire Entire Entire Entire

3 MSK Bergen

Montvale New York New York

NJ Owned NY Owned NY Leased NJ Owned NY Owned NY Owned

4 MSK Commack 5 MSK Hauppauge 6 MSK Monmouth

2nd Floor

480 Red Hill Road

Middletown

7 MSK Nassau

1101 Hempstead Turnpike Uniondale

8 MSK Westchester

500 Westchester Avenue

New York

NYC CLINICAL AND FORMER VIVARIUM 9 64th Street Outpatient Center

205 East 64th Street

New York

NY Leased

Basement, Ground, 2nd & 4th Floors

10 Bendheim Integrative Medicine Center

1429 1st Avenue

New York New York New York New York New York New York New York

NY Leased NY Leased NY Leased NY Leased NY Owned NY Owned NY Leased

Entire

11 Brooklyn Infusion Center

557 Atlantic Avenue

Ground Floor

12 Counseling Center

641 Lexington Avenue 222 East 70th Street 300 East 66th Street 39-40 Crescent Street

7th Floor

13 Employee Health Services

Floors B2, B1, G, & 2nd

14 Evelyn H. Lauder Breast & Imaging Center

Entire Entire

15 Long Island City Property

16 MSK 60th Street

16 East 60th Street

Basement, Ground, 3rd & 4th Floors

17 Ralph Lauren Center for Cancer Care & Prevention 1919 Madison Avenue

New York

NY Leased

Basement and Ground Floors

18 Rockefeller Outpatient Pavilion

866 3rd Avenue

New York

NY Owned

Basement, Ground, and 2nd-11th Floors

19 Sillerman Center for Rehabilitation

515 Madison Avenue

New York

NY Leased

4th & 5thFloors

NYC OFFICE (INCLUDING COMMERCIAL SPACE IN LE SOLEIL AND EVAN'S VIEW) 20 1114 First Avenue 1114 1st Avenue

New York New York New York New York New York New York New York New York New York New York New York New York New York New York

NY Leased NY Leased NY Leased NY Leased NY Leased NY Leased NY Leased NY Owned NY Leased NY Leased NY Leased NY Owned NY Owned NY Leased

Ground - 8th Floors

21 307 East 63rd Street 22 321 East 61st Street 23 323 East 61st Street 24 485 Lexington Avenue

307 East 63rd Street 321 East 61st Street 323 East 61st Street 485 Lexington Avenue

Basement - 3rd Floors

Entire Entire

2nd Floor

25 600 Third Avenue 26 633 Third Avenue 27 633 Third Avenue

600 Third Avenue 633 Third Avenue

8th & 16th Floors

6th Floor

633 3rd Avenue

Basement - 5th, 11th, 15th, and 28th Floors

28 633 Third Avenue 29 885 Second Avenue

633 Third Avenue

12th Floor

885 Second Avenue

6th - 10thFloors

30 Chrysler Building

405 Lexington Avenue 302 East 61st Street 402 East 64th Street 460 East 63rd Street

3rd Floor

31 Evan's View

Basement - 2nd Floors

32 Le Soleil

Ground Floor Ground Floor

33 Sutton Terrace

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CAPITAL

Cushman & Wakefield’s platform capabilities reflect our recent investments to place the best teams in the industry in key markets across the globe, to provide services that not only meet your real estate goals and objectives but strategically position you for what’s next in the industry. Our extensive experience completing diverse and complex transactions is a testament to our platform and ability to meet the needs of our clients through a variety of services, including: INVESTMENT SALES We provide consistent execution and advice to our clients through an increasingly coordinated effort within and across regions. Our professionals are experts at executing single asset sales and complex portfolio transactions, and our strong local market expertise gives us a competitive edge. BUY-SIDE AND SELL-SIDE ADVISORY We assist our clients in evolving their investment strategy including the development of joint ventures with local operators. Using a research driven approach, and providing access to the Investor Services platform, we generate cross-selling opportunities and recurring revenue. EQUITY, DEBT & STRUCTURED FINANCE Our full-spectrum financial services platform provides international clients with customized and integrated capital solutions for all asset classes. A deep understanding of the capital stack allows us to structure optimal strategies and negotiate the best terms for each transaction. Through long- standing relationships and industry expertise, we provide comprehensive advice and execution services to meet our clients’ needs. CORPORATE CAPITAL MARKETS Cushman & Wakefield provides corporate occupiers and owners with real estate solutions created and executed to yield optimum results by arbitraging corporate credit and real estate market underwriting. Our customized advisory services and financing solutions provide our clients with key advantages to meet their objectives. LOAN SALE ADVISORY Our multi-disciplinary loan and portfolio sale advisory practice represents lenders, institutional investors, special servicers, and government agencies in the sale of portfolios of mortgages and real estate assets. We deliver sales and advisory solutions through access to Cushman & Wakefield’s industry leading experts – integrating sales, leasing, and finance professionals from our offices across the globe. Our transaction experience covers a broad spectrum from single credits and property sales to portfolios of loans that allow us to drive competition and provide desired execution strategies for our clients.

The Cushman & Wakefield Edge Custom Approach— Cushman & Wakefield designs alternative transaction structures to maximize specific objectives, evaluating and comparing options per each client’s unique profile. Con dently Global, Expertly Local— We partner with internal brokerage, valuation, and corporate services professionals to ensure comprehensive knowledge of market conditions and the delivery of best-in-class services. Our Global Capital Desk comprised of a syndicate of professionals in New York, London, Singapore and Hong Kong, coordinates investment offerings with global investor capital requirements. Vast Network of Investor Contacts— Our experts cultivate and maintain relationships with more than 1,500 local and global capital sources to create leverage for clients, encourage competitive bidding, and drive transaction values. Experienced Resources— Clients benefit from professionals with cross- industry backgrounds in corporate real estate, corporate finance, accounting, taxation, ownership, development, and strategic planning, among others. Client-Bene cial Combination— We provide traditional investment banking services within the envelope of one of the largest real estate organizations in the world.

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Copyright © 2018 Cushman & Wakefield. All rights reserved. Publication Date 12.2018

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VALUATION & ADVISORY SENIOR HOUSING/

The Senior Housing/Healthcare Practice Group provides expertise in all facets of senior housing and healthcare real estate. The group is distinguished by its combination of industry experience, local market insight, national coverage and responsive service. Our staff of professional appraisers has extensive senior housing and healthcare experience and is strategically located in major markets across the globe. Combined, our team has completed in excess of 8,000 healthcare related valuation assignments over the past three years. Moreover, we have the ability to draw upon the diverse disciplines available from other Cushman & Wakefield core services. Proactive collaboration enables our group to remain current on issues affecting commercial real estate value such as the pending changes in lease accounting standards, changes in the debt markets and “real time” marketing activity involving office assets throughout the United States. THE CUSHMAN & WAKEFIELD ADVANTAGE The goal of the Senior Housing/Healthcare Practice Group is to understand our clients’ business needs, personnel objectives and real estate circumstances in order to provide best in class service. Our talented professionals utilize an integrated technical appraisal service line platform to maximize communication with clients and to produce logical and supported analyses on complex assignments. The group combines superior local knowledge with access to a national and international network of data and market participants, which results in identification of emerging trends critical to the valuation process. Our unique combination of research and proprietary technology assists with interpreting market intelligence required to provide excellent service and communication to clients. Our members provide market presentations, expert witness testimony and are invited to engagements as guest speakers. The team attends seminars and conferences and are considered industry thought leaders. The group promotes an exchange of intelligence among all Valuation & Advisory’s practice groups to discuss best practices, case studies and enhancement of quality control.

Our Services • Appraisal review • Financial reporting • Highest and best use studies • Litigation support • Market & feasibility studies • Operation reviews • Portfolio consulting and advisory • Portfolio valuation • Age-restricted apartments • Alzheimer’s care/dementia • Assisted living • Behavioral care facilities • Congregate care • Continuing care retirement • Communities (for & not for profit) • Hospice • Hospitals – Critical Access (CAH) – Long-Term Acute Care/Rehab (LTACH) – Short-term acute care • Independent living – Apartments – Condominiums – Cottages • Medical Office Buildings (MOB) • Rest homes • Skilled nursing • Surgical centers, including ambulatory • Surgery centers (ASC) • Property tax consulting • Real property valuation Property Types • Adult daycare

GERALD V. RASMUSSEN, MAI, FRICS Executive Managing Director, Practice Leader Valuation & Advisory +1 203 326 5884 gerald.rasmussen@cushwake.com

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SELECT BIOS OF PROJECT TEAM MEMBERS

Mark S. Weiss Executive Vice Chairman, Brokerage

John A. Katinos, MAI Executive Director, Valuation & Advisory

Edward F. Donnery Executive Managing Director, Strategic Advisory Group

Lorie Damon Managing Director, Healthcare Advisory Group

Robert S. Nardella, MAI, MRICS Executive Managing Director, Valuation & Advisory

Gary Gabriel Vice Chairman, Capital Markets

Gerald V. Rasmussen, MAI, FRICS Executive Managing Director, Valuation & Advisory

David Pennetta Executive Director, Capital Markets

Naoum M. Papagianopoulos, MAI Executive Director, Valuation & Advisory

Maureen O’Boyle Managing Director, Capital Markets

John T. Feeney Executive Director, Valuation & Advisory

Jennifer Casey Senior Associate, Brokerage

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MARK WEISS

Mark S. Weiss Executive Vice Chairman, Brokerage 1290 Avenue of the Americas, New York, NY 10104 Direct +1 212 841 7871 mark.weiss@cushwake.com | cushmanwakefield.com

Professional Expertise Mark S. Weiss joined Cushman & Wakefield, Inc. as an Executive Vice Chairman and member of the firm’s Global Adviso- ry Board in January 2016, and having established himself as a leading commercial broker/advisor/tactician within the real estate industry. His range of experience and expertise includes successfully completing some of City’s most noteworthy and complex transactions in leasing, sales and development. With 34 years of experience in commercial real estate, Mr. Weiss has completed more than 1,800 transactions compris- ing a broad range of sizes, scope and innovation. Prior to joining Cushman & Wakefield, Mark worked at The Edward S. Gordon Company, Studley, and most recently Newmark Knight Frank. Mark is also an acclaimed published author, having written an acclaimed book on the impact of breast cancer on the spouse of a breast cancer patient. Select Clients Served and Noteworthy Transactions • Cornell University, Columbia University, Princeton University, Hunter College, Memorial Sloan-Kettering Cancer Center, The Spence School, The Windward School, Doctors Without Borders, Hospital for Special Surgery, New York Society for the Prevention of Cruelty to Children, Catholic Charities, Children’s Aid Society, New York Proton Center – part- nership between Mt. Sinai Hospital, ProHealth, MSKCC, and Montefiore Hospital – 190,000 SF (Largest commercial transaction executed in Harlem) • The Blackstone Group, Owl Rock Capital, Clarins, AppNexus, Leeds Equity, Medical Liability Mutual Insurance Compa- ny, Hospitals Insurance Corporation • Cleary Gottlieb, Hogan Lovells, Osler, Fitzpatrick Cella Harper & Scinto, Fross Zelnick, Kasowitz Benson, Hughes Hub- bard & Reed, Mintz Levin, Jackson Lewis, Fox Rothschild, Ropes & Gray • SEIU 32-BJ, Local 79, New York Legal Assistance Group

Professional Affiliations • Board of Directors of The New York Society for the Prevention of Cruelty to Children • Hunter College President’s Business Advisory Board • Board of Directors of The Achilles Track Club (Achilles International)

Professional Recognition • REBNY’s New York’s “Most Ingenious Deal of the Year” award for 2005, 2010, 2015 and 2017. Second most wins in the history of The Real Estate Board of New York (founded in 1896) • Long Island’s “Most Ingenious Deal of the Year” award for 2006, 2015 • New Jersey’s “Most Ingenious Deal of the Year” award for 2015 Education • Graduate of the David Rockefeller Fellows Class of 2005 and Syracuse University, SI Newhouse School of Public Com- munications Class of 1984

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EDWARD F. DONNERY

Edward F. Donnery Executive Managing Director, Strategic Advisory Group 1290 Avenue of the Americas, New York, NY 10104 Direct +1 212 841 7690 ed.donnery@cushwake.com | cushmanwakefield.com

Professional Expertise Edward F. Donnery is Executive Managing Director of the Strategic Advisory Group. His team applies a strategic ap- proach to recommend cost effective occupancy solutions to a wide range of clients. In order to design the right real estate platform, the group seeks to understand clients’ core business drivers, and operational strategies that will impact real estate. The group achieves stakeholder consensus by applying a series of diagnostic tools to promote a transpar- ent recommendation. Ed focuses on scenario development of viable alternatives, complex financial modelling and the accounting implications of real estate transactions. Major Transactions • Moody’s (900,000 sf), Bank of America (360,000 sf), Natixis (185,000 sf), Federal Reserve Bank of New York (625,000 sf), Nomura (900,000 sf), Lazard (420,000 sf), BNP Paribas (350,000 sf), Mellon Investor Services (450,000 sf), Dreyfus Corporations (400,000 sf), Farmers Insurance (500,000 sf), Mastercard (204,000 sf), FINRA (300,000 sf) • VF Sportswear (120,000 sf), Madison Square Garden (150,000 sf), Weil Cornell (200,0000 sf), Bingham McCutchen (450,000 sf), BASF (320,000 sf), NYC Health & Hospitals (240,000 sf), 1199 SEIU (180,000 sf)

Licenses • FINRA-registered securities representative (Series 7, 63) • New York State licensed real estate broker

Education • Masters of Real Estate Investment and Analysis, New York University • Bachelor of Business Administration (Economics), Pace University

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ROBERT S. NARDELLA

Robert S. Nardella, MAI, MRICS Executive Managing Director, Valuation & Advisory 1290 Avenue of the Americas, New York, NY 10104 Direct +1 212 841 5048 robert.nardella@cushwake.com | cushmanwakefield.com

Professional Expertise Robert S. Nardella is an Executive Managing Director of Cushman & Wakefield, Inc., working within the Valuation & Advisory Group (V&A). Mr. Nardella joined Cushman & Wakefield, Inc. in February 1987 while still attending college. He graduated from Pace University’s Lubin School of Business, Class of 1987, with a Bachelor of Business Administration in Finance, and earned a Masters in Real Estate from New York University in 1997. In March of 1993, Mr. Nardella was named Associate Director of Cushman & Wakefield, Inc. He was further promoted to Director in December 1994 and to Senior Director in September 2006. Mr. Nardella has received the Excellence in Qual- ity Service Award for the Valuation & Advisory division in the New York region, and was named Quality Control Man- ager for the New York region in 2004. Other appointments include National Account Manager of several key Cushman & Wakefield relationships, as well as service on the Career Development Committee. In January 2007, Mr. Nardella was appointed Operations Manager of the New York office within Valuation & Advisory, and was named Managing Director in June 2008. In April 2011, Mr. Nardella was named Executive Managing Director and Regional Manager for the New York, Connecticut and New Jersey V&A operations. Since joining Cushman & Wakefield, Inc., Mr. Nardella has performed appraisal, feasibility and consulting assignments involving vacant land, developable air rights, office buildings, proposed and existing regional malls, shopping centers, industrial and residential complexes, condominiums, and investment properties throughout 25 states.

Memberships and Professional Affiliations • Designated Member, Appraisal Institute (MAI #21276). As of the current date, Robert Nardella, MAI has completed the

requirements of the continuing education program of the Appraisal Institute • Member, Royal Institution of Chartered Surveyors (MRICS Designation) • Member, Board of Directors for the NY Metropolitan Chapter of the Appraisal Institute

Licenses • Certified General Real Estate Appraiser in the following states:

» Connecticut – RCG.0001502 » New Jersey – 42RG00230800 » New York – 46000004620

Education • Masters in Real Estate, New York University • Bachelor of Science, Pace University

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GERALD V. RASMUSSEN

Gerald V. Rasmussen, MAI, FRICS Executive Managing Director, Valuation & Advisory Practice Group Leader | Senior Housing/Healthcare 107 Elm Street, 4 Stamford Plaza, Stamford, CT 06902 Direct +1 203 326 5884 gerald.rasmussen@cushwake.com | cushmanwakefield.com

Professional Expertise Mr. Rasmussen joined Cushman & Wakefield of Connecticut, Inc. in November of 2001. He is the National Practice Leader for the Valuation & Advisory Senior Housing/Healthcare Industry group. As Practice Group Leader, he oversees a team of 35 professional appraisers, all of whom have extensive senior housing and healthcare experience. Combined, the group has completed in excess of 7,500 healthcare related valuation assignments. Prior to joining Cushman & Wakefield in 2001, Mr. Rasmussen worked for BA Appraisals, Inc. in New York City where he was a Senior Appraiser from January 1985 until 1986. In August of 1986, he began working for Moran & Associates, Inc. in Stamford, CT until November 2001 when he joined Cushman & Wakefield’s Valuation & Advisory. Mr. Rasmussen has been a member of the Connecticut Real Estate Appraisal Commission since April, 1996. He has been involved with and written decisions that have impacted not only the laws of Connecticut, but have impacted the apprais- al industry on a national basis. He has been a member and an officer of the Connecticut Chapter of the Appraisal Institute serving as its President in 2000. He received the prestigious Louise Lee and Y.T. Lum Award from the Appraisal Institute’s Education Trust Fund as the Honoree of the Year in 2001. He has been recognized numerous times by the Connecticut Chapter of the Appraisal institute for his contributions to the Real Estate Appraisal community. Mr. Rasmussen has been a Board Member and officer including serving as President of the Connecticut Real Estate Edu- cation Foundation. This group funds various programs and studies that have impacted the appraisal community and the industry. Memberships, Licenses, Professional Affiliations and Education • Designated Member, Appraisal Institute (MAI 8203). As of the current date, Gerald V. Rasmussen, MAI has completed the requirements of the continuing education program of the Appraisal Institute. • Fellow, Royal Institution of Chartered Surveyors (FRICS) • Commissioner, State of Connecticut Real Estate Appraisal Commission • Bachelor of Science in Business Administration, Long Island University, Cum Laude • Certified General Real Estate Appraiser in 50 states Other Awards and Achievements • Fair market rent reset between these two companies of 179 Skilled Nursing and Long Term Acuity Hospitals (LTAC) located in 35 states. • A multi-year tax appeal of a high-end Continuing Care Retirement Community. • Portfolios: He has been involved with a significant number of the largest portfolios occurring in the marketplace in the past year. These include portfolios of Skilled Nursing, Assisted Living and dementia facilities. • Mr. Rasmussen has also been involved with the revaluation of all commercial properties in Stamford, Connecticut, Wallingford, Connecticut and Glen Cove, New York for tax assessment purposes. • His experience has included a significant amount of court testimony, having been qualified as an expert witness in the U.S. Federal Bankruptcy, New York State Supreme, Connecticut Superior and Connecticut Housing Courts.

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NAOUM PAPAGIANOPOULOS

Naoum M. Papagianopoulos, MAI Executive Director, Valuation & Advisory

Co-Leader New York Commercial Property Group 1290 Avenue of the Americas, New York, NY 10104 Direct +1 212 841 7694 michael.papagianopoulos@cushwake.com | cushmanwakefield.com

Professional Expertise Naoum M. Papagianopoulos is an appraiser and real estate analyst with the Valuation & Advisory Group of Cushman & Wakefield, Inc. He joined Cushman & Wakefield’s Valuation & Advisory Group in March of 2005. Prior to joining the Valu- ation & Advisory Group, Mr. Papagianopoulos was Cushman & Wakefield’s financial analyst for budgeting and planning. Appraisal assignments have included office buildings, retail properties, hospital and medical office space, mixed-use properties, industrial properties, residential condominium and apartment properties, air rights, vacant land, portfolios, feasibility studies and market studies. Primary concentration is centered on existing and proposed office and retail use properties in New York City. Memberships, Licenses, Professional Affiliations and Education • Designated Member, Appraisal Institute (MAI #461442). As of the current date, Naoum Papagianopoulos, MAI has completed the requirements of the continuing education program of the Appraisal Institute. • Certified General Real Estate Appraiser in the following state: » New York – 46000048506

• Master of Business Administration, Zicklin School of Business, Baruch College • Bachelor of Arts in Business Administration, American College of Thessalonica

New York City Office Property Experience Extensive experience in the analysis and valuation of New York City office properties. The primary market area of con- centration is Manhattan where over 300 office buildings were appraised within the last five years. Notable office building assignments include the following:

• 9 West 57th Street • Chrysler Center • Rockefeller Center • Hudson Yards

• 667 Madison Avenue • Empire State Building • Brookfield Place

• General Motors Building • 375 Park Avenue • MetLife Building • World Trade Center

New York City Retail Property Experience Extensive experience in the analysis and valuation of New York City retail properties; including free standing retail buildings, retail condominium units and retail co-operative units. The primary market area of concentration is Manhattan where over 150 retail properties were appraised within the last five years. Notable retail assignments include the following:

• 666 Fifth Avenue • Olympic Tower Retail

• 699 Fifth Avenue (St. Regis Hotel) • 717 Fifth Avenue • 1552 Broadway • 1535 Broadway

• 529 Broadway • 720 Fifth Avenue • 1551 Broadway • 2 Times Square

• 724 Fifth Avenue • 1540 Broadway

Special Purpose Property Experience Diversified experience in the preparation of appraisals and market studies of, as well as consultation for, industry-specific real estate including hospitals and medical centers: Hospital for Special Surgery, Manhattan Eye, Ear and Throat Hospi- tal, New York Presbyterian Hospital, St. Luke’s Hospital

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JOHN T. FEENEY

John T. Feeney Executive Director, Valuation & Advisory Practice Group Leader | Multifamily 1290 Avenue of the Americas, New York, NY 10104 Direct +1 212 841 7868 john.feeney@cushwake.com | cushmanwakefield.com

Professional Expertise Mr. Feeney entered the real estate business in 1985 with Cushman & Wakefield, Inc. Since that time, Mr. Feeney was pro- moted to Associate Director in October 1993 by the Executive Board of Cushman & Wakefield, Inc. He was subsequently promoted to Director in July 1996, to Senior Director in 2006 and to his current title of Executive Director in 2010. Since 1997, Mr. Feeney has headed the multifamily valuation team for New York’s Valuation & Advisory group. During this time, Mr. Feeney has prepared appraisals and consulted on thousands of multifamily assets including premier developments such as One57 West 57th Street, 220 Central Park South, 15 Central Park West, the Residences at the Time Warner Cen- ter and One Beacon Court. Appraisal and consultation services have been provided to Con Edison on its transaction for sites along First Avenue, proposed to be developed with over 5,000,000 square feet of mixed use buildings; advised Pfizer Corporation on its strategic disposition plan for their original headquarters facility in Brooklyn and HYIC on the ini- tial demand study for the 2005 re-zoning which led to Manhattan’s transformative Hudson Yards special zoning district. Mr. Feeney’s team was responsible for the appraisal of the first downtown residential buildings to be granted Liberty Bond Financing. Assignments have included properties in each borough of New York City, and include cooperatives, ex- isting and proposed condominium developments, proposed and existing rental developments, 80/20 mixed use develop- ments, Section 8 and Section 236 housing developments, Mitchell Lama developments, development sites, air rights, Low Income Housing Tax Credits, Inclusionary Housing and benefits related to sub-market financing. Mr. Feeney is qualified as an expert witness in U.S. Bankruptcy Court, Southern and Eastern Districts of New York, and in the Supreme Court of the State of New York, County of New York, County of Queens and County of Nassau.

Membership and Professional Affiliation • Practicing Affiliate, Appraisal Institute

Licenses • Certified General Real Estate Appraiser in the following state: » New York – 46000028659

Education • Bachelor of Science, Manhattan College

Speaker Engagements • Columbia Society of Real Estate, Keynote Speaker, “Metropolis of the Future” • HAWK University of Applied Sciences, Keynote Speaker, “Hudson Yards” • Columbia University’s School of Business Real Estate Club, Guest Speaker • Appraisal Institute Metropolitan District Chapter Number 4, Guest Speaker • The Real Estate Board of New York, Guest Speaker • New York University’s Masters in Real Estate Program, Guest Speaker

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JOHN A. KATINOS

John A. Katinos, MAI Executive Director, Valuation & Advisory Co-Leader New York Commercial Group 1290 Avenue of the Americas, New York, NY 10104 Direct +1 212 841 5061 john.katinos@cushwake.com | cushmanwakefield.com

Professional Expertise John A. Katinos is an Executive Director with Cushman & Wakefield, Inc. Valuation & Advisory. He joined Cushman & Wakefield, Inc. in August, 1989. Appraisal and consulting assignments have included office buildings, retail centers, regional malls, vacant land, transfer- able development rights (TDRs), historic and preservation easements, cooperative, condominium and rental apartment buildings, feasibility and market studies, industrial properties, residential subdivisions and existing and proposed invest- ment properties throughout the United States. Served as an arbitrator for numerous real estate maters including ground rent redetermination, office and retail space rent renewal determinations. Memberships and Professional Affiliations • Designated Member, Appraisal Institute (MAI #12185). As of the current date, John Katinos, MAI has completed the requirements of the continuing education program of the Appraisal Institute. • Appraisal Institute » President, Metropolitan NY Chapter 2016 » Member, Board of Directors, Metropolitan NY Chapter 2008-2016

License • Certified General Real Estate Appraiser in the following state: » New York – 46000028780 Education • Master of Science in Real Estate, New York University • Bachelor of Science in Business Administration, Drexel University

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LORIE DAMON

Lorie Damon Managing Director, Healthcare Advisory Group 7700 Forsyth Boulevard, Suite 1210 | St. Louis, MO 63105 Direct +1 314 813 9526 lorie.damon@cushwake.com | cushmanwakefield.com

Professional Expertise Lorie Damon leads Cushman & Wakefield’s Healthcare Advisory Group, working with team members and clients across the country to promote Cushman & Wakefield’s leadership and best practices in healthcare real estate leasing, manage- ment, and transactions across the continuum of healthcare assets. Lorie has 16 years of experience in healthcare real estate. She served as Vice President, Healthcare Finance with Ray- mond James, where she advised healthcare systems regarding their real estate strategies, including acquisition, dispo- sition and monetization; developer selection; joint venture formation; and strategic alignment of real estate assets with their clinical goals and directions. She also served as Vice President of Education and Research for BOMA International, leading the organization’s efforts to provide best-in-class professional development and research to the commercial real estate industry. Among her key accomplishments was establishing BOMA’s position as a thought leader in healthcare real estate, creating a forum to address emerging trends and best practices. She transformed BOMA’s annual Medical Office Buildings and Healthcare Facilities Conference into the industry’s premiere event, drawing more than 700 healthcare executives, real estate own- ers, developers, managers, investors, lenders, and advisors in 2012.

Healthcare-Specific Experience

• Alegent Healthcare • Alexian Brothers Hospital Network

• Crozer Keystone • Healthcare Corporation of America • Indiana University Health • Intermountain Healthcare • LifePoint Hospitals • MedStar Healthcare • Memorial Hermann Healthcare

• Mercy Health Partners • Novant Health • Ocshner Health • St. Vincent Health • Trinity Health • Universal Health • Virginia Hospital Center

• Aurora Healthcare • Baylor Health Care • Bon Secours Health System • Carolinas HealthCare • Cleveland Clinic

Professional Affiliations Urban Land Institute Health Care and Life Science Council

Community Leadership • Community School – Volunteer • Trinity Presbyterian Church – Member Education • Ph.D., Purdue University • B.A., Hood College, magna cum laude

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GARY GABRIEL

Gary Gabriel Vice Chairman, Capital Markets One Meadowlands Plaza, East Rutherford, NJ 07073 Direct +1 201 460 3352 gary.gabriel@cushwake.com | cushmanwakefield.com

Professional Expertise Gary Gabriel is a Vice Chairman in the Investment Sales & Capital Markets Group and serves as Co-Chair of C&W’s Na- tional Industrial Advisory Board. Mr. Gabriel is one of three original partners leading NJ’s #1 Investment Sales team. With over 25 years of experience, Mr. Gabriel has completed $29 Billion of Investment Sales in excess of 260 Million SF. Since 1997, Mr. Gabriel has ranked within the Top 10 Capital Markets Brokers and the Top 100 Brokers at Cushman & Wakefield Overall.

Prior to Cushman & Wakefield, Mr. Gabriel was an Officer at Mid-Atlantic Bank, and Officer at Broadway Bank & Trust Co, and an Associate at Edward S. Gordon.

Major Transactions • $57M Sale of Lincoln Industrial Park – 2.2 MSF Industrial Development Site in Piscataway, NJ • $39M Sale of Veronica Avenue Development – 1 MSF Industrial Development Site in Franklin Township, NJ

Clients Served • Ivy Realty, Barings, TA Realty, Nuveen

Memberships and Professional Affiliations • Member | ULI, ICSC • Board Chair | GWU Center of Real Estate & Urban Analysis • Board Member | MSBF Corp.

Education • BBA Finance | George Washington University • NYU Graduate Courses

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DAVID PENNETTA

David Pennetta Executive Director, Capital Markets 175 Broadhollow Road, Melville, NY 11725 Direct +1 631 425 1240 david.pennetta@cushwake.com | cushmanwakefield.com

Professional Expertise David Pennetta is Executive Director in the Long Island office of Cushman & Wakefield. Mr. Pennetta is responsible for overall business operations, including the implementation of the company’s key business initiatives, leadership and stra- tegic direction of the Long Island office, client relationship management, business development, recruitment and devel- opment of brokers and staff, as well as ensuring delivery of the full array of Cushman & Wakefield’s creative and innova- tive services to the company’s clients. He also serves in a brokerage capacity with an emphasis on tenant and landlord representation. He has over twenty-five successful years of experience in commercial real estate brokerage. His activities include bro- kerage in both sales and leasing of office, industrial and medical properties. He possesses extensive expertise in tenant representation with additional expertise in investment property sales, property management, development, and landlord representation. Formerly a Microelectronics Engineer, Mr. Pennetta is well versed and proficient in the latest technologies and is per- sonally proficient in Argus, ProCalc, MS Office, MS Project, Peracon, RCM and continues to be extremely computer and technology literate.

Memberships and Professional Affiliations • CIBS Strategic Officer - Chairman of Advisory Board • SIOR Member • Huntington Planning Board - Board Member • YMCA of Long Island - Board Member

License and Award • Licensed Real Estate Broker • Costar Group Power Broker

Education • Bachelor of Science Degree, majored in Real Estate, New York University • Alpha Sigma Lambda Honor Society

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MAUREEN O’BOYLE

Maureen O’Boyle Managing Director, Capital Markets 107 Elm Street, 4 Stamford Plaza, Stamford, CT 06902 Direct +1 203 326 5810 maureen.oboyle@cushwake.com | cushmanwakefield.com

Professional Expertise Maureen O’Boyle serves as a managing director of the Leasing Services Group of the Stamford, Connecticut office of Cushman & Wakefield. She has 25 years of real estate experience, specializing in out-patient clinical leasing and corpo- rate relocations within the Westchester and Fairfield County markets. Medical / Non-Profit Clients Western Connecticut Health Network (WCHN), comprising Norwalk, Danbury and New Milford Hospitals, ColumbiaDoc- tors, Hospital for Special Surgery, Memorial Sloan Kettering, New York-Presbyterian, Mannkind Corporation For Profit Clients Akzo Nobel, Arch Chemical, Cablevision, Skadden, Arps, Slate, Meagher & Flom LLP, Cerussi & Spring, CIGNA Real Estate Investors, Deutsche Bank, General Electric, General Foods/Kraft, General Reinsurance Company, IBM, ICL-IP Amer- ica, MasterCard, Merck, Mitsubishi Imaging, Muehlstein, New York Life Insurance Co., PepsiCo, The Pepsi Bottling Group, Pfizer Inc., Prudential Life Insurance Company, Quorum Federal Credit Union, Reader’s Digest, Reckson Associates Realty Corp., Regeneron Pharmaceuticals, Valero Energy Corporation, Verizon Membership and Professional Affiliation Board member of Optimus Foundation, Inc., which is a public charity established to raise funds to support the healthcare programs of Optimus Health Care, a federally qualified health center in southwestern Connecticut. Optimus Health Care has nearly 50,000 patients and operates in six school-based health centers and 17 community health sites in Bridgeport, Stamford and Stratford, Connecticut.

Major Transactions • Kraft Foods in the sale of 333 Westchester Avenue • Pepsi Bottling Group in the sale of One Pepsi Way • Responsible for transactions totalling over $1 billion in aggregate leasehold and sale value

Education Bachelor of Arts, Vassar College

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JENNIFER CASEY

Jennifer Casey Senior Associate, Brokerage 1290 Avenue of the Americas, New York, NY 10104 Direct: +1 212 841 7949 jennifer.casey@cushwake.com | cushmanwakefield.com

Professional Expertise Jennifer Casey joined Cushman & Wakefield in July 2015 and serves as a Senior Associate within the Brokerage Services Group. Jennifer specializes in tenant representation services and is focused on developing forward-thinking real estate strategies that align with her client’s business objectives and drive value for their future. During her time at Cushman & Wakefield, Jennifer has overseen numerous lease renewals, relocations, expansions and space dispositions for clients including The Foreign Policy Association, NY Hockey Holdings, Global X Funds, and Jeffrey Beers International. Notable recent deals include representing the Consulate General of the State of Qatar in a 7,800-sf transaction, relocating their NYC Consulate in the Plaza District. Jennifer was also on the landlord agency team for 580 Fifth Avenue, an office building in the heart of Midtown Manhattan. Jennifer received a B.A. in Business Economics from Brown University where she was a four-year member of the Wom- en’s Varsity Soccer team. Jennifer also received an M.S. in Real Estate - Finance and Investment from NYU Schack Insti- tute of Real Estate.

Memberships and Professional Affiliations • Member, Cornell Club of New York City • Co-Head of Continuing Education, Cushman & Wakefield’s Future Leaders (CWFL) Education • Master of Science, New York University, Real Estate Finance and Investment • Bachelor of Arts, Brown University, Business Economics

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SELECT KPIs FOR CONSIDERATION

KPI’S

CUPANCY

OCCUPANCY

TRANSACTIONS COMPLETED

WORK ORDERS – NUMBER/TYPE ORK ORDERS – NUMBER/TYPE

TRANSACTION TIME CYCLE

WORK ORDER COMPLETION ORK ORDER COMPLETION

ENERGY USAGE TRACKING

PROJECT COMPLETION PREVE TATIVE MAINTENANCE TASKS/ MPLETION PREVENTATIVE MAINTENANCE TASKS/ COMPLETION

A/R/DELINQUENCIES COST PER SQUARE FOOT VERSUS APPRAIS D VALUE SAVINGS ACHIEVED

PEX VS. BUDGET

OPEX VS. BUDGET

STAFF TRAINING

PEX VS. MARKET

STAFF TURNOVER

OPEX VS. MARKET

TRANSACTIONS COMPLETED TRANSACTIONS COMPLETED

TRANSACTION TIME CYCLE TRANSACTION TIME CYCLE

ENERGY USAGE TRACKING E ERGY US GE TRACKING

OJECT COMPLETION

PROJECT COMPLETION

VINGS ACHIEVED

SAVINGS ACHIEVED

AFF TRAINING

STAFF TRAINING

AFF TURNOVER

STAFF TURNOVER

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TRI-STATE OFFICE LOCATIONS

Airmont

Nanuet

I 0

Darien

2.25

4.5

9

§¨¦ 15

Tarrytown

Miles

§¨¦ 684

§¨¦ 987

Pearl River

Ramsey

Stamford

Riverside

Park Ridge

Wanaque

Greenwich

White Plains

Rye Brook

§¨¦ 287

§¨¦ 982

Dobbs Ferry

Franklin Lakes

Lake Mohawk

Waldwick

Scarsdale

Port Chester

Hillsdale

Kinnelon

§¨¦ 87

Pompton Lakes

§¨¦ 987

Westwood

Rye

Ridgewood

Closter

Harrison

Glen Rock

North Haledon

Mamaroneck

Paramus

Cresskill

Dumont

Fair Lawn

StonyBrook

Haledon

Yonkers

River Edge

Hopatcong

Tenafly

Lincoln Park

§¨¦ 97

FortSalonga

White Meadow Lake

Paterson

New Rochelle Mount Vernon

Totowa

Elmwood Park

Maywood

Boonton

Kings Park

Englewood

Eastchester

Saint James

Woodland Park

Lodi

Dover

Garfield

§¨¦ 19

Greenlawn

Bogota

Huntington

§¨¦ 80

Glen Cove

Nesconset

Leonia

Succasunna

Huntington Station

Clifton

Passaic

Elwood

Little Ferry

The Bronx

Commack

FortLee

Hauppauge

§¨¦ 695

§¨¦ 895

Ridgefield

Syosset

Woodbury

South Huntington

Port Washington

Edgewater

Brookdale

Rutherford

Islandia

Fairview

Dix Hills

§¨¦ 280

§¨¦ 495

Manhasset

Jericho

Melville

Brentwood

Secaucus

Morristown

North Arlington

Florham Park

Manhattan

Plainview

Bohemia

§¨¦ 295

Deer Park

Hicksville

§¨¦ 135

Kearny

East Orange

§¨¦ 25

Wyandanch

Westbury

Madison

Mineola

Queens

Bethpage

Salisbury

Harrison

Hoboken

East Islip

§¨¦ 1

Garden City

Islip

Chatham

Farmingdale

Newark

Bay Shore

Levittown

West Babylon

Jersey City

Floral Park

Plainedge

Summit

West Islip

Hempstead

§¨¦ 678

Elmont

North Amityville

Babylon

North Wantagh

§¨¦ 478

North Merrick

New Providence

Copiague

North Valley Stream

§¨¦ 81

E 81St St

Roosevelt

Malverne

Bayonne

Merrick

Valley Stream

79Th St

Roselle

Elizabeth

78Th S t

E

Baldwin

Lynbrook

Westfield

§¨¦ 78

Brooklyn

Oceanside

§¨¦ 95

E 75Th St

Woodmere

§¨¦ 909

Plainfield

Inwood

73Rd St

Linden

§¨¦ 278

East Rd

§¨¦ 907

Rahway

Martinsville

Long Beach

Avenel

Staten Island

YorkAve

Iselin

South Plainfield

Carteret

Somerville

Middlesex

CentralPark

E 65Th St

ParkAve Madison Ave

Woodbridge

§¨¦ 440

Metuchen

3RdAve

Manville

61St St

Fords

59Th St

Perth Amboy

57Th St

§¨¦ 9

E 56Th St

Somerset

Highland Park

5Th Ave

New Brunswick

South Amboy

53Rd St

7Th Ave

Sayreville

2Nd Ave

49Th St

South River

1St A ve

Franklin Park

Keansburg

§¨¦ 700

Lexington Ave

Kendall Park

Matawan

Old Bridge

§¨¦ 444

Madison Ave

42Nd St

Spotswood

MSKCC LOCATION CUSHMAN & WAKEFIELD

8Th Ave

7Th Ave

AveOfThe Americas E 37Th St

38Th St

Red Bank

Robertsville

DATA IS FROM SOURCESDEEMED RELIABLE BUTMAY BE SUBJECTTO ERRORS,OMISSIONS,ORMODIFICATIONS.THE INFORMATIONHEREIN ISPROVIDEDWITHOUTREPRESENTATIONORWARRANTY.

5 OFFICES IN MANHATTAN & THE BOROUGHS 238 BROKERAGE / SALES PROFESSIONALS

12 OFFICES IN THE TRI-STATE 1,100 PROFESSIONALS

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