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Assumptions Jun. 1, 2020 Analysis Commencement Rentable Area Lease Commencement Lease Term Lease Expiration

Notes

620 Eighth Avenue E31-33 Remaining Obligation

620 Eighth Avenue Remaining Obligation E35

P28 Remaining Obligation 620 Eighth Avenue 1,650 SF 3 Years, 9 Months Feb 29, 2024 Jun 1, 2020

**EACPA is the Effective Annual Cost per Attorney and represents the annuitized occupancy cost based on 125 Attorneys.

2020 Escalated Rent is the current gross rent with OpEx & RE Tax escalations (before CRT & electric). *$ per Attorney and per square foot (PSF) figures are annualized for partial years (2020 & 2024). Rentable area measurements for new commitment will need to be verified with Brookfield. $/Atty ratios based on current attorney headcount of 130 and do not consider actual attorney space capacity.

95,259 SF Jun 1, 2020

Jun 1, 2020 32,623 SF

3 Years, 9 Months Feb 29, 2024

Feb 29, 2024 3 Years, 9 Months

Start

Duration

Rent

Start

Duration

Rent

Start

Duration

Rent

Rent

27 Mo. $86.72/SF 18 Mo. $91.72/SF

28 Mo. $83.00/SF 17 Mo. $90.00/SF

27 Mo. $52.64/SF 18 Mo. $57.90/SF

Jun 2020 Sep 2022

Jun 2020 Oct 2022

Jun 2020 Sep 2022

$12.31/SF

$11.98/SF

-

2020 Operating Expenses Base Operating Expenses 2020 Real Estate Taxes (PILOT) Base Real Estate Taxes (PILOT)

2007

2017

$9.28/SF

$10.08/SF

N/A

$11.44/SF

$11.15/SF

$11.44/SF

2007

2017/18

2007

$8.73/SF

$10.48/SF

$8.73/SF

$99K/Yr. $90.36/SF

Escalated Rent (2020) EACPA**

Summary | Cash Flow Impact

7 Mos. 2020

2021 12 Mos.

12 Mos. 2022

2023 12 Mos.

2024 2 Mos.

45 Mos.

Total

NPV @ 7.0% Annuity

Jun. 1, 2020 Analysis Commencement

Base Rent

$6.4M $0.2M $0.2M $6.8M $0.3M $0.1M $0.0M $7.3M

$11.1M

$11.3M

$11.8M

$2.0M $0.1M $0.1M $2.1M $0.1M $0.0M $0.0M $2.3M

$42.5M

$37.4M

$11.3M

OpEx Escalations RE Tax Escalations

$0.4M $0.3M

$0.5M $0.4M

$0.5M $0.4M

$1.7M $1.3M

$1.5M $1.2M

$0.4M $0.3M

Escalated Rent

$11.8M

$12.1M

$12.7M

$45.5M

$40.1M

$12.1M

P28, E31-33 + E35 620 Eighth Avenue Remaining Obligation

Escalated Rent PSF

$90.36/SF*

$90.96/SF

$93.38/SF

$97.95/SF

$98.57/SF*

-

-

$93.48/SF

RLO

Commercial Rent Tax

$0.5M $0.3M $0.0M

$0.5M $0.3M $0.0M

$0.5M $0.3M $0.1M

$1.8M $1.0M $0.2M

$1.6M $0.9M $0.2M

$0.5M $0.3M $0.0M

Electric

Direct Expenses

Total

$12.6M

$12.9M

$13.5M

$48.5M

$42.7M

$12.9M

129,532 SF

$96.29/SF*

$97.00/SF

$99.60/SF

$104.43/SF

$105.17/SF*

-

-

$99.68/SF

130 Attorneys

$96K/Atty*

$97K/Atty

$99K/Atty

$104K/Atty

$105K/Atty*

-

-

$99K/Atty

Strategic Advisory Group © 2020 Cushman & Wakefield

All information furnished is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change in price, rental or other conditions, prior sale, lease, or financing or withdrawal without notice.