The Waterfront at Westport

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C O N F I D E N T I A L I T Y A G R E E M E N T This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of The Waterfront at Westport (“Property”). This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of Westport Property Investments, LLC., an affiliate of Sagamore Development Holdings (“Owner) or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and Cushman & Wakefield. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the Owner nor Cushman & Wakefield, nor any of their respective directors, officers, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Cushman & Wakefield. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Cushman & Wakefield. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in anymanner. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Cushman & Wakefield.

WAT E R F R O N T T H E at w e s t p o r t

PROPERTY INQUIRIES DAVID BAIRD managing director +1 410 685 9240 david.baird@cushwake.com JOHN WILHIDE executive director +1 410 347 7564 john.wilhide@cushwake.com DAVID GILLECE Executive managing director +1 410 347 7568 david.Gillece@cushwake.com

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C O N T E N T S 06 12 22 32

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T H E O F F E R I N G

Cushman &Wakefield (“Broker”), is pleased to offer the opportunity to acquire a full or partial interest in The Waterfront at Westport (“The Waterfront”), a ± 43 acre waterfront development opportunity in the City of Baltimore, Maryland. The property consists of five contiguous, fully-entitled land areas with an approved development capacity of over 5 million square feet (msf). This property is an irreplaceable asset representing one of the largest waterfront assemblages on the East Coast.

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LOCUST POINT

FORT MCHENRY

PORT COVINGTON

WATERFRONT THE at westport

FORT

MCHENRY

TUNNEL

BALTIMOREHARBORTUNNEL

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T H E WAT E R F O N T AT W E ST P O RT

The previous owner of the site secured passage of a Planned Unit Development (PUD) ordinance allowing for the construction of up to 5.5 msf of new, mixed-use development within the ± 43 acre site. The master plan and site plan received approval from the City’s Urban Design and Architectural Advisory Panel (“UDAAP”), Site Plan Review Committee (“SPRC”) and Planning Commission in 2007. Use guidelines for the project were preliminarily approved by the City’s Planning Commission, and confirmed through the establishment of the Westport Overlay District in the Transform Baltimore legislation in 2017. With zoning in place, and massing and uses already entitled, individual building parcels are staged for final design approval through Baltimore City’s UDAAP, SPRC and Planning Commission. The project can be developed in multiple phases. Phase I is currently planned to include parcels identified in Areas I, II & III, shown on the Westport PUD plan with a mix of single and multifamily residential, street-level retail and office uses. With office buildings busy by day, and residential buildings busy at night, the first phase is designed to showcase a true “24/7” lifestyle from the start. Phase II is envisioned to start with Area IV to extend north from Wenburn Street, incorporating more dense commercial and office uses outlined in Areas IV and V on the PUD plan. Connecting the phases with a central boulevard and waterfront promenade will make The Waterfront at Westport a fully integrated, walkable community. Adding to its unique location and live-work-play ambiance is the unparalleled transit-oriented development connections offered by the adjacent light rail stop.

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OWNER

THE ULTIMATE MIX At The Waterfront, developers will unlock a carefully planned mix of retail, restaurants, hotels, commercial office space, apartments, condominiums and townhomes, at the forefront of environmentally friendly, mixed-use design. Westport’s master plan has been carefully developed over a 10-year period, and supported by a PUD and site- specific overlay district memorialized in the recently completed Transform Baltimore comprehensive zoning in 2017. The plan envisions a dynamic walkable and bikeable community with both single and multifamily residential, office, and street level restaurants and retail. This mix of properties will create lively streets and public spaces, with design guidelines that will ensure the harmonious development of each parcel to create a unique live-work-play community. ACCESS The site is in proximity to three interchanges at the Baltimore- Washington Parkway (MD Route-295) and I-95. The property is also adjacent to the existingWestport Light Rail station that connects Hunt Valley in the northern Baltimore suburbs with BWI Airport. Planned transportation improvements will enhance the Route 295 interchanges at the Waterview Avenue and Wenburn Street exits in Westport in the future, improving access to the site. Several planned streets will lead directly into the development including Clare, Manokin, and Wenburn Streets. Station upgrades will create direct access to the Light Rail for a quick ride to downtown, Camden Yards and BWI Airport. Westport has also been identified as the potential Northern Terminus of the planned $10B high speed “Maglev” train line from Baltimore to Washington, DC. Congress recently approved a $150M appropriation to the Maglev Deployment Program.

Westport Property Investments, LLC., an affiliate of Sagamore Development Holdings. investment highlights Set on the spectacular Middle Branch of the Patapsco River, a tranquil body of water adjacent to Baltimore’s famed Inner Harbor, The Waterfront offers investors and developers the opportunity to be an integral part of the next wave of Baltimore’s waterfront renaissance. With spectacular views of the downtown skyline and harbor, and easy access to MD 295, I-95 and Baltimore/Washington International Thurgood Marshall Airport (“BWI Airport”), the ± 43 acre parcel is the jewel of hundreds of acres of former industrial property that is now being converted into a dynamic, mixed-use, transit-oriented waterfront district. LOCATION Known internationally for the Inner Harbor redevelopment that began Baltimore’s transformation in the 1980’s from a manufacturing port city to a major tourist destination, the region now boasts the third highest concentration of professional jobs in the United States. With Baltimore’s vibrant market fundamentals, including strong job growth, phenomenal demographics and major employment centers, it is not surprising it was recently named one of the “Hottest Startup Cities in the US” by Entrepreneur.com, and “#1 Best Rental Market for Millennials in the US” by RealtyTrac. SITE Less than two miles south of Baltimore’s Central Business District, The Waterfront represents one of the largest, single waterfront development opportunities in Baltimore’s history with ± 43 contiguous acres and 3,200 linear feet of waterfront. Nestled among more than 100-acres of parkland surrounding the Middle Branch, The Waterfront at Westport will also enjoy unique amenities including more than 10 miles of recreation trails around the Middle Branch; on-site kayak and crew boat launch; and access to the 15-mile Gwynns Falls Trail, the longest urban bike trail in the nation.

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PUBLIC PRIVATE PARTNERSHIP Westport The Waterfront at Westport has enjoyed strong support from public and non-profit partners since its initial planning in the early 2000s. From required approvals to innovative public financing, City, State and Federal partners have facilitated financing and zoning to redevelop the site as a showcase for Smart Growth, Transit Oriented Development and sustainable “green” design. Baltimore City and the Maryland Economic Development Corporation have agreed to provide approximately $160M in Tax Increment Financing (TIF) proceeds to install state-of- the-art roads, utilities, waterfront improvements and public open spaces. The Owner’s full-time Senior Vice President of Impact Investments and Senior Legal Counsel is leveraging additional resources to improve the surrounding neighborhood and ensure that the adjoining community benefits from new investment. DEVELOPMENT TEAM The Owner is managed by Weller Management Company. Weller Management is affiliated with Weller Development Company, one of the most visionary development compa- nies in the Mid-Atlantic. They are responsible for the current development of Port Covington, an adjacent 177-acre mas- ter-planned 14 msf of world class mixed-use development. Port Covington has already completed the land acquisition, initial financing, and project entitlements. Horizontal devel- opment is underway and vertical construction is anticipated to commence in Q4 2019.

JOHNS HOPKINS UNIVERSITY

CENTERS FOR MEDICARE & MEDICAID SERVICES

APG EDGEWOOD

NIH

UNIVERSITY OF MARYLAND, BALTI- MORE COUNTY

UNIVERSITY OF MARYLAND, BALTIMORE CITY

JOHNS HOPKINS APPLIED PHYSICS LAB

NSA

FDA

FORT MEADE

NASA GODDARD

UNIVERSITY OF MARY- LAND, COLLEGE PARK

NIH

PENTAGON

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The Waterfront at WESTPORT FUTURE DEVELOPMENT

CBD

Inner Harbor

Camden Yards

M&T Bank Stadium

PORT COVINGTON

Proposed FOOTBRIDGE

MIDDLE BRANCH

WATERFRONT THE at westport

MIDDLE BRANCH PARK

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W E ST P O RT

address

environmental Area II was being remediated by the prior developer through the Maryland Department of the Environment’s (MDE) Voluntary Clean- up Program (VCP). The Owner has been maintaining site protocols through MDE. The Purchaser would be responsible for capping the site pursuant to the Response Action Plan (RAP) and will receive a Certificate of Completion from the MDE which will be recorded as a deed restriction prior to pad delivery. Once complete, the cap will allow for residential use of the parcels. The cap requires three feet of clean fill in landscaped areas, two feet in paved areas and a concrete slab within building footprints. The Seller has received Inculpable Person (IP) status, which may transfer to future buyers. The Executive Summary of the Environmental Report is in The Waterfront data room. Supporting documentation to the Executive Summary will be provided during the Study Period. Wetlands Unlike the hard-edged bulkhead in Baltimore’s Inner Harbor, Westport has been designed to include a “soft-edge” waterfront experience with floating habitat areas and wetlands. This design protects and enhances natural resources and will result in the placement of over five acres of land in a permanent forest conservation easement, the rebuilding and restoring of approximately 70,000 sf of wetlands and the creation of new habitat protection areas. The plan meets the State’s Critical Area requirements and the City’s forestation requirements, and will create a unique “living” promenade around the site, further enhancing its waterfront connection. Please see the wetlands boundary located on the PUD drawing 4 of 4, on the The Waterfront data room. FLOODPLAIN As mentioned above, once the mass grading is complete, Area II will be positioned to have finished first floor elevations above the revised 100-year FEMA tidal flood plain.

2099 Kloman Street

2101-2121 Kloman Street

2201-2301 Kloman Street

2841 Waterview Avenue

parcel identification

See attached PUD Plan. Site frontage

The entire parcel has approximately 350 linear feet of frontage on Waterview Avenue. Wenburn Street, Manokin Street and Clare Street lead directly to Westport. existing conditions With reference to the Westport Planned Unit Development plan, Area II was historically home to the Carr-Lowrey Glass Company which was demolished in 2007. On the southern-end adjoining parcel was a concrete batch plant that closed in 2008. See aerial photographs and site plans. topography The site is fairly level for Area II. Previously, the site was mass graded the site and portions of the site filled to a level above the revised 100 year FEMA flood plain. Further fill and site grading necessary to com- plete the Voluntary Cleanup Program (VCP) for the site will bring the entire site above the required flood plain datum.

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Planned unit development/site plan

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E X I ST I N G C O N D I T I O N S

WAT E R F R O N T THE at westport

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W E ST P O RT

tax increment financing (tif) The Waterfront at Westport has received strong local and state support. This includes a commitment to issue approximately $160M in bonds through the use of Tax Increment Financing (TIF). The TIF ordinance assumes $90M in TIF proceeds will fund infrastructure and utility improvements including the construction of a new Main Street, extending fromWaterview Avenue to Clare Street, and the extension of Wenburn, Manokin and Clare Streets on to the site. TIF proceeds will also be used to construct bike paths, two new piers, 800 linear feet of promenade and bulkhead, and the re-creation of 900 linear feet of wetlands across the shoreline south of Wenburn Street. Please see a copy of the TIF ordinances introduced to Baltimore City Council on July 21, 2008 in The Waterfront data room. The legislation anticipates infrastructure improvements will be completed in two phases. Phase I construction of street and waterside infrastructure improvements will extend from Wenburn Street south to Waterview Avenue for Areas I, II and III. Phase II will extend from Wenburn Street north to Clare Street for Areas IV and V. Each parcel developer will then be responsible for site work within individual property lines. The Waterfront at Westport TIF also includes $10M for traffic improvements to the Baltimore-Washington Parkway/MD-295 interchanges at the Waterview Avenue and Wenburn Street exits in Westport. EASEMENTS

Public Pedestrian Access Corridor Easement locations of these easements are shown in the approved PUD drawings, provided in The Waterfront data room. A copy of the Title Reports dated 2008 are in The Waterfront data room. UTILITIES The entire development will benefit from new infrastructure, including water, sewer, storm water management, electric, natural gas, cable and telecommunications. The buyer must extend electrical and telecommunications ducts for Area II approximately 100 feet from the duct in Kent Street. Also in Area II, ducts must be extended through the alley to each residential unit. For a complete description of the utilities serving each parcel, see the STV letter dated April l2, 2008 in The Waterfront data room. ARCHITECTURAL DESIGN GUIDELINES The TIF budget in the approved legislation includes Westport Waterfront’s exterior common areas (streets, open spaces and esplanade), which are anticipated to have high quality design, materials and function, that will enhance the value of each development parcel. It is anticipated that the Architectural Design Review Committee established by the Owner will have final approval over the design, materials and function of the building.

There are several proposed easements:

Forest Conservation Easements totaling approximately 245,000 sf.

Public Pedestrian Waterfront Access Easement allowing the public to use the waterfront esplanade and piers located in Phase II.

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STORMWATER MANAGEMENT There is an existing site Storm Water Management (SWM) master plan which will be approved by Baltimore City Department of Public Works (DPW) and the Chesapeake Bay Critical Area Commission prior to transfer or development. The SWM master plan is envisioned to utilize a combination of dry swales, bioretention facilities, green roofs, sand filter structures and the creation of pervious areas to improve the quality of stormwater run-off directly entering the Middle Branch. The buyer will be required to satisfy the pollutant removal requirements through the use of green roofs, sand filters, or other stormwater man- agement practices in accordance with the criteria established under the approved, overall site SWM master plan. ZONING The Waterfront at Westport’s rezoning ordinances were approved on June 5, 2017, changing the existing zoning from M-2-3 and M-2-1 to a Planned Unit Development known as the Middle Branch Waterfront Area Overlay Zone. The Westport PUD remains in effect, and has been updated to its current zoning of TOD-4 under Transform Baltimore.

MASTER DECLARATION The Master Declaration will include rules and regulations governing the responsibilities and operations for a high-quality, mixed-use develop- ment project typical for this size. Exterior Common Area Maintenance charges will be assessed to each of the parcels in the development. AFFORDABLE DWELLING UNITS &WORK-FORCE HOUSING Offers for mixed-income Area II should include at least 15% of all rent- al units for mixed-income renters. The mixed-income units should target the Average Median Income (AMI) for the Baltimore Region, as calculated each year by the US Department of Housing and Urban Development ($94,900 in 2018).

Please see zoning legislation in The Westport data room.

M A R K E T O V E R V I E W

FINANCIAL INCENTIVES Federal Opportunity Zone (“The Zone”): The Waterfront has been designated by the State of Maryland as a designated Federal Opportunity Zone. The Zone was established as part of the Tax Cuts and Jobs Act of 2017 (IRS code sub chapter Z), establishing a series of tax benefits for investors in The Zone. Such benefits include deferral of any capital gains invested under certain conditions, an increased basis at certain milestone points and exclusion of capital gains tax for appreciation of funds over a 10-year period. New Market Tax Credits: The Waterfront is located in a New Market Tax Credit-eligible district allowing projects to compete for below- market financing by meeting certain economic development and business and employment creation goals. Historically Underutlized Business (HUB) Zone: The Waterfront is located in a federally designated HUB Zone. As such, small businesses that locate in Westport may be eligible to receive federal contracting preferences. Westport is conveniently located between Fort Meade and the Aberdeen Proving Ground, which are expanding under the Base Realignment and Closure (BRAC) process. Base Realignment and Closure (“BRAC”) Revitalization and Incentive Zone: The BRAC program is used to focus growth in areas already designated for growth and provide local governments with financial assistance for public infrastructure in these well-defined areas. The program also aligns other state resources and programs to local governments and businesses located in the BRAC zones for a coordinated state effort on making the zones the focus of BRAC growth. The BRAC revitalization incentives offer property tax benefits based upon site specific infrastructure investments.

TRAFFIC AND PARKING A Transportation Impact Study (TIS) has already been completed by the Baltimore City Department of Transportation as part of the initial PUD process. The City will be forming a Middle Branch Transportation Management District to promote non-single occupant vehicle transit options including bicycling, walking, ride-sharing and public transit within the communities surrounding the Middle Branch. The impact fees will be utilized to further these initiatives. To encourage transit use, shared parking is allowed under the PUD for complementary uses. Developers must pay an additional fee of $1,000 for each parking space in excess of the PUD requirements. The Waterfront at Westport will be eligible to seek Transit Oriented Development (“TOD”) status by the Maryland Department of Transportation. TOD designation will produce eligibility for benefits in technical assistance, priority status for state project where appropriate and other state-supported programs. PARCEL DESCRIPTIONS The Owner is currently offering the Property in all or part, with Parcels L, M, N and Q (Area II) for immediate development. These four residential parcels will be the first undertaking and set the stage for the balance of development at The Waterfront at Westport. With more than 278 acres of new development slated for the Middle Branch in the next decade, the Baltimore City Planning Commission adopted the Middle Branch Master Plan in 2007 to help guide development along the entire Middle Branch and promote economic development that is balanced with the goal of restoring the ecology and neighborhoods of the Middle Branch estuary and waterfront.

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Planned unit development/concept plan

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MARKET

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M A R K E T O V E R V I E W

BALTIMORE MARKET HIGHLIGHTS Within a one-mile radius of the property, there are 107,000 jobs, 40,000 residents, and 19,000 students. This area ranks 16th in the country for employment density and 8th for residential density, ahead of cities like Atlanta, Denver, Miami, and Washington, DC. Millennial Market trends Baltimore continues its transformation into a premiere 24/7 city, seamlessly blending new luxuries with its colorful, homegrown personality to create an environment that is attracting more affluent young professionals than ever. Millennials have changed the face of the multifamily market and set a new standard for apartment developers and cities alike. While they demand upscale amenities, they are also attracted to authenticity. Their desire to be a part of something new and innovative is driving the manner in which Baltimore is becoming a magnet for this demographic group. College-educated residents between the ages of 25 and 34 living within three miles of Baltimore’s Central Business District increased by a staggering 92% from 2000 to 2010, the fourth highest growth rate among 51 metro areas (The Baltimore Sun, 2014). Baltimore also experienced a 7.0% growth in its Millennial population from 2009 to 2013, more than double the national rate. The increase in millennial migration to Baltimore has continued at a strong pace in recent years.

OFFICE MARKET OVERVIEW The Harbor East/Harbor Point neighborhood features the largest collection of new construction mixed-use office, residential and retail to be delivered in Downtown Baltimore. Since its inception, the Harbor East/Harbor Point submarket has significantly outpaced the occupancy levels of Class A office space throughout downtown Baltimore. Additionally, the neighborhood has successfully drawn new retailers to downtown Baltimore and it is the only submarket that can be identified as “High Street Retail.” Tenants who have opened locations in Harbor East/Harbor Point neighborhood include: Whole Foods Market; Anthropologie; J. Crew; Arhaus; Under Armour Brand House; Lululemon Athletica; and Bonobos. Additionally, the neighborhood has successfully landed relocations of corporate headquarters and business units from all over the Baltimore Metropolitan area as well as out of state. multifamily Baltimore’s multifamily market has been undergoing a significant growth surge, particularly in waterfront locations and within the core downtown neighborhoods. New-build, Class Amultifamily properties in these locations are generally considered “core” assets for institutional investors. The multifamily market in the Fells Point/Harbor East neighborhood is highlighted by a significant number of luxury, “Class A” properties. Owners of these trophy assets represent some of the most prominent multifamily developers and investors in the Mid-Atlantic. From General Investments’ Crescent at Fells, to Bozzuto’s Liberty Harbor East, these assets have contributed to making the submarket one of Baltimore’s most desirable live-work-play neighborhoods. The strength of the market from an investment sales standpoint is highlighted by the 2015 sale of Bozzuto’s Union Wharf Apartments which sold at a 4.5% CAP rate for more than $430,000 per unit, indicative of what is possible in this location.

Baltimore MSA

Washington, DC MSA

EMPLOYMENT GAINS for the 12 months ending Feb. 2017 PROJECTED JOB GROWTH annual average over next 5 years GROSS REGIONAL PRODUCT estimated 2015

+17.7K

+62.4K

+20.2K

+43.6K

$181B

$489B

Stabilized Vacancy Rate for Class A apartments

3.1%

4.1%

Employment data is from the Bureau of Labor Statistics. All other data is from Delta Associates Q1 2017.

B A LT I M O R E A C C O L A D E S

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FELLS POINT Fells Point is one of the most iconic historic neighborhoods in Baltimore, and the center of waterfront living for a diverse and affluent population. Countless restaurants and tourist attractions make this one of the most in-demand locations for retailers, commanding some of Baltimore City’s highest retail rents. Over the past 20 years dramatic revitalization has coupled with antique neighborhood styles to create a unique, worldly setting. The recent delivery of the Sagamore Pendry Hotel, developed by Sagamore Development Holdings, has further expanded the attraction to this well-known tourism center, bringing with it the Rec Pier Chop House, a premier luxury restaurant.

FELLS POINT

Fells Point is known for some of the best upscale night life in the city featuring restaurants like The Black Olive, Barcocina, The Fells Point Tavern, and numerous others. The new deliveries of luxury apartments like the Crescent at Fells and the Union Wharf Apartments have spurred further development of multifamily housing like Elm Street Development’s 300-unit apartment development planned to break ground next year at 2001 Aliceanna Street.

B A LT I M O R E ’ S WAT E R F R O N T D E V E L O P M E N T

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HARBOR POINT

HARBOR POINT/HARBOR EAST The Harbor Point/Harbor East neighborhood is a ± 27 acre planned community that is Baltimore’s newest “high rent district.” Within a one-mile radius there are 107,000 jobs, 40,000 residents, and 19,000 students. This area ranks 16th in the country for employment density and 8th for residential density, ahead of cities like Atlanta, Denver, Miami, andWashington, DC. The revitalization of Harbor East and Harbor Point started in the 1990s when the city sought to redevelop the neighborhood and expand the central business district to the east along the waterfront. Major deliveries like the Four Seasons with its popular rooftop restaurant The Bygone, and the Legg Mason building featuring the headquarters of its namesake and the Johns Hopkins Carey Business School have been major drivers of demand for the area.

THE WATERFRONT AT WESTPORT | 27 Harbor Point recently finished the first of three development phases including over 1.5 msf of commercial space and is planning to bring another 1.5 msf to market over the next four years. With major tenants like Morgan Stanley and Johns Hopkins Medicine International, it has already built a strong tenant base to drive future growth. Continued growth has brought the local Exelon headquarters to Harbor Point, as well as a number of new mixed-use residential and office over retail including a Whole Foods Market expected to open later this year.

HARBOR EAST

P O RT C O V I N GT O N

Port Covington is a 235 acre master-planned, mixed-use redevelopment project, with a prime location on the waterfront in Baltimore City adjacent to The Waterfront at Westport on the Middle Branch. As one of the largest urban renewal efforts in America, the redevelopment of Port Covington will have a fundamental and far-reaching positive impact on Baltimore, its economy and its future. At completion, the project will include: up to 18 msf of new, mixed-use development; 2.5 miles of restored waterfront; and 40+ acres of parks and green space for Baltimore City. The Port Covington redevelopment is expected to generate thousands of new jobs, new businesses, better transit, more public parks, improved access to the waterfront, new space for manufacturing, fresh opportunities for innovation and entrepreneurship and more for Baltimore City residents and its local workforce.

Port Covington’s location is adjacent to I-95, the East Coast’s most traveled highway, providing convenient and efficient commuting and travel times for the area’s workforce, residents, tourists and other visitors. In addition, Port Covington’s proximity to I-95 offers visibility and accessibility to 42 million cars passing by the site each year. When completed, Port Covington will be a world-class destination and engine for economic growth, with vibrant retail and entertainment options, iconic office buildings, hotels, residential, and waterfront parks.

L A N D S A L E C O M PA R A B L E S

2

7

8 3

6

4

5

1

land area (acres)

date closed

property name

address

price

Price/Acre

units

price per unit

1

MAR- 11

S Charles Street

1901 S. Charles St.

2.43

$5,900,000 $2,430,000 193

$30,570

Jefferson Square at Washington Hill - I

2

NOV - 11

1950 Fayette St.

3.05

$12,100,000 $3,970,000 292

$41,438

3

NOV - 11

McCormick Spice

414 Light St.

1.91

$16,500,000 $8,640,000 392

$42,092

4

NOV - 11

Union Wharf

901-903 S. Wolfe St.

2.82

$12,450,000 $4,410,000 270

$46,111

5

NOV - 11

Brewers Hill - Hanover

3607 O’Donnell St.

5.56

$18,000,000 $3,240,000 440 $40,909

6

JAN - 13 Marketplace at Fells Point

600 S. Broadway

1.62

$8,400,000 $5,190,000 159

$52,830

Jefferson Square at Washington Hill - II

7

MAR - 13

1 N. Wolfe St.

2.55

$6,250,000 $2,450,000 200

$31,250

8

AUG - 15 University Specialty Hospital

601 S. Charles St.

$11,000,000

349

$31,519

AVERAGE

2.85

$11,325,000

4,332,900

287

$39,600

O F F E R I N G G U I D E L I N E S

The Waterfront at Westport is being marketed exclusively by Cushman & Wakefield to a select group of qualified investors. The prospective purchaser will be selected by the Owner in consultation with Cushman & Wakefield on the basis of a variety of factors among other things (i) price, (ii) certainty of closing, (iii) financial strength, (iv) level of discretion to invest funds, and (v) relevant experience with high profile, mixed- use developments of this type.

The terms of this offering are all cash.

Depending on the nature of the bids received, the wining investor may be selected on the Initial Bid Due Date. Alternatively, a select group of finalists may be chosen. In the event several finalists are chosen, specific instructions on how to proceed will be given at that time, including the possibility of making available a form of purchase and sale agreement.

The offering will be conducted according to the following timetable. Offering Memorandum Distributed, Upon Receipt of Signed NDA - June 28, 2018

Following the distribution of materials and access to The Waterfront data room, Cushman & Wakefield will be available to assist prospective investors with on-site inspections of the Property and in the review of the information contained in the Offering Memorandum. Initial Bids Due - Date TBD Bids from qualified investors are requested to be received by 5 p.m. EST on or before (date TBD). Such date will be established and circulated to interested parties by July 22, 2018. All bids should be presented as net of all transfer and recondition fees - buyer is responsible for these costs. Deliverables required from each investor include:

• A detailed outline of prospective contingencies and due diligence requirements;

• A detailed description of the investor as its source of capital for the acquisition; and

• A detailed schedule of the approval process for the capital source.

Seller reserves the right to alter the dates in its sole discretion.

THE WATERFRONT AT WESTPORT | 31

PROPERTY INQUIRIES & TOURS

leasing expertise

Office

DAVID BAIRD managing director +1 410 685 9240 david.baird@cushwake.com JOHN WILHIDE executive director +1 410 347 7564 john.wilhide@cushwake.com david gillece executive managing director +1 410 347 7568 david.Gillece@cushwake.com

bronwyn legette director +1 410 347 7565 bronwyn.legette@cushwake.com

multifamily

Andy posil director +1 410 347 7573 andy.posil@cushwake.com

debt financing

john campanella executive managing director +1 202 266 1183 john.campanella@cushwake.com

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