Market Survey Palm Beach / West Palm Beach

MARKET OPTIONS

SURVEY

Palm Beach County

December 9, 2020

Prepared By: John Criddle

Executive Director T +1 954 377 0465 john.criddle@cushwake.com Joe Freitas Director T +1 954 377 0462 joe.freitas@cushwake.com

225 Ne Mizner Blvd Suite 300 Boca Raton, FL 33432

SURVEY ORDER

1

Esplanade

150 Worth Avenue

2

255 S County

255 S County Rd

3

218 Royal Palm

218 Royal Palm Way

4 Royal Poinciana Plaza

340-350 Royal Poinciana Way

5

440 Royal Palm

440 Royal Palm Way

6

Phillips Point (West & East Tower) 777 S Flagler Dr

7

Esperanté Corporate Center

222 Lakeview Ave

8

CityPlace Office Tower

525 Okeechobee Blvd

9

360 Rosemary

360 Rosemary Ave

ESPLANADE 150 WORTH AVE

PROPERTY INFORMATION Building Type : Class A

1

Year Built: 1979 Renovated 2001 Rentable Building Area: 95,000 SF Stories: 2 Submarket: Palm Beach Ownership: O’Connor Capital Partners Percent Leased: 82.7%

SPACE OVERVIEW Quoted Rental Rate: 2020 Opex: Total:

$70.00 Gross

$70.00 Gross

SPACE AVAILABLE Suite 234

±5,200 SF (Shell condition)

NOTES •

Luxury retail building with office space on 2nd floor

• • • •

Parking garage attached to the building

Unparalleled location one block from the ocean

High ceilings

On-site management and day porters

ESPLANADE 150 WORTH AVE

Suite 234 ±5,200 SF

255 S. COUNTY 255 S. COUNTY RD

PROPERTY INFORMATION Building Type : Class A

2

Year Built: 1927 renovated 2019- 2020 Rentable Building Area: 60,000 SF Stories: 3 Submarket: Palm Beach Ownership: Wells Fargo & Company Percent Leased: 87.6%

SPACE OVERVIEW Quoted Rental Rate: 2020 Opex: Total:

$45.00 $18.00 + electric $63.00 + electric

SPACE AVAILABLE 2nd Floor

2nd - 2,320 - 5,150 SF (space needs to be built out)

NOTES •

Excellent frontage on S. County Road

• Abundant parking that is rivaled by no other building in the submarket, 283 surface spaces (no covered parking) • Newly restored and renovated spaces

TENANTS

• •

Wells Fargo Bank Evelyn & Arthur

255 S. COUNTY 255 S. COUNTY ROAD

2nd - 2,320 - 5,150 SF

Tenant moving out next fall.

Available

218 ROYAL PALM 218 ROYAL PALM WAY

PROPERTY INFORMATION Building Type : Class A

3

Year Built: 1920 Renovated 2020 Rentable Building Area: 12,265 SF Stories: 2 Submarket: Palm Beach Ownership: Madava Financial Services Percent Leased: 53%

SPACE OVERVIEW Quoted Rental Rate: 2020 Opex: Total:

$60.00 Gross

$60.00 Gross

SPACE AVAILABLE 2nd Floor

5,724 SF (space needs to be built out and can be divided)

NOTES

• Located on “Banker’s Row”and just a few blocks from world renowned Worth Ave shops • Amenities within walking distance • One block from the ocean • Easy access to I-95 • Common area has been fully renovated

TENANTS •

University of Miami occupies 1st floor

218 ROYAL PALM 218 ROYAL PALM WAY

2nd Floor - 5,724 SF

THE ROYAL 340 - 350 ROYAL POINCIANA WAY

PROPERTY INFORMATION Building Type : Class A Year Built: 1957 Renovated Rentable Building Area: 180,224 SF Stories: 2 Submarket: Palm Beach Ownership: W/S Development Percent Leased: 92.6%

4

SPACE OVERVIEW Quoted Rental Rate: 2020 Opex: Total:

$65.00 Gross

$65.00 Gross

SPACE AVAILABLE

2nd Floor

±3,562 SF

NOTES •

Luxury lifestyle center with office space on 2nd floor

•

Complimentary Valet Parking

• One of a kind office space with the best amenities an dining options in Palm Beach • Unparalleled location one block from the ocean in the heart of the Island • Super luxury brands in mixed use lifestyle center • On-site management

TENANTS •

Douglas Eliman Edward Jones

•

THE ROYAL 340 - 350 ROYAL POINCIANA WAY

2nd Floor ±3,562 F

440 ROYAL PALM 440 ROYAL PALM WAY

PROPERTY INFORMATION Building Type : Class A Year Built: 1986 Rentable Building Area: 50,889 SF Stories: 3 Submarket: Palm Beach Ownership: Armata Holdings Parking Ratio: 3.00 Per 1,000

5

SPACE OVERVIEW Quoted Rental Rate: 2020 Opex: Total: SPACE AVAILABLE 3rd Floor

$50.00 PSF $18.50 $68.50

4,697 SF 5,909 SF

3rd Floor

NOTES

• Building was recently purchased and is undergoing a full renovation • All new landscaping and common areas to be renovated • Class A Building in the Town of Palm Beach • Underground parking providing secure and discrete access to suites • Ownership willing to manage and pay for full Class A, turn-key build-outs • Space has views of Royal Palm Way

TENANTS •

Brightstar Capital Partners

•

Charles H. Schwab

• • • •

Sifel, Nicolaus & Co Suntrust Mortgage Desco Investments

Redbird Capital

440 ROYAL PALM 440 ROYAL PALM WAY

3rd Floor - 4,697 SF (Green) 3rd Floor - 5,909 SF (Purple)

PHILLIPS POINT (EAST & WEST) 777 S FLAGLER DR

PROPERTY INFORMATION Building Type : Class A Year Built: 1985 Renovated Rentable Building Area: 300,000 SF Stories: 20 Submarket: West Palm Beach Ownership: AEWCapital Management under contract with Steven Ross of Related Percent Leased: 96.9%

6

SPACE OVERVIEW

Direct

Sublease

$53.00 NNN $24.25 $77.25

Quoted Rental Rate: 2020 Opex: Total:

$43.00 NNN

with $65.00 - $75.00 work letter

SPACE AVAILABLE 12th Floor (West Tower)

2,935 SF

11th & 12th Floor (East Tower)

±7,000 - 20,476 SF ( sublease)

Full Floor sublease opportunity. Sub-landlord will divide for ±7,000 SF for the full term of the sublease. Space is in shell condition.

NOTES • Class A office development located in the heart of downtown West Palm Beach, Florida. • Sublease space is currently leased by Affiliated Managers Group (AMG) • The entire floor is in shell condition and needs full build out. • Space would offer direct East views.

TENANTS

• • • • •

Akerman

• • • •

Morgan Stanley

AllianceBernstein

Citi Group

Northern Trust Value Investors

Goldam Sachs

Fox Rothschild Holland & Knight

AMG

PHILLIPS POINT (WEST) 777 S FLAGLER DR

12th Floor 2,935 SF

PHILLIPS POINT (EAST) 777 S FLAGLER DR

12th Floor ±7,000 - 20,476 SF (sublease)

ESPERANTÉ CORPORATE CENTER 222 LAKEVIEW AVE

PROPERTY INFORMATION Building Type : Class A Year Built: 1989 Renovated 2019 Rentable Building Area: 255,984SF Stories: 20 Submarket: West Palm Beach Ownership: JZ Capital Partners Ltd Percent Leased: 77.5%

7

SPACE OVERVIEW Quoted Rental Rate: 2020 Opex: Total: SPACE AVAILABLE Suite 910

$45.00 - 50.00 NNN $22.01 + plugs lights & electric $67.01 - $72.01 + plugs lights & electric

±2,915 SF

(Shell condition)

Suite 1550 Suite 1750

±2,222 SF (Spec Suite) ±1,939 SF (Spec suite)

NOTES

•

Direct access to Okeechobee Boulevard, I-95, and the turnpike

• Spectacular views of the ocean, intercostals waterway, the Island and the City of West Palm Beach • Building has been fully renovated • Deli on-site fine dining and bar • Valet parking on East Entry

TENANTS •

Merrill Lynch

• • • •

Chatham Lodging Trust Blue Water Advisors

Raymond James Blue Sea Capital

ESPERANTÉ CORPORATE CENTER 222 LAKEVIEW AVE

SUITE 910 ±2,915 SF

CURRENT CONDITION

TEST FIT OPTION A

TEST FIT OPTION B

E

ESPERANTÉ CORPORATE CENTER 222 LAKEVIEW AVE

Spec Suites 1550 - 2,222 SF Southwest Exposure

ESPERANTÉ CORPORATE CENTER 222 LAKEVIEW AVE

Spec Suites 1750 -1,939 SF Northwest Exposure

CITY PLACE TOWER 525 OKEECHOBEE BLVD

8

PROPERTY INFORMATION Building Type : Class A Year Built: 2008 Rentable Building Area: 306,007 SF Stories: 18 Submarket: West Palm Beach Ownership: Property Group Partners Percent Leased: 79% Parking Ratio: 2.91/1,000 SF

SPACE OVERVIEW Quoted Rental Rate: 2020 Opex: Total:

$47.00 - $52.00 NNN $22.50 (Includes electric & janitorial) $69.50 - $74.50

SPACE AVAILABLE Suite 1670

4,604 SF (shell condition)

Suite 855

2,104 SF (spec suite)

NOTES • 24-Hour Access Control with Card Readers and Full-Service Concierge and Security Team • Executive Parking with Private Elevator Access, Valet, Dry Cleaning, electric charging stations and Car De- tailing Services Located on-site • Four Levels Of Secured, Covered, Integrated Parking Full-Service Banking Branch, Drive-Thru Teller and ATM • Direct, Covered Access to the More Than 100 Shops and Restaurants • Fitness Center Adjacent

TENANTS • UBS Financial Services • Cresset Wealth Advisors • Neuberger Berman Group • Comvest Partners •

CITY PLACE TOWER 525 OKEECHOBEE BLVD

Suite 1670 -4,604 SF Space is in shell condition- Test fit provided.

CITY PLACE TOWER 525 OKEECHOBEE BLVD

Suite 855 -2,104 SF Spec Suite

360 ROSEMARY 360 ROSEMARY AVE PROPERTY INFORMATION Building Type : Class A Year Built: Delivery March 2021 Rentable Building Area: 300,000 SF Stories: 20 Submarket: West Palm Beach Ownership: The Related Companies Percent Leased: 45.1%

9

SPACE OVERVIEW Quoted Rental Rate: 2020 Opex: Total:

$45.00 - 50.00 NNN $20.60 $65.60 - $70.60

SPACE AVAILABLE 2nd Floor

3,702 SF - 7,016 SF 3,749 SF - 7,069 SF

4th Floor

14th Floor

4,058 SF

NOTES • 297,000 square-foot Class A office development located in the heart of downtown West Palm Beach, Florida. • Conveniently located adjacent to the Brightline high-speed rail line and the thriving CityPlace District of shops, restaurants and entertainment, 360 Rosemary is the epicenter of an exciting and dy- namic live/work/play district.

TENANTS • In negotiation with Elliott Management Corporation for the Top Floor • Comvest Advisors, LLC • Norwest • Lewis, Longman & Walker, P.A. • Regus Spaces

360 ROSEMARY 360 ROSEMARY AVE

2nd Floor

360 ROSEMARY 360 ROSEMARY AVE

4th Floor

360 ROSEMARY 360 ROSEMARY AVE

14th Floor

John Criddle Executive Director T +1 954 377 0465 john.criddle@cushwake.com Joe Freitas Director T +1 954 377 0462 joe.freitas@cushwake.com