Qualifications Package for Avis Budget Group

QUALIFICATIONS PACKAGE TO PROVIDE TENANT REPRESENTATION SERVICES

MAY 2019

YOUR PROJECT TEAM

The Cushman &Wakefield Project Team is the most dominant and experienced tenant representation team in the market. The Project Team has completed — or are in the process of finishing — 10 headquarters transactions in the Parsippany area ranging from 102,224 SF to 345,488 SF. The Project Team has completed 70% of all headquarters transactions in the Parsippany market since the end of 2016, and Cushman &Wakefield has represented 75% of all tenant representation transactions 100,000 SF+ in Parsippany since 2016. All office transactions 150,000 SF+ in the Parsippany market have been represented by Cushman &Wakefield (since 2012) .

MARC ROSENBERG Executive Vice Chairman Brokerage Services • Over 34 years of agency and tenant representation work in NJ • Daily point of contact with Ed Duenas for negotiations, proposals & market tours

EDWARD DUENAS Executive Director Brokerage Services • 24 years with Cushman & Wakefield • Daily point of contact with Marc Rosenberg for negotiations, proposals & market tours • Successful Tenant Representation practice coupled with Agency experience, completing millions of SF of transactions • Member of Cushman & Wakefield’s Tenant Advisory Group

ANDREW MERIN Executive Vice Chairman Capital Markets • Over 40 years of NJ Real Estate experience

BRIAN CASS Director Brokerage Services • 22 years of brokerage experience • Over 5,000,000 SF of transactions in both office, flex and warehouse product types • Significant experience in both tenant representation and landlord representation

• Strategic Oversight

• Leverage capital market knowledge to understand capital stack, financing, etc. of potential landlords

• Has completed over 15 MSF of transactions in Morris County

• Has represented AT&T for over 27 years throughout the East Coast

• 2019 NAIOP NJ’s Lifetime Achievement Award recipient

TECHNICAL/ANALYTICAL SUPPORT

RUDDYNA ROLDAN FINANCIAL ANALYSIS

JOHN DATTOLI PROJECT MANAGEMENT

CHRISTA DILALO MARKET RESEARCH

JANE ORLIN INCENTIVES PRACTICE GROUP

RACHEL CASANOVA WORKPLACE INNOVATION

Parsippany Area Market Dominance Completed Tenant Representation Leases within 15-mile radius of Parsippany – 10,000 sf+ (2017-Present)

Parsippany Area Market Dominance Tenant Representation within 15-mile radius of Parsippany, leases 10,000 sf+ (2017-Present)

NJ Capital Markets Team Morris County Stats 49 office transactions 15.9 MSF valued at $1.9 B

1,200,000

C&W

10%

In Process

1,000,000

1%

JLL

2%

406,479

4%

Avison Young

800,000

5%

CBRE

600,000

NKF

6%

53%

774,885

Garibaldi

400,000

7%

Van Houten

200,000

Garden State Realty

12%

166,438

148,739

Other

97,273 93,551 67,099 56,580 31,160 18,798

0

C&W JLL Avison Young

CBRE NKF Garibaldi

Van Houten

Garden State Realty

Other

2 | AVIS BUDGET GROUP

MARKET EXPERIENCE

• PROJECT TEAM’S TENANT EXPERIENCE IN PARSIPPANY (LARGE DEALS)

• 400 Interpace Pwy 147,181 SF Leased

• 260 Cherry Hill 132,000 SF Leased

• 369 Interpace Pwy 187,500 SF Leased

Parsippany-Troy Hills

Worldwide Headquarters 6 Sylvan Way

• 5 Century Drive 52,511 SF Leased

• 4 Sylvan Way 105,135 SF Leased

Additional Team Transactions in the Area*:

CIT - 219,000 SF In Progress

ProSight Insurance - 150,000 SF In Progress Chiesa, Shahinian & Giantomasi 150,000 SF - In Progress

• 3 Sylvan Way 135,000 SF Leased

• 10 Sylvan Way 125,735 SF Leased

*All transactions will be completed before Avis Budget Group’s lease expiration

SUCCESS STORIES

THE CHALLENGE Cushman & Wakefield assisted Zoetis in the relocation of their Corporate HQ located at 100 Campus Drive, Florham Park, NJ to 10 Sylvan Way, Parsippany, NJ. Zoetis was a subsidiary of Pfizer that was spun-off into an independent company. We were retained to explore and identify all viable options for relocation, including existing buildings and build-to-suit opportunities. The goal was to meet current and projected occupancy needs, as well as support new branding. THE SOLUTION • Establish a project team, including architects, engineers, attorneys and specialty consultants. • Conduct a search for a single-tenant, quality facility with easy access to major highways, offering a minimum of 4/1,000 SF parking. • Identify potential sites for a build-to-suit and existing facilities. • Establish competition within the marketplace to create an advantageous bidding process for Zoetis’s occupancy. RESULTS • Identified a redevelopment site in Parsippany that could accommodate a single tenant, 125,000 SF, state-of-the-art building. • Negotiated a long-term lease (with the option to purchase) at a below market rental rate inclusive of a “turnkey” work letter with Normandy Real Estate Partners (NREP) for a redevelopment of a building, known as 10 Sylvan Way.

THE CHALLENGE Cushman & Wakefield assisted T-Mobile in the restructuring of their Northeast Regional Office and GNOC located at 4 Sylvan Way in Parsippany, NJ. T-Mobile has five regional Offices and Global Network Operating Centers. C&W was retained to explore and identify all viable options for relocation, including their existing building. The goal was to reduce T-Mobile’s occupancy costs, as well as support new branding. THE SOLUTION • Conduct a search for a single-tenant, quality facility with easy access to major highways that contained a minimum of 5/1,000 SF parking. • Identify potential sites that would allow T-Mobile to re-engineer their usage of space to an Open Environment. • Establish competition within the marketplace to create an advantageous bidding process for T-Mobile’s occupancy. • Conducted an extensive Zip Code and Employee Analysis study. RESULTS • Reduced T-Mobile’s rental rate from $16.00 PSF NNN to $9.25 PSF NNN. • Landlord provided T-Mobile with $40.00 PSF T.I. allowance, as well as over $1M in base building improvements.

THE CHALLENGE Cushman & Wakefield assisted RB in the search for a North American HQ in NYC or NJ. RB had recently acquired Mead Johnson for $16B. Cushman & Wakefield was retained to explore and identify all viable options for relocation, including existing buildings opportunities. The goal of the assignment was to meet RB’s current and projected acquisition needs, as well as support the integration of Mead Johnson. THE SOLUTION • Conduct a search for a location to house over 1,000 RB associates, in a facility with easy access to major highways, mass transportation and allow for expansion capabilities. • Identify potential sites in existing facilities that offered quality amenities. • Establish competition between New York City and New Jersey to create an advantageous bidding process for RB’s occupancy.

RESULTS • RB’s existing location was sold to new

ownership that committed to spending over $17M on state-of-the-art amenities, parking deck and shuttle to local train station. • Negotiated a long-term lease at a below market rental rate, reducing RB’s current rental rate by over $7.00 PSF and providing over $6M in T.I. allowance.

CUSHMAN & WAKEFIELD | 3

ABOUT CUSHMAN & WAKEFIELD Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

OUR PURPOSE Putting our clients and our people at the center of what’s next.

PLATFORM OF SERVICES:

BY THE NUMBERS:

400 OFFICES (approx.)

70 COUNTRIES (approx.)

$8.2b* 2018 REVENUE *USD

3.6b SF MANAGED

51,000 EMPLOYEES (approx.)

WORKPLACE STRATEGIES & INNOVATION: KEY DRIVERS & TRENDS

Our Workplace Strategy experts help clients solve the complex challenges encountered at the intersection of workplace, real estate, and business to develop impactful results.

What else contributes to the decision and planning?

VISION

Your Winning Strategy

Your Workplace

Our Insights

A Great Partnership

BUSINESS GOALS

Drive…

=

+

+

Which inform…

WORK ACTIVITIES

Analyze, Synthesize & Recommend

Prioritize, Decide & Place For Action

That influences…

Research, Observe & Engage

LOCATION SPACE AMENITIES SERVICES CULTURE TECHNOLOGY

WORK ENVIRONMENT

• Download/view our Edge Magazine – Volume 2 to learn more about occupier needs, drivers & trends • Download/view our HQIQ Lessons Learned Report to learn more about how your HQ can make the right – and most impactful – statement • Download/view our Location Matters report to read about how location strategy drives talent acquisition

TEAM

BOND

FOCUS

RENEW LEARN

EMPLOYEE EXPERIENCE

MARC ROSENBERG Executive Vice Chairman +1 973 292 4610 marc.rosenberg@cushwake.com

EDWARD DUENAS Executive Director +1 201 460 3381 ed.duenas@cushwake.com

ANDREW MERIN Executive Vice Chairman +1 201 460 3358 andrew.merin@cushwake.com

BRIAN CASS Director +1 201 508 5267 brian.cass@cushwake.com