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CONTENT 250 Vesey Street Brookfield Market Trends Industry Team

4

CUSHMAN & WAKEFIELD

BROOKFIELD PLACE | 250 VESEY STREET

Jones Day 2036

34

Jones Day 2036 Jones Day 2036 Jones Day 2036 Jones Day 2036

7 8 9 10 11 12 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

Jones Day (Sublease Out) Jones Day 2036 Jones Day 2036

Volant 2027 Scotiabank 2024 Spectrum 2027

City National 2022

Scotiabank 2024 Scotiabank 2024 Scotiabank 2024

AVAILABLE FOR SUBLEASE | 12/2032 | asking $65 AVAILABLE FOR SUBLEASE | 12/2032 | asking $65

Bank of America 2023 Brookfield Properties 2023 Brookfield Properties 2023 Brookfield Properties 2023 College Board 2035 College Board 2035 College Board 2035 District Attorney Office 2025 District Attorney Office 2025

Bank of America 2023

Bank of America 2023 Bank of America 2023 Bank of America 2023

Jane Street 2025 Jane Street 2025

2 3 4 5 6

B of A 2023

Olapic 2026

Jane Street 2025

Jane Street 2025

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BROOKFIELD PLACE

RECENT TRANSACTIONS

Q2 18 300 Vesey Street IQVIA (QuintilesIMS) E13 – 45,927 SF 10 Yrs

Q2 18 225 Liberty Street J Crew E17-E22, P23 – 346,607 SF 15 Yrs

Q4 18 200 Vesey Street Syneos E39-E40 – 86,498 SF 10 Yrs

$60.00 x 5 Yrs; $65.00 x 5 Yrs

$54.00 x 5 Yrs; $59.00 x 5 Yrs; $64.00 x 5 Yrs

$55.00 x 5 Yrs; $60.00 x 5 Yrs 12 Mos $100.00 New Lease

10 Mos $85.00 New Lease

13 Mos $25.00 Sublease

Q2 18 200 Vesey Street MDRC E23 – 54,991 15 Yrs $54.00 x 5 Yrs; $60.00 x 5 Yrs; $66.00 x 5 Yrs

Q4 18 300 Vesey Street OTC Markets Group P12 – 33,183 SF 13 Yrs $53.00 x 5 Yrs;

Q3 18 200 Vesey Street Cision/PR Newswire P19 – 33,883 SF 10 Yrs

$58.00 x 5 Yrs; $63.00 x 3 Yrs 6 Mos $15.00 Sublease

$55.00 x 5 Yrs; $60.00 x 5 Yrs 1 Mo $90.00 New Lease Q4 18 300 Vesey Street Fluent E9 – 41,806 SF 10 Yrs $52.00 x 5 Yrs; $56.00 x 5 Yrs 6 Mos $15.00 Sublease

13 Mos $85.00 New Lease

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CUSHMAN & WAKEFIELD

BROOKFIELD OFFICE PORTFOLIO

• Brookfield

the next fiv major lease Street

Brookfield Office Portfolio Downtown Lease Roll

DOWNTOWN LEASE ROLL

2,500,000

2,000,000

1,500,000

922,650

1,000,000

396,466

500,000

620,620

603,680

488,180

0

2019

2020

2021

Brookfield owns a 54% proportionate average of their Downtown portfolio, each year was grossed up if the interest was 100%

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DOWNTOWN PORTFOLIO: 7 Properties | 13.4M SF Brookfield has approximately 2.7 msf of space becoming vacant over the next five years in their Downtown portfolio, in addition to some major lease roll throughout Downtown—most notably at 60 Wall Street.

rookfield has approximately 2.7 msf of space becoming vacant over he next five years in their Downtown portfolio, in addition to some ajor lease roll throughout Downtown—most notably at 60 Wall treet

Brookfield Lease Roll Outside Blocks

1,918,000

485,100

326,480

177,100

2022

2023

2024

Brookfield owns a 54% proportionate average of their Downtown portfolio, each year was grossed up if the interest was 100%

lio,

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CUSHMAN & WAKEFIELD

67 66 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20

ACCENTURE ACCENTURE ACCENTURE ACCENTURE ACCENTURE ACCENTURE ACCENTURE ACCENTURE

62 62 60 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20

MECHANICAL MECHANICAL MECHANICAL

AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $140.00 - $150.00 AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $160.00 - $170.00 AVAILABLE $140.00 - $150.00 AVAILABLE $140.00 - $150.00 AVAILABLE $140.00 - $150.00 AVAILABLE $140.00 - $150.00 AVAILABLE $140.00 - $150.00 AVAILABLE $140.00 - $150.00 AVAILABLE $140.00 - $150.00 AVAILABLE $140.00 - $150.00 AVAILABLE $140.00 - $150.00 AVAILABLE $125.00 AVAILABLE $140.00 - $150.00

AVAILABLE $120.00 AVAILABLE $120.00 AVAILABLE $120.00 AVAILABLE $120.00 AVAILABLE $120.00 AVAILABLE $120.00 AVAILABLE $120.00 AVAILABLE $120.00

MCKOOL SMITH MCKOOL SMITH AVAILABLE SUBLEASE $120.00 ERNST & YOUNG AVAILABLE $120.00 SKADDEN ARPS

SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS SKADDEN ARPS NHL NHL NHL NHL NHL ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG ERNST & YOUNG

AVAILABLE $98.00 AVAILABLE $98.00 AVAILABLE $98.00 AVAILABLE $98.00 AVAILABLE $98.00 AVAILABLE $98.00 AVAILABLE $98.00 AVAILABLE $98.00 AVAILABLE $98.00 AVAILABLE $98.00 AVAILABLE $110.00 AVAILABLE $110.00 AVAILABLE $125.00 AVAILABLE $125.00 AVAILABLE $110.00 AVAILABLE $110.00 AVAILABLE $110.00 AVAILABLE $110.00 AVAILABLE $110.00 AVAILABLE $110.00 AVAILABLE $110.00 AVAILABLE $110.00 AVAILABLE $110.00 AVAILABLE $125.00 AVAILABLE $125.00 AVAILABLE $125.00 AVAILABLE $125.00 AVAILABLE $125.00 AVAILABLE $125.00 AVAILABLE $125.00

19 18 17 16 15 14 13 12 11 10

19 18 17 16 15 14 13 12 11 10

9 8 7 6 5 4 3 2

9 8 7 6 5 4 3 2

MECHANICAL MECHANICAL MECHANICAL MECHANICAL

MECHANICAL MECHANICAL MECHANICAL MECHANICAL

1 MANHATTAN WEST 2 MANHATTAN WEST

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BROOKFIELD

MIDTOWN DEVELOPMENT

Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD Available TBD

666 FIFTH AVENUE

THE LANDSCAPE

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CUSHMAN & WAKEFIELD

DOWNTOWN OFFICE MARKET

Downtown Office Market Vacancy Rate VACANCY RATE

16.0%

$65.0

$60.0

14.0%

12.2%

$55.0

11.8%

12.0%

$50.0

10.0%

$45.0

8.0%

$40.0

$/sf

6.0%

$35.0

4.0%

$30.0

2.0%

$25.0

0.0%

$20.0

Vacancy has been high— due mainly to new construction

Cushman & Wakefield | © 2019

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CLASS A NET EFFECTIVE VS. BASE RENTAL RATES

$65.00

Base Rent NER

$60.00

$55.00

11.8%

$61.66

$50.00

$56.85

$55.37

$54.38

$45.00

$50.04

$48.31

$40.00

$48.20

$47.94

$/sf

$48.00

$45.91

$45.85

$35.00

$42.53

$40.11

$38.26

$30.00

$25.00

$20.00

Class A Taking Terms are at an all-time high

1

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CUSHMAN & WAKEFIELD

Downtown Class A Direct Forecast • Exp new DOWNTOWN OFFICE MARKET

DOWNTOWN CLASS A DIRECT FORECAST

$80.00

Asking Rents Vacancy Rate

$70.00

$60.00

$50.00

$40.00

$45.91

$45.74

$44.96

$44.52

$30.00

Average Asking Rent $/sf

$20.00

$10.00

Cushman & Wakefield | © 2019

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t • Expect rents to taper off in 2019–2020, as demand remains focused on new construction and higher-quality buildings

14.0%

12.0%

10.0%

$71.88

$70.36

$69.70

$69.00

$68.64

$67.96

$63.95

8.0%

$63.90

$62.89

Vacancy

$55.61

$53.79

6.0%

$45.91

4.0%

2.0%

0.0%

3 Expect rents to taper off in 2019–2020, as demand remains focused on new construction and higher-quality buildings

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CUSHMAN & WAKEFIELD

TENANT

LOCATION

#

1

787 Seventh Avenue

2

745 Seventh Avenue

3

1 Bryant Park

4

50 Hudson Yards

5

388-390 Greenwich Street

6

1285 Avenue of the Americas

7

1251 Avenue of the Americas

8

1585 Broadway

9

452 Fifth Avenue

10

30 Hudson Yards

11

11 Madison Avenue

12

200 West Street

13

60 Columbus Circle

14

270 Park Avenue

MIDTOWN SOUTH

DOWNTOWN

15

1301 Avenue of the Americas

16

1251 Avenue of the Americas

17

345 Park Avenue

18

245 Park Avenue

5

19

1271 Avenue of the Americas

20

825 Eighth Avenue

12

21

1 Vanderbilt Avenue

425 Lexington Avenue 300 Madison Avenue

22

28

23

1251 Avenue of the Americas

Church St

24

277 Park Avenue

25

1345 Avenue of the Americas

26

151 West 42nd Street

South St

27

65 East 55th Street

28

200 Vesey Street

company owns the subject property

17

Broadw

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Central Park West

W 57 St

W 50 St

20

1

15

6

8

2

Eighth Ave

25

7

W 42 St

Eleventh Ave

MIDTOWN MIDTOWN SOUTH

20

27

23

4

19

10

17

16

Park Ave

3

26

14

W 34 St

Ninth Ave

24

9

Fifth Ave 23

18

Tenth Ave

22

Third Ave

Sixth Ave

22

A

W 23 St

Seventh Ave

Madison Ave

Lexington Ave

11

Eighth Ave

W 14 St

MIDTOWN MIDTOWN SOUTH

First Ave

Third Ave

Fifth Ave

Houston St

Canal St

Delancey

Bowery

roadway

E Broadway

MIDTOWN SOUTH DOWNTOWN

INDUSTRY INTEL

LARGE FINANCIAL INSTITUTION HEADQUARTERS MANHATTAN

CUSHMAN & WAKEFIELD

20

CUSHMAN & WAKEFIELD

MARKET EXPERTS

ERIC THOMAS Executive Director NEW YORK

GEORGE TEDDER Vice Chairman TORONTO

THE RIGHT PEOPLE THE RIGHT PLATFORM

JOSEPH SIMON Senior Associate NEW YORK

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INDUSTRY EXPERTISE

C12 CAPITAL MANAGEMENT

PETERSON MANAGEMENT

22

CUSHMAN & WAKEFIELD

AT THE CENTER OF WHAT’S NEXT

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CUSHMAN &WAKEFIELD

400+ OFFICES

70 COUNTRIES

48,000 EMPLOYEES

$8.2B* 2018 YTD REVENUE *USD

3.5B SF MANAGED

NOTES CUSHMAN & WAKEFIELD

NOTES DOS TOROS

NOTES CUSHMAN & WAKEFIELD

NOTES DOS TOROS